Core Insights - The A-share market has experienced significant volatility, with the Shanghai Composite Index dropping below key support levels, leading to a decline of nearly 5% in just over a week [1][4] - Active equity funds have faced substantial performance declines, with nearly 90% reporting negative returns in the fourth quarter, and over 30% experiencing declines exceeding 10% [2][3] - In contrast, the ETF market has seen a surge in inflows, with over 102.8 billion yuan entering stock ETFs in the fourth quarter, reversing a trend of outflows from the previous quarter [3] Group 1: Market Performance - The Shanghai Composite Index fell to 3836.77 points, with a cumulative decline of 4.78% over the last seven trading days [4] - Active equity funds have seen a dramatic reduction in performance, with only 23% of previously high-performing funds remaining in positive territory [2] - The decline in active funds is attributed to a significant market correction, particularly affecting sectors like AI and pharmaceuticals that had previously attracted substantial investment [2][3] Group 2: ETF Market Dynamics - The ETF market has attracted significant capital, with 102.8 billion yuan net inflow in the fourth quarter, marking a stark contrast to the nearly 50 billion yuan outflow in the previous quarter [3] - Notable inflows have been observed in broad-based ETFs, with specific products like the Southern CSI 500 ETF and the E Fund ChiNext ETF seeing net inflows exceeding 40 billion yuan [3] - Defensive investment strategies have gained traction, with funds focused on low volatility and free cash flow attracting significant capital, indicating a preference for stable assets in a turbulent market [3] Group 3: Future Market Outlook - Analysts suggest that the current market volatility may present long-term investment opportunities in sectors with strong fundamentals, despite short-term challenges [5][6] - The ongoing adjustments in market sentiment are expected to continue, with a focus on sectors such as technology, consumption, and high-end manufacturing as potential growth areas [6] - The overall outlook remains cautiously optimistic, with expectations of a gradual upward trend in the A-share market, supported by structural improvements in the domestic economy and favorable monetary conditions [6]

证 券 研 究 报 告 金融工程周报 宽基ETF净买入超300亿, 推荐关注创业板ETF ——指数基金投资+ 2025年11月23日 PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 01 ETF投顾策略跟踪 n 联系人：刘新源 n SAC编号：S1050123100011 n 分析师：吕思江 n SAC编号：S1050522030001 n 联系人：武文静 n SAC编号：S1050123070007 1. ETF投顾策略跟踪 目 录 2. 指数基金新发市场追踪 CONTENTS 3. ETF资金流向 4. 市场表现复盘 1.1 鑫选ETF绝对收益策略 鑫选ETF策略样本外表现出色 数据来源：wind，华鑫证券研究 PAGE 4 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 p 在前期报告《基于技术面量化的指数基金绝对收益策略：指数基金投资+系列报告之一》中，我们通过"抽屉法"，在场 内权益ETF池中进行测试。组合过去三年年化收益 14.23%，最大回撤仅为8.6%，夏普比率达到 1.44，样本内表现出色。 p 鑫选ETF策略组合的目标，是在鑫选ETF池中通过持有的交易，同时跑出绝对收 ...

同时，多家公募机构旗下红利产品规模创下历史新高，展现出震荡市中独特的"吸金"能力。 本报记者 彭衍菘 规模最大的红利主题ETF—华泰柏瑞基金旗下红利低波ETF于11月14日刷新规模纪录，达266.03亿元，成为这一波红利行 情中的"领头羊"。 近期，红利主题ETF（交易型开放式指数基金）在资本市场中表现抢眼。Wind资讯数据显示，截至11月21日，红利主题 ETF月内净流入额达63.18亿元，自年初以来净流入额高达356.23亿元，目前规模较年初增长49.31%至1661.71亿元。 此外，还有摩根标普港股通低波红利ETF、易方达中证红利ETF、工银瑞信基金旗下港股红利ETF等刷新规模纪录，最高 纪录分别达170.07亿元、111.66亿元、90.32亿元。 "高股息资产兼具股息收益与估值修复双重潜力。"晨星（中国）基金研究中心分析师崔悦向《证券日报》记者分析，一方 面其能在低利率环境下提供可观的现金回报，另一方面较低的估值水平为后续修复留出空间。 一位公募人士对《证券日报》记者表示，上市公司分红一般在年末尤其是年报公布之后相对密度更高一些，分红季来临 前，是配置红利资产重要的时间窗口。 在红利主题ETF中， ...

Core Viewpoint - The article highlights the performance and investment appeal of the Dividend Low Volatility ETF (512890), which has shown significant capital inflows and strong market recognition. Group 1: ETF Performance - The Dividend Low Volatility ETF (512890) rose by 1.15% to 1.233 CNY, with a trading volume of 4.18 billion CNY, leading its category in terms of transaction scale [1][3] - Over the past five trading days, the ETF has seen a net inflow of 180 million CNY, and over the last 20 trading days, the net inflow reached 1.15 billion CNY, indicating strong investor interest [2][3] - As of November 19, 2025, the ETF's total circulation scale was 21.431 billion CNY, ranking first among similar products, reflecting market confidence in the dividend low volatility strategy [2][3] Group 2: Investment Strategy and Holdings - The ETF's top holdings include major banks and transportation sectors, such as China Grain Reserves Corporation, Nanjing Bank, and Agricultural Bank of China, showcasing a focus on stable dividend-paying stocks [2][6] - The ETF has achieved a cumulative return of 143.68% since its inception in December 2018, outperforming its benchmark, making it a viable option for investors seeking stable returns amid market volatility [6] Group 3: Market Outlook - Analysts from Zheshang Securities express optimism about the value of dividend assets, predicting a balanced market style in 2026, with cyclical and technology growth sectors performing well [5] - The banking sector is highlighted as having significant investment potential due to its low historical valuations and strong dividend policies, making it an attractive choice for long-term investors [5]

11月11日，早盘市场高开低走，三大股指集体收跌。在此背景下，红利低波ETF（512890）逆势上涨 0.33%，报收1.231元，换手率为1.16%，半日成交额达3.01亿元，居同类标的ETF首位。 | 代码 各称 现价 涨跌幅 IOPV 溢折率 换手率 成交金额 = 5日涨跌幅 6 | | | --- | --- | | 512890 红利低波ETF | 1.231 0.33% 1.2297 0.11% 1.16% 3.01亿 1.15% | | 563020 | 红利低波动ETF 1.264 0.24% 1.2632 0.06% 1.19% 4417.57万 1.20% | | 159547 | 红利低波ETF基金 1.261 0.00% 1.2625 -0.12% 4.26% 2061.81万 0.96% | | 159525 | 红利低波ETF 1.150 0.17% 1.1498 0.02% 2.62% 877.07万 1.32% | | 560150 | 红利低波ETF泰康 1.202 0.25% 1.2024 -0.03% 00.81% 735.95万 1.09% | | 563690 红利低 ...

上周（2025/11/3~11/7）市场整体震荡，投资者情绪趋于谨慎。从表现来看，红利类资产作为底仓配置 选项的价值或正持续凸显，市场对红利主题ETF热情踊跃。（数据来源：Wind） Wind数据显示，作为市场首只追踪红利低波指数的红利低波ETF（512890）上周（25/11/3~25/11/7）有 4日实现资金净流入，累计吸金5.74亿元，是同期A股市场上红利类主题ETF中仅有的区间资金净流入超 5亿元的产品，最新基金规模达258.14亿元，创下历史新高。与此同时，另一只聚焦港股红利类资产的 港股通红利ETF（513530）近期交投情绪同样有所升温，自2025年10月30日以来连续7个交易日实现资 金净申购，累计吸金1.75亿元，带动基金规模在连续5个交易日抬升后达23.88亿元，创2025年8月27日以 来新高。（红利低波ETF成立于18/12/19，数据来源：交易所、Wind，截至25/11/7，港股通红利ETF截 至25/10/31、25/11/7的规模分别为21.76亿元、23.88亿元） 此外，低利率环境也成为了推动红利类资产长期配置价值瞩目的主要动因。Wind数据显示，截至2025 年11月7 ...

Core Viewpoint - The article emphasizes the growing importance of dividend investment strategies in the current economic environment characterized by low interest rates and a focus on high-quality development, positioning dividend assets as a stable choice for investors seeking reliable returns [1][2]. Economic Environment - The continuous decline in interest rates, with the ten-year government bond yield dropping to 1.76% and bank deposit rates falling below 1%, has diminished the appeal of traditional fixed-income products [2]. - The significant yield difference between government bonds and dividend indices, with the latter offering 6-8% dividend yields, is attracting low-risk capital towards dividend assets [2]. Policy Influence - The "14th Five-Year Plan" encourages the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [3]. - Regulatory policies, such as the "National Nine Articles," are pushing listed companies to increase dividend payouts, with state-owned enterprises' dividends exceeding 370 billion yuan, enhancing the long-term investment value of dividend assets [3]. Types of Dividend ETFs - The article categorizes various types of dividend ETFs, including the classic CSI Dividend ETF, which focuses on high-dividend stocks primarily in traditional sectors like banking and coal, maintaining a stable dividend yield around 6% [4]. - The low-volatility dividend ETF combines high dividend yields with low volatility, appealing to risk-sensitive investors [4]. - The dividend quality ETF emphasizes sustainable profitability and growth, featuring high-quality companies and sectors like consumer goods and pharmaceuticals, albeit with lower dividend yields [5]. Investment Strategy - Dividend ETFs are positioned as defensive assets rather than aggressive growth investments, suitable for turbulent or declining markets but potentially underperforming in bull markets [6]. - Long-term investors are encouraged to reinvest dividends to accumulate more shares, enhancing wealth through compound growth [6]. - The article advises on the importance of timing and valuation awareness, noting that current valuations for dividend indices are high, suggesting caution for new investors [7]. Conclusion - The article underscores the necessity of patience and strategic planning in investing in dividend ETFs, recommending a long-term holding approach and the use of systematic investment strategies to manage market fluctuations [8][9].

Core Viewpoint - The appointment of Cui Chun as the new general manager of Huatai-PB Fund marks a significant leadership change after a five-month vacancy, raising expectations on how the management will enhance the company's competitive edge while expanding its diversified business layout [2][3][4] Group 1: Leadership Change - Cui Chun has over 20 years of experience in the financial industry, with a career path that includes roles in securities, funds, and banking, focusing on fixed income research and strategic management [3][4] - The previous general manager, Han Yong, left due to "work adjustment," and during the interim, Chairman Jia Bo acted as the general manager [4] Group 2: Company Background - Huatai-PB Fund, established in November 2004, is a Sino-foreign joint venture with a registered capital of 200 million RMB, primarily owned by Huatai Securities and BOC International [7] - As of the second quarter of this year, the fund's public offering management scale reached 707.62 billion RMB, ranking 16th in the industry, with nearly 80% of its non-monetary fund scale in equity funds [7] Group 3: Business Performance - By the end of the first half of 2025, Huatai Securities Asset Management's assets under management reached 627 billion RMB, with public fund business exceeding 160 billion RMB [4][6] - The fund's revenue for the first half of 2025 was 1.952 billion RMB, with a net profit of 204 million RMB, making it one of the few asset management firms with revenue over 1 billion RMB and net profit exceeding 500 million RMB [6][9] Group 4: Strategic Focus - Cui Chun emphasizes the need for differentiated and platform-based development in the asset management sector, with a strong focus on technology empowerment to enhance business capabilities [5] - The fund aims to maintain its index business advantage while developing active management and diversified asset allocation capabilities to meet evolving market demands and client needs [10]

Core Viewpoint - The appointment of Cui Chun as the new General Manager of Huatai-PB Fund is seen as a strategic move to enhance the company's competitive edge and diversify its business offerings, building on its existing strengths in the ETF market [2][8]. Group 1: Appointment Details - Cui Chun officially takes over as General Manager of Huatai-PB Fund starting October 28, 2023, with the previous acting General Manager role held by Chairman Jia Bo being relinquished [2]. - Cui Chun has over 20 years of experience in the financial industry, having previously served as the Chairman of Huatai Securities Asset Management and held various positions in other financial institutions [2][7]. Group 2: Background and Experience - Cui Chun holds a master's degree from Tsinghua University and has worked in several prominent financial institutions, including China Everbright Securities, China Construction Bank, and Harvest Fund Management [7]. - Under her leadership at Huatai Securities Asset Management, the company achieved significant growth, with revenue exceeding 1.2 billion yuan and net profit reaching 713 million yuan in the first half of 2025 [7]. Group 3: Strategic Implications - The appointment is expected to strengthen Huatai-PB Fund's existing passive investment framework while also enhancing its capabilities in multi-asset management and financial technology [8][10]. - Huatai-PB Fund has a strong position in the ETF market, with its ETF management scale reaching 597.8 billion yuan as of September 2025, marking an increase of 118.6 billion yuan year-on-year [10]. Group 4: Industry Context - The fund industry has seen a wave of management changes, with nearly twenty new general managers appointed across various fund companies in 2023, indicating a trend of restructuring to adapt to market demands [11]. - The presence of leaders with diverse backgrounds in banking, securities, and asset management is believed to enhance resource integration and risk management capabilities within fund companies [12].

Core Viewpoint - The A-share market has shown signs of recovery with a significant inflow of funds into stock ETFs, indicating renewed investor interest and confidence in the market [2][4]. Fund Inflows - On October 15, stock ETFs experienced a net inflow of 8.8 billion yuan, marking the fifth consecutive trading day of positive inflows in October, totaling over 80 billion yuan [2][4][9]. - The leading sectors attracting investment include technology, rare earths, banking, and securities, with the Hang Seng Technology ETF alone seeing nearly 9.5 billion yuan in inflows [4][5]. ETF Performance - As of October 15, the total scale of stock ETFs in the market reached 4.59 trillion yuan, with 49 ETFs recording net inflows exceeding 1 billion yuan [4][5]. - The top three ETFs by net inflow on that day were the Huatai-PB CSI 300 ETF, the Jiashi Rare Earth ETF, and the Huatai-PB Dividend Low Volatility ETF, each with inflows exceeding 700 million yuan [4][5]. Sector Analysis - The banking sector saw a net inflow of 1.36 billion yuan, while the rare earth sector attracted 1.27 billion yuan [4][5]. - Conversely, certain sectors such as internet, ChiNext, and healthcare ETFs experienced significant outflows, with the top three losing nearly 1.4 billion yuan collectively [9][11]. Market Outlook - Analysts suggest that October may serve as a critical window for policy and earnings verification, with structural opportunities and volatility expected to coexist [10]. - The upcoming third-quarter earnings reports are anticipated to reinforce the logic of profit-driven investment, particularly in technology and resource sectors [10].