Core Viewpoint - The current dividend yield of the CSI Dividend Index exceeds 4%, presenting a significant attraction compared to government bond yields [2] Group 1: Investment Trends - Recent analysis by Changjiang Securities indicates that the proportion of stocks and funds held by insurance companies has fluctuated between 12% and 13% over the past three years, suggesting substantial room for growth in this area [2] - Under the current policy, insurance companies are expected to contribute at least several hundred billion yuan in long-term funds to the A-share market annually [2] Group 2: Market Conditions - Low volatility and high dividend-paying assets are likely to attract more incremental capital inflows [2] - With recent expectations of interest rate cuts and reserve requirement ratio reductions, the risk-free interest rate may continue to decline, further enhancing the investment value of dividend assets [2]

本次集体分红正值红利投资策略价值持续凸显之际。三只ETF分别覆盖A股高股息龙头、红利质量因子及港股低波红利资产，形成了互补性强的红利投资矩 阵。通过定期分红机制，不仅为投资者提供现金流回报，更体现了底层资产扎实的盈利能力和估值优势。 市场分析认为，在当前市场火热的环境下，红利策略以其稳健的表现和现金流价值仍然具有配置价值。招商基金此次同步分红，既为投资者提供了真金白银 的回报，也展现了公司通过产品创新推动长期投资、价值投资理念的实践。随着港股红利低波联接基金的开放申赎，投资者可更灵活地配置红利资产，把握 高股息策略的投资机遇。 招商基金近日公告，旗下三只红利ETF产品同步启动分红程序。其中，招商中证红利ETF（515080）实施本年度第三次分红，方案为每10份派现0.15元；中 证红利质量ETF（159209）与港股红利低波ETF（520550）分别进行第三次和第五次分红，单位分红比例均达0.3%。三只产品权益登记日集中在9月中旬前 后。 | 收益分配基准日 | 2025-09-02 | 收益分配基准目 | 2025 | | --- | --- | --- | --- | | 分红方案讲度 | 实施 | 分红 ...

Core Viewpoint - The article highlights the performance and advantages of three dividend-focused ETFs in the context of increasing market volatility, emphasizing their suitability for current investment strategies aimed at risk aversion and policy alignment [1][2]. Group 1: ETF Performance - The Shanghai Composite Index opened up 0.07% on June 10, surpassing the 3400-point mark, with the three dividend ETFs showing respective gains of 0.72%, 0.46%, and 0.10% [1]. - The three ETFs mentioned are the Hong Kong Dividend Low Volatility ETF (520550), the CSI Dividend ETF (515080), and the CSI Dividend Quality ETF (159209) [1]. Group 2: Investment Strategies - The CSI Dividend Quality Index employs a "dividend + quality" dual-factor strategy, selecting 50 stocks with stable dividends and high profitability, which provides a balance of high dividend defensive attributes and stable ROE, outperforming mainstream broad-based indices over the long term [1]. - The Hang Seng High Dividend Low Volatility Index focuses on Hong Kong stocks with high dividend yields and low volatility, benefiting from state-owned enterprise market value management policies that enhance dividend sustainability [1]. - The CSI Dividend Index covers 100 high-dividend, stable dividend stocks in the A-share market, maintaining a long-term dividend yield above 5%, significantly higher than the ten-year government bond yield, making it attractive in a low-interest-rate environment [1]. Group 3: Market Conditions - The article notes that the current market environment, characterized by increased volatility, necessitates investment strategies that align with risk aversion and policy guidance, which the three ETFs effectively address through quality enhancement, low volatility defense, and pure dividend strategies [2].