回撤方面，截至2025年10月9日，中证A500红利低波ETF成立以来最大回撤3.42%，相对基准回撤0.23%。 费率方面，中证A500红利低波ETF管理费率为0.50%，托管费率为0.10%。 截至2025年10月10日 09:40，中证A500红利低波动指数(932422)上涨0.11%，成分股圆通速递(600233)上涨1.76%，云天化(600096)上涨1.33%，特变电工 (600089)上涨1.28%，中国中铁(601390)上涨1.03%，华域汽车(600741)上涨0.94%。中证A500红利低波ETF(561680)多空胶着，最新报价0.99元。拉长时间 看，截至2025年10月9日，中证A500红利低波ETF近2周累计上涨1.34%。 中证A500红利低波ETF紧密跟踪中证A500红利低波动指数，中证A500红利低波动指数从中证A500指数样本中选取50只连续分红、股息率较高且波动率较低 的证券作为指数样本，采用股息率加权，以反映中证A500指数样本中股息率较高且波动率较低上市公司证券的整体表现。 流动性方面，中证A500红利低波ETF盘中换手0.22%，成交109.33万元。拉长时间 ...

截至2025年10月9日 09:43，中证A500红利低波动指数(932422)上涨0.14%，成分股特变电工(600089)上涨10.00%，海康威视(002415)上涨4.25%，中国中铁 (601390)上涨3.63%，江苏国泰(002091)上涨3.61%，中国核电(601985)上涨3.56%。中证A500红利低波ETF(561680)上涨0.10%，最新价报0.97元。 流动性方面，中证A500红利低波ETF盘中换手0.07%，成交33.48万元。拉长时间看，截至9月30日，中证A500红利低波ETF近1年日均成交3252.34万元。 费率方面，中证A500红利低波ETF管理费率为0.50%，托管费率为0.10%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 601288 | 农业银行 | -1.80% | 1.45% | | 600177 | 雅戈尔 | -0.54% | 1.34% | | 601328 | 交通银行 | -0.74% | 1.27% | | 201988 | 中国银行 | -0.97% | 1.27% | | ...

Core Viewpoint - The 中证A500红利低波动指数 and its corresponding ETF have shown positive performance, with significant liquidity and low tracking error, indicating potential investment opportunities in low-volatility dividend stocks [1][2]. Group 1: Performance Metrics - As of September 26, 2025, the 中证A500红利低波动指数 increased by 0.43%, with notable gains from stocks such as 太阳纸业 (3.04%) and 宝钢股份 (2.80%) [1]. - The 中证A500红利低波ETF rose by 0.41%, with a latest price of 0.98 yuan [1]. - The ETF's average daily trading volume over the past year was 37.94 million yuan, ranking it first among comparable funds [1]. Group 2: Liquidity and Fund Flows - The 中证A500红利低波ETF experienced a net outflow of 4.86 million yuan recently, but had a total inflow of 28.76 million yuan over the last 10 trading days [1]. - The ETF's maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% [1]. Group 3: Tracking Accuracy and Valuation - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.149% year-to-date [2]. - The latest price-to-earnings ratio (PE-TTM) for the index is 9.76, indicating it is undervalued compared to historical levels, being below 88.71% of the time over the past year [2]. Group 4: Index Composition - The 中证A500红利低波动指数 consists of 50 stocks selected for their high dividend yield and low volatility, with the top ten holdings accounting for 31.13% of the index [2]. - The top ten weighted stocks include major banks and companies such as 农业银行 (1.45%) and 格力电器 (1.13%) [4].

Core Viewpoint - The China Securities A500 Dividend Low Volatility Index (932422) has shown positive performance, with notable increases in several constituent stocks, indicating a favorable market sentiment towards low volatility and dividend-paying stocks [1][2]. Group 1: Index Performance - As of September 26, 2025, the China Securities A500 Dividend Low Volatility Index increased by 0.45%, with key stocks such as Baosteel Co., Ltd. (600019) rising by 3.09% and Sun Paper Industry Co., Ltd. (002078) by 2.90% [1]. - The China Securities A500 Dividend Low Volatility ETF (561680) also saw an increase of 0.41%, with the latest price at 0.98 yuan [1]. Group 2: Liquidity and Trading Volume - The trading volume for the China Securities A500 Dividend Low Volatility ETF was 399.91 million yuan, with a turnover rate of 0.8% during the session [1]. - Over the past year, the ETF has maintained an average daily trading volume of 37.94 million yuan, ranking first among comparable funds [1]. Group 3: Fund Flows and Tracking Accuracy - The latest net outflow for the China Securities A500 Dividend Low Volatility ETF was 4.86 million yuan, but it attracted a total of 28.76 million yuan over the last ten trading days [2]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of only 0.149% year-to-date [2]. Group 4: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 9.76 times, placing it in the 11.29% percentile over the past year, indicating that it is undervalued compared to 88.71% of the time in the last year [2]. Group 5: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the China Securities A500 Dividend Low Volatility Index accounted for 31.13% of the index, with Agricultural Bank of China (601288) being the largest holding [3]. - The top ten stocks include major banks and companies, reflecting a focus on stable, dividend-paying entities [3][4].

Core Viewpoint - The Zhongzheng A500 Dividend Low Volatility Index and its corresponding ETF are showing positive performance, with significant liquidity and low tracking error, indicating potential investment opportunities in the underlying stocks. Group 1: Performance Metrics - As of September 26, 2025, the Zhongzheng A500 Dividend Low Volatility Index (932422) increased by 0.09%, with notable gains from Huayu Automotive (600741) at 3.70%, YTO Express (600233) at 2.46%, and Tebian Electric Apparatus (600089) at 2.22% [1] - The Zhongzheng A500 Dividend Low Volatility ETF (561680) rose by 0.21%, with the latest price at 0.98 yuan [1] - The ETF's average daily trading volume over the past year is 37.94 million yuan, ranking it first among comparable funds [1] Group 2: Liquidity and Fund Flows - The Zhongzheng A500 Dividend Low Volatility ETF experienced a net outflow of 4.86 million yuan recently, but has attracted a total of 28.76 million yuan over the last 10 trading days [1] - The ETF's maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% [1] Group 3: Fee Structure - The management fee for the Zhongzheng A500 Dividend Low Volatility ETF is 0.50%, while the custody fee is 0.10% [1] Group 4: Tracking Accuracy and Valuation - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.149% year-to-date [2] - The latest price-to-earnings ratio (PE-TTM) for the index is 9.76, indicating it is at a historical low, being below 88.71% of the time over the past year [2] Group 5: Index Composition - The Zhongzheng A500 Dividend Low Volatility Index is composed of 50 stocks selected for consistent dividends, high dividend yields, and low volatility, reflecting the overall performance of these securities [2] - As of August 29, 2025, the top ten weighted stocks in the index account for 31.13% of the total index, with Agricultural Bank of China (601288) and Yageo (600177) being the top two [2]

Group 1 - The central bank reported significant achievements in China's financial sector during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1] - China's stock and bond market sizes rank second in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [1] - The country leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network for the renminbi [1] Group 2 - As of September 23, 2025, the CSI A500 Dividend Low Volatility Index (932422) saw a slight increase of 0.01%, with notable stock performances from Ningbo Port (up 2.70%) and Industrial and Commercial Bank of China (up 2.65%) [2] - The CSI A500 Dividend Low Volatility ETF (561680) experienced a trading volume of 851.19 million yuan, with a turnover rate of 1.66% [2] - The ETF has a maximum drawdown of 3.42% since inception, with a tracking error of 0.164% this year, indicating high tracking precision among comparable funds [2] Group 3 - The CSI A500 Dividend Low Volatility Index selects 50 stocks from the CSI A500 Index based on high dividend yields and low volatility, weighted by dividend yield [3] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 31.13% of the total index weight, with Agricultural Bank of China being the highest [3]

Group 1 - The total asset scale of China's banking industry continues to expand, with an average annual growth of 9% over the past five years, and "white list" project loans exceeding 7 trillion yuan supporting housing construction [1] - The LPR (Loan Prime Rate) has remained unchanged for four consecutive months, with market expectations for potential interest rate cuts and reserve requirement ratio reductions in the fourth quarter [1] Group 2 - The latest PE-TTM (Price-to-Earnings Trailing Twelve Months) for the CSI A500 Dividend Low Volatility Index is only 9.7 times, indicating a valuation lower than 94.21% of the time over the past year, reflecting historical lows [2] - The CSI A500 Dividend Low Volatility Index selects 50 securities with continuous dividends, high dividend yields, and low volatility from the CSI A500 Index sample, weighted by dividend yield to represent the overall performance of these companies [2] Group 3 - As of September 22, the top ten weighted stocks in the CSI A500 Dividend Low Volatility Index account for a total of 31.13%, with major contributors including Agricultural Bank of China, Yagor, and China Bank [2] - The performance of individual stocks within the index shows varying changes, with Agricultural Bank of China increasing by 1.54% and Yagor decreasing by 0.54% [4]

Core Viewpoint - The China Securities A500 Index Fund has rapidly gained popularity in the market, with significant growth in both the number of funds and total assets under management over the past year, indicating a strong trend towards diversification and innovation in fund strategies [1][6][12]. Fund Launch and Growth - As of September 20, 2024, nearly 80 fund companies have launched a total of 140 A500 index funds, including various types such as ETFs and enhanced index funds, with total assets approaching 440 billion yuan, marking a nearly 50% increase from the previous issuance scale of around 300 billion yuan [1][6]. - The first batch of 10 A500 ETFs was established between September 20 and September 27, 2024, followed by additional launches from various fund companies, showcasing a trend of expanding product offerings from traditional ETFs to enhanced strategies and ordinary index funds [3][4]. Market Dynamics and Future Outlook - By 2025, larger fund companies are expected to lead the issuance of A500 index funds, with a new wave of smaller fund companies also entering the market, indicating a broader and more diverse market presence [4]. - The A500 index funds have become a significant component of equity investment, with potential for further growth in market capacity, although they still lag behind the CSI 300 index funds in terms of total scale [12][13]. Performance and Scale Analysis - Among the 140 A500 index funds, 110 have reported scale changes, with only 25 funds (22.73%) experiencing growth post-launch, primarily driven by a few successful ETFs [6][10]. - The A500 ETFs have shown substantial growth, with six funds exceeding 10 billion yuan in scale, while over 75% of the funds have seen a decline in scale since their inception, highlighting the challenges faced in achieving sustained growth [10][11]. Strategic Innovations - The industry is focusing on continuous innovation in index compilation methods and style factor extraction to address the "long not growing" challenge faced by many funds, with expectations for some A500 products to reach significant scales in the future [12][13].

Core Viewpoint - The 中证A500红利低波动指数 and its corresponding ETF have shown positive performance, with significant liquidity and low valuation metrics, indicating potential investment opportunities in the underlying stocks. Group 1: Performance Metrics - As of September 19, 2025, the 中证A500红利低波动指数 increased by 0.37%, with notable gains from stocks such as 圆通速递 (5.35%) and 特变电工 (4.38%) [1] - The 中证A500红利低波ETF rose by 0.20%, with a latest price of 0.98 yuan [1] - The ETF's average daily trading volume over the past year was 51.24 million yuan, ranking it first among comparable funds [1] Group 2: Liquidity and Fund Flows - The 中证A500红利低波ETF had a turnover rate of 2.23% during the trading session, with a total transaction value of 11.64 million yuan [1] - Recent fund inflows showed a net inflow of 985,900 yuan, with a total of 46.33 million yuan net inflow over the last five trading days [1] Group 3: Risk and Valuation - The maximum drawdown since the inception of the 中证A500红利低波ETF is 2.79%, with a relative benchmark drawdown of 0.23% [1] - The ETF's management fee is 0.50%, and the custody fee is 0.10% [1] - The ETF's tracking error for the year is 0.178%, the highest among comparable funds [2] - The latest price-to-earnings ratio (PE-TTM) for the index is 9.82, indicating a valuation lower than 82.35% of the time over the past year [2] Group 4: Index Composition - The 中证A500红利低波动指数 consists of 50 stocks selected for their high dividend yield and low volatility, with the top ten stocks accounting for 31.13% of the index [2] - The top ten weighted stocks include 农业银行, 雅戈尔, 交通银行, and others, with varying performance on the trading day [3]

Core Viewpoint - The China Securities A500 Dividend Low Volatility Index (932422) has shown a slight decline of 0.47% as of September 16, 2025, with mixed performance among its constituent stocks [2]. Group 1: Index Performance - The China Securities A500 Dividend Low Volatility ETF (561680) decreased by 0.40%, with the latest price at 0.99 yuan [2]. - The index's one-year average daily trading volume is 66.88 million yuan, indicating a healthy trading activity [2]. - The ETF has experienced a significant growth in scale, increasing by 15.21 million yuan over the past week, ranking in the top third among comparable funds [2]. Group 2: Fund Metrics - The ETF's management fee is 0.50%, and the custody fee is 0.10% [3]. - The tracking error for the ETF year-to-date is 0.207%, the highest precision among comparable funds [3]. - The index's valuation is at a historical low, with a price-to-book ratio (PB) of 1.02, below 83.48% of the time over the past year, indicating strong valuation attractiveness [3]. Group 3: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the index account for 31.13% of the total index weight, including Agricultural Bank of China (601288) and Gree Electric Appliances (000651) [4]. - The performance of the top ten holdings shows mixed results, with Agricultural Bank of China declining by 1.12% and Gree Electric Appliances down by 0.83% [6].