Core Viewpoint - The news highlights the dividend distribution plans for two ETFs, indicating their respective strategies and market positioning, which cater to different investor preferences. Group 1: Dividend Distribution Details - The China Securities Dividend Quality ETF (159209) will distribute a cash dividend of 0.0030 yuan per fund share, marking its third dividend distribution of the year [1] - The Hong Kong Stock Dividend Low Volatility ETF (520550) will distribute a cash dividend of 0.0040 yuan per fund share, representing its fifth dividend distribution of the year, with both ETFs achieving a dividend ratio of 0.3% [1] - The profit available for distribution at the end of the period for the China Securities Dividend Quality ETF is 8,189,754.25 yuan [1] Group 2: Product Strategy and Market Positioning - The 159209 ETF employs a "high dividend + high profitability quality" strategy, focusing on quality companies in growth sectors such as consumer and pharmaceuticals, balancing defensive and growth potential [2] - The 520550 ETF tracks the Hong Kong high dividend low volatility index, concentrating on defensive sectors like finance and public utilities, with the current index dividend yield exceeding 6%, highlighting its deep value and anti-volatility attributes [2] - Market perspectives suggest that these two products represent the two main directions of dividend strategies, providing differentiated tools for investors [2] - The associated linked funds (Class A 024029/Class C 024030) are now open for subscription and redemption, facilitating off-market allocation [2] - Investors are advised to choose based on their risk preferences: aggressive investors may focus on the China Securities Dividend Quality ETF, while conservative investors may prefer the Hong Kong Stock Dividend Low Volatility ETF; a "barbell strategy" can also be employed for dynamic balancing of value and growth exposure [2]

本次集体分红正值红利投资策略价值持续凸显之际。三只ETF分别覆盖A股高股息龙头、红利质量因子及港股低波红利资产，形成了互补性强的红利投资矩 阵。通过定期分红机制，不仅为投资者提供现金流回报，更体现了底层资产扎实的盈利能力和估值优势。 市场分析认为，在当前市场火热的环境下，红利策略以其稳健的表现和现金流价值仍然具有配置价值。招商基金此次同步分红，既为投资者提供了真金白银 的回报，也展现了公司通过产品创新推动长期投资、价值投资理念的实践。随着港股红利低波联接基金的开放申赎，投资者可更灵活地配置红利资产，把握 高股息策略的投资机遇。 招商基金近日公告，旗下三只红利ETF产品同步启动分红程序。其中，招商中证红利ETF（515080）实施本年度第三次分红，方案为每10份派现0.15元；中 证红利质量ETF（159209）与港股红利低波ETF（520550）分别进行第三次和第五次分红，单位分红比例均达0.3%。三只产品权益登记日集中在9月中旬前 后。 | 收益分配基准日 | 2025-09-02 | 收益分配基准目 | 2025 | | --- | --- | --- | --- | | 分红方案讲度 | 实施 | 分红 ...

Core Insights - The article discusses the dividend distribution plan for a fund, highlighting key dates and financial metrics related to the distribution [1] - It emphasizes the current market context for dividend investment strategies, particularly the performance of two types of ETFs [2] Group 1: Dividend Distribution Details - The dividend distribution benchmark date is set for August 29, 2025, with a unit dividend of 0.0030 yuan [1] - The benchmark unit net value is 1.1301 yuan, resulting in a dividend ratio of 0.27% [1] - Key dates include the rights registration date on September 12, 2025, the ex-dividend date on September 15, 2025, and the payment date on September 17, 2025 [1] Group 2: Market Analysis and Investment Strategies - The article highlights the "value growth" strategy of the CSI Dividend Quality ETF, focusing on high dividend yields and high profitability quality, particularly in consumer and pharmaceutical sectors [2] - Historical data indicates that this index has outperformed mainstream broad-based indices, offering a dividend yield of 3%-5% alongside stable ROE performance, providing both defensive and growth potential [2] - The "deep value" strategy represented by the Hong Kong Dividend Low Volatility ETF tracks the Hang Seng High Dividend Low Volatility Index, emphasizing high dividend yields and low volatility, with a current yield exceeding 6% [2] - The article suggests a dynamic balance in dividend opportunities, recommending aggressive investors consider the CSI Dividend Quality ETF, while conservative investors focus on the Hong Kong Dividend Low Volatility ETF [2]

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。 招商基金旗下两只特色红利ETF产品同步日前同步分红已进入尾声。其中，中证红利质量ETF(159209) 上市以来已连续第二个月分红，每份派现0.003元。分红款已于昨日（8月19日）到账。 据了解，中证红利质量ETF（代码：159209）采用"高股息+高质量"双维策略，重点布局消费、医药等 板块中基本面优质的成分股。从历史表现来看，该指数在维持3%-5%股息水平的同时，长期收益表现领 先于市场主流宽基指数。港股红利低波ETF（代码：520550）则追踪恒生港股通高股息低波动指数，依 托"双因子"选股策略，侧重于金融、公用事业等防御型行业配置。该指数目前股息率超过5%，结合港 股市场整体估值偏低的特征，展现出较强的抗风险属性。市场分析认为，这两类产品分别代表了"防御 稳健 ...

Core Viewpoint - Two unique dividend ETF products from China Merchants Fund have simultaneously initiated dividend distributions, reflecting the ongoing trend of dividend investment strategies in the market [1] Group 1: Dividend Distribution Details - The CSI Dividend Quality ETF (159209) has announced its second dividend distribution of the year, with a cash dividend of 0.003 yuan per share, representing a distribution ratio of 0.3% [1] - The Hong Kong Dividend Low Volatility ETF (520550) is implementing its fourth dividend distribution of the year, with a cash dividend of 0.004 yuan per share, representing a distribution ratio of 0.33% [1] - Both products have set the record date for dividend distribution on August 14 [1] Group 2: Investment Strategies and Market Analysis - The Hong Kong Dividend Low Volatility ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, utilizing a "high dividend + low volatility" dual-factor screening mechanism, focusing on defensive sectors such as finance and public utilities [1] - The current dividend yield of this index exceeds 5%, supported by the undervaluation of Hong Kong stocks and state-owned enterprise dividend policies, showcasing strong anti-volatility characteristics [1] - The CSI Dividend Quality ETF employs a "high dividend + high profitability quality" strategy, focusing on high-quality fundamentals in sectors like consumer goods and pharmaceuticals [1] - Historical data indicates that this index has outperformed mainstream broad-based indices in terms of long-term returns, with a dividend yield of 3%-5% combined with stable ROE performance, offering both defensive attributes and growth potential [1]

Core Viewpoint - The Hong Kong stock market shows resilience with expectations of potential policy support despite short-term challenges, particularly in the context of tariff impacts and economic slowdown [1]. Group 1: Market Performance - As of August 8, the Hang Seng Index opened lower but showed upward movement, with the Hong Kong Dividend Low Volatility ETF (520550) recovering from previous losses [1]. - Fund sizes have increased significantly, with a year-to-date growth of 510.59% as of August 7 [1]. Group 2: Policy Outlook - Guoyuan International Holdings indicates that while immediate expectations for substantial easing policies are low, there may still be relevant policies introduced in the second half of the year to address economic momentum decline and tariff impacts [1]. - The expectation of policy support is believed to sustain Hong Kong stock valuations in the medium to long term [1]. Group 3: Investment Strategy - Long-term investors are advised to consider defensive sectors such as energy, telecommunications, and public utilities, which possess strong cash flow capabilities, to mitigate potential external shocks [1]. - Professionals suggest a "dumbbell strategy" combining the A-share CSI Dividend Quality ETF (159209) and the Hong Kong Dividend Low Volatility ETF (520550) to balance offensive and defensive positions while diversifying risks across two markets [1]. - The design of low-fee, monthly dividend-paying products is expected to enhance long-term investment returns [1].

Group 1 - The Hong Kong stock market continues to favor dividend strategies, with the low-volatility ETF (520550) achieving significant performance, including a net inflow of funds for 21 consecutive trading days and a record growth in scale for 22 weeks [1] - The fund has experienced a remarkable year-to-date scale growth of 502.48%, reaching an all-time high [1] - Dongwu Securities indicates that life insurance premium growth is recovering, and insurance funds are expected to continue increasing their allocation to dividend stocks [1] Group 2 - Guotai Junan Securities points out that in a volatile market environment, dividend assets exhibit greater resilience, providing a high dividend safety cushion that enhances investment returns [1] - The defensive attributes of dividend strategies are particularly evident in a weak market, where they demonstrate significant excess return advantages [1] - Investors can consider using feeder funds (Class A: 024029/Class C: 024030) for positioning in this strategy [1]

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]