进入下半年，公募基金对红利主题的布局按下"加速键"，新发产品的数量与规模均迎来爆发式增长，成为市场显著亮点。 结构性变化是此轮发行热潮的突出特征。其中，港股红利基金成为重要增量来源，下半年共成立12只相关产品，数量远多 于上半年。浦银安盛港股通央企红利混合A以12.89亿元的规模，在该细分赛道中领跑；汇添富标普港股通低波红利指数、 永赢中证港股通央企红利ETF联接的发行规模也颇为可观。 具体到单只产品，国金红利量化选股混合A以17.67亿元的募集规模，成为下半年最"吸金"的红利基金。紧随其后的万家中 证800红利低波动指数A，募集规模也达到17.23亿元。此外，东方中证红利低波100指数A、浦银安盛港股通央企红利混合A 等多只基金，募集规模均突破10亿元大关。 从发行机构的活跃度观察，永赢基金下半年共计发行了3只红利主题基金，数量位居各家基金公司之首。易方达、天弘、鹏 华、汇添富、国联安等五家公司也颇为积极，各自发行了2只产品。 Choice数据显示，回顾上半年，全市场共成立26只红利主题基金，合计募集规模约93亿元，中位数在3亿元左右。其中，募 资规模最大的太平中证红利指数A，募集金额约为10亿元。而进入下 ...

Core Viewpoint - The recent volatility in the growth sector has led to increased interest in "low volatility + high dividend" assets, resulting in a significant rebound in the fundraising of dividend funds and a surge in new product launches by public funds in the second half of the year [1][2]. Group 1: Fundraising and New Products - As of November 27, 49 dividend funds have been reported in the second half of the year, a substantial increase from 37 in the first half [2][4]. - In November alone, seven new dividend-themed funds were established, with two exceeding 1 billion yuan and five surpassing 500 million yuan in size [2][3]. - The total size of the 35 new dividend funds established in the second half reached 17.685 billion yuan, compared to only 5.565 billion yuan for the 26 funds launched in the first half [2][4]. Group 2: Market Trends and Investor Behavior - The surge in fundraising for dividend funds is attributed to the low volatility characteristics that meet the defensive needs of certain investors, especially in the context of a potential value reassessment of dividend assets [2][5]. - The fourth quarter is traditionally seen as a favorable time for investing in dividend themes, with expectations for high-dividend companies increasing as the annual report disclosure period approaches [5][6]. - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, particularly in the Hong Kong stock market, which offers attractive dividend yields [5][6]. Group 3: Long-term Investment Outlook - The valuation of dividend assets remains low, indicating significant long-term upside potential [6]. - The new "National Nine Articles" policy encourages listed companies to distribute dividends, reinforcing mainstream capital's preference for dividend strategies [6]. - Despite uncertainties in U.S. tariff policies, the net dividend yield of Hong Kong dividend stocks remains higher than that of A-shares after accounting for dividend taxes [6].