Core Viewpoint - The demand for dividend assets is increasing in a low-interest-rate environment, as investors seek stable cash flows from companies with robust profitability and financial health [1][9]. Group 1: Market Trends - Dividend investment has become a trend in the A-share market, with fund companies launching various dividend ETFs to facilitate investor allocation [3]. - The "New National Nine Articles" policy is expected to enhance the enthusiasm and sustainability of dividend payouts from A-share and Hong Kong-listed companies [1][9]. - Since the beginning of the year, southbound funds have primarily increased their allocation to high-dividend assets in sectors like banking and telecommunications [1]. Group 2: Financial Data - As of June 30, the net asset value of the Dividend Low Volatility 50 ETF (515450) reached nearly 10.1 billion yuan, a significant increase of approximately 94% from 5.2 billion yuan at the end of the previous year [1]. - The 10-year government bond yield has dropped to 1.6553% as of June 30, indicating a declining trend in fixed-income returns [2]. - The Dividend Low Volatility 50 Index has a dividend yield of 5.19%, placing it in the top 38% of its historical range over the past three years [6]. Group 3: Index Characteristics - The S&P China A-Share Large Cap Dividend Low Volatility 50 Index incorporates a unique methodology, including direct inclusion in the S&P Dividend Series Index and using dividend yield weighting instead of market capitalization [5]. - The index aims to measure the performance of 50 high-dividend, low-volatility stocks within the S&P China A-Share Large Cap Index, ensuring a balanced industry and stock representation [5]. Group 4: Investment Performance - The Dividend Low Volatility 50 ETF (515450) has achieved an annualized return of 12.8% since its inception on January 17, 2020, with consistent annual dividends [8]. - The ETF's dividend rates from 2021 to 2024 were 4.74%, 4.24%, 10.44%, and 7.55%, totaling 26.97% over four years [8]. Group 5: Investor Suitability - Dividend low-volatility assets are considered suitable as a core holding for investors seeking stable returns, those looking for assets between stocks and bonds, cash flow seekers, and investors already heavily invested in growth or small-cap funds [10].

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].