Group 1 - The A-share market has been experiencing continuous fluctuations this year, with the Southern Dividend Low Volatility 50 ETF (515450) gaining popularity due to its steady performance in a volatile environment, surpassing a scale of 10 billion yuan as of June 30 [1][3] - The Southern Dividend Low Volatility 50 ETF closely tracks the S&P China A-Share Large Cap Dividend Low Volatility 50 Index, which selects 50 high dividend yield and low volatility large-cap stocks from the A-share market, constructed using a dividend yield weighting method [3] - As of June 27, 2025, the index's dividend yield reached 5.45%, significantly outperforming the yield of 10-year government bonds, highlighting its high allocation value in a low-interest-rate environment [3] Group 2 - The index is designed to prioritize low-volatility stocks among high-dividend stocks, providing strong downside protection during market fluctuations and effectively reducing market risk for investors [3] - The index is diversified across multiple sectors, including banking, utilities, and transportation, which mitigates single-industry risk and enhances overall stability [3] - Recent policies, such as the new "National Nine Articles," have strengthened dividend regulation for listed companies, increasing the attractiveness of dividend assets [3] Group 3 - The Southern Fund Index team has a diverse background in mathematics, computer science, and financial engineering, possessing extensive experience in index product development, quantitative research, and fund management, leading the industry in tracking error control [4] - As of March 31, 2025, the Southern Fund's stock ETFs have ranked first in tracking accuracy among peers over the past decade [4]

Core Viewpoint - The central theme of the articles is the increasing popularity of dividend assets in the current low-interest-rate environment, driven by the recent monetary policy adjustments and regulatory changes that enhance cash dividend practices among listed companies [2][3][12]. Group 1: Market Conditions and Trends - In May 2025, the central bank unexpectedly implemented a "double reduction" policy, lowering the reserve requirement ratio by 0.5 percentage points and the policy interest rate by 0.1 percentage points, releasing over one trillion yuan in liquidity [2]. - The ten-year government bond yield fell to a historical low of 1.64%, contributing to a capital market "asset shortage" [2]. - The dividend yield of the S&P China A-share Large Cap Dividend Low Volatility 50 Index surpassed 6%, nearing a ten-year high, making dividend ETFs attractive to institutional and individual investors [2][3]. Group 2: Performance of Dividend Assets - As of June 9, 2025, the net asset value of the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF (code: 515450) exceeded 9.2 billion yuan, representing a growth of over 300% compared to the same period in 2024 [2]. - The S&P China A-share Large Cap Dividend Low Volatility 50 Index had a dividend yield of 5.47% as of June 9, 2025, with a risk premium of 3.82% over the ten-year government bond yield [5]. - The index demonstrated strong performance from 2021 to 2024, with annual returns consistently outperforming the CSI 300 Index by over 10 percentage points [8]. Group 3: Investment Tools and Strategies - The Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF aims to minimize tracking deviation and error while focusing on high-dividend, low-volatility large-cap stocks [4]. - The introduction of the Free Cash Flow Index addresses the limitations of dividend-focused indices by considering both dividends and share buybacks as measures of shareholder returns [9]. - The Free Cash Flow Index has shown a cumulative increase of 595.68% since its inception on December 31, 2013, with an annualized return of 19.06% as of June 9, 2025 [9]. Group 4: Fund Management and Future Outlook - The Southern Fund's passive index funds are managed with precision, achieving an industry-leading tracking error of only 0.38% in 2024 [11]. - The recent approval of the Southern Free Cash Flow ETF (code: 159232) on April 23, 2025, reflects growing interest in cash flow-based investment strategies [10]. - The combination of the Dividend Low Volatility ETF and the Cash Flow ETF is positioned as a strategic choice for investors navigating through economic cycles, serving as a "safe haven" in volatile markets [12].