风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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，不构成个人投资建 议。 11月21日，港股红利低波ETF（520550）跌1.36%，成交额6641.92万元。当日份额增加400.00万份，最 新份额为9.38亿份，近20个交易日份额增加7550.00万份。最新资产净值计算值为11.48亿元。 来源：新浪基金∞工作室 港股红利低波ETF（520550）业绩比较基准为恒生港股通高股息低波动指数收益率(经汇率调整后)，管 理人为招商基金管理有限公司，基金经理为许荣漫，成立（2025-01-15）以来回报为25.11%，近一个月 回报为1.35%。 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) has shown a slight increase in value and significant growth in shares over the recent trading period, indicating positive investor interest and performance [1] Group 1: Fund Performance - On November 17, the Hong Kong Dividend Low Volatility ETF (520550) rose by 0.08% with a trading volume of 77.41 million yuan [1] - The fund's shares increased by 16.5 million, bringing the total shares to 931 million, with a total increase of 68 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 1.18 billion yuan [1] Group 2: Benchmark and Management - The performance benchmark for the Hong Kong Dividend Low Volatility ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, adjusted for exchange rates [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - Since its establishment on January 15, 2025, the fund has achieved a return of 29.60%, with a one-month return of 6.47% [1]

Core Points - The Hong Kong Dividend Low Volatility ETF (520550) experienced a decline of 1.32% on November 14, with a trading volume of 61.68 million yuan [1] - The fund's shares increased by 12 million to a total of 914 million shares, with a total increase of 51.5 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 1.159 billion yuan [1] - The performance benchmark for the ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, adjusted for exchange rates [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - Since its establishment on January 15, 2025, the fund has achieved a return of 29.14%, with a one-month return of 7.55% [1]

Core Viewpoint - The two ETFs under China Merchants Fund, namely the Hong Kong Dividend Low Volatility ETF (520550) and the CSI Dividend Quality ETF (159209), are demonstrating stable cash flow return capabilities with their recent dividend distributions, marking the seventh and fifth distributions of the year respectively [1] Group 1: Dividend Distribution Details - The dividend distribution record date for both ETFs is set for November 14, 2025 [1] - The unit dividend for the Hong Kong Dividend Low Volatility ETF is 0.0030 CNY, with a dividend ratio of 0.26% based on a net asset value of 1.1626 CNY [2] - The unit dividend for the CSI Dividend Quality ETF is 0.0040 CNY, with a dividend ratio of 0.33% based on a net asset value of 1.2056 CNY [2] - The payout dates are November 19, 2025, for the Hong Kong Dividend Low Volatility ETF and November 20, 2025, for the CSI Dividend Quality ETF [2] Group 2: Investment Strategy Insights - The Hong Kong Dividend Low Volatility ETF (520550) follows a "deep value" strategy, focusing on "high dividend + low volatility" factors, primarily investing in defensive sectors such as finance, energy, and utilities, with a dividend yield close to 6% [3] - The CSI Dividend Quality ETF (159209) adopts a "value growth" strategy, emphasizing "high dividend + high quality," selecting high-quality companies from growth sectors like consumer and pharmaceuticals, maintaining a dividend yield of 3%-5% while showing better price elasticity [3] - Investors are advised to adjust their allocations based on risk preferences, with conservative investors leaning towards the Hong Kong Dividend Low Volatility ETF for stable returns, while aggressive investors may focus on the CSI Dividend Quality ETF for growth opportunities [3]

Core Viewpoint - The announcement indicates that two ETFs under China Merchants Fund will implement dividend distributions on November 14, 2025, with specific payouts and dividend ratios outlined for each fund [1][2]. Group 1: Dividend Distribution Details - The Hong Kong Dividend Low Volatility ETF (520550) will distribute a dividend of 0.004 yuan per share, marking its seventh distribution of the year, with a dividend ratio of 0.3% [1][2]. - The China Securities Dividend Quality ETF (159209) will distribute a dividend of 0.003 yuan per share, representing its fifth distribution of the year, also with a dividend ratio of 0.3% [1][2]. - The record date for both ETFs is set for October 31, 2025, with the ex-dividend date on November 17, 2025, and payout dates on November 19 and 20, 2025, respectively [2]. Group 2: Investment Strategy and Focus - The Hong Kong Dividend Low Volatility ETF focuses on a "high dividend + low volatility" strategy, primarily investing in defensive sectors such as finance, energy, and public utilities, with an index dividend yield close to 6% [1][5]. - The China Securities Dividend Quality ETF targets a "high dividend + high quality" strategy, selecting financially stable companies from sectors like consumer goods and pharmaceuticals, maintaining a dividend yield of 3%-5% while achieving superior ROE and price elasticity [5]. - Investors are advised to choose based on their risk preferences, with conservative investors leaning towards the Hong Kong Dividend Low Volatility ETF for stable returns, while aggressive investors may consider the China Securities Dividend Quality ETF for growth opportunities [8].

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) experienced a 1.26% increase in value on October 15, with a trading volume of 65.8829 million yuan, despite a reduction in shares outstanding [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Dividend Low Volatility ETF is 1.028 billion yuan [1] - Since its inception on January 15, 2025, the fund has achieved a return of 21.97% [1] - Over the past month, the fund has recorded a return of -0.27% [1] Group 2: Share Activity - On the same day, the ETF saw a decrease of 11.5 million shares, bringing the total outstanding shares to 856 million [1] - In the last 20 trading days, the total reduction in shares was 24 million [1] Group 3: Benchmark and Management - The performance benchmark for the ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1]

Group 1 - The Hong Kong Dividend Low Volatility ETF (520550) experienced a decline of 0.43% on September 30, with a trading volume of 34.73 million yuan [1] - The fund's shares increased by 1 million, bringing the total shares to 873 million, while there was a reduction of 49.5 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.018 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Dividend Low Volatility ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index return (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - Since its establishment on January 15, 2025, the fund has achieved a return of 18.40%, while the return over the past month is -1.39% [1]

Group 1 - The Hong Kong Dividend Low Volatility ETF (520550) experienced a decline of 0.51% on September 23, with a trading volume of 44.1694 million yuan [1] - The fund's shares increased by 1 million, bringing the total shares to 884 million, while there was a reduction of 58.5 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.042 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Dividend Low Volatility ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index return (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - Since its establishment on January 15, 2025, the fund has achieved a return of 19.68%, while the return over the past month is -1.96% [1]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) experienced a slight increase of 0.17% on September 17, with a trading volume of 31.05 million yuan, indicating a stable performance in a fluctuating market [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Dividend Low Volatility ETF is 1.066 billion yuan [1] - Since its inception on January 15, 2025, the fund has achieved a return of 22.69% [1] - Over the past month, the fund has recorded a return of -0.35% [1] Group 2: Fund Management - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - The performance benchmark for the fund is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index Return (adjusted for exchange rates) [1] Group 3: Fund Size and Trading Activity - The fund's shares increased by 1 million to a total of 882 million shares [1] - In the last 20 trading days, the fund's shares decreased by 7.45 million [1]

Core Viewpoint - Two dividend-focused ETF products from China Merchants Fund have recently distributed dividends, highlighting their performance and appeal in the current market environment [1]. Group 1: ETF Products Overview - The Hong Kong Dividend Low Volatility ETF (520550) has distributed dividends for the fourth consecutive month, with a payout of 0.004 yuan per share, and the distribution will be credited on August 20 [1]. - The Hong Kong Dividend Low Volatility ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, utilizing a "dual-factor" screening strategy, focusing on defensive sectors like finance and utilities [1]. - The current dividend yield of the index exceeds 5%, combined with the undervaluation of Hong Kong stocks, demonstrating strong risk resistance [1]. Group 2: Investment Strategies - The CSI Dividend Quality ETF (159209) employs a "high dividend + high quality" strategy, selecting premium stocks from sectors such as consumer goods and pharmaceuticals [1]. - Historical performance indicates that this index maintains a dividend yield of 3%-5% while outperforming broad market indices in the long term [1]. - Market analysts suggest that these two products represent "defensive and stable" and "growth and value" investment directions, providing differentiated allocation options for investors [1]. Group 3: Fee Structure and Investor Experience - Both ETFs feature a low fee rate of 0.2% per year and a monthly dividend assessment mechanism, which is expected to enhance the long-term investment experience for holders [1].