Core Viewpoint - Dividend-themed funds are becoming a core asset for risk-averse investors due to their stable cash flow returns and defensive attributes [1] Fund Performance and Growth - Multiple dividend-themed ETFs have reached record high shares, with significant growth in their issuance [2] - As of June 17, the E Fund CSI Dividend Low Volatility ETF reached 1.576 billion shares, an 85% increase since the beginning of the year; the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF rose to 6.564 billion shares, a 75% increase; and the Bosera CSI Dividend Low Volatility 100 ETF surpassed 0.945 billion shares, a 74% increase [2] - Overall, the scale of dividend-themed funds has rapidly expanded, with 217 funds showing a 12% growth to 273.941 billion yuan since the beginning of the year [2] - The net inflow for these funds reached 13.778 billion yuan as of June 17, indicating strong investor interest in "low valuation + high dividend" strategies [2] Early Fund Closures - Several dividend low volatility ETFs have closed their fundraising early, reflecting strong demand and investor confidence in their strategies [3] - The early closure of the Great Wall Fund's dividend low volatility ETF, which ended its fundraising on May 30 instead of June 30, highlights this trend [3] - This early closure suggests a structural shift in market risk appetite, with funds moving from a cautious stance to active allocation [3] Increased Dividend Distribution - Fund companies are adjusting their dividend distribution rules to enhance attractiveness, allowing for more frequent distributions [4] - For instance, the Huatai-PineBridge SSE Dividend ETF and Yongying Dividend Selection Mixed Fund have updated their contracts to allow for monthly dividend assessments [4] - This strategy aims to meet investor demand for stable returns and reduce net asset value volatility, attracting long-term capital [4] Institutional Preference - Dividend assets are increasingly viewed as important core holdings for institutions and long-term investors due to their stable cash flow and defensive characteristics [5] - High dividend stocks can provide a "quasi-fixed income" yield of 3% to 5%, appealing to long-term capital needs [6] - Traditional high-dividend sectors such as banking, electricity, and coal are favored for their strong cash flow and valuation safety margins, making them attractive to risk-averse funds [6]