科技变革、消费焕新、医药突破……2025上半年的A股市场并不缺乏投资热情。然而板块轮动走热的浪 潮之下，一股追求稳健的"暗流"同样值得关注——红利低波策略凭借其特有的回撤控制和稳定现金流优 势，持续成为众多机构与长线投资者稳固底仓、优化风险收益结构的重要配置方向。 7月10日，红利低波ETF（512890）创下历史性突破——在连续7个交易日刷新新高后，其规模正式突破 200亿元大关，达到203.43亿元，也成为当前A股市场仅有的规模超两百亿的红利低波主题ETF。 与此同时，在指数投资理念日益普及的环境下，红利低波策略因契合养老资金的稳健收益与波动控制需 求，也让其关联的Y份额产品受到青睐。 早在今年一季度，华泰柏瑞红利低波动ETF联接Y（022951）就已成为全市场首只规模突破1亿元的指数 基金Y份额产品。 近日，随着基金二季报披露，数据显示，华泰柏瑞红利低波动ETF联接Y（022951）规模达1.87亿元， 较2024年底增幅超311%，继续在全市场"指数Y"中规模领跑。同时也凭借2025上半年规模增长1.42亿元 的表现，在市场全部Y份额基金中居首。 资金抢筹红利低波策略 2025年，在全市场57只红利主 ...

Core Viewpoint - The personal pension product catalog is expected to expand, providing new long-term allocation opportunities for index funds [1][3]. Group 1: Personal Pension System Development - Since the pilot program launched in November 2022, the personal pension system has been steadily advancing, with the number of accounts opened continuously increasing [2][4]. - As of the end of November 2024, over 72 million personal pension accounts have been opened across 36 pilot cities [4]. - The investment approach for pension funds is transitioning from savings and insurance to a more diversified and market-oriented strategy [4]. Group 2: Index Funds and Investment Strategies - The recent notification from local securities regulatory authorities allows public fund managers to apply for index funds to be included in the personal pension product catalog on a quarterly basis [3]. - The criteria for inclusion require funds to track widely recognized core broad-based indices or suitable long-term value investment indices, with specific hard indicators such as a minimum fund size of 1 billion yuan [3]. - The "dividend + low volatility" strategy is highlighted as a representative asset for personal pension accounts, with the HuaTai BaRui Dividend Low Volatility ETF leading in holder numbers [2][5]. Group 3: Performance of Dividend Low Volatility ETF - The HuaTai BaRui Dividend Low Volatility ETF (512890) has shown strong performance since its inception, with a scale exceeding 15 billion yuan as of April 2025 [7]. - This ETF has consistently achieved positive returns over six complete years, demonstrating adaptability to various market conditions [7]. - The ETF's strategy aligns well with the current market demand for sustainable and stable returns, especially in a volatile global environment [6][10]. Group 4: Market Trends and Future Outlook - The dividend low volatility strategy is gaining traction as investors shift focus from high growth to high certainty assets in a low-interest-rate environment [10][11]. - The index tracked by the ETF has a current dividend yield of 6.19%, indicating a favorable allocation window [8]. - The ETF has attracted significant capital inflows recently, reflecting its appeal amid market fluctuations [7][9].