Core Viewpoint - The dividend asset strategy is gaining popularity due to its characteristics of being both offensive and defensive, attracting significant capital inflow into high dividend yield Hong Kong stocks this year [1] Group 1: Market Performance - High dividend yield Hong Kong stocks have seen substantial capital inflow, with a net inflow of 14.5 billion yuan this year, 2.27 billion yuan in the month, and 820 million yuan this week [1] - The Hang Seng Dividend Low Volatility ETF (159545) has recorded the highest net inflow among Hong Kong dividend ETFs this month, with its fund size surpassing 3 billion yuan, reaching 3.045 billion yuan [1] Group 2: Index and ETF Characteristics - The Hang Seng Dividend Low Volatility Index, tracked by the ETF, has increased by 16.8% this year and 33.7% over the past year, leading all dividend ETF tracking indices [1] - The index consists of high dividend low volatility securities with a record of continuous dividends for three years, providing a high dividend yield of 5.8% [2][3] Group 3: ETF Management and Composition - The ETF has a management fee of 0.15% per year and a custody fee of 0.05% per year, resulting in a total expense ratio of 0.20%, the lowest among similar dividend ETFs [3] - The constituent stocks of the index are predominantly from traditional high dividend industries, with 50% of the companies having a market capitalization greater than 100 billion HKD [3]

Group 1 - The market experienced a downward trend from June 16 to June 20, driven by geopolitical tensions affecting short-term risk appetite, leading to increased interest in defensive dividend strategies [1] - During this period, dividend-themed ETFs attracted a total of 1.369 billion yuan, with the Dividend Low Volatility ETF (512890) seeing net inflows for four out of five trading days, accumulating 755 million yuan [1] - The Dividend Low Volatility ETF (512890) reached a record high in fund size, achieving 6.42 million units and 963 million yuan in weekly growth, with a total fund size of 18.423 billion yuan as of June 20 [1] Group 2 - The Dividend Low Volatility ETF (512890) has demonstrated strong market adaptability since its inception, with an annualized return of 13.82% as of June 20, making it increasingly attractive to investors [2] - This ETF tracks an index comprising 50 stocks known for consistent dividends, high dividend yields, and low volatility, providing investors with opportunities in high-dividend, low-valuation assets [2] - The ETF's linked funds have also gained popularity, with 829,800 holders as of the end of 2024, making it one of the few dividend-themed index funds with over 800,000 holders [2] Group 3 - In addition to the Dividend Low Volatility ETF (512890), Huatai-PineBridge has developed a range of five dividend-themed ETFs, including the first dividend ETF (510880) and a QDII mode ETF for Hong Kong stocks (513530) [3] - As of June 20, the total management scale of Huatai-PineBridge's dividend-themed ETFs exceeded 41 billion yuan [3]