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]