从直逼3900点，到盘中失守3800点，沪指在短短几个交易日的过山车行情，让投资者再一次意识到"股 市有风险，投资需谨慎"。面对市场高位盘整分化，投资者再度陷入是走还是留的纠结中。"与其预测风 雨，不如修好屋顶"！考虑到后市震荡调整或将是常态，若是想提升投资体验感，那用主打一个"松弛 感"的红利低波类产品来加固权益配置底仓必不可少。正在发行的汇安中证红利低波动100指数基金(A 类：024220，C类：024221)，就为投资者夯实权益配置底仓提供了全新装备。 资料显示，汇安中证红利低波动100指数基金所跟踪的中证红利低波动100指数(以下简称"红利低波 100")编制方案独特，采用股息率/波动率加权方式，既能反映股票的股息率水平，又能考虑其波动率因 素，更科学地衡量成分股的综合表现，使指数在追求高股息的同时有效控制风险。同时该指数行业分布 均衡，成分股在多个行业和板块均有分布，避免了过度集中于某一行业或板块的风险。在市值分布上规 避包含过多的小市值成分股、同时注意市值暴露并未过于偏向大盘，旨在增强指数韧性、进而适应不同 市场风格，增强了指数的稳定性和抗风险能力。 此外，红利低波100指数成分股质量较高，多为 ...

"对于追求持续现金流的投资者而言，中证红利低波动100指数则是更合适的选择。"冯春远表示，中证 红利低波动100指数通过三重筛选机制构建了一个"压舱石"组合，旨在提供持续的现金流回报，并且具 有较低的波动性。 博时基金冯春远： 关注科创与红利 站在当前时点，冯春远看好两大方向：一是更具锐度的科创板100指数；二是中证红利低波动100指数。 科创板100指数是从上海证券交易所科创板中选取市值中等且流动性较好的100只证券作为样本，聚焦于 科创板中的中盘硬科技企业，重点覆盖半导体、生物医药、高端装备等领域。从科创板100指数的前十 大成分股来看，包括华虹公司、博瑞医药、百济神州、翱捷科技、东芯股份、睿创微纳、中科飞测、芯 源微、泽璟制药、安集科技。 "这些企业以高研发投入驱动技术突破，展现了较强韧性，更适合风险偏好较高的投资者。"在冯春远看 来，科创板100指数的核心竞争力体现在其较高的研发强度、均衡覆盖多个核心科技领域，该指数成分 股平均研发强度超过科创板平均水平。此外，科创板改革"1+6"政策为创新药企和半导体企业提供制度 红利。不过，投资者应注意该指数的高波动性和盈利不确定性带来的风险。 两大主线 ◎记者 ...

Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].

Core Viewpoint - The A-share market experienced a strong rebound this week, with the Shanghai and Shenzhen indices rising approximately 2%, driven by significant policy support and improved market sentiment [1][2]. Policy Support and Market Activity - Following the May Day holiday, trading activity in the A-share market improved significantly, with an average daily trading volume of 1.35 trillion yuan, a notable increase from the previous week [2]. - The State Council emphasized "expectation management" and the importance of capital markets, with the China Securities Regulatory Commission (CSRC) pledging to support the market's recovery and promote long-term capital inflows [2]. Index Performance - The 每经品牌100指数 (Everyday Brand 100 Index) surged by 3.19% this week, closing at 1086 points, approaching the 1100-point mark [2]. - A total of 74 constituent stocks within the index saw price increases, with 75% of the stocks rising [2]. Notable Stock Performances - Key stocks such as 吉利汽车 (Geely Automobile) and 浦发银行 (Shanghai Pudong Development Bank) recorded significant weekly gains of 10.07% and 7.66%, respectively [3][4]. - Other notable performers included 宁德时代 (CATL), 招商银行 (China Merchants Bank), and 美团 (Meituan), all achieving over 5% weekly growth [4]. Market Capitalization Growth - Several stocks, including 宁德时代, 招商银行, and 贵州茅台 (Kweichow Moutai), saw their market capitalizations increase by over 50 billion yuan this week [4]. - The 每经品牌100指数 outperformed major A-share indices over the past year, with a reported increase of 17.37% from May 9, 2024, to May 7, 2025 [4]. Historical Highs and Dividend Yields - Multiple constituent stocks reached historical highs, with 建设银行 (China Construction Bank) and 浦发银行 hitting 9.33 yuan and 11.88 yuan, respectively [5]. - The dividend yield for 建设银行 is reported at 6.56%, while 浦发银行's yield stands at 2.76%, both significantly higher than the 3.2% yield of the CSI 300 index [5]. Insurance Investment Trends - After four years of decline, the number of shares held by insurance companies in A-share bank stocks has shown signs of recovery, increasing from 383 billion shares at the end of 2024 to 391 billion shares by the end of Q1 2025 [5]. Telecommunications Sector Insights - Stocks of 中国电信 (China Telecom) and 中国移动 (China Mobile) are nearing historical highs, with projected dividend yields of 73% and 72% for 2024, respectively [6]. - The demand for IDC and intelligent computing resources is expected to improve due to the rapid growth in computing power needs driven by DeepSeek [6]. Public Fund Reforms - Recent reforms in public funds emphasize performance-based fee structures and performance assessments for fund managers, potentially benefiting dividend assets [7]. - The reforms suggest that dividend assets may see increased allocation, particularly for long-term holdings, as they have historically outperformed broader indices [7]. Dividend Indices - The 中证红利指数 (CSI Dividend Index) and 红利低波100ETF (Low Volatility Dividend ETF) focus on high dividend yield and stable dividend-paying companies, reflecting the overall performance of such securities [8][11].

Core Viewpoint - The banking sector is experiencing a rally, driven by macroeconomic policies aimed at stabilizing growth and addressing external shocks, with a focus on employment, enterprises, and market expectations [3][4]. Group 1: Market Performance - The China Securities Red Chip Low Volatility 100 Index (930955) increased by 0.34%, with notable gains from stocks such as Yangyuan Beverage (603156) up 7.25% and Baosteel (600019) up 6.02% [3]. - The Red Chip Low Volatility 100 ETF (159307) rose by 0.19%, marking its third consecutive increase, with the latest price at 1.03 yuan [3]. Group 2: Economic Policy Insights - The Central Political Bureau meeting on April 25 emphasized the need to solidify the foundation for economic recovery, highlighting the importance of proactive macroeconomic policies to counter external uncertainties [3]. - The meeting called for timely implementation of established policies and the introduction of additional measures based on changing circumstances, focusing on stabilizing growth [3][4]. Group 3: Banking Sector Outlook - Eastern Securities noted that the current period is characterized by intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures [4]. - The banking sector is expected to benefit from increased fiscal policy support, which will bolster social financing and credit, enhancing economic expectations [4]. - The net interest margin for banks may face short-term pressure due to broad interest rate declines, but regulatory measures against high-interest deposit solicitation will provide support [4]. Group 4: ETF Performance Metrics - The Red Chip Low Volatility 100 ETF saw a significant increase in scale, with a growth of 16.59 million yuan over the past week, ranking second among comparable funds [4]. - The ETF's one-year net value increased by 8.14%, leading among comparable funds, with a maximum drawdown of 6.18% year-to-date, the smallest among peers [5][6]. - The ETF has a management fee of 0.15% and a custody fee of 0.05%, the lowest among comparable funds, with a tracking error of 0.017%, indicating high tracking precision [6]. Group 5: Index Composition - As of March 31, 2025, the top ten weighted stocks in the China Securities Red Chip Low Volatility 100 Index accounted for 19.3% of the index, with notable stocks including Jizhong Energy (000937) and Daqin Railway (601006) [6][8].