Core Insights - The issuance of dividend-themed funds has significantly accelerated in the second half of the year, with the number of new products doubling compared to the first half, indicating a renewed interest in dividend strategies [1][2] Fund Issuance and Performance - In the first half of the year, 26 dividend-themed funds were issued, raising a total of 9.398 billion yuan, with a maximum single product size of 1 billion yuan and a median size of 300 million yuan. By December 9, the number of new funds had increased to 37, with a total size of 20.444 billion yuan, reflecting a more than twofold increase [2] - The maximum fundraising size for a single product in the second half reached 1.767 billion yuan, with the median size rising to 400 million yuan, showcasing a significant increase in issuance enthusiasm [2] - The Hong Kong dividend funds emerged as a notable source of new issuance, with 12 related products launched in the second half, surpassing the first half's figures [2] - The issuance of low-volatility dividend products also expanded, with 19 new products launched, covering various indices, indicating a richer product layout [2][3] Market Trends and Policy Support - The passive index dividend funds remain the mainstay of issuance, accounting for about 60% of the total, while a new batch of actively managed dividend products has also emerged, indicating a diverse structural presence in the market [3] - The market's focus on dividend assets has been bolstered by supportive policies, including the "anti-involution" measures and steady growth policies, which have improved profit expectations in related industries [4] - Regulatory measures have reinforced the cash dividend management of listed companies, creating a strong incentive and constraint mechanism that stabilizes investor expectations for dividends [4] Institutional Demand and ETF Growth - The demand for stable cash flow from long-term funds such as insurance and pension funds has increased significantly in a low-interest-rate environment, with high-dividend assets becoming a key allocation choice [5] - The rapid expansion of dividend ETFs has been notable, with their scale growing from 50 billion yuan at the end of 2023 to nearly 200 billion yuan by 2025, evolving from a single "high dividend" focus to a more diversified structure [6]

Core Viewpoint - The issuance of dividend-themed funds has significantly accelerated in the second half of the year, driven by favorable policies and market conditions, leading to a renewed interest in high-dividend assets [1][5]. Fund Issuance Growth - In the first half of the year, 26 dividend-themed funds were issued, raising a total of 9.398 billion yuan, with the largest single fund size being 1 billion yuan and a median size of 300 million yuan. By December 9, the number of funds issued in the second half had increased to 37, with a total size of 20.444 billion yuan, marking a more than double growth compared to the first half [3][4]. - The maximum fundraising size for a single product in the second half reached 1.767 billion yuan, and the median size rose to 400 million yuan, indicating a significant increase in issuance enthusiasm [3]. Market Structure and Focus - The market has seen a notable increase in the issuance of Hong Kong dividend funds, with 12 new products launched in the second half, surpassing the first half's figures. The leading fund, "浦银安盛港股通央企红利," raised 1.289 billion yuan [3][4]. - There has also been a substantial expansion in low-volatility dividend products, with 19 new products launched, covering various indices such as the 中证800红利低波动指数 and 沪深300红利低波动指数 [3]. Policy and Market Dynamics - The "anti-involution" and stable growth policies have positively influenced market sentiment, improving profit expectations for related industries. The regulatory emphasis on cash dividends has enhanced the certainty of high-dividend assets, making them more attractive in a volatile market [1][6]. - Institutional demand for stable cash flows has increased, particularly among long-term funds like insurance and pension funds, which have shown a preference for high-dividend assets in a low-interest-rate environment [7]. ETF Expansion - The rapid growth of dividend ETFs has been notable, with their scale expanding from 50 billion yuan at the end of 2023 to nearly 200 billion yuan by 2025, reflecting the evolving structure of the dividend strategy [8].

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].