Core Viewpoint - The article discusses the evolving dynamics between fund managers and investors, emphasizing the importance of achieving mutual benefits through investment strategies that focus on lower volatility and long-term factors [1]. Group 1: Fund Characteristics - The first key factor for desirable fund returns is lower volatility, which allows investors to achieve better "lifetime return rates" [2]. - The second key factor is the inclusion of long-term factors, such as dividend yield, to align fund uncertainty with investor goals [3]. - The HuaTai BaRui Dividend Low Volatility ETF (512890) has recently surpassed a scale of 20 billion, indicating a shift in investor behavior towards products that combine these two factors [4][5]. Group 2: Market Trends - In the first half of the year, the A-share market presented significant structural opportunities, with the Wande Equity Mixed Fund Index rising by 8.75%, outperforming the CSI 300 Index, which only increased by 1.44% [7]. - Despite this, there has not been a substantial increase in the scale of actively managed equity funds; instead, more low-volatility strategy products are emerging as important alternatives for investors [7][9]. - The market's product innovation is primarily focused on reducing volatility, with strategies including the allocation of low-correlated assets and incorporating gold as a risk-hedging tool [9][10]. Group 3: Performance Analysis - The HuaTai BaRui Dividend Low Volatility ETF has achieved positive returns every year since its inception, outperforming its benchmark in each complete year from 2019 to 2024 [17][18]. - The ETF's annual returns from 2019 to 2024 show that it achieved over 20% returns in 2019 and 2024, and between 10% to 20% in 2021 and 2023, with only 2022 yielding less than 5% [20][25]. - The ETF's performance illustrates that low-volatility strategies can provide stable returns while minimizing risk, aligning with the changing investor demand for long-term wealth growth rather than short-term gains [22][24]. Group 4: Company Development - HuaTai BaRui Fund has demonstrated significant growth, with its ETF total scale exceeding 500 billion as of July 9, 2025, reflecting a successful strategy focused on reducing volatility [24][25]. - The company has established a strong reputation in the industry for its low-volatility products, contributing to its leadership in the market [24][25].