来源：市场资讯 （来源：招商ETF） 在今年成长风格主导的市场中，传统红利策略一度被视为"老登"板块，表现乏力。然而，以质量因子为 核心的红利指数却走出独立行情，展现出兼具分红与成长性的独特优势。截至最新数据，$中证红利质 量ETF(159209)年内份额增长43.07%，规模攀升65.77%，双双创出历史新高，并已实施三次分红，切实 回归红利投资本源，为投资者带来持续现金回报。 风险提示：基金有风险，投资须谨慎。上述观点、看法和思路根据截至当前情况判断做出，今后可能发 生改变。对于以上引自证券公司等外部机构的观点或信息，不对该等观点和信息的真实性、完整性和准 确性做任何实质性的保证或承诺。基金过往业绩不代表其未来表现，基金管理人管理的其他基金的业绩 并不构成本基金业绩表现的保证。投资者应认真阅读《基金合同》《招募说明书》《产品资料概要》等 基金法律文件，全面认识基金产品的风险收益特征，在了解产品情况及听取销售机构适当性意见的基础 上，根据自身的风险承受能力、投资期限和投资目标，对基金投资做出独立决策，选择合适的基金产 品。 据了解，中证红利质量指数摒弃单纯高股息策略，聚焦盈利稳定、财务健康、具备持续分红能力 ...

Group 1 - The core viewpoint of the news highlights the implementation of a dividend distribution plan, with a unit dividend of 0.0030 yuan and a dividend ratio of 0.27% based on a net asset value of 1.1301 yuan as of the distribution benchmark date of August 29, 2025 [1] - The announcement of the dividend implementation is set for September 10, 2025, with the record date for rights being September 12, 2025, and the payment date on September 17, 2025 [1] - The total distributable profit at the end of the period is reported to be 8,189,754.25 yuan [1] Group 2 - Market analysis indicates that the current dividend distribution coincides with the growing recognition of the investment value of dividend assets [2] - The two products represent mainstream dividend strategy directions: the CSI Dividend Quality ETF focuses on "high dividend + high profitability quality," particularly in consumer and pharmaceutical sectors, with a historical dividend yield of 3%-5% and robust ROE levels [2] - The Hong Kong Dividend Low Volatility ETF follows a "deep value" strategy, tracking the Hang Seng High Dividend Low Volatility Index, with a current dividend yield exceeding 6%, benefiting from undervaluation in the Hong Kong market and supportive state-owned enterprise dividend policies [2] - Investors are advised to dynamically capture investment opportunities in dividend assets based on their risk preferences, with aggressive investors focusing on the CSI Dividend Quality ETF and conservative investors leaning towards the Hong Kong Dividend Low Volatility ETF [2] - A "barbell strategy" is suggested for portfolio construction, allowing for a balanced allocation between the two product types with periodic rebalancing to achieve a more stable risk-return profile [2]

据了解，作为招商基金今年新上市的两只红利品种，中证红利质量ETF及港股红利低波ETF产品特色均较突出。 其中，中证 红利质量ETF（159209）聚焦"红利+质量"策略因子，优选消费、医药等赛道中基本面优质的标的，且不包含银行股，为目 前市场上较为稀缺的红利质量ETF资产，兼具防御性与成长潜力。 港股红利低波ETF（520550）则跟踪恒生港股通高股息低波动指数，采用"高股息+低波动"双因子筛选，重点配置港股金 融、公用事业等防御性板块。该指数当前股息率超6%，叠加港股估值洼地效应及央企分红政策加持，凸显抗波动特性。 值得注意的是，根据基金合同，两只ETF均采取月度评估分红，以及管理费+托管费20BP的综合费率，在当前分红大趋势 下，为投资者提供了低成本、相对稳定分红的布局选择。 市场层面，9月以来市场进入震荡调整阶段，短期避险情绪有所升温，部分资金转向A股及港股的红利资产。以中证红利质 量ETF（159209）为例，该ETF近两日累计获2764万元资金净申购买入。 9月10日，招商旗下两只月度评估分红的ETF产品同期发布9月分红公告，其中中证红利质量ETF（159209）迎来本年度第三 次分红，分红比例为0 ...

Core Viewpoint - The Zhongzheng Dividend Quality ETF (159209) has seen significant net inflows, exceeding 56 million CNY over the past 12 trading days, indicating strong investor interest and confidence in this fund [1]. Performance Summary - As of August 26, the Zhongzheng Dividend Quality Total Return Index has increased by over 11.29% year-to-date, outperforming the Zhongzheng Dividend Total Return Index and the Zhongzheng Low Volatility Dividend Total Return Index, which rose by 5.33% and 9.23% respectively [1][4]. Sector Contribution - The performance of the Zhongzheng Dividend Quality Index is driven by diverse sectors, with significant contributions from Media (20.4%), Pharmaceuticals (19.6%), and Machinery Equipment (15.5%) [4][5]. - In contrast, the banking sector has been a major contributor to the performance of other dividend indices, accounting for 73.8% of the gains in the Low Volatility Dividend Index and 50.3% in the Dividend Index [5]. Industry Weighting - The Zhongzheng Dividend Quality Index maintains a balanced sector weight, with no single industry exceeding 20%. The top three sectors are Food & Beverage, Non-ferrous Metals, and Automotive, which contrasts with the high concentration of banking stocks in other indices [5][7]. Financial Metrics - The average Return on Equity (ROE) for the Zhongzheng Dividend Quality Index was 4.13% at the end of Q1, significantly higher than the 2.36% and 2.40% ROE of the Zhongzheng Dividend Index and the Low Volatility Dividend Index respectively, indicating superior profitability among its constituent stocks [7]. Product Features - The management and custody fees for the Zhongzheng Dividend Quality ETF (159209) are only 0.20%, the lowest in the market. Additionally, the ETF employs a monthly dividend assessment mechanism, enhancing cash flow for investors and improving the overall holding experience [7].

市场热情有所收敛，近期基本面因子表现强势。数据显示，8月21日$中证红利质量ETF(159209)单日获 超1200万元增仓，近期净值规模迭创阶段新高。 来源：市场资讯 分析指出，近期高质量风格表现相对突出，盈利稳定性强、现金流充裕、估值合理的优质标的彰显韧 性。随着市场驱动逻辑向企业内在价值回归，具备稳健经营和持续盈利能力的公司更受资金青睐。关注 行业龙头及财务质量较高的板块。 （来源：招商ETF） 据了解，中证红利质量ETF(159209)跟踪的中证全指红利质量指数选取 50 只分红稳定、股息率较高且盈 利持续性较好的上市公司证券作为指数样本，以反映具有较强分红和盈利能力特征的上市公司证券的整 体表现。区别于传统高股息，其当前持仓并不含有银行股。以"红利+质量"双因子筛选机制筛选出兼 具"低估值"+"高质量"双重护城河的优质企业。其核心理念与巴菲特"以合理价格投资卓越企业"的价值 投资逻辑高度契合。 产品设计层面，中证红利质量ETF(159209)费用模式采用"0.15%+0.05%"的全市场最低档 ，长期持有具 备明显的成本优势；分红模式采用月度评估分红机制，能更好地满足投资者的现金流需求，提升持有体 ...

Core Insights - The "Dividend Duo" ETFs, namely the CSI Dividend ETF (515080) and the CSI Dividend Quality ETF (159209), have seen continuous capital inflows, with 6 and 8 days of increased positions respectively as of August 20 [1] - The sustained inflow of funds into these ETFs is attributed to the rising market, where profit-taking funds are seeking refuge in defensive sectors, and the low interest rate environment enhances the appeal of high dividend strategies [1] - The CSI Dividend Index focuses on high dividend-paying companies primarily in the financial and cyclical sectors, which hold value during periods of declining interest rates, but caution is advised regarding potential "dividend traps" during economic downturns [1] - The CSI Dividend Quality Index incorporates factors like ROE and earnings stability, emphasizing consumer and manufacturing sectors, which drive long-term excess returns but come with higher valuation premiums [1] - Professionals suggest a strategic allocation of 60% in the CSI Dividend ETF, 30% in the CSI Dividend Quality ETF, and retaining 10% in defensive positions to manage extreme market volatility [1] - Both ETFs are designed with low fees and regular dividend assessments to better meet investors' cash flow needs and enhance the holding experience [1]

Group 1 - The ETF market showed mixed performance with the wine ETF (512690) leading gains at 2.53% [2] - The China Securities Dividend Quality ETF (159209) increased by 1.68% [2] - The VRETF (159786) rose by 1.52% [2] Group 2 - The Hang Seng Medical ETF (159303) experienced the largest decline, falling by 4.95% [2] - The Hong Kong Stock Connect Innovative Drug ETF (159570) decreased by 3.36% [2] - The Cloud 50 ETF (560660) dropped by 3.19% [2]

Core Insights - The Shanghai Composite Index opened lower but saw a rise, with the CSI Dividend Quality ETF (159209) increasing by 1.58%, marking its 28th new high of the year as of 9:49 AM on August 20 [1] - The CSI Dividend Quality ETF has experienced a continuous net inflow of funds for seven consecutive days as of August 19 [1] Fund Characteristics - The CSI Dividend Quality ETF employs a "dividend + quality" dual-factor screening mechanism to identify high-quality companies that possess both "low valuation" and "high quality" attributes [1] - This investment philosophy aligns closely with Warren Buffett's value investment logic of "investing in excellent companies at reasonable prices" [1] Investment Strategy - The combination of the CSI Dividend Quality ETF (159209) in the A-share market and the Hong Kong Dividend Low Volatility ETF (520550) can create a cross-market "dumbbell strategy" that balances offensive and defensive positions while diversifying risks across two markets [1] - The product design features low fees and monthly dividends, which are expected to enhance long-term returns for investors [1]

Group 1 - The A-share market has successfully broken through the 3700-point mark, with the only CSI Dividend Quality ETF (159209) reaching its 25th new high of the year during intraday trading [1] - The fund has seen continuous net inflows for four consecutive days, indicating strong investor interest and market momentum [1] - The CSI Dividend Quality ETF employs a "dividend + quality" dual-factor screening mechanism to identify high-quality companies with both "low valuation" and "high quality," aligning with Warren Buffett's value investment philosophy of investing in excellent companies at reasonable prices [1] Group 2 - The CSI Dividend Quality ETF (159209) and the Hong Kong Dividend Low Volatility ETF (520550) can be combined to create a cross-AH dividend "barbell strategy," which balances offensive and defensive positions while diversifying risk across two markets [1] - The product design features low fees and monthly dividends, which are expected to enhance long-term returns for investors [1]

Core Viewpoint - Two dividend ETF products under China Merchants Fund have recently announced simultaneous dividends, providing investors with differentiated investment options in the current market environment [1] Group 1: Dividend Distribution - The CSI Dividend Quality ETF (159209) will implement its second dividend distribution of the year, with a payout of 0.003 yuan per share [1] - The Hong Kong Dividend Low Volatility ETF (520550) will have its fourth dividend distribution, with a payout of 0.004 yuan per share [1] - Both products have set the record date for equity registration on August 14 [1] Group 2: Investment Strategy - The Hong Kong Dividend Low Volatility ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, using a "dual-factor" screening strategy focused on defensive sectors like finance and utilities [1] - This index currently has a dividend yield exceeding 5%, combined with the undervaluation of Hong Kong stocks, showcasing strong risk resistance [1] - The CSI Dividend Quality ETF employs a "high dividend + high quality" strategy, selecting quality targets in sectors such as consumer goods and pharmaceuticals [1] Group 3: Market Positioning - Historical performance indicates that the CSI Dividend Quality ETF maintains a dividend yield of 3%-5% while outperforming broad market indices in the long term [1] - Market participants view these two products as representing "defensive and stable" and "growth and value" investment directions, respectively [1] - The design of low fees and a monthly dividend mechanism is expected to enhance the investment experience for long-term holders [1]