风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资 行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金 业绩表现的保证，基金投资须谨慎。 来源：金融界 港股市场持续热捧红利策略！可月月分红的港股红利低波ETF(520550)近期表现亮眼，不仅实现连续21个交易日资金净 流入，拉长周期看，更创下规模连续22周增长的纪录。数据显示，该基金年内规模增长502.48%，创历史新高。 东吴证券表示，寿险保费恢复增长，险资预计持续增配红利股。国泰海通证券指出，在震荡背景下，红利资产更具韧 性！一方面，红利策略具备高股息安全垫，能增厚投资收益；另一方面，市场行情较弱，红利策略超额收益优势明 显，防御属性突出。场外投资者可借助联接基金(A类：024029/C类：024030)进行布局。 ...

Core Insights - On July 16, 2025, a total of 246 ETFs experienced net inflows, while 408 ETFs saw net outflows, indicating a mixed sentiment in the ETF market [1] - 26 ETFs had net inflows exceeding 100 million yuan, with notable inflows in Credit Bond ETF (511190.SH), Hong Kong Securities ETF (513090.SH), Convertible Bond ETF (511380.SH), Securities ETF (512880.SH), and Bank ETF (512800.SH) [1] - Conversely, 22 ETFs had net outflows exceeding 100 million yuan, with significant outflows from Artificial Intelligence ETF (159819.SZ), AI ETF (515070.SH), and others [1][5] Net Inflows - The top five ETFs with the highest net inflows included: 1. Credit Bond ETF (511190) with 81.08 million yuan 2. Hong Kong Securities ETF (513090) with 44.18 million yuan 3. Convertible Bond ETF (511380) with 35.88 million yuan 4. Securities ETF (512880) with 32.33 million yuan 5. Bank ETF (512800) with 31.80 million yuan [3] Net Outflows - The top five ETFs with the highest net outflows included: 1. Artificial Intelligence ETF (159819) with 39.11 million yuan 2. AI ETF (515070) with 33.67 million yuan 3. China A500 ETF (563220) with 33.56 million yuan 4. ChiNext ETF (159915) with 30.47 million yuan 5. Government Bond ETF (511160) with 30.09 million yuan [5] Recent Trends - A total of 161 ETFs have seen consecutive net inflows, with the leading ones being Aerospace ETF, Soybean Meal ETF, and Military Industry Leader ETF, all with 15 days of inflows [7] - Conversely, 268 ETFs have experienced consecutive net outflows, with the top ones being China A50 Index ETF and China A500 ETF, showing significant outflows over the past weeks [9] Long-term Trends - Over the past five days, 90 ETFs have accumulated net inflows exceeding 100 million yuan, with Financial Technology ETF leading at 4.45 billion yuan [10] - In contrast, 101 ETFs have seen net outflows exceeding 100 million yuan, with Silver Hua Daily ETF experiencing the largest outflow of 4.09 billion yuan [10]

Core Viewpoint - The recent performance of the market indicates a strong interest in dividend assets, with specific ETFs showing positive returns and consistent dividend distributions [1]. Group 1: ETF Performance - The CSI Dividend Quality ETF (159209) increased by 0.59% as of 11:12 AM on July 11, with net inflows observed during the trading session [1]. - The CSI Dividend Quality ETF announced its first dividend distribution of the year, with a payout of 0.003 yuan per share, resulting in a monthly dividend yield of 0.30%, with the record date set for July 14 [1]. - The Hong Kong Dividend Low Volatility ETF (520550) also declared its third dividend distribution of the year, with a payout of 0.004 yuan per share and a monthly dividend yield of 0.35% [1]. Group 2: Market Analysis - Recent data shows that dividend assets have attracted significant capital, driven by a decline in risk-free interest rates, making equity assets more attractive in terms of investment value [1]. - The current equity risk premium (ERP) for A-shares is at a historical high, highlighting the long-term allocation value of dividend assets [1]. - A combination of CSI Dividend and Hong Kong dividend assets can facilitate cross-asset allocation, potentially reducing portfolio volatility over the long term [1]. Group 3: Investment Characteristics - As "dividend-type" assets, ETFs offer low fees and stable, frequent dividend distributions, enhancing the holding experience for long-term investors [1].

Core Insights - Southbound capital inflow continues to increase, with related securities also seeing significant volume growth [1] - The Hong Kong Dividend Low Volatility ETF (520550) recorded a net inflow of nearly 70 million yuan on July 7, with a trading volume of 1.31 billion yuan, and its net asset value reached 1.1806, marking a new high since its listing [1] - According to China International Capital Corporation, southbound capital has increased holdings across various sectors in Hong Kong stocks since the beginning of the year, indicating a strategic allocation trend from mainland China [1] Investment Trends - There is a notable rotation in southbound capital, shifting from information technology in Q1 to new consumption in early Q2, and recently focusing on healthcare and financial sectors, reflecting the market's preference for high-growth sectors [1] - The current interest in high-dividend sectors is emphasized in a high-volatility environment, showcasing a defensive value approach [1] - According to China Merchants Securities, dividend assets still hold allocation value during the interest rate cut cycle, with H-shares in the infrastructure sector showing potential for valuation convergence with A-shares [1] ETF Characteristics - The Hong Kong Dividend Low Volatility ETF (520550) offers the lowest market fee rate (comprehensive fee rate of 0.2%), which reduces holding costs [1] - Its monthly dividend mechanism and T+0 trading feature enhance capital efficiency [1] - The ETF's holding structure includes mature industries like finance and energy to create a safety net, while a 5% weight limit per stock helps diversify risks and avoid "dividend yield traps" [1]

Group 1 - The core viewpoint is that the Hong Kong dividend low volatility ETF (520550) has seen significant capital inflows, with a 169% increase in size year-to-date, reaching a historical high as of June 20 [1] - The ETF features the lowest market fee rate (comprehensive fee rate of 0.2%), enhancing cost efficiency for investors, and its monthly dividend mechanism and T+0 trading characteristics further improve capital efficiency [2] - The ETF's holdings are structured to provide a safety net through mature sectors like finance and energy, while implementing a 5% weight cap on individual stocks to mitigate risks and avoid "dividend yield traps" [2] Group 2 - Recent observations indicate a contraction in the Hong Kong growth stock market, with a decline in interest for sectors like robotics and AI, suggesting a potential decrease in market risk appetite [3] - The second half of the year is expected to be a pivotal phase for insurance companies regarding OCI allocation and accounting standard shifts, which may lead to a preference for high dividend stocks in both A-shares and Hong Kong stocks [3] - The issuance of the off-market fund linked to the ETF is timely, providing investors with new options for long-term investments in quality Hong Kong dividend assets without the need for a securities account [2]

Group 1 - The core viewpoint of the article highlights the continuous inflow of funds into the Hong Kong dividend low volatility ETF (520550), which has seen a net inflow for 10 consecutive days and reached a new high of 34 times this year, with the latest scale exceeding 5 billion [1] - The recent performance of the Hong Kong dividend market is attributed to an increase in defensive allocation demand following a relative decrease in risk appetite, as analyzed by Changjiang Securities' Chief of Alternative Strategies, Chen Jiemin [1] - Since the second quarter, the Hong Kong dividend has quickly recovered to pre-tariff impact levels, while the more elastic Hang Seng Technology Index has not yet reached its pre-tariff disruption peak, indicating that the Hong Kong dividend is benefiting from the defensive allocation demand [1] Group 2 - The Hong Kong dividend low volatility ETF (520550) offers the lowest market fee rate (comprehensive fee rate of 0.2%), which reduces holding costs, and its monthly dividend mechanism and T+0 trading characteristics enhance fund efficiency [2] - The ETF's holding structure includes mature industries such as finance and energy, providing a safety cushion, while a 5% weight limit on individual stocks helps achieve risk diversification and avoid "dividend yield traps" [2] - The related off-market fund, the招商恒生港股通高股息低波动联接 (A Class: 024029/C Class: 024030), is currently being issued, offering investors a new option for long-term allocation in quality Hong Kong dividend assets without the need for a securities account [2]

Group 1 - The core viewpoint of the articles highlights the increasing interest in dividend stocks, particularly in the Hong Kong market, as evidenced by significant net inflows into the Hong Kong Dividend Low Volatility ETF (520550) [1] - The ETF has seen a net inflow of nearly 24 million yuan on June 17, marking nine consecutive days of net inflows and a total cumulative net inflow of approximately 230 million yuan since its inception, with its latest scale surpassing 500 million yuan [1] - Long-term capital inflows into the market are expected to continue, with public funds and insurance capital projected to reach an investment scale of around 4.2 trillion yuan by 2025, indicating a cautiously optimistic outlook for the market in the second half of the year [1] Group 2 - The ETF features the lowest fee rate in the market (comprehensive fee rate of 0.2%), which reduces holding costs, and its monthly dividend mechanism along with T+0 trading characteristics enhance capital efficiency [1] - The ETF's holding structure includes mature industries such as finance and energy, providing a safety cushion, while a 5% weight limit on individual stocks helps to diversify risk and avoid "dividend yield traps" [1] - A related off-market fund, the China Merchants Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Link Fund, is being issued from June 13 to June 26, offering investors a new option for long-term investment in quality dividend assets without the need for a securities account [2]

Group 1 - The Hong Kong stock market indices collectively rose, with the dividend sector performing strongly and southbound capital inflows increasing significantly [1] - The Hong Kong Dividend Low Volatility ETF (520550) recorded a 10-day consecutive rise, with net inflows for 8 consecutive days, leading to a 156.82% growth in fund size since its inception [1] - Southbound capital has exceeded HKD 660 billion in net purchases year-to-date, surpassing 80% of last year's total [1] Group 2 - The Hong Kong Dividend Low Volatility ETF (520550) offers the lowest market fee rate (comprehensive fee rate of 0.2%), enhancing cost efficiency for investors [2] - The ETF's monthly dividend mechanism and T+0 trading feature improve capital efficiency, while its holding structure provides a safety net through mature sectors like finance and energy [2] - A new off-market fund linked to the ETF is being issued from June 13 to June 26, providing investors with additional options for long-term investments in quality dividend assets [2]

Core Viewpoint - The article highlights the performance and advantages of three dividend-focused ETFs in the context of increasing market volatility, emphasizing their suitability for current investment strategies aimed at risk aversion and policy alignment [1][2]. Group 1: ETF Performance - The Shanghai Composite Index opened up 0.07% on June 10, surpassing the 3400-point mark, with the three dividend ETFs showing respective gains of 0.72%, 0.46%, and 0.10% [1]. - The three ETFs mentioned are the Hong Kong Dividend Low Volatility ETF (520550), the CSI Dividend ETF (515080), and the CSI Dividend Quality ETF (159209) [1]. Group 2: Investment Strategies - The CSI Dividend Quality Index employs a "dividend + quality" dual-factor strategy, selecting 50 stocks with stable dividends and high profitability, which provides a balance of high dividend defensive attributes and stable ROE, outperforming mainstream broad-based indices over the long term [1]. - The Hang Seng High Dividend Low Volatility Index focuses on Hong Kong stocks with high dividend yields and low volatility, benefiting from state-owned enterprise market value management policies that enhance dividend sustainability [1]. - The CSI Dividend Index covers 100 high-dividend, stable dividend stocks in the A-share market, maintaining a long-term dividend yield above 5%, significantly higher than the ten-year government bond yield, making it attractive in a low-interest-rate environment [1]. Group 3: Market Conditions - The article notes that the current market environment, characterized by increased volatility, necessitates investment strategies that align with risk aversion and policy guidance, which the three ETFs effectively address through quality enhancement, low volatility defense, and pure dividend strategies [2].

Group 1 - The Hong Kong stock market has shown resilience since June, with significant inflows from southbound funds, totaling over 660 billion HKD year-to-date, surpassing 80% of last year's total [1] - The Hong Kong Dividend Low Volatility ETF (520550) has seen a 0.44% increase, reaching a historical high, and has expanded its shares by 106.69% since its listing [1] - Dongxing Securities indicates that ongoing policy support is expected to increase the scale of long-term funds entering the market, favoring dividend assets for their stable returns [1] Group 2 - The Hong Kong Dividend Low Volatility ETF (520550) offers the lowest market fee rate at 0.2%, enhancing cost efficiency for investors [2] - The ETF's structure includes a weight limit of 5% per stock to mitigate risks and avoid "dividend yield traps," focusing on mature sectors like finance and energy [2] - A new off-market fund linked to the ETF is set to be issued from June 13 to June 26, providing investors with additional options for long-term investments in quality dividend assets [2]