12月15日，A股市场呈现震荡调整态势，沪指盘中一度翻红后再度回落，创业板指、深成指均跌逾 1%。在此背景下，华泰柏瑞红利低波ETF（512890）逆势收涨0.09%，报1.175元。该ETF当日换手率达 2.30%，成交额5.79亿元，位列同类标的ETF之首。 | 代码 | 名称 现价 IOPV 溢折率 换手率 成交金额 = 5日涨跌幅 | | | --- | --- | --- | | 512890 红利低波ETF | 1.175 0.09% 1.1742 0.07% 2.30% | 5.79亿 -1.26% | | 563020 | 红利低波动ETF 1.192 0.08% 1.1912 0.07% 4.02% | 1.58亿 -1.48% | | 159547 | 红利低波ETF基金 1.204 0.25% 1.2027 0.11% 18.86% | 1.53 Z -1.55% | | 159525 | 红利低波ETF 1.094 0.18% 1.0929 0.10% 7.64% 2702.98万 -1.62% | | | 560150 | 红利低波ETF泰康 1.143 0.09% 1.1425 0 ...

责任编辑：石秀珍 SF183 值得一提的是，华泰柏瑞红利低波ETF（512890）自2017年12月成立以来表现优异。截至2025年10月 14日，该基金累计回报率达131.14%，不仅超越业绩比较基准，在502只同类产品中排名前20%（第80 位）。专家建议，普通投资者可将红利低波ETF（512890）作为资产配置中稳健收益的核心组成部分， 通过定投方式分散入场时点，降低短期波动影响。对于没有股票账户的投资者，也可通过其场外联接基 金（A类份额代码：007466；C类份额代码：007467；I类份额代码：022678；Y类份额代码：022951） 进行配置。 风险提示：基金有风险，投资需谨慎。过往业绩并不预示其未来表现。投资者在做出投资决策前，应认 真阅读基金合同、招募说明书等文件，结合自身风险承受能力理性投资。 | 股票名称 | 持仓市值(元) | 持仓数目 | 相对上期增减 | 占殿票市值比 | 日要金净值比 | | --- | --- | --- | --- | --- | --- | | 成在哪很行 | 586,106,532,90 | 29.159.529 | 20.25% | 3.15%1 | ...

Core Viewpoint - The recent market volatility has led to a collective decline of over 1% in the three major stock indices, with the Hongli Low Volatility ETF (512890) experiencing a drop of 1.87% but maintaining long-term net inflows, indicating investor confidence in the strategy [1][3][6]. Group 1: ETF Performance - The Hongli Low Volatility ETF (512890) closed at 1.153 yuan, with a trading volume of 6.68 billion yuan and a turnover rate of 3.32% [1][2]. - Over the past 60 trading days, the ETF has seen a net inflow of 1.79 billion yuan, reflecting a long-term positive sentiment among investors despite short-term fluctuations [1][3]. - The ETF has maintained strong liquidity, with a cumulative trading amount of 90.42 billion yuan over the last 20 trading days, averaging 4.52 billion yuan per day [2]. Group 2: Fund Flow Dynamics - Recent fund flow data indicates a mixed trend, with short-term outflows of 1.2 billion yuan over the last 5 trading days, while long-term inflows of 1.79 billion yuan over 60 trading days suggest strategic positioning by investors [3][6]. - As of September 16, the ETF's circulating scale was 20.293 billion yuan, ranking it among the top in its category, showcasing market recognition of the low volatility strategy [3]. Group 3: Holdings and Market Sentiment - The top ten holdings of the Hongli Low Volatility ETF include major banks and infrastructure companies, all of which have experienced varying degrees of adjustment recently [4][5]. - Goldman Sachs has maintained an overweight rating on A-shares and H-shares, advising investors to buy on dips, particularly favoring themes like shareholder returns and artificial intelligence, aligning with the ETF's focus [5][6].

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].