Core Viewpoint - Recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, multiple funds, including Invesco Great Wall's ETF and Tianhong's index fund, announced a suspension of large purchases exceeding 5 million yuan [3]. - The surge in fund purchases is attributed to a stable economic growth outlook, despite ongoing structural challenges within the economy [3]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [3]. Group 2: Value of Dividend Assets - The new "National Nine Articles" policy continues to encourage and strengthen dividend requirements for listed companies, providing strong policy support for dividend assets [5]. - As of June 30, net inflows from southbound funds exceeded 70 billion HKD, with banks and energy sectors being key focus areas for dividend asset allocation [5]. - The dividend yield of the Hong Kong Stock Connect high dividend index stands at 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets in the current low-interest-rate environment [6]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite has increased [6]. - Investors are encouraged to integrate dividend strategies into their investment frameworks, focusing on defensive opportunities while maintaining simplicity amid market volatility [6]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting a diversified approach based on individual risk preferences and investment goals [6].

Core Viewpoint - The recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, several funds, including the Invesco Great Wall CSI Dividend Low Volatility 100 ETF and Tianhong CSI Central State-Owned Enterprises Dividend 50 Index, announced a suspension of large purchases exceeding 5 million yuan [2]. - The decision to limit purchases is attributed to a significant influx of funds, as the overall economic growth remains stable, but structural issues persist [2]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [2]. Group 2: Dividend Asset Appeal - The new "National Nine Articles" policy encourages and strengthens dividend requirements for listed companies, providing strong policy support for dividend assets [4]. - As of June 30, 2023, the dividend yield of the Hong Kong Stock Connect High Dividend Index reached 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets [4]. - With the anticipated trend of interest rate cuts by the Federal Reserve and a moderately loose domestic monetary policy, capital inflows into the Hong Kong stock market are expected to continue, enhancing the outlook for dividend investments [4]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite increases [5]. - Investors are advised to integrate dividend strategies into their investment frameworks rather than solely judging based on dividend yield [5]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting the need for diversified investment strategies based on individual risk preferences and investment goals [6].