1．中央经济工作会议：稳中求进、提质增效 【 摘要 】华泰证券何康称，紧缩货币环境改善叠加市场预期升温，"春季躁动"可能在12月中下旬 提前启动。中金公司固收团队称，11月金融数据偏弱，货币政策宽松预期升温增强债券配置吸引 力，短端确定性机会相对更大。 一、焦点锐评 12月10日至11日，中央经济工作会议在北京举行，会议指出，明年经济工作在政策取向上，要坚 持稳中求进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提 升宏观经济治理效能。强调要继续实施更加积极的财政政策，保持必要的财政赤字、债务总规模 和支出总量，重视解决地方财政困难。 【解读】中信证券明明指出，会议对宏观经济的定调较去年更加积极，在此背景下明年政策重心 也更加侧重提质增效，财政政策维持必要强度，货币政策灵活高效与之配合。对于债市而言，基 于会议对货币政策降准降息以及对财政扩张相对温和的表态，有望给当前的市场情绪带来一定提 振。 二、权益市场 1.华泰证券：春季躁动或提前启动 华泰证券何康等称，紧缩货币环境改善叠加市场预期升温，"春季躁动"可能在12月中下旬提前启 动。建议注重成长与周期的均衡配置，大金融与高性价比消费 ...

证券之星消息，12月4日发布《博时中证红利低波动100交易型开放式指数证券投资基金联接基金分红公 告》。本次分红为2025年度的第4次分红。公告显示，本次分红的收益分配基准日为11月11日，详细分 红方案如下： 本次分红对象为权益登记日登记在册的本基金份额持有人，权益登记日为12月8日，现金红利发放日为 12月10日。选择红利再投资方式的投资者所转换的基金份额将以2025年12月8日的基金份额净值为计算 基准确定再投资份额，红利再投资所转换的基金份额于2025年12月9日直接划入其基金账户，2025年12 月10日起投资者可以查询、赎回。根据财政部、国家税务总局的财税[2002]128号《财政部 国家税务总 局关于开放式证券投资基金有关税收问题的通知》及财税[2008]1号《关于企业所得税若干优惠政策的 通知》的规定，基金向投资者分配的基金利润，暂免征收所得税。本基金本次分红免收分红手续费。选 择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金简称 | 代码 | ...

Core Viewpoint - The "anti-involution" policy has led to an upward turning point in the PPI year-on-year growth rate, indicating that the worst phase of the industry supply-demand structure has passed, which is expected to improve corporate profitability and market risk appetite [1][3]. Group 1: Economic Indicators - In August, the PPI turned from a month-on-month decline of 0.2% to flat, with a year-on-year decrease of 2.9%, narrowing the decline by 0.7 percentage points compared to the previous month [3]. - The core CPI, excluding food and energy prices, rose by 0.9% year-on-year, marking the fourth consecutive month of expansion [3]. Group 2: Equity Market Insights - CITIC Securities noted that under the trend of "anti-involution," the attractiveness of RMB assets continues to rise, with the manufacturing sector expected to convert its share advantage into pricing power and subsequently into long-term profit recovery [5]. - Morgan Stanley indicated that A-shares are likely to continue outperforming offshore markets due to improved liquidity and a shift of funds from the bond market and savings into equities, alongside expectations of policy easing [6]. - Guohai Securities highlighted that small-cap and growth styles are likely to benefit more from the upcoming "14th Five-Year Plan," with small-cap indices averaging an 8.6% increase and growth styles averaging a 7.0% increase in the month following the release of the plan [7]. Group 3: Industry Research - Kaiyuan Securities suggested that the gaming industry is transitioning from short-term "one-hit" products to long-cycle projects, with significant long-term growth potential as consumer trends shift towards emotional consumption [12]. - Penghua Fund expressed optimism about AI and robotics, predicting that leading companies in these sectors will emerge as the market seeks new growth drivers, with a potential trillion-dollar market opportunity [13]. - Western Li De Fund emphasized three investment opportunities: AI hardware and applications, sectors benefiting from the "anti-involution" policy such as new energy and aquaculture, and consumer sectors expected to recover due to domestic stimulus policies [14].

Group 1 - The core point of the article is the announcement of the third dividend distribution for the Bosera CSI Dividend Low Volatility 100 ETF Fund for the year 2025, with specific details on the dividend distribution plan [1] - The dividend distribution base date is August 8, 2025, and the cash dividend payment date is September 11, 2025 [1] - The dividend distribution plan includes a distribution of 0.13 yuan per 10 shares for both Bosera CSI Dividend Low Volatility 100 ETF Link A (code: 021550) and Bosera CSI Dividend Low Volatility 100 ETF Link C (code: 021551) [1] Group 2 - The eligible recipients for the dividend are the fund shareholders registered on the equity registration date, which is September 9, 2025 [1] - Investors choosing the dividend reinvestment option will have their reinvested shares calculated based on the net asset value on September 9, 2025, and these shares will be credited to their accounts on September 10, 2025 [1] - The fund's dividend distribution is exempt from income tax according to relevant regulations, and there are no fees for the dividend distribution or for shares converted through the reinvestment option [1]

Core Viewpoint - The news highlights the performance and characteristics of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a mixed performance among constituent stocks and a favorable outlook for coal sector investments due to supply constraints [2][3][4]. Group 1: ETF Performance - As of August 12, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a net value increase of 19.80% over the past year, ranking first among comparable funds [4]. - The ETF's highest single-month return since inception was 15.11%, with an average monthly return of 3.38% and a historical one-year profit probability of 100% [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [4]. Group 2: Market Activity - The ETF has experienced continuous net inflows over the past 14 days, with a total of 1.52 billion yuan in net inflows, averaging 10.83 million yuan per day [3]. - The ETF's latest financing buy amount reached 156.49 million yuan, with a financing balance of 2.289 billion yuan [3]. Group 3: Index Composition - The Zhongzheng Dividend Low Volatility 100 Index selects 100 stocks with good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [6]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 20.43% of the total index weight, including companies like Shanxi Coking Coal and China Petroleum [6]. Group 4: Coal Sector Insights - According to Zhongtai Securities, the initiation of "super production verification" by the National Energy Administration has led to self-regulated production limits in coal mines, raising expectations for supply contraction [2]. - If policies continue to tighten, coal production capacity utilization may decline further, providing upward price potential for coal [2].

Group 1 - The core viewpoint of the news highlights the performance and growth of the Hongli Low Volatility 100 ETF, which has seen a recent increase in both its price and trading volume, indicating strong investor interest [2][3]. - As of August 4, 2025, 30 A-share companies have announced mid-term dividend plans, with total cash dividends exceeding 10 billion yuan, suggesting a forthcoming wave of dividend distributions [2]. - The Hongli Low Volatility 100 ETF has achieved a net inflow of 1.32 billion yuan over the past 11 days, with a daily average net inflow of approximately 12 million yuan, indicating robust investor confidence [3][4]. Group 2 - The steel industry is expected to see enhanced profitability stability and improved mid-term dividend capabilities due to a potential reversal of supply-side structural issues, with a current excess capacity of 115 million tons [3]. - The Hongli Low Volatility 100 ETF has reached a new high in scale at 1.176 billion yuan and a new high in shares at 1.087 billion, reflecting strong market performance [3][4]. - The ETF has demonstrated a one-year net value increase of 19.67%, ranking first among comparable funds, and has a historical one-year profit probability of 100% [4]. Group 3 - The Hongli Low Volatility 100 Index selects 100 companies with good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of these securities [5]. - The top ten weighted stocks in the index account for 20.43% of the total, indicating a concentrated investment strategy [5].

Core Viewpoint - The news highlights the strong performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF, indicating a favorable investment environment driven by high dividend yields and stable cash flows from leading companies like China Shenhua Energy [2][3]. Group 1: ETF Performance - As of July 22, 2025, the Dividend Low Volatility 100 Index rose by 1.26%, with notable gains from constituent stocks such as Tunnel Co. and Shanxi Coal [2]. - The Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 1.19%, marking its third consecutive rise, with a latest price of 1.1 yuan [2]. - Over the past week, the ETF has accumulated a 0.37% increase, with a trading volume of 1.27% and a total transaction value of 13.39 million yuan [2]. Group 2: Fund Flows and Growth - The Dividend Low Volatility 100 ETF has reached a new scale of 1.052 billion yuan, the highest in nearly a year [3]. - In the last two weeks, the ETF's shares increased by 7 million, ranking second among comparable funds [3]. - The ETF has experienced a net inflow of 1.0854 million yuan, with a total of 18.26 million yuan net inflow over the past five trading days [3]. Group 3: Leverage and Returns - The ETF's latest financing buy-in amount reached 249.11 thousand yuan, with a financing balance of 1.65053 million yuan [5]. - The ETF's net value has increased by 18.24% over the past year, ranking first among comparable funds [5]. - The ETF has a historical one-year profit probability of 100%, with an average monthly return of 3.47% during rising months [5]. Group 4: Fee Structure and Tracking Accuracy - The management fee for the Dividend Low Volatility 100 ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [6]. - The ETF has a tracking error of 0.069% over the past month, indicating the highest tracking precision among comparable funds [6]. Group 5: Index Composition - The China Securities Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [6]. - As of June 30, 2025, the top ten weighted stocks in the index accounted for 20.14% of the total index weight, including companies like Jizhong Energy and China Shenhua [6].

Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF shows significant growth and stability, indicating strong investor interest and effective management strategies [3][4][5]. Performance Summary - As of July 1, 2025, the Zhongzheng Dividend Low Volatility 100 Index (930955) increased by 0.54%, with constituent stocks such as Modern Investment (000900) rising by 9.93% and Suzhou Bank (002966) by 5.24% [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.29%, with a latest price of 1.05 yuan [3]. - Over the past year, the ETF's net value has risen by 13.99%, ranking first among comparable funds [4]. - The ETF's maximum drawdown this year was 6.18%, which is relatively low compared to its benchmark [5]. Liquidity and Fund Flow - The latest net inflow for the Dividend Low Volatility 100 ETF was 416.39 million yuan, with a total of 2,817.92 million yuan net inflow over the last 10 trading days [4]. - The ETF's trading volume showed a turnover of 0.35% with a transaction value of 3.5836 million yuan [3]. Fund Size and Share Growth - The ETF's size increased by 14.3555 million yuan over the past two weeks, ranking second among comparable funds [3]. - The number of shares increased by 24 million over the same period, also ranking second among comparable funds [3]. Risk and Fee Structure - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [5]. - The ETF has a Sharpe ratio of 1.03 over the past year, indicating the highest return for the same level of risk among comparable funds [4][5]. Tracking Accuracy - The ETF has a tracking error of 0.056% over the past six months, demonstrating high tracking precision compared to similar funds [5]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Zhongzheng Dividend Low Volatility 100 Index account for 20.14% of the index, including companies like Jizhong Energy (000937) and Shanxi Coking Coal (000983) [6].

Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF reflects mixed results among constituent stocks, with a notable focus on liquidity and fund inflows, indicating a potential investment opportunity in low volatility dividend stocks [3][4][5]. Group 1: Index Performance - As of June 13, 2025, the Zhongzheng Dividend Low Volatility 100 Index (930955) decreased by 1.14%, with constituent stocks showing varied performance [3]. - The top-performing stocks included Shandong High-speed (600350) up by 1.79% and China Gold (600916) up by 1.67%, while Jizhong Energy (000937) led the decline at 6.43% [3][9]. - The Dividend Low Volatility 100 ETF (159307) fell by 0.57%, with a latest price of 1.05 yuan and a turnover rate of 1.17% [3]. Group 2: Fund Flows and Liquidity - The Dividend Low Volatility 100 ETF has seen a recent net inflow of 529.31 million yuan, with 16 out of the last 22 trading days showing positive net inflows totaling 4,734.67 million yuan [4][5]. - The ETF's latest scale reached 994 million yuan, marking a one-year high, with shares totaling 938 million, also a one-year high [4]. Group 3: Financial Metrics - The Dividend Low Volatility 100 ETF has achieved a 12.24% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's maximum drawdown this year was 6.18%, the smallest among comparable funds, with a recovery time of 36 days [6]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [6]. Group 4: Index Composition - As of May 30, 2025, the top ten weighted stocks in the Zhongzheng Dividend Low Volatility 100 Index accounted for 19.64% of the index, with Jizhong Energy (000937) being the highest at 3.09% [7][9].

Core Viewpoint - The performance of the China Securities Dividend Low Volatility 100 Index and its corresponding ETF indicates a positive market sentiment, driven by supportive policies and a favorable monetary environment for the banking sector [3][4][5]. Group 1: Index and ETF Performance - As of June 10, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.57%, with notable increases in constituent stocks such as Minsheng Bank (up 3.70%) and Lijun Group (up 2.96%) [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.38%, marking its third consecutive rise, with the latest price at 1.06 yuan [3]. - Over the past month, the ETF has averaged daily trading volume of 11.52 million yuan, indicating strong liquidity [3]. Group 2: Fund Growth and Inflows - The Dividend Low Volatility 100 ETF has experienced a significant scale increase of 14.30 million yuan over the past two weeks, ranking second among comparable funds [4]. - The ETF's share count grew by 3 million shares in the same period, placing it first among comparable funds [4]. - Recent net inflows into the ETF totaled 2.11 million yuan, with 15 out of the last 20 trading days showing positive net inflows, amounting to a total of 42.01 million yuan [4]. Group 3: Historical Performance and Risk Metrics - The ETF's net value increased by 10.21% over the past year, ranking first among comparable funds [5]. - The maximum drawdown for the ETF this year was 6.18%, the smallest among comparable funds, with a recovery time of 36 days, also the fastest in its category [6]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, both of which are the lowest among comparable funds [6]. Group 4: Index Composition - As of May 30, 2025, the top ten weighted stocks in the China Securities Dividend Low Volatility 100 Index accounted for 19.64% of the index, including companies like Jizhong Energy and Daqin Railway [6].