Core Insights - The A-share market is entering a performance vacuum period as the third-quarter reports are mostly disclosed, leading to cautious investor sentiment due to potential policy expectations from year-end meetings [1] - Dividend assets are expected to become important tools for risk defense due to their lower volatility and higher profit certainty, with some investors already positioning themselves in high-dividend, stable fundamental assets [1] Fund Flow and Performance - The Dividend Low Volatility ETF (512890), which tracks the low volatility dividend index, has seen net inflows for 20 out of 25 trading days since the fourth quarter of 2025, accumulating 4.229 billion yuan, making it the only dividend-themed ETF to exceed 3 billion yuan in net inflows during this period [1] - The average daily trading volume of the ETF reached 718 million yuan, significantly higher than the average of 418 million yuan earlier in the year [1] Fund Size and Market Sentiment - The fund size of the Dividend Low Volatility ETF reached a new high of 26.402 billion yuan after four consecutive trading days of growth, reflecting increasing market enthusiasm for dividend assets [1] - The low interest rate environment is a key driver for the long-term allocation value of dividend assets, as companies maintaining high dividend yields typically exhibit stable profitability and healthy financial conditions [1] Yield Comparison - As of November 12, 2025, the 10-year government bond yield has decreased to 1.81%, while the dividend yield of the Dividend Low Volatility ETF stands at 4.00%, indicating a yield spread of 2.19%, which is higher than 51.27% of the time over the past decade [1] Company Background - Huatai-PB Fund, one of the first ETF managers in China, has over 18 years of experience in dividend-themed index investment, managing a total of 47.668 billion yuan across five dividend-focused ETFs as of November 12, 2025 [1]