Core Viewpoint - The market shows mixed performance with the Shanghai Composite Index rising while the ChiNext Index experiences a pullback, amidst a focus on the performance of the Dividend Low Volatility ETF (512890) which leads its category in trading volume and price stability [1][6] Market Performance - On December 25, the Dividend Low Volatility ETF (512890) increased by 0.08% to a price of 1.178 yuan, with a turnover rate of 0.92% and a trading volume of 246 million yuan, making it the top performer among similar ETFs [1][6] - Over the past five trading days, the ETF has seen a net inflow of 930 million yuan, with a total of 1.72 billion yuan over the last ten days, and 5.81 billion yuan over the last sixty days, indicating strong investor interest [2][7] Institutional Insights - Shenwan Hongyuan Securities anticipates the initiation of a spring market rally in 2026, highlighting that while key sectors like AI may have limited upward potential, alternative themes such as policy-driven investments and high dividend strategies are expected to be active [4][9] - The firm notes two positive short-term factors: sustained liquidity in the spring market and a favorable policy window in the coming months, which historically supports market rebounds before the Spring Festival [4][9] - Open Source Securities emphasizes that "technology first" will be the strongest theme in the upcoming bull market, with a shift towards factor investing focusing on profit growth and return on equity (ROE) [4][9] ETF Historical Performance - The Dividend Low Volatility ETF (512890) was established in December 2018 and has shown robust historical performance, achieving a return of 135.06% as of December 24, 2025, significantly outperforming its benchmark and ranking 80th among 502 similar products [5][10] - The ETF is positioned as a stable investment tool for volatile markets, with recommendations for investors to consider regular investment strategies to mitigate risk [5][10]

12月23日，市场冲高回落，三大指数一度集体翻绿，在此背景下，红利低波ETF（512890）收盘持平， 涨跌幅为0.00%，全天换手率1.92%，成交额5.10亿元。 | 代码 名称 | 现价 涨跌幅 IOPV 浴折率 | 换手率 成交金额 ▼ 5日涨跌幅 60日涨跌幅 | | | --- | --- | --- | --- | | 512890 红利低波ETF | 1.173 0.00% 1.1748 -0.15% 1.92% | 5.10亿 0.34% 2.00% | | | 563020 红利低波动ETF | 1.191 0.00% 1.1916 -0.05% 2.31% | 1.02亿 | 0.51% 1.77% | | 159547 | 红利低波ETF基金 1.202 0.00% 1.2040 -0.17% 7.80% 7313.21万 | | 0.50% 1.86% | | 560150 红利低波ETF表康 | 1.141 -0.09% 1.1417 -0.06% 1.41% 1199.54万 | | 0.44% 1.52% | | 159525 红利低波ETF | 1.095 0.37% 1.0 ...

红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月11日，该指数近1年股息率为 4.42%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月11日，该指数近1年股息率为3.49%；红利质量ETF（159758）是跟 踪该指数的唯一ETF。 三联锻造：每10股派0.700000元人民币现金（含税），股权登记日为2025-12-18，除息除权日为2025- 12-19，数据来源《三联锻造：2025年前三季度权益分派实施公告》；申万一级行业为汽车，非红利低 波（H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 德冠新材：每10股派2.000000元人民币现金（含税），股权登记日为2025-12-18，除息除权日为2025- 12-19，数据来源《德冠新材：2025年前三季度权益分派实施公告》；申万一级 ...

Core Viewpoint - The adjustment of risk factors for insurance companies aims to enhance their investment capabilities and support foreign trade enterprises, potentially leading to increased capital market activity [1] Group 1: Policy Adjustments - The notification released on December 5, 2025, focuses on adjusting risk factors related to insurance companies' investment in stocks and export credit insurance [1] - The adjustments are intended to cultivate patient capital and encourage insurance companies to support foreign trade enterprises, aligning with national strategies [1] Group 2: Market Impact - As of the end of Q3 2025, the total investment balance of life and property insurance companies reached 36,116.7 billion yuan, with stock investments amounting to 3,621 billion yuan, representing a record high of 10.0% [1] - The reduction in risk factors is estimated to release minimum capital of approximately 29 billion yuan, which, if fully allocated to increase holdings in the CSI 300 index, could bring about 96.6 billion yuan in potential incremental funds [1] Group 3: Investment Strategies - Market analysts suggest that the choice of investment vehicles will be crucial, particularly favoring low-fee index funds for long-term investments [1] - Data indicates that the dividend low-volatility ETF (159547) and the Sci-Tech Innovation 50 ETF (588000) both have a comprehensive fee rate of 20 basis points, making them among the lowest in the market [1]

红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月5日，该指数近1年股息率为 4.16%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月5日，该指数近1年股息率为3.44%；红利质量ETF（159758）是跟 踪该指数的唯一ETF。 达嘉维康：每10股派发现金红利人民币0.22元（含税），股权登记日为2025-12-12，除息除权日为2025- 12-15，数据来源《达嘉维康：2025年前三季度权益分派实施公告》；申万一级行业为医药生物，非红 利低波（H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 金明精机：每10股派发现金红利0.2元（含税），股权登记日为2025-12-12，除息除权日为2025-12-15， 数据来源《金明精机：2025年前三季度权益分派实施公告》；申万一级行业为机械设 ...

红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月4日，该指数近1年股息率为 4.14%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月03日，该指数近1年股息率为3.46%；红利质量ETF（159758）是 跟踪该指数的唯一ETF。 森赫股份：每10股派发现金红利2元（含税），股权登记日：2025-12-10，除息除权日：2025-12-11，数 据来源《森赫股份:2025年前三季度权益分派实施公告》；申万一级行业：机械设备，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 广州发展：每股现金红利0.10元（含税），股权登记日：2025-12-11，除息除权日：2025-12-12，数据 来源《广州发展:2025年前三季度权益分派实施公告》；申万一级行业：公用事业，非红利低波 ...

红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月03日，该指数近1年股息率为 4.12%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF。 中触媒：每股现金红利0.30元（含税），股权登记日：2025-12-09，除息除权日：2025-12-10，数据来 源《中触媒：2025年前三季度权益分派实施公告》；申万一级行业：基础化工，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 （文章来源：每日经济新闻） 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月03日，该指数近1年股息率为3.45%；红利质量ETF（159758）是 跟踪该指数的唯一ETF。 东方创业：每股现金红利0.029元（含税），股权登记日：2025-12-09，除息除权日：2025-12-10，数据 来源《东方创业：2025年中期权益分派实施公告》；申万一级行业：商贸零售，非红利低 ...

金杨股份：每10股派2.000000元人民币现金（含税），股权登记日：2025-12-05，除息除权日：2025- 12-08，数据来源《金杨股份：2025年第三季度权益分派实施公告》；申万一级行业：电力设备，非红 利低波（H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至11月28日，该指数近1年股息率为 4.13%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至11月28日，该指数近1年股息率为3.45%；红利质量ETF（159758）是跟 踪该指数的唯一ETF。 美好医疗：每10股派发现金红利人民币0.80元（含税），股权登记日：2025-12-05，除息除权日：2025- 12-08，数据来源《美好医疗：2025年前三季度权益分派实施公告》；申万一级行业：医药生物， ...

Group 1 - The core viewpoint of the articles indicates that "smart money," particularly insurance funds, is significantly increasing its allocation towards dividend-paying assets in the Chinese market, with the asset allocation ratio reaching 15.5% in Q3, nearing the historical peak of 16.1% in H1 2015 [1] - The allocation direction is clear, with substantial increases in investments in sectors such as banking, steel, and textiles, which are characterized by high dividend yields [1] - This trend signals that in an uncertain market environment, assets with stable cash flows and high dividend capabilities are becoming the "ballast" sought after by large funds [1] Group 2 - In addition to individual stocks, index investment is a primary method for accessing dividend assets, particularly for ordinary investors due to its lower entry barriers [2] - The article notes a significant change in dividend index investment strategies over the past two years, with traditional single dividend strategies no longer being mainstream; instead, more advanced strategies incorporating various factors are emerging [2] - For instance, the "Central Enterprise" buff has gained attention, as state-owned enterprises are under pressure to enhance dividend rates and investor returns due to "Central Enterprise Market Value Management" assessments [2] - Data shows that the Hong Kong stock Central Enterprise Dividend ETF (513910) tracks the Central Enterprise Dividend Index, with a one-year dividend yield of 5.67%, surpassing the 10-year government bond yield of 3.85%, making it an attractive option in a low-interest-rate environment [2]

指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的股息率、投资期 内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是确定的正向助 力。股息率越高，确定的正向收益也就越高。 存款有利息，股票有股息。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。有数据显示，他在1975至1999年运 用该策略投资的平均复利回报达18%，远高于市场3%的平均水平。 | | 涨跌幅% | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 6.94 | 2025/5/20 | 2025/11/19 | | 近1年涨跌幅 | 12.58 | 2024/11/20 | 2024/11/19 | | 近2年涨跌幅 | 35.25 | 2023/11/20 | 2023/11/19 | | 近3年涨跌幅 | 54.76 | 2022/11/21 | 2022/11/19 | ▶高分红,低波动 红利低波ETF基金 159547 送 ...