分析指出，在当前低利率、市场不确定性犹存的环境下，资金正加速寻找低估值且具备稳定收益与防御 属性的资产。港股高股息资产凭借其显著高于债券的股息率以及低波动的特性，成为包括险资在内的机 构资金的配置优选。 该基金采用 "高股息+低波动" 双因子策略，以全市场最低综合费率（0.2%）著称。其投资组合聚焦金 融、能源等成熟行业以构筑安全垫，并设置单一个股5%的权重上限以分散风险。同时，基金还具有月 度评估分红机制和T+0交易特性，进一步提升了资金使用效率。场外投资者可通过其联接基金（A类： 024029 / C类：024030）进行布局。 风险提示：基金有风险，投资需谨慎。 数据显示，截至12月1日，港股红利低波ETF(520550)已获资金连续8日净流入，累计超4300万元，年初 以来累计净流入超8.5亿元，最新规模约12亿元，再创历史新高。 ...

值得留意的是，港股红利低波ETF(520550)采用 "高股息+低波动" 的双因子选股策略。以全市场最低费 率（综合费率0.2%）降低持有成本，其月度分红机制和T+0交易特性进一步提升了资金效率；持仓结构 上，金融、能源等成熟行业构筑安全垫，同时通过单一个股5%的权重上限实现风险分散，剔除阶段跌 幅过大的股票规避"股息率陷阱"。场外投资者可借助联接基金(A类：024029/C类：024030)进行布局。 分析称，在低利率和市场经济存在不确定性的大环境下，资金会天然地倾向于寻找收益稳定、防御性强 的资产。港股高股息资产恰好能提供显著高于债券的股息率，同时其低波动特性也能较好地抵御市场波 动，因此成为包括险资在内的不少大资金的配置优选。 12月1日，岁末年初，港股高股息资产持续获资金青睐。数据显示，截至11月28日，可月月分红港股红 利低波ETF(520550)获资金连续7日净流入，累计超3400万，年初以来累计净流入超8.4亿，最新规模近 12亿，份额规模齐创历史新高。 ...

风险提示：基金有风险，投资需谨慎。 12月1日，岁末年初，港股高股息资产持续获资金青睐。数据显示，截至11月28日，可月月分红港股红 利低波ETF(520550)获资金连续7日净流入，累计超3400万，年初以来累计净流入超8.4亿，最新规模近 12亿，份额规模齐创历史新高。 分析称，在低利率和市场经济存在不确定性的大环境下，资金会天然地倾向于寻找收益稳定、防御性强 的资产。港股高股息资产恰好能提供显著高于债券的股息率，同时其低波动特性也能较好地抵御市场波 动，因此成为包括险资在内的不少大资金的配置优选。 值得留意的是，港股红利低波ETF(520550)采用 "高股息+低波动" 的双因子选股策略。以全市场最低费 率（综合费率0.2%）降低持有成本，其月度分红机制和T+0交易特性进一步提升了资金效率；持仓结构 上，金融、能源等成熟行业构筑安全垫，同时通过单一个股5%的权重上限实现风险分散，剔除阶段跌 幅过大的股票规避"股息率陷阱"。场外投资者可借助联接基金(A类：024029/C类：024030)进行布局。 ...

Group 1 - The core viewpoint of the news highlights the implementation of a dividend distribution plan, with a unit dividend of 0.0030 yuan and a dividend ratio of 0.27% based on a net asset value of 1.1301 yuan as of the distribution benchmark date of August 29, 2025 [1] - The announcement of the dividend implementation is set for September 10, 2025, with the record date for rights being September 12, 2025, and the payment date on September 17, 2025 [1] - The total distributable profit at the end of the period is reported to be 8,189,754.25 yuan [1] Group 2 - Market analysis indicates that the current dividend distribution coincides with the growing recognition of the investment value of dividend assets [2] - The two products represent mainstream dividend strategy directions: the CSI Dividend Quality ETF focuses on "high dividend + high profitability quality," particularly in consumer and pharmaceutical sectors, with a historical dividend yield of 3%-5% and robust ROE levels [2] - The Hong Kong Dividend Low Volatility ETF follows a "deep value" strategy, tracking the Hang Seng High Dividend Low Volatility Index, with a current dividend yield exceeding 6%, benefiting from undervaluation in the Hong Kong market and supportive state-owned enterprise dividend policies [2] - Investors are advised to dynamically capture investment opportunities in dividend assets based on their risk preferences, with aggressive investors focusing on the CSI Dividend Quality ETF and conservative investors leaning towards the Hong Kong Dividend Low Volatility ETF [2] - A "barbell strategy" is suggested for portfolio construction, allowing for a balanced allocation between the two product types with periodic rebalancing to achieve a more stable risk-return profile [2]

Core Viewpoint - Two dividend ETF products under China Merchants Fund have recently announced simultaneous dividends, providing investors with differentiated investment options in the current market environment [1] Group 1: Dividend Distribution - The CSI Dividend Quality ETF (159209) will implement its second dividend distribution of the year, with a payout of 0.003 yuan per share [1] - The Hong Kong Dividend Low Volatility ETF (520550) will have its fourth dividend distribution, with a payout of 0.004 yuan per share [1] - Both products have set the record date for equity registration on August 14 [1] Group 2: Investment Strategy - The Hong Kong Dividend Low Volatility ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, using a "dual-factor" screening strategy focused on defensive sectors like finance and utilities [1] - This index currently has a dividend yield exceeding 5%, combined with the undervaluation of Hong Kong stocks, showcasing strong risk resistance [1] - The CSI Dividend Quality ETF employs a "high dividend + high quality" strategy, selecting quality targets in sectors such as consumer goods and pharmaceuticals [1] Group 3: Market Positioning - Historical performance indicates that the CSI Dividend Quality ETF maintains a dividend yield of 3%-5% while outperforming broad market indices in the long term [1] - Market participants view these two products as representing "defensive and stable" and "growth and value" investment directions, respectively [1] - The design of low fees and a monthly dividend mechanism is expected to enhance the investment experience for long-term holders [1]

Core Viewpoint - Two dividend ETFs under China Merchants Fund have implemented dividend distributions, highlighting the growing trend of dividend investment strategies in the market [1][2]. Group 1: Dividend Distribution Details - The CSI Dividend Quality ETF (code: 159209) distributed a cash dividend of 0.003 yuan per share, with a distribution ratio of 0.3% [1]. - The Hong Kong Dividend Low Volatility ETF (code: 520550) distributed a cash dividend of 0.004 yuan per share, with a distribution ratio of 0.33% [1]. - The Hong Kong Dividend Low Volatility ETF linked funds (Class A 024029/Class C 024030) have fully opened for subscription and redemption [1]. Group 2: Investment Strategies - The market has formed two main dividend investment strategies: - Deep Value Strategy: Represented by the Hong Kong Dividend Low Volatility ETF, which tracks the Hang Seng High Dividend Low Volatility Index, focusing on "high dividend + low volatility" factors, with a current dividend yield exceeding 8% [1]. - Value Growth Strategy: The CSI Dividend Quality ETF focuses on "high dividend + high profitability quality," selecting high-quality fundamentals in sectors like consumer and pharmaceuticals, with a historical yield of 3%-5% [1]. Group 3: Investment Recommendations - Current allocation suggestions recommend a dynamic balance to seize dividend opportunities, allowing investors to choose based on their risk preferences [2]. - Conservative investors may focus on the Hong Kong Dividend Low Volatility ETF, while aggressive investors may pay attention to the CSI Dividend Quality ETF [2]. - For portfolio allocation, a "barbell strategy" is suggested to dynamically adjust the proportion of the two product types, with regular rebalancing recommended [2].

Core Viewpoint - The article discusses the recent dividend distributions of two ETFs managed by China Merchants Fund, highlighting the strong performance of dividend stocks in both A-share and Hong Kong markets, and the evolving strategies in dividend investment [1][2]. Group 1: Dividend Distribution - China Merchants Fund's two ETFs, the CSI Dividend Quality ETF (code: 159209) and the Hong Kong Dividend Low Volatility ETF (code: 520550), have recently implemented dividend distributions, with the former distributing a cash dividend of 0.003 yuan per share (0.3% dividend ratio) and the latter distributing 0.004 yuan per share (0.35% dividend ratio) [1]. - The Hong Kong Dividend Low Volatility ETF's linked funds (Class A 024029/Class C 024030) have opened for subscription and regular investment since July 14 [1]. Group 2: Investment Strategies - The current market has developed two main dividend investment strategies: - Deep Value Strategy, represented by the Hong Kong Dividend Low Volatility ETF, which tracks the Hang Seng High Dividend Low Volatility Index, focusing on "high dividend + low volatility" factors, with a current dividend yield exceeding 8% [1]. - Value Growth Strategy, represented by the CSI Dividend Quality ETF, which emphasizes "high dividend + high profitability quality," selecting high-quality fundamentals in sectors like consumer and pharmaceuticals, with historical data showing long-term returns outperforming mainstream indices [1]. Group 3: Investment Recommendations - Analysts suggest a dynamic balance in dividend investment opportunities, allowing investors to choose based on their risk preferences. Conservative investors may focus on the Hong Kong Dividend Low Volatility ETF, while aggressive investors may consider the CSI Dividend Quality ETF [2]. - For portfolio allocation, a "barbell strategy" is recommended to dynamically adjust the proportion of the two types of products, with periodic rebalancing suggested [2]. - Both ETFs utilize a monthly assessment dividend mechanism, enhancing cash flow experience for investors while effectively controlling holding costs through a low fee structure [2].

Core Insights - The announcement from China Merchants Fund indicates that two low-fee, monthly dividend-assessing ETFs have simultaneously declared dividends, highlighting the growing interest in dividend stocks in both Hong Kong and A-share markets [1] Group 1: ETF Dividend Announcements - The China Securities Dividend Quality ETF (159209) has declared its first dividend of the year, distributing 0.003 yuan per share with a dividend rate of 0.3% [1] - The Hong Kong Dividend Low Volatility ETF (520550) has declared its third dividend of the year, distributing 0.004 yuan per share with a dividend rate of 0.35% [1] - The Hong Kong Dividend Low Volatility ETF's linked funds (Class A: 024029; Class C: 024030) have opened for subscription, redemption, conversion, and regular investment since July 14 [1] Group 2: Investment Strategies - Dividend stock investment is characterized by a focus on "high dividend yield," representing a typical value investment approach [1] - The market has developed two main strategies for dividend investment: one focusing on sustainable dividends and the other on a combination of high dividend yield and quality [2] - The Hong Kong Dividend Low Volatility Index emphasizes "high dividend yield + low volatility," targeting stable earnings sectors such as finance and utilities, benefiting from a low valuation advantage with a dividend yield exceeding 8% [2] - The China Securities Dividend Quality Index focuses on "high dividend yield + high profitability," selecting companies with solid fundamentals in sectors like consumption and pharmaceuticals, offering long-term growth potential despite a dividend yield of 3%-5% [2] Group 3: Investor Recommendations - Investors are advised to choose single products or construct a portfolio based on their risk tolerance, with suggestions for regular rebalancing and dollar-cost averaging for long-term investments [3] - A "barbell" strategy is recommended for medium to long-term funds, allowing investors to capture growth opportunities while securing stable dividends [3] - The related products feature a low fee rate of 0.2% and an innovative monthly dividend assessment mechanism, enhancing cash flow experience while reducing holding costs over the long term [3]