Core Viewpoint - The news highlights the performance and growth of the Hongli Low Volatility 100 ETF, alongside the recent regulatory changes aimed at enhancing the internationalization of the Renminbi and supporting banks' cross-border business development [2][3]. Performance Summary - As of July 10, 2025, the Hongli Low Volatility 100 Index increased by 0.67%, with constituent stocks such as Minsheng Bank rising by 7.59% and Industrial and Commercial Bank of China by 3.44% [2]. - The Hongli Low Volatility 100 ETF has seen a 1.90% increase over the past week, ranking 1 out of 5 among comparable funds [2]. - Over the past month, the ETF's scale grew by 34.54 million yuan, placing it 2 out of 5 in terms of new scale among comparable funds [3]. - The ETF's net asset value increased by 16.88% over the past year, ranking first among comparable funds [4]. Liquidity and Trading Activity - The Hongli Low Volatility 100 ETF had a turnover rate of 1.09% with a trading volume of 11.1165 million yuan [2]. - The ETF recorded a net outflow of 11.7866 million yuan recently, but over the past 22 trading days, there were 12 days of net inflow totaling 17.4464 million yuan [3]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery time of 36 days, indicating relatively low risk compared to peers [4]. - The Sharpe ratio for the ETF was 1.10, ranking it 1 out of 4 among comparable funds, indicating the highest return per unit of risk [4]. Fund Characteristics - The Hongli Low Volatility 100 ETF closely tracks the Hongli Low Volatility 100 Index, which selects 100 stocks with high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The ETF has the lowest management fee rate of 0.15% and a custody fee of 0.05% among comparable funds [4]. Regulatory Context - The People's Bank of China is seeking public opinion on the draft rules for the Renminbi Cross-Border Payment System, aiming to enhance participant management and ensure the rules are forward-looking and scientific [2][3].

截至7月8日，红利低波100ETF近1年净值上涨17.50%，排名可比基金第一。从收益能力看，截至2025年 7月8日，红利低波100ETF自成立以来，最高单月回报为15.11%，最长连涨月数为2个月，最长连涨涨幅 为5.84%，涨跌月数比为8/6，上涨月份平均收益率为3.47%，历史持有1年盈利概率为100.00%。截至 2025年7月8日，红利低波100ETF近3个月超越基准年化收益为11.76%，排名可比基金1/4。 截至2025年7月9日 10:12，中证红利低波动100指数(930955)上涨0.39%，成分股塔牌集团(002233)上涨 6.00%，桂冠电力(600236)上涨2.52%，中国石油(601857)上涨1.63%，紫金银行(601860)上涨1.57%，丽 珠集团(000513)上涨1.46%。红利低波100ETF(159307)上涨0.28%， 实现6连涨。最新价报1.07元。拉长 时间看，截至2025年7月8日，红利低波100ETF近1周累计上涨1.91%。 流动性方面，红利低波100ETF盘中换手1.18%，成交1215.31万元。拉长时间看，截至7月8日，红利低 波100ET ...

据统计，6月23日至6月27日，A股市场迎来 "分红潮"，超300家公司集中派发年度 "红包"，分红总额超2000亿元。中国石油、中远海控等发出百亿 "现金红 包"。6月30日还有中国平安、华安证券等超20家公司进行派息，这体现了股东回报意识觉醒及监管机制优化等。 截至2025年7月7日 10:58，中证红利低波动100指数(930955)盘中震荡。成分股方面涨跌互现，厦门银行(601187)领涨1.86%，民生银行(600016)上涨1.77%， 长江传媒(600757)上涨1.76%；中国神华(601088)领跌2.94%，上海银行(601229)下跌1.75%，中国石油(601857)下跌1.40%。红利低波100ETF(159307)上涨 0.28%， 冲击5连涨。最新价报1.06元。拉长时间看，截至2025年7月4日，红利低波100ETF近1周累计上涨1.53%。 流动性方面，红利低波100ETF盘中换手0.66%，成交669.59万元。拉长时间看，截至7月4日，红利低波100ETF近1周日均成交1567.23万元，居可比基金前 2。 跟踪精度方面，截至2025年7月4日，红利低波100ETF今年以 ...

Core Viewpoint - The Hong Kong dividend ETF market is experiencing positive momentum, driven by government incentives, international monetary easing, and a focus on defensive yield strategies amid rising geopolitical risks [3][4][5][6]. Group 1: Market Performance - The Hong Kong dividend ETF Bosera (513690) increased by 0.58% on July 3, with a turnover rate of 14.91% and a transaction amount of 624 million yuan [1]. - Year-to-date performance for Bosera is +15.17%, with a leading dividend yield of 7.5481%, compared to the current yield of 1.63% for China's ten-year government bonds [2][3]. Group 2: Government Policies - The Hong Kong government has implemented various policies to enhance market attractiveness, including lowering stamp duty and optimizing southbound trading mechanisms, which are expected to improve overall liquidity and market valuation [3]. - Encouragement from the China Securities Regulatory Commission for dividends aims to attract long-term funds such as pensions and insurance into the market [3]. Group 3: International Environment - The initiation of a rate-cutting cycle by the Federal Reserve has improved global liquidity, leading long-term funds to favor stable cash flow assets, making the Hong Kong dividend index an attractive option for both domestic and foreign investors [4]. - Geopolitical tensions and external uncertainties have increased the appeal of dividend strategies as a defensive measure, particularly in sectors like telecommunications, energy, and utilities [5]. Group 4: Trade Dynamics - The escalation of trade tensions, particularly following Trump's push for "reciprocal tariffs," has placed pressure on export-oriented industries, while dividend index constituents, which are less reliant on external demand, show greater resilience [6]. - The combination of local incentives and a favorable international environment supports the strong positioning of dividend assets in the current market landscape [6]. Group 5: Future Outlook - Despite short-term pressures on high-dividend sectors, mid-term prospects remain positive due to the relative attractiveness of dividend yields compared to long-term government bond rates [7]. - The ongoing volatility in U.S. Treasury yields may enhance the relative performance of dividend strategies during periods of market disturbance [7].

证券研究报告 | 2025年07月02日 核心观点 金融工程日报 市场表现：今日(20250702) 规模指数中上证 50 指数表现较好，板块指数中 上证综指表现较好，风格指数中中证 500 价值指数表现较好。钢铁、煤炭、 建材、银行、有色金属行业表现较好，综合金融、国防军工、电子、通信、 计算机行业表现较差。水产、光伏玻璃、玻璃、核废水、代糖等概念表现较 好，家纺、电路板、HBM、基站、华为合作半导体企业等概念表现较差。 市场情绪：今日收盘时有 62 只股票涨停，有 9 只股票跌停。昨日涨停股票 今日收盘收益为 0.23%，昨日跌停股票今日收盘收益为-5.46%。今日封板率 69%，较前日提升 5%，连板率 17%，较前日提升 1%。 市场资金流向：截至 20250701 两融余额为 18546 亿元，其中融资余额 18419 亿元，融券余额 127 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 9.0%。 折溢价：20250701 当日 ETF 溢价较多的是创新药 ETF 富国，ETF 折价较多的 是红利低波 100ETF 基金。近半年以来大宗交易日均成交金额达到 12 亿元， ...

Core Viewpoint - The performance of low-volatility dividend ETFs has shown a positive trend in the first half of 2025, with over 70% of the products experiencing growth in scale and overall net inflow of funds [1][3]. Group 1: ETF Performance - Among 14 major low-volatility dividend ETFs, the total scale reached 38.883 billion yuan, with a net increase of 6.846 billion yuan in the first half of the year [3]. - The Huatai-PB Low Volatility Dividend ETF (512890.SH) saw its scale surge to 18.741 billion yuan, contributing 73% of the total market growth for this type of ETF [3]. - Other notable performers include E Fund, Tianhong, and Harvest, with scale increases of 1.102 billion, 0.609 billion, and 0.480 billion yuan respectively [4]. Group 2: Market Dynamics - The expansion and differentiation of low-volatility dividend ETFs are primarily driven by investors' demand for yield certainty and risk control in a volatile market environment [7]. - Regulatory guidance on dividend ratios has reinforced the logic behind dividend strategies, making low-valuation assets with stable dividends more attractive [7]. - The concentration of funds towards well-recognized and larger-cap products is evident, as smaller or newer products struggle to attract significant investment [5][6]. Group 3: Product Differentiation - Despite being categorized under "low-volatility dividend," the specific tracking indices lead to varied fund flows, with mainstream broad-based indices seeing rapid growth while niche indices experience moderate inflows or even outflows [5][6]. - The Invesco Low Volatility Dividend ETF (515100.SH) faced a significant net redemption of 1.191 billion yuan, marking it as the most severely shrinking product in the market [6]. - The Huatai-PB Low Volatility Dividend ETF is noted as the first hundred-billion-level low-volatility dividend theme ETF, with a holder count exceeding 829,800, making it a standout in the market [7].

华鑫证券一分析师称，周二大盘继续维持强势震荡，随着银行板块调整到位，大盘有望继续向上拓展空间。投资者在操作上应注意板块轮动的节奏，可继续 关注医药、银行、元器件等板块的动向。 港股红利ETF博时紧密跟踪恒生港股通高股息率指数，恒生港股通高股息率指数旨在反映可通过港股通买卖的香港上市且拥有高股息证券的整体表现。 7月2日（周三），截至发稿，受银行股持续上涨影响，港股红利ETF博时（513690）上涨0.78%，成交额1.09亿元；全指现金流ETF基金（563830）上涨 0.70%，成交额679万，盘中换手率16.42%，交投活跃；红利低波100ETF（159307）上涨0.19%，成交额932.8万。 | MA60: 0.845 | 除权 窗 区 信息 删自选 ◎ | 5日 | | 港股红利ETF博时 513690 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

截至2025年7月1日 11:25，中证红利低波动100指数(930955)上涨0.54%，成分股现代投资(000900)上涨9.93%，苏州银行(002966)上涨5.24%，厦门银行 (601187)上涨3.83%，江苏金租(600901)上涨3.80%，杭州银行(600926)上涨3.63%。红利低波100ETF(159307)上涨0.29%，最新价报1.05元。拉长时间看，截至 2025年6月30日，红利低波100ETF近1周累计上涨0.48%，涨幅排名可比基金1/4。 流动性方面，红利低波100ETF盘中换手0.35%，成交358.36万元。拉长时间看，截至6月30日，红利低波100ETF近1周日均成交1754.19万元。 规模方面，红利低波100ETF近2周规模增长1435.55万元，实现显著增长，新增规模位居可比基金2/4。 份额方面，红利低波100ETF近2周份额增长2400.00万份，实现显著增长，新增份额位居可比基金2/4。 截至6月30日，红利低波100ETF近1年净值上涨13.99%，排名可比基金第一。从收益能力看，截至2025年6月30日，红利低波100ETF自成立以来，最高单月 回 ...

现金流ETF永赢今日发布上市公告书，基金将于2025年7月3日上市，上市交易份额为3.00亿份，该基金 成立日为2025年6月25日，截至2025年6月26日，基金投资组合中，银行存款和结算备付金合计占基金总 资产的比例为79.89%，股票投资占基金总资产的比例为20.08%，目前基金仍处于建仓期。 证券时报·数据宝统计，6月以来共有26只股票型ETF公告上市，平均仓位仅为21.23%，仓位最高的是鹏 华中证全指自由现金流ETF，仓位为75.41%，仓位居前的还有汇添富恒生港股通中国科技ETF、鹏华国 证港股通消费主题ETF、长城中证红利低波100ETF，仓位分别为50.65%、45.86%、40.89%，仓位较低 的为国联安中证A500增强ETF、博时国证大盘成长ETF、中银中证全指自由现金流ETF，仓位分别为 0.00%、0.00%、0.00%。 一般来说，ETF上市都要满足基金合同规定的仓位要求，发布上市公告书，距离正式上市时间会差几个 交易日，其间如果仓位较低，会在上市前完成建仓。 6月以来公告上市的ETF中，按上市交易份额统计，平均募集3.64亿份，规模居前的有汇添富恒生港股 通中国科技ETF、华安 ...

截至2025年6月27日 09:46，中证红利低波动100指数(930955)上涨0.31%，成分股兰州银行(001227)上涨 3.11%，贵阳银行(601997)上涨2.82%，西安银行(600928)上涨1.97%，紫金银行(601860)上涨1.93%，张 家港行(002839)上涨1.71%。红利低波100ETF(159307)上涨0.38%， 冲击6连涨。最新价报1.05元，成交 484.03万元。拉长时间看，截至6月26日，红利低波100ETF近1周日均成交1457.63万元。 资金流入方面，红利低波100ETF最新资金净流出209.37万元。拉长时间看，近10个交易日内有8日资金 净流入，合计"吸金"3346.98万元，日均净流入达334.70万元。 截至6月26日，红利低波100ETF近1年净值上涨14.89%，居可比基金第一。从收益能力看，截至2025年6 月26日，红利低波100ETF自成立以来，最高单月回报为15.11%，最长连涨月数为2个月，最长连涨涨幅 为5.84%，涨跌月数比为7/6，上涨月份平均收益率为3.90%，历史持有1年盈利概率为100.00%。截至 2025年6月26日 ...