Group 1 - Insurance capital has shown a stronger and more refined trend in allocating to high-dividend assets since 2025, with 30 instances of insurance capital acquiring listed companies this year, marking a recent high [1] - The preference for undervalued, high-dividend listed companies is evident, as insurance institutions plan to further increase equity asset allocation in the A-share market, which is currently deemed to be at a reasonable valuation level [1][4] - The CSI Dividend Quality Index, which employs a unique "dividend + quality" dual-factor screening mechanism, has achieved a cumulative return of 502.27% since its base date, significantly outperforming other dividend indices [1] Group 2 - In the first half of 2025, seven listed insurance companies significantly increased their allocation to high-yield stocks, with the average allocation ratio for FVOCI stocks rising by 1.3 percentage points to 4.2%, reflecting a total increase of approximately 0.32 trillion yuan [2] - This trend of increasing allocation to FVOCI stocks, typically viewed as high-yield stocks, began in the first half of 2024 and has continued into 2025, indicating a preference for stable income assets in a low-interest-rate environment [2] Group 3 - The reasons for insurance capital's focus on dividend stocks include the need for stable cash yield and the desire to reduce profit volatility, as dividend stocks help enhance dividend contributions and stabilize net investment yield [4] - The investment performance of insurance companies is primarily influenced by investment performance, where capital gains are a major source of volatility; thus, dividend stocks, which are less volatile than growth stocks, are favored [4] Group 4 - The high-dividend sector, particularly represented by banks, has seen significant price increases, with the CSI Dividend Quality Index showing a year-to-date increase of 13.12%, outperforming other dividend indices [5][7] - The contribution to the performance of the CSI Dividend Quality Index has been more diversified, driven by sectors such as media and pharmaceuticals, while traditional dividend indices have been dominated by bank stocks [7][9] Group 5 - The current strategy of insurance capital regarding dividend stocks has evolved from a simple "buy and hold" approach to a more complex strategy that balances obtaining stable dividends and avoiding capital losses [9] - The resilience of dividend assets has been notable in market fluctuations, with high dividend yield and low volatility characteristics providing significant absolute return value [9] Group 6 - The CSI Dividend Quality ETF (159209) offers a low management and custody fee of only 0.20%, providing a cost advantage for long-term holding, and features a monthly dividend assessment mechanism to enhance cash flow for investors [10]

Core Viewpoint - The new "National Nine Articles" policy emphasizes the importance of dividends for listed companies, leading to a transformation in the evaluation system of corporate profitability, where dividend capability becomes a key indicator of corporate governance and profitability [2] Group 1: Dividend Investment Strategy - The dividend investment strategy is gaining recognition among investors as an important path for long-term and value investing, with high dividend assets becoming a new consensus in the market [2] - From a medium to long-term perspective, dividend assets still represent a high cost-performance ratio in the current market [2] - Traditional dividend sectors such as banking, coal, and electricity are experiencing trading congestion due to significant prior gains and limited growth expectations, making stock prices more sensitive to marginal changes [2] Group 2: Quality Factor and Index Performance - The "dividend + quality" strategy focuses on high-quality, low-congestion sectors, with the effectiveness of quality factors becoming more pronounced as market risk appetite gradually recovers [2] - The CSI Dividend Quality Index shows a more balanced allocation, with a single industry weight cap of 20%, and the top three industries being food and beverage, non-ferrous metals, and automobiles, contrasting with traditional dividend indices where banking stocks exceed 50% weight [2][4] - The CSI Dividend Quality Index has demonstrated superior profitability quality, with an average ROE of 4.13% at the end of Q1, significantly higher than the CSI Dividend Index (2.36%) and the low-volatility dividend index (2.40%) [5] Group 3: Performance Comparison - Despite the significant contribution of the banking sector to traditional dividend indices, the CSI Dividend Quality Index has outperformed major broad-based dividend indices even without banking stocks, showcasing stronger aggressiveness [5] - Over a longer period, the CSI Dividend Quality Index has significantly outperformed both the CSI Dividend Index and the low-volatility dividend index, validating the effectiveness of the quality factor [5] - Year-to-date performance shows the CSI Dividend Quality Index at 4.68%, the CSI Dividend Index at 8.50%, and the low-volatility dividend index at 16.75% [6]

Core Viewpoint - The China Securities Dividend Quality ETF (159209) has achieved a new net value high, reflecting a 13% increase since its launch in March, outperforming the China Securities Dividend Low Volatility Index by 5% and aligning with mainstream broad-based indices [1][3]. Group 1: ETF Performance - The ETF has shown a strong performance with a 0.45% increase in net value during the midday session, with key holdings like Nanshan Aluminum, Haitian Flavoring, and WuXi AppTec rising over 2% to 4% [1]. - The ETF's recent dividend distribution has led to a robust price recovery, indicating strong market sentiment and investor confidence [1]. Group 2: Investment Strategy - The ETF adopts an "offensive dividend" strategy, notably excluding bank stocks, which traditionally dominate dividend indices, allowing for greater growth potential [3][5]. - The selection criteria for the underlying index include consistent dividend payments over the past three years, a dividend payout ratio between 10% and 100%, and a focus on companies with stable ROE over the last 12 quarters, emphasizing both high dividends and quality [5]. Group 3: Market Positioning - The ETF represents a new approach to dividend investing, focusing on companies that not only provide dividends but also demonstrate sustainable profitability and cash flow stability, thus evolving the traditional dividend strategy [5][6]. - With a low fee structure of 0.15% + 0.05%, the ETF is positioned as a cost-effective option for investors seeking a balanced approach to dividend and growth investing [5].

招商基金旗下两只特色红利ETF产品同步日前同步分红进行时。其中，港股红利低波ETF（520550）上市以来已连续第 四个月分红，每份派现0.004元。分红款将于今日（8月20日）到账。值得投资者关注的是，港股红利低波ETF的联接基 金（A类024029/C类024030）已全面开放申赎，为场外投资者提供了便捷的配置渠道。 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为 负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表 现的保证，基金投资须谨慎。 来源：金融界 据了解，港股红利低波ETF（520550）跟踪恒生港股通高股息低波动指数，采用"双因子"筛选策略，重点配置金融、公 用事业等防御性板块。该指数当前股息率超5%，叠加港股低估值优势，展现出较强的抗风险能力。中证红利质量ETF （159209）则采用"高股息+高质量"策略，精选消费、医药等领域的优质标的。历史业绩显示，该指数不仅保持3%-5% ...

Core Viewpoint - Two dividend-paying ETFs under China Merchants Fund are distributing dividends, with the CSI Dividend Quality ETF distributing 0.003 yuan per share and the Hong Kong Dividend Low Volatility ETF distributing 0.004 yuan per share, both on August 15 [1] Group 1: ETF Details - The Hong Kong Dividend Low Volatility ETF tracks the Hang Seng High Dividend Low Volatility Index, utilizing a "dual-factor" screening strategy focused on defensive sectors like finance and utilities, currently offering a dividend yield exceeding 5% [1] - The CSI Dividend Quality ETF employs a "high dividend + high quality" strategy, selecting premium stocks in consumer and pharmaceutical sectors, maintaining a historical dividend yield of 3%-5% while outperforming broad market indices [1] Group 2: Market Context - In the current market environment, these two products represent "defensive and stable" and "growth and value" investment directions, providing differentiated allocation choices for investors [1] - The design of low fees and a monthly dividend mechanism is expected to enhance the long-term investment experience for holders [1]

Group 1 - The core viewpoint of the news is the implementation of the second dividend distribution for the China Securities Red Chip Quality ETF (code: 159209), with a cash dividend of 0.003 yuan per share, representing a distribution ratio of 0.3% [1] - The fund will be suspended from trading on August 12, 2025, from the market opening until 10:30 AM, and will resume trading at 10:30 AM on the same day, prompting investors to plan their transactions accordingly [1] - Recent market research indicates the emergence of two differentiated investment paths due to the deepening of dividend investment strategies, with one focusing on deep value through high dividend and low volatility, and the other on value growth through high dividend and high profitability quality [1] Group 2 - The Hong Kong dividend low volatility ETF (520550) represents a deep value strategy, focusing on defensive sectors such as finance and utilities, with a current dividend yield close to 6% [1] - The China Securities Red Chip Quality ETF (159209) adopts a value growth strategy, emphasizing high dividend and high profitability quality, targeting sectors like consumption and pharmaceuticals, achieving a balance between defensiveness and growth [1] - Professional institutions suggest that conservative investors should focus on the Hong Kong dividend low volatility ETF for stable returns, while aggressive investors may consider the China Securities Red Chip Quality ETF for growth opportunities [2]

Core Viewpoint - The recent inflow into dividend ETFs indicates a shift in investor sentiment towards stable cash flow assets amidst market volatility and economic uncertainties [1][4]. Group 1: Market Trends - Major indices opened lower but recovered, alleviating some panic from previous adjustments, yet concerns about market fluctuations remain [1]. - Significant inflows into representative dividend ETFs, such as the China Securities Dividend ETF (515080), Dividend Quality ETF (159209), and Hong Kong Dividend Low Volatility ETF (520550), totaled 160 million in a single day [1]. - The trend of seeking high dividend assets as a safe haven has been ongoing, with the China Securities Dividend ETF (515080) seeing a net inflow of 140 million over 10 trading days [1]. Group 2: ETF Characteristics - The Hong Kong Dividend Low Volatility ETF (520550) features a monthly dividend mechanism, T+0 trading, and a single stock weight limit of 5%, making it a strong candidate for avoiding "dividend yield traps" [3]. - The China Securities Dividend ETF (515080) has a quarterly dividend assessment and has distributed dividends 13 times since its inception, with annual dividend ratios between 4.14% and 4.78% over the past five years, indicating stable and consistent returns [3]. - The China Securities Dividend Quality ETF (159209) focuses on companies with stable dividends, strong profitability, and financial health, aligning with long-term value investment principles [3]. Group 3: Investment Strategy - The influx into dividend ETFs is driven by factors such as U.S.-China talks, Nvidia's scrutiny, and policy corrections against excessive competition, leading to a consensus on the value of stable cash flow and high dividend assets [4]. - The strategy of combining dividend and growth investments, referred to as the "dumbbell" strategy, has gained traction, emphasizing a balanced and diversified asset allocation for long-term, stable returns [4]. - A suggested allocation strategy includes 40% in the China Securities Dividend ETF (515080), 30% in the Dividend Quality ETF (159209), and 30% in the Hong Kong Dividend Low Volatility ETF (520550) to create a cash flow fortress across A+H markets [4].

Core Viewpoint - The article discusses the evolution and future potential of dividend investment strategies in the A-share market, highlighting the significant growth of dividend ETFs and the shift towards more growth-oriented dividend strategies [2][4][16]. Group 1: Growth-Oriented Dividend Strategies - The performance of high dividend strategies has been challenged by the growth style in the A-share market, particularly during the period from 2019 to 2020, where the CSI 300 Total Return Index rose by 80.79%, while the CSI Dividend Total Return Index only increased by 30.77% [6][7]. - The emergence of growth-oriented dividend strategies is gaining traction, as evidenced by the introduction of the CSI Dividend Quality ETF, which emphasizes both dividend yield and company growth potential [8][10]. - The CSI Dividend Quality Index has shown a significant outperformance compared to the traditional CSI Dividend Index during growth market phases, indicating a shift in investor preference towards more balanced strategies [11][16]. Group 2: Valuation-Based Dividend Strategies - The article highlights the potential of investing in Hong Kong stocks, which often trade at a discount compared to their A-share counterparts, leading to higher dividend yields in the Hong Kong market [17][20]. - The Hang Seng High Dividend Low Volatility Index has demonstrated a higher annualized dividend yield of 7.05% compared to the CSI Dividend Index's 5.05% from 2019 to April 2025, showcasing the attractiveness of Hong Kong dividend assets [19][20]. - The performance of the Hang Seng High Dividend Low Volatility Index has outpaced the CSI Dividend Index in recent years, particularly in 2023, where it rose by 7.94% [19][21]. Group 3: Sector-Specific Dividend Strategies - The article presents data showing that dividend strategies have outperformed their non-dividend counterparts across various sectors from 2014 to April 2025, indicating the effectiveness of dividend-focused investment approaches [23]. - There is a growing interest in sector-specific dividend indices, although the market currently lacks such products, suggesting a potential area for future development [24].