政策托底，资金助推，红利资产配置持续升温 从结构来看，港股红利基金成为突出的增量来源，下半年共发行12只相关产品，远多于上半年。从发行 规模来看，浦银安盛港股通央企红利募集12.89亿元，发行规模在同类中领跑；汇添富标普港股通低波 红利指数、永赢中证港股通央企红利ETF联接的发行规模亦分别达到7.96亿元和7.61亿元，显示资金对 港股红利赛道的关注度持续提升。 与此同时，红利低波类产品的发行同样出现明显扩容。证券时报·券商中国记者注意到，下半年共有19 只红利低波产品成立，覆盖中证800红利低波动指数、中证红利低波动100指数、中证A500红利低波动 指数、沪深300红利低波动指数等多个细分指数，产品布局更趋丰富。 从全年维度观察，被动指数型红利基金仍是发行主力，数量占比约六成；此外，市场上也新发了一批主 动权益类红利产品，包括偏股混合型和主动股票型基金，呈现多类型共存的结构。 在规模上，部分红利主题基金的发行规模突破10亿元，包括国金红利量化选股、万家中证800红利低波 动指数、东方中证红利低波动100指数、浦银安盛港股通央企红利，以及国联安中证A500红利低波ETF 等产品，显示出机构与个人资金对红利赛 ...

全面提速。 证券时报·券商中国记者注意到，进入下半年，红利主题基金的布局明显加快，新发产品数量较上半年实现翻 倍增长。港股红利、 红利低波 等方向新发产品密集，红利主题的投资热度再次被激活。 这一变化背后，是政策与市场环境的共振。年中以来，"反内卷"与稳增长政策持续释放积极信号，分红监管强 化也提升了高股息资产的确定性，使红利策略在震荡环境中更具吸引力。与此同时，险资、养老金等长久期资 金在低利率背景下更加偏好稳定回报，推动红利资产成为长线资金的重要配置选择。 红利基金下半年发行规模激增 证券时报·券商中国记者注意到，今年以来，红利基金的发行呈现明显的前低后高走势。上半年，市场共发行 26只红利主题基金，合计募集规模93.98亿元，单只产品的最大规模为10亿元，中位数为3亿元。而进入下半 年，截至12月9日，红利主题基金的发行数量已增至37只，合计规模达到204.44亿元，较上半年实现翻倍式增 长。其间，单只产品的最大募集规模达到17.67亿元，中位数上升至4亿元，发行热度显著抬升。 从结构来看， 港股红利 基金成为突出的增量来源，下半年共发行12只相关产品，远多于上半年。从发行规模 来看，浦银安盛港股通 央 ...

Core Viewpoint - The recent performance of dividend funds has come under pressure due to a shift in market focus towards technology growth stocks, leading to investor concerns about the effectiveness and value of dividend strategies [1][2]. Summary by Sections Dividend Funds Under Pressure - From September 18 to 19, the stock price of Industrial and Commercial Bank of China experienced two consecutive declines, with other bank stocks also performing poorly, resulting in a 4.21% drop in the banking index, the largest decline among 31 Shenwan first-level industry indices [1]. - Approximately 90% of equity dividend funds reported negative returns last week, and around 70% of these funds have negative returns over the past month [1]. Market Sentiment and Concerns - Investors expressed confusion and dissatisfaction regarding the performance of dividend funds on social media, with some humorously suggesting they were "hiding from the market" within these funds [2]. - Concerns were raised about the potential of holding dividend funds at high prices due to the recent downturn in bank stocks [2]. Effectiveness of Dividend Strategies - According to Huaxia Fund, the dividend strategy has not lost its effectiveness; rather, there has been a short-term shift in market style. High dividend assets provide long-term stable returns and low volatility, serving as a ballast in investment portfolios [2]. - The relationship between technology growth and dividend assets is seen as complementary, with dividend strategies likely remaining effective in the long term, especially in the context of global economic uncertainties [2]. Defensive Capabilities of Dividend Strategies - Haitong Securities noted that the appeal of dividend strategies has grown due to their defensive capabilities during volatile market conditions. For instance, from 2021 to 2024, dividend indices outperformed the broader market during periods of decline [3]. - Dividend assets are not only favored during market downturns but also represent a long-term choice for conservative investors, particularly in a low-interest-rate environment [3]. Recommendations for Dividend Strategy Enhancement - Institutions suggest that investors consider a "barbell strategy," which involves combining dividend assets with high-growth assets to capture structural opportunities while maintaining a resilient investment portfolio [4]. - Specific recommendations include investing in Hong Kong dividend funds, which are characterized by deep value and stable performance, particularly in mature sectors like energy and finance [4]. - Investors are also encouraged to explore various dividend index products, such as free cash flow series and dividend quality index products [4].