注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承诺 或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提及基金风险收益特征各不相同， 敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承 受能力匹配的产品，谨慎投资。 每日经济新闻 长钱与制度托底：监管下调股票风险因子与长期资金入市政策持续落地，直接扩张险资权益配置空间并 提升红利资产的边际需求。2024年～2025年险资举牌显著加速，港股/高股息标的占比高，反映负债久 期匹配下对高股息低波资产的"确定性"偏好；新国九条强化现金分红监管与激励，叠加央企市值管理要 求落地，长期估值重塑逻辑增强。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察 ...

Group 1 - The core viewpoint of the news is that the Dividend State-Owned Enterprise ETF (510720) has seen a net inflow of over 860 million yuan in the past 20 days, benefiting from its role as a "safe haven" amid increased market volatility [1] - Recent market fluctuations have led investors to adopt a more cautious approach, with some funds shifting from aggressive to defensive strategies, resulting in a marginal increase in demand for dividend stocks [1] - The high resource weight in the dividend index makes it sensitive to sectoral leaders in coal and oil and gas, indicating a potential for significant returns in these areas [1] Group 2 - Regulatory adjustments have lowered stock risk factors and ongoing policies for long-term capital entering the market have expanded the allocation space for insurance funds, enhancing the marginal demand for dividend assets [1] - The acceleration of insurance capital acquisitions is expected between 2024 and 2025, with a high proportion of Hong Kong stocks and high-dividend targets reflecting a preference for low-volatility, high-dividend assets [1] - The new national policies reinforce cash dividend regulations and incentives, coupled with state-owned enterprise market value management requirements, strengthening the logic for long-term valuation restructuring [1] Group 3 - The Dividend State-Owned Enterprise ETF (510720) tracks the Shangguo Dividend Index (000151), which selects high-dividend capable and stable dividend record companies across industries such as banking, coal, and transportation, focusing on traditional high-dividend sectors [1] - The index employs a strict assessment of constituent stocks' dividend yields and sustainability, utilizing a cross-industry diversification strategy to effectively control investment risks and reflect the overall market performance of high-dividend companies [1] - The fund has consistently distributed dividends monthly since its listing, achieving 20 consecutive months of dividends [1]