来源：新浪基金∞工作室 1月7日，港股红利低波ETF（520550）涨0.25%，成交额4958.05万元。当日份额减少550.00万份，最新 份额为11.16亿份，近20个交易日份额增加9400.00万份。最新资产净值计算值为13.47亿元。 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23.77%，近一个月 回报为-3.03%。 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。 ...

Core Viewpoint - Two ETFs under China Merchants Fund have announced dividend distributions this month, highlighting the ongoing development of dividend investment strategies in the market [1]. Group 1: Dividend Distribution Details - The CSI Dividend Quality ETF (159209) will distribute a dividend of 0.003 yuan per share, marking its sixth distribution this year [1]. - The Hong Kong Dividend Low Volatility ETF (520550) will distribute a dividend of 0.004 yuan per share, representing its eighth distribution this year [1]. Group 2: Investment Strategies - The Hong Kong Dividend Low Volatility ETF (520550) follows a "high dividend + low volatility" dual-factor selection logic, focusing on sectors with defensive attributes such as finance and public utilities, with a current dividend yield exceeding 6% [2]. - The CSI Dividend Quality ETF (159209) employs a "high dividend + high profitability quality" stock selection strategy, focusing on high-quality companies in consumer and pharmaceutical sectors, achieving a balance between defensive characteristics and growth potential with a historical dividend yield of 3%-5% [3]. - Investors can choose between the two ETFs based on their risk preferences: conservative investors may prefer the Hong Kong Dividend Low Volatility ETF, while aggressive investors seeking growth may focus on the CSI Dividend Quality ETF [3].

Group 1 - A total of 3,762 A-share listed companies in China have distributed dividends amounting to 2.46 trillion yuan this year, setting a new historical record [1] - 36 companies have announced real-time dividend distributions, with a total proposed dividend amount of 151.8 billion yuan, indicating that the total annual dividend is expected to exceed 2.6 trillion yuan for the first time [1] - Major companies such as China Mobile and Industrial and Commercial Bank of China have distributed over 50 billion yuan in mid-term dividends, while several others, including China Construction Bank and Kweichow Moutai, have distributed over 30 billion yuan [1] Group 2 - The Hong Kong Dividend Low Volatility ETF (520550) has announced a dividend of 0.04 yuan per ten shares, with a distribution ratio of 0.32%, marking its eighth dividend distribution since inception [2] - The China Securities Dividend Quality ETF (159209) has a distribution ratio of 0.26% for its sixth dividend distribution, with both ETFs having a dividend rights registration date of December 12 [1][2] - Recent data shows that the Hong Kong Dividend Low Volatility ETF has seen a net subscription of 119 million yuan in the last ten days and 186 million yuan in the last twenty days, while the China Securities Dividend Quality ETF has experienced a net inflow of 64 million yuan in the last twenty days [2] Group 3 - Huachuang Securities anticipates a rebound in industry rotation strength, with a shift from technology to dividend and anti-involution assets, indicating a recovery in rotation intensity to the 52nd percentile since 2021 [3] - The Producer Price Index (PPI) has shown a narrowing of inflation levels from -3.6% to -2.1% in October, suggesting that cyclical assets with high weight in dividend stocks may benefit from this trend [3] - Recent policies have focused on capital market and consumption, with an emphasis on domestic demand and new industries, indicating a favorable environment for dividend sectors as traditional investment windows for insurance funds approach [3]

Core Viewpoint - Two ETFs under China Merchants Fund announced dividends this month, highlighting the growth of dividend investment strategies in the market [1] Group 1: Dividend Announcements - The CSI Dividend Quality ETF (159209) will distribute a dividend of 0.003 yuan per share, with a dividend ratio of 0.3%, marking its sixth dividend distribution this year [1] - The Hong Kong Dividend Low Volatility ETF (520550) will distribute a dividend of 0.004 yuan per share, also with a dividend ratio of 0.3%, representing its eighth dividend distribution this year [1] Group 2: Investment Strategies - Deep Value Strategy: Represented by the Hong Kong Dividend Low Volatility ETF (520550), which tracks the Hang Seng High Dividend Low Volatility Index, focusing on sectors like finance and utilities with defensive attributes. The current dividend yield exceeds 6%, supported by valuation advantages in the Hong Kong market and state-owned enterprise dividend policies [1] - Value Growth Strategy: Centered on the CSI Dividend Quality ETF (159209), which emphasizes a "high dividend + high profitability quality" stock selection strategy, focusing on high-quality companies in consumer and pharmaceutical sectors. Historical performance shows this index has outperformed mainstream broad-based indices while maintaining a dividend yield of 3%-5% and achieving a balance between defensiveness and growth potential [2] - Investors can choose based on risk preferences: conservative investors may prefer the Hong Kong Dividend Low Volatility ETF, while aggressive investors may focus on the CSI Dividend Quality ETF. A "barbell strategy" is suggested for dynamic adjustment of the allocation between the two products, with regular rebalancing to optimize overall portfolio performance [2]

险资增量资金入市可期，近期《关于调整保险公司相关业务风险因子的通知》发布，对长期投资的股票风险因子进行下调： 1）持仓时间（根据过去六年加权平均持仓时间确定）超过三年的沪深300、中证红利低波动100指数成分股的风险因子从0.3下调至0.27； 2）持仓时间（根据过去四年加权平均持仓时间确定）超过两年的科创板上市普通股的风险因子从0.4下调至0.36。 西部证券指出，险资股票风险因子松绑，新规利好银行、公用事业、煤炭等红利板块。伴随新会计准则即将全面落地，中小险企或将加强OCI 股票配置，风险因子松绑下，红利板块有望充分受益。 具体来看，对比港股、A股同类指数，恒生港股通高股息低波动指数股息率相对更高，市盈率、市净率相对更低。按市值加权，A股红利板块 溢价从2025年年初的49.9%下降至12月1日的32.4%，考虑20%的税率，目前港股红利板块比A股整体便宜5-6%。 港股红利低波ETF（520550）跟踪恒生港股通高股息低波动指数，全市场费率最低（综合费率0.2%），持仓结构上，金融、能源、公用事业等 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" ...

Core Viewpoint - As the year-end approaches, the market is becoming cautious, leading to a resurgence in high-dividend assets, with funds shifting towards these investments [1] Group 1: Market Trends - On December 4, the CSI Dividend ETF (515080) saw a net inflow of 37.94 million yuan, while the Hong Kong Dividend Low Volatility ETF (520550) attracted 30.04 million yuan, marking its 11th consecutive day of inflows, totaling nearly 100 million yuan [1] - Institutional investors are typically shifting towards defensive, stable dividend assets to lock in annual returns, indicating a growing preference for these investments [1] - Historical data shows that the CSI Dividend Total Return Index has an 80% probability of closing positive in November and a 50% probability in December since 2015, demonstrating a seasonal "calendar effect" [1][2] Group 2: Long-term Investment Value - Despite underperforming mainstream indices over the past year, dividend assets have shown strong resilience in the long term, outperforming the 300 and 50 indices over three and ten years [4] - The annualized return of dividend assets over the past five years has been 10%, primarily driven by shareholder returns, with price contributions at only 4% [5] Group 3: Dividend Yield and Economic Environment - The current low interest rate environment in China has led to a decline in long-term rates, with the latest 10-year government bond yield at 1.87%, while the CSI Dividend Index has a yield of 4.87% and the Hong Kong Dividend Low Volatility Index at 6.61% [7][8] - The attractiveness of dividend indices, with yields between 4% and 7%, is heightened by the decreasing risk-free return from government bonds [8] Group 4: Index Adjustments and Composition - Dividend indices typically undergo semi-annual or annual rebalancing to maintain their vitality, with the recent adjustments including the addition of strong sectors like metals and banking while removing weaker sectors like steel and real estate [9][10] - The average dividend yield of newly included stocks is expected to be 4.15%, compared to 3.89% for those being removed, indicating an enhancement in investment value [10] Group 5: Dividend Growth Trends - The trend of regular dividends has become established in A-shares since the implementation of the "New National Nine" policies, with the CSI Dividend Index constituents projected to distribute over 92 billion yuan in dividends in 2024, marking a historical high [12][13] - The Hong Kong Dividend Low Volatility Index has also shown a consistent increase in total dividends, exceeding 100 billion yuan for three consecutive years [14]

Core Viewpoint - The A-share and Hong Kong stock markets have shown strong performance in dividend assets, with two representative ETFs recording gains, indicating increasing market attention and capital inflow [1]. Group 1: ETF Performance - The Hong Kong Dividend Low Volatility ETF (520550) increased by 0.48%, while the China Securities Dividend Quality ETF (159209) rose by 0.26% [1]. - Over the past five trading days, these two funds have collectively received a net inflow of over 84 million yuan [1]. Group 2: Investment Strategies - The Hong Kong Dividend Low Volatility ETF (520550) follows a "deep value" investment approach, focusing on high dividend yield and low volatility stocks, particularly in stable sectors like finance, utilities, and energy [2][3]. - In contrast, the China Securities Dividend Quality ETF (159209) adopts a "value growth" strategy, emphasizing high profitability quality alongside high dividend yield, targeting sectors like consumer goods and pharmaceuticals for long-term growth [3]. Group 3: Fund Features - Both ETFs are designed with low fees and a monthly dividend assessment mechanism to enhance the long-term holding experience for investors [3]. - Investors are encouraged to combine these two ETFs, which represent defensive and offensive strategies, to create a diversified dividend strategy across markets [3].

来源：新浪基金∞工作室 12月3日，港股红利低波ETF（520550）跌0.56%，成交额7291.61万元。当日份额增加1100.00万份，最 新份额为9.86亿份，近20个交易日份额增加1.18亿份。最新资产净值计算值为12.32亿元。 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27.69%，近一个月 回报为2.36%。 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。 ...

临近年末，港股高股息资产关注度攀升！广发证券最新研究显示，12月至次年1月中旬，港股红利策略上涨概率超90%。 二级市场上，资金已悄然布局——港股红利低波ETF（520550）连续9日吸金5500万元，其标的指数"两高两低"特征引发市场关 注。 | 1.250 -0.006 -0.48% | | | EXSINING IT U DOLED W | | | --- | --- | --- | --- | --- | | SSE CNY 13:58:51 交易中 查看L2全景 | | | | T+0 融 / Q + | | 净值走势 招商恒生港股通高股息低 | | | 申购赎回允许情况 | 申购赎回皆允许 | | 委比 | 5.19% 委差 | 4882 | T日预估现金差额 | 24.34元 | | 卖五 | 1.254 | 58万 | T-1日单位申赎资产 | 628869.39元 | | 卖叫 | 1.253 | 54万 | | | | 三 | 1.252 | 193万 | 近5日净流入 | 单位(万元) | | 卖二 | 1.251 | 152万 | | 1189 | | 菜一 | 1.250 | 101 ...

Group 1 - In November 2025, A-share new accounts reached 2.3814 million, a month-on-month increase of 3.1% [1] - Cumulatively, from January to November 2025, new accounts totaled 24.8402 million, representing a year-on-year growth of 7.95% [1] - As of December 1, 2025, A-share ETFs experienced a net outflow of approximately 9.5 billion yuan, with significant outflows from major ETFs such as the SSE 50 ETF and CSI 300 ETF [1] Group 2 - Year-to-date, Hong Kong dividend-related ETFs have performed well, with several ETFs, including the Hong Kong Dividend Index ETF, rising over 25% as of December 2, 2025 [1]