我发现港股红利低波ETF（520550）今年1月15日刚成立，截至6月底不足半年的时间已经36次刷新新 高，涨幅达到16.78%，在所有申万一级行业中仅次于军工。 在今年一波三折的市场中，这只ETF就像一匹黑马，持续吸引资金涌入，目前已经连续18周实现净流 入，成立以来规模暴增108%。 它跟踪的是恒生港股通高股息低波动指数。这个指数最新股息率7.93%，成分股平均股息率6.47%，远 超A股红利指数的5%-6%和不足2%的10年期国债收益率，甚至38%的成分股股息率超过7%。 在低利率时代，这样的"现金奶牛"属性无疑极具吸引力。 2025年刚过去一半，南向净买入港股的规模就已经超过2024年全年的80%，并且重点加仓银行、能源等 高股息板块，其中银行股年内获南向净买入超过2000亿。 保险资金的配置需求同样旺盛。 新政策要求险资从2025年起提高股市投资比例，红利资产因分红稳定、波动低，成为险资及养老金 的"标配底仓"。在"资产荒"背景下，港股高息股成了优化收益的利器。 港股红利低波ETF（520550）本身采用的是全市场最低综合费率0.2%（管理费0.15%+托管费0.05%）， 长期持有能显著降低成本， ...

Core Viewpoint - The demand for dividend assets is increasing in a low-interest-rate environment, as investors seek stable cash flows from companies with robust profitability and financial health [1][9]. Group 1: Market Trends - Dividend investment has become a trend in the A-share market, with fund companies launching various dividend ETFs to facilitate investor allocation [3]. - The "New National Nine Articles" policy is expected to enhance the enthusiasm and sustainability of dividend payouts from A-share and Hong Kong-listed companies [1][9]. - Since the beginning of the year, southbound funds have primarily increased their allocation to high-dividend assets in sectors like banking and telecommunications [1]. Group 2: Financial Data - As of June 30, the net asset value of the Dividend Low Volatility 50 ETF (515450) reached nearly 10.1 billion yuan, a significant increase of approximately 94% from 5.2 billion yuan at the end of the previous year [1]. - The 10-year government bond yield has dropped to 1.6553% as of June 30, indicating a declining trend in fixed-income returns [2]. - The Dividend Low Volatility 50 Index has a dividend yield of 5.19%, placing it in the top 38% of its historical range over the past three years [6]. Group 3: Index Characteristics - The S&P China A-Share Large Cap Dividend Low Volatility 50 Index incorporates a unique methodology, including direct inclusion in the S&P Dividend Series Index and using dividend yield weighting instead of market capitalization [5]. - The index aims to measure the performance of 50 high-dividend, low-volatility stocks within the S&P China A-Share Large Cap Index, ensuring a balanced industry and stock representation [5]. Group 4: Investment Performance - The Dividend Low Volatility 50 ETF (515450) has achieved an annualized return of 12.8% since its inception on January 17, 2020, with consistent annual dividends [8]. - The ETF's dividend rates from 2021 to 2024 were 4.74%, 4.24%, 10.44%, and 7.55%, totaling 26.97% over four years [8]. Group 5: Investor Suitability - Dividend low-volatility assets are considered suitable as a core holding for investors seeking stable returns, those looking for assets between stocks and bonds, cash flow seekers, and investors already heavily invested in growth or small-cap funds [10].