Core Viewpoint - The article emphasizes the importance of balancing growth ("small stocks") and stability ("large stocks") in investment strategies to navigate through different market cycles effectively [5][20]. Group 1: Historical Perspective on Investment Strategies - The distinction between "old stocks" and "new stocks" is not about superiority; both serve as tools in an investment portfolio, with their effectiveness varying by market conditions [6][7]. - Historical data shows that while growth stocks may outperform during bull markets, stable dividend-paying stocks can provide consistent returns over the long term, mitigating risks during downturns [11][14]. - The performance of various indices from 2013 to 2025 illustrates that while growth stocks can have significant short-term gains, they also experience substantial drawdowns, whereas dividend low-volatility stocks offer steadier returns [12][13]. Group 2: Hong Kong Stock Market Insights - The Hong Kong stock market is characterized by higher volatility and faster rhythms, making high dividend and low volatility strategies particularly valuable [15]. - The Hang Seng High Dividend Low Volatility Index employs strict rules to ensure sustainable dividends and avoid pitfalls like "dividend traps" [17][18]. - Over the past three to seven years, the Hang Seng High Dividend Low Volatility Index has outperformed the Hang Seng Index, demonstrating its effectiveness in providing stable returns [19]. Group 3: A+H Market Strategy - The core value of low-volatility dividend stocks lies in their defensive role within a portfolio, providing stability and peace of mind for investors [21]. - The A-share market's low-volatility dividend ETF has proven its defensive value over the past decade, while the Hong Kong counterpart offers new opportunities for investors [21][22]. - A balanced approach combining both defensive and growth-oriented assets is essential for long-term investment success [22][24].

Group 1 - The core point of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale since the beginning of the year [1][2] - As of September 26, 2024, the fund's latest shares were 62.508 million, with a scale of 86.2985 million yuan, reflecting a 49.18% decrease in shares and a 41.02% decrease in scale compared to December 31, 2024 [1][2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 38.06% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a total trading volume of 5.78 billion yuan over the last 20 trading days, with an average daily trading amount of 28.9219 million yuan [1][2]

Group 1 - The ETF market showed mixed performance on September 25, with the Cloud 50 ETF (560660) increasing by 4.02%, and the Big Data Industry ETF (516700) and Cloud Computing ETF (159890) both rising by 3.60% [1] - Conversely, the Hong Kong Dividend ETF (513690) declined by 1.77%, the Hong Kong Stock Connect Dividend Low Volatility ETF (520890) fell by 1.64%, and the Engineering Machinery ETF (159542) decreased by 1.56% [1]

Market Overview - On September 25, A-shares experienced a volatile upward trend, with the ChiNext Index rising over 2% at one point, reaching a three-year high [1] - The Shanghai Composite Index closed at 3853.30 points, down 0.01%; the Shenzhen Component Index closed at 13445.90 points, up 0.67%; and the ChiNext Index closed at 3235.76 points, up 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets was 239.18 billion yuan, an increase of 44.6 billion yuan compared to the previous trading day [1] International Indices - The Nikkei 225 Index closed up 0.27% at 45754.93 points, while the Korean Composite Index fell 0.03% to 3471.11 points on the same day [2] - Domestic commodity futures saw most main contracts rise, particularly in copper [2] Bond Market - On September 25, the performance of government bond futures was mixed, with the 30-year bond futures (TL2512) closing at 114.110 yuan, up 0.120 yuan (0.11% increase) [2] - The 10-year bond futures (T2512) closed at 107.610 yuan, down 0.010 yuan (0.01% decrease) [2] - The 5-year bond futures (TF2512) closed at 105.525 yuan, down 0.015 yuan (0.01% decrease) [2] - The 2-year bond futures (TS2512) closed at 102.314 yuan, down 0.010 yuan (0.01% decrease) [2] ETF Performance - On September 25, various ETFs showed mixed results, with the Cloud 50 ETF (560660) rising 4.02%, and the Big Data Industry ETF (516700) increasing by 3.60% [3] - Conversely, the Hong Kong Dividend ETF (513690) fell by 1.77%, and the Hong Kong Dividend Low Volatility ETF (520890) decreased by 1.64% [3] Institutional Insights - Guohai Securities' strategy team released a report indicating that A-shares are expected to advance further in Q4 2025, driven by policy and liquidity, with a more balanced style [4] - Barclays' research team noted that the Federal Reserve's loose monetary policy, global economic slowdown, and reduced market volatility create favorable conditions for emerging market assets [4] - UBS Wealth Management's CIO office suggested that gold prices may have further upside potential due to expected declines in U.S. real interest rates amid continued high inflation [4] - Luo Zhiheng, Chief Economist at Yuekai Securities, stated that the current A-share rally is based on a more solid foundation, with sustainability likely to exceed most historical trends [4]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.01% and the Shenzhen Component Index up by 0.67% [1] - The total trading volume across Shanghai and Shenzhen markets reached 23,918 billion yuan, an increase of 446 billion yuan compared to the previous day [1] Sector Performance - AI concept stocks resumed their upward trend, with CPO, liquid cooling, and intelligent body concepts leading the gains [1] - The gaming, controllable nuclear fusion, copper metal, and film and television sectors also saw increases [1] - The semiconductor industry chain experienced a general pullback, while gold, oil and gas, and real estate sectors remained sluggish [1] Index Performance - The Shanghai Composite Index closed at 3,853.30, down 0.01% [2] - The Shenzhen Component Index closed at 13,445.90, up 0.67% [2] - The ChiNext Index rose by 1.58%, closing at 3,235.76 [2] ETF Performance - The cloud computing sector led the ETF market with significant gains, including the Xinhua Fund Cloud 50 ETF rising by 4.02% [3] - The Huabao Fund Big Data Industry ETF and the CMB Cloud Computing ETF both increased by 3.6% [3] - The semiconductor equipment sector saw a decline, with the semiconductor equipment ETF dropping by 1.42% [3]

Core Viewpoint - The Hong Kong Stock Connect Dividend Low Volatility ETF (520890) experienced a slight decline of 0.07% on September 2, with a trading volume of 12.52 million yuan, indicating a stable interest in the fund despite the minor drop [1] Group 1: Fund Performance - The ETF's total shares increased by 2.5 million, bringing the latest total to 59.08 million shares, reflecting a consistent growth trend over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 83.18 million yuan, showcasing the fund's overall financial health [1] - Since its inception on September 4, 2024, the ETF has achieved a return of 40.97%, while the return over the past month is a modest 0.02% [1] Group 2: Management and Benchmark - The ETF is managed by Huatai-PB Fund Management Co., Ltd., with Li Qian serving as the fund manager, indicating a stable management team [1] - The performance benchmark for the ETF is the Hang Seng Stock Connect High Dividend Low Volatility Index return, which is calculated using valuation exchange rates [1]

Group 1 - The core point of the news is the performance and characteristics of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale in 2024 [1][2] - As of August 28, 2024, the fund's latest shares were 56.508 million, with a scale of 79.8176 million yuan, reflecting a 54.06% decrease in shares and a 45.45% decrease in scale compared to December 31, 2024 [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with a performance benchmark based on the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since September 4, 2024, achieving a return of 41.25% during her tenure [1] - The ETF's liquidity is indicated by a cumulative trading amount of 178 million yuan over the last 20 trading days, with an average daily trading amount of 8.8839 million yuan [1] - The top holdings of the ETF include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with Shougang Resources having a holding percentage of 3.83% [2]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decrease in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of July 2, 2024, the fund had a total of 46.08 million shares and a total size of 63.56 million yuan, down from 123 million shares and 146 million yuan at the end of 2024, representing a 62.60% decrease in shares and a 56.57% decrease in size year-to-date [1]. Group 2: Liquidity and Performance - The cumulative trading amount for the ETF over the last 20 trading days was 150 million yuan, with an average daily trading amount of 7.50 million yuan [1]. - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 38.14% during her tenure [1]. Group 3: Top Holdings - The ETF's top holdings include Far East Horizon, Shougang Resources, Chongqing Rural Commercial Bank, VTECH Holdings, Kerry Properties, Minsheng Bank, Henderson Land, China Petroleum, Sinopec, and Fufeng Group, with respective holding percentages and market values detailed [2]. - For example, Far East Horizon holds 3.78% of the fund with a market value of 2.6864 million yuan, while Shougang Resources holds 3.72% with a market value of 2.6429 million yuan [2].

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decrease in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Group 1: Fund Performance - As of June 19, 2024, the Hong Kong Dividend Low Volatility ETF had a total of 46.508 million shares and a total asset size of 61.8835 million yuan, down 62.19% in shares and 57.71% in assets since December 31, 2023 [1]. - The fund's current manager, Li Qian, has achieved a return of 33.06% since taking over management on September 4, 2024 [1]. Group 2: Trading Activity - The ETF recorded a total trading volume of 124 million yuan over the last 20 trading days, with an average daily trading amount of 6.191 million yuan [1]. Group 3: Top Holdings - The ETF's top holdings include Far East Horizon (3.78%), Shougang Resources (3.72%), and Chongqing Rural Commercial Bank (2.87%), among others, with the total holdings reflecting a diversified portfolio [2].