Group 1 - The A-share market has been experiencing continuous fluctuations this year, with the Southern Dividend Low Volatility 50 ETF (515450) gaining popularity due to its steady performance in a volatile environment, surpassing a scale of 10 billion yuan as of June 30 [1][3] - The Southern Dividend Low Volatility 50 ETF closely tracks the S&P China A-Share Large Cap Dividend Low Volatility 50 Index, which selects 50 high dividend yield and low volatility large-cap stocks from the A-share market, constructed using a dividend yield weighting method [3] - As of June 27, 2025, the index's dividend yield reached 5.45%, significantly outperforming the yield of 10-year government bonds, highlighting its high allocation value in a low-interest-rate environment [3] Group 2 - The index is designed to prioritize low-volatility stocks among high-dividend stocks, providing strong downside protection during market fluctuations and effectively reducing market risk for investors [3] - The index is diversified across multiple sectors, including banking, utilities, and transportation, which mitigates single-industry risk and enhances overall stability [3] - Recent policies, such as the new "National Nine Articles," have strengthened dividend regulation for listed companies, increasing the attractiveness of dividend assets [3] Group 3 - The Southern Fund Index team has a diverse background in mathematics, computer science, and financial engineering, possessing extensive experience in index product development, quantitative research, and fund management, leading the industry in tracking error control [4] - As of March 31, 2025, the Southern Fund's stock ETFs have ranked first in tracking accuracy among peers over the past decade [4]

低息时代来临。 新经济e线获悉，低利率环境下，资金对红利资产有较高的配置需求。红利资产往往对应着具有稳健盈利能力和良好财务状况的公司，它们通过分 红将部分利润返还给股东，形成稳定的现金流入。低利率时代，银行定期/活期存款、债券等投资的收益率进一步降低，部分投资者则将倾向于配 置权益资产，特别是低波动、高股息、高现金流的权益资产。 同时，随着"新国九条"等政策的逐渐落实，A股乃至港股上市公司的分红积极性、持续性有望提高。春节以来南下资金主要增配了银行、电信服 务等行业的高股息资产。另外，近年来险资保费收入持续增长，更追求绝对收益的险资对于高股息类资产的配置需求也有望提升。 红利投资成为潮流 据新经济e线了解，近年来，A股市场中红利投资成为潮流，基金公司陆续推出各类型红利ETF以便于投资者配置红利资产。 作为红利投资的重要工具，红利类指数产品通过指数化投资，投资者可以获得更广泛的红利资产覆盖和更好的风险分散效果。但红利指数品种繁 多，其收益风险特征也大相径庭。 根据其编制逻辑、选股和加权方案的差异，红利指数主要分为宽基红利指数、策略红利指数以及主题红利指数等。其中，宽基红利指数为全市场 选样，覆盖不同行业和市值规 ...

Core Viewpoint - The central theme of the articles is the increasing popularity of dividend assets in the current low-interest-rate environment, driven by the recent monetary policy adjustments and regulatory changes that enhance cash dividend practices among listed companies [2][3][12]. Group 1: Market Conditions and Trends - In May 2025, the central bank unexpectedly implemented a "double reduction" policy, lowering the reserve requirement ratio by 0.5 percentage points and the policy interest rate by 0.1 percentage points, releasing over one trillion yuan in liquidity [2]. - The ten-year government bond yield fell to a historical low of 1.64%, contributing to a capital market "asset shortage" [2]. - The dividend yield of the S&P China A-share Large Cap Dividend Low Volatility 50 Index surpassed 6%, nearing a ten-year high, making dividend ETFs attractive to institutional and individual investors [2][3]. Group 2: Performance of Dividend Assets - As of June 9, 2025, the net asset value of the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF (code: 515450) exceeded 9.2 billion yuan, representing a growth of over 300% compared to the same period in 2024 [2]. - The S&P China A-share Large Cap Dividend Low Volatility 50 Index had a dividend yield of 5.47% as of June 9, 2025, with a risk premium of 3.82% over the ten-year government bond yield [5]. - The index demonstrated strong performance from 2021 to 2024, with annual returns consistently outperforming the CSI 300 Index by over 10 percentage points [8]. Group 3: Investment Tools and Strategies - The Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF aims to minimize tracking deviation and error while focusing on high-dividend, low-volatility large-cap stocks [4]. - The introduction of the Free Cash Flow Index addresses the limitations of dividend-focused indices by considering both dividends and share buybacks as measures of shareholder returns [9]. - The Free Cash Flow Index has shown a cumulative increase of 595.68% since its inception on December 31, 2013, with an annualized return of 19.06% as of June 9, 2025 [9]. Group 4: Fund Management and Future Outlook - The Southern Fund's passive index funds are managed with precision, achieving an industry-leading tracking error of only 0.38% in 2024 [11]. - The recent approval of the Southern Free Cash Flow ETF (code: 159232) on April 23, 2025, reflects growing interest in cash flow-based investment strategies [10]. - The combination of the Dividend Low Volatility ETF and the Cash Flow ETF is positioned as a strategic choice for investors navigating through economic cycles, serving as a "safe haven" in volatile markets [12].