进入2025年11月，A股市场三季报披露已基本结束，即将迎来数月的业绩真空期。叠加年末重要会议可 能带来的政策预期，投资者情绪趋于谨慎。在此阶段，红利类资产凭借其较低波动性和较高盈利确定 性，有望成为资金进行风险防御的重要工具。从近期资金动向看，部分投资者为降低市场不确定性带来 的影响，已开始提前布局股息率较高、基本面较稳健的红利类资产。（数据来源：Wind，截至 25/11/12） 在增量资金持续涌入的推动下，红利低波ETF（512890）基金规模在连续4个交易日（25/11/7- 25/11/12）抬升后达264.02亿元，创成立以来（18/12/19）新高，反映出市场对红利类资产的配置热情持 续升温。（数据来源：交易所，截至25/11/12） 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。一方面，能够维持较高股息 率的企业往往具备相对稳健的盈利能力和健康的财务状况；另一方面，其高股息率或可为投资者提供可 预期的收益来源，形成资本利得之外的收益可能。截至2025年11月12日，10年期国债收益率已下行至 1.81%，与红利低波ETF（512890）标的指数红利低波指数的股息率仍然存在2 ...

Core Viewpoint - Huatai-PB Fund announced the appointment of Cui Chun as the new General Manager, effective October 28, 2023, while the previous chairman, Jia Bo, will no longer act in this capacity [1] Group 1: New Management Appointment - Cui Chun has been appointed as the General Manager of Huatai-PB Fund, with a term ending on October 28, 2025 [2] - Cui Chun holds a master's degree from Tsinghua University and has over 20 years of experience in the financial industry, having worked at various prestigious institutions [5] - Prior to joining Huatai Securities Asset Management in 2015, Cui held significant positions in companies such as Everbright Securities and China Construction Bank [5] Group 2: Company Performance and Strategy - As of mid-2025, Huatai Securities Asset Management's assets under management reached 627 billion yuan, with public fund business exceeding 160 billion yuan [5] - The company reported revenue of over 1.2 billion yuan and a net profit of 713 million yuan for the first half of 2025, making it one of the few asset management firms with such high figures [6] - Huatai-PB Fund has a strong position in the ETF market, with its ETF management scale exceeding 597.8 billion yuan, reflecting a year-on-year increase of over 118.6 billion yuan [7] Group 3: Future Outlook - The industry anticipates that Cui Chun's experience in diversified asset management and financial technology will create strong synergies with the existing leadership [6] - Huatai-PB Fund is recognized for its long-term commitment to index investment, maintaining a leading position in the passive investment sector [6] - The company is also expanding its active management capabilities, particularly in quantitative and fixed-income strategies, which is expected to support future growth [7]

Core Viewpoint - The article highlights the resilience of the Dividend Low Volatility ETF (512890) amidst a declining A-share market, showcasing its appeal as a risk-averse investment option due to its "high dividend + low volatility" strategy [1][4]. Performance Summary - Since its inception on December 19, 2018, the Dividend Low Volatility ETF has achieved a total return of 137.40% as of September 3, 2025, outperforming its benchmark and the CSI 300 index, ranking 53rd among 502 similar products [1][3]. - The ETF's assets under management have reached 20.678 billion yuan, making it the first of its kind in China to surpass this threshold [1]. Investment Strategy - The ETF tracks the CSI Dividend Low Volatility Index, which selects 50 stocks based on criteria such as liquidity, consistent dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility [4]. - The dual-factor approach of "dividend" and "low volatility" ensures the selection of financially healthy companies with stable cash returns, making it particularly advantageous during market downturns [4]. Fund Inflows and Holder Structure - The ETF has seen significant capital inflows, with a net inflow of 198 million yuan in the past five days and 2.687 billion yuan over the last 60 days [5]. - As of mid-2025, the number of holders has surged to 62,272, a 25-fold increase from mid-2022, indicating a growing market recognition and appeal [5][6]. Institutional vs. Individual Investors - Institutional investors dominate the ETF's holdings, maintaining over 80% of the total shares, while individual investors have increased their share from 0.059 billion yuan in mid-2022 to 2.931 billion yuan by mid-2025 [6][7]. - This shift reflects a trend where individual investors are moving away from speculative trading towards stable dividend-yielding assets [6]. Future Outlook - The long-term value of the Dividend Low Volatility strategy is being reassessed in light of declining traditional fixed-income asset attractiveness, positioning it as a viable alternative for investors seeking higher returns with controlled risk [10]. - The article suggests that investors should focus on undervalued sectors with policy support or improving fundamentals, as these areas may offer greater rebound potential in a fluctuating market [10].

Group 1 - The Hong Kong technology sector is experiencing a rebound, driven by increased trading activity in the Hang Seng Tech ETF (513130), which has reached a scale of 34.1 billion yuan and a trading volume of 5.87 billion yuan as of the morning close on August 25 [1] - The strength in the Hong Kong tech sector is attributed to rising expectations for a Federal Reserve interest rate cut in September, following comments from the Fed Chair indicating increased downside risks to employment [1] - The Hang Seng Tech ETF focuses on companies with strong R&D capabilities in the tech sector, including software services, retail, automotive, and media, making it sensitive to changes in interest rates [1] Group 2 - Since July 28, the Hang Seng Tech ETF has seen continuous weekly net subscriptions, with inflows of 3.068 billion yuan, 618 million yuan, 856 million yuan, and 1.527 billion yuan, leading to a record high scale of 34.1 billion yuan [1] - The average daily trading volume of the Hang Seng Tech ETF reached 5.269 billion yuan in the week of August 18-22, significantly higher than the year-to-date average of 4.830 billion yuan [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.77, which is at a low percentile compared to the past five years, indicating potential upward momentum in a more accommodative liquidity environment [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of Hong Kong's technology sector, particularly the Hang Seng Technology ETF (513130), which has seen significant trading volume and capital inflow, indicating investor interest in AI-driven business models [1][2] - The Hang Seng Technology Index, closely tracked by the ETF, includes major companies like Tencent, Alibaba, and Xiaomi, which are pivotal in the AI wave, covering various sectors such as retail, software services, and semiconductors [1][2] - Year-to-date, the technology sector in Hong Kong has attracted over 32 billion yuan in investments, with the Hang Seng Technology ETF alone receiving 7.451 billion yuan, making it the only ETF tracking the index with net inflows exceeding 6.5 billion yuan [1] Group 2 - The recent weakness in the Hang Seng Technology Index is attributed to liquidity pressures from the linked exchange rate system and a shift in investor focus from technology growth to cyclical sectors, although this trend is not expected to last long [1] - The upcoming World Humanoid Robot Competition in Beijing is anticipated to showcase advancements in AI and robotics, potentially serving as a catalyst for the Hang Seng Technology Index [1] Group 3 - The Hang Seng Technology ETF (513130) has a current scale of 31.684 billion yuan and an average daily trading volume of 4.832 billion yuan, making it a prominent tool for investors to capitalize on AI development [2] - The ETF is managed by Huatai-PB Fund, known for its successful track record in managing ETFs, including the largest A-share market ETF, the CSI 300 ETF [2][3]

资金悄然布局！红利低波ETF(512890)基金规模与 份额连续两周实现周度净增长 今年以来（25/1/1-25/3/25）红利风格整体承压，然而伴随着本轮调整，红利类资产投资价值或有所 提升，逐渐吸引更多资金关注。交易所数据显示，红利ETF（510880）、红利低波ETF（512890）2025 年3月26日早盘收盘成交额分别为1.9亿元、2.2亿元，较前一交易日放量显著。 2025年3月10日至3月25日，红利低波ETF（512890）基金份额与规模分别增长3.09亿份、7.92亿 元，均已连续两周（25/3/10-25/3/21）实现周度净增长，累计吸引3.64亿元资金布局。截至2025年3月25 日，红利ETF（510880）、红利低波ETF（512890）规模分别达222.34亿元、143.06亿元，是目前A股市 场仅有的两只百亿元规模的红利主题ETF产品。（资金流入数据来源：Wind，基金规模与份额数据来 源：交易所） 风险提示：基金有风险，投资需谨慎。基金管理公司不保证本基金一定盈利，也不保证最低收益， 基金过往业绩不能预示未来收益。市场有风险，投资需谨慎，风险自担。投资人在投资基金前应认真阅 ...