招商证券表示，在当前低利率的环境下，红利资产收益相对较高且稳定，成为投资者关注的重点；政策 引导中长期资金入市，进一步提高了红利资产长期配置需求。银行板块作为全社会最优质债权的拥有 者，具备更高的夏普比率和稳定的年化回报预期，尤其在适度宽松货币政策和增量政策持续落地的背景 下，银行板块作为红利资产仍具备强吸引力。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取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，以反映分红水平高且波动率低的证券的整体表现。 相关产品： 红利低波ETF泰康(560150)，场外联接(A类：021415；C类：021418)。 截至2025年8月8日午间收盘，红利低波ETF泰康(560150)上涨0.08%，冲击6连涨，成交826.66万元。跟 踪指数中证红利低波动指数(H30269)上涨0.26%，成分股万和电气(002543)上涨6.28%，分众传媒 (002027)上涨2.06%，中国移动(600941)上涨1.98%，隧道股份(600820)上涨1.81%，安徽建工(60 ...

Group 1 - The core viewpoint is that the Tianhong Dividend Low Volatility ETF (560150) is experiencing a tight market with significant trading volume and positive performance in its underlying index [1][2] - The Tianhong Dividend Low Volatility ETF has reached a new high in scale at 911 million yuan, ranking 3rd among comparable funds [1] - The fund has also achieved a new high in shares at 764 million, again ranking 3rd among comparable funds [1] Group 2 - The coal price is expected to rise due to increased demand and tightening supply, benefiting low valuation sectors [2] - High dividend-paying stocks are likely to see valuation improvements as coal prices establish a policy bottom [2] - The Tianhong Dividend Low Volatility Index tracks 50 securities with good liquidity, continuous dividends, and low volatility, reflecting the overall performance of high dividend and low volatility securities [2]

Group 1 - The core viewpoint of the news highlights the performance and growth of the Dividend Low Volatility ETF Taikang (560150), which has seen significant inflows and an increase in scale, indicating strong investor interest in dividend-paying stocks [1][2] - As of July 31, the Dividend Low Volatility ETF Taikang (560150) experienced a scale growth of 19.4955 million yuan over the past two weeks, ranking first among comparable funds, with a notable increase of 9 million shares in the last week [1] - The fund has attracted a total of 11.8932 million yuan in the last five trading days, reflecting a strong demand for stable dividend assets [1] Group 2 - The macroeconomic policy is expected to strengthen, with coordinated fiscal and monetary policies helping to improve the cost of bank liabilities and stabilize interest margins, which supports the fundamental value of banks [2] - The Dividend Low Volatility ETF Taikang (560150) closely tracks the CSI Dividend Low Volatility Index, which selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and low volatility, reflecting the overall performance of high dividend and low volatility securities [2]

Group 1 - The core viewpoint is that the TaiKang Dividend Low Volatility ETF (560150) has shown strong performance and increasing investor interest, with significant net inflows and a rising fund size [1][2] - As of July 22, 2025, the ETF recorded a half-day trading volume of 12.5974 million yuan, with the underlying index, the CSI Dividend Low Volatility Index (H30269), down by 0.34% [1] - The ETF has seen a cumulative increase of 3.05% over the past month, ranking first among comparable funds [1] Group 2 - The TaiKang Dividend Low Volatility ETF closely tracks the CSI Dividend Low Volatility Index, which selects 50 securities with good liquidity, consistent dividends, moderate payout ratios, positive growth in dividends per share, and low volatility [2] - The recent policy from the Ministry of Finance is expected to enhance market preference for high-dividend assets, with the coal industry being a key focus due to its stable dividend capabilities and strong cash flow [2] - Leading companies in the coal sector, such as China Shenhua and Shaanxi Coal, are anticipated to continue attracting investment as the industry stabilizes and risks are mitigated [2]

Group 1: Core Insights - The article highlights the increasing demand for stable returns in the context of low deposit rates, making high dividend yield indices, particularly the China Securities Dividend Low Volatility Index, a focal point for investors [1][11] - As of July 10, 2025, the China Securities Dividend Low Volatility Index reached a new high of 11,946.95 points, indicating strong performance in the current year [1] Group 2: Types of Dividend Indices - Dividend indices can be categorized into three main types: single-factor strategies, multi-factor strategies, and dividend + industry/theme strategies [2] - The single-factor strategy focuses solely on dividend yield, while the multi-factor strategy considers multiple factors such as dividend yield, volatility, quality, and growth [2] - The dividend + industry/theme strategy combines high dividend characteristics with specific industry or thematic focuses [2] Group 3: Advantages of the Dividend Low Volatility Index - The China Securities Dividend Low Volatility Index demonstrates strong risk resilience, with a maximum drawdown of -16.92% over the past five years, significantly lower than traditional dividend indices [3][4] - The index has a Sharpe ratio of 0.77 over the same period, indicating a superior risk-adjusted return compared to traditional dividend indices [5][6] - Since its inception, the index has achieved a cumulative return of 327.86%, outperforming traditional dividend indices and major broad market indices [6] - As of July 10, 2025, the index's 12-month dividend yield stands at 5.00%, well above the 10-year government bond yield of 1.66%, showcasing its attractive dividend characteristics [10] Group 4: Current Market Context - The current low deposit rate environment makes the high dividend yield of the Dividend Low Volatility Index particularly appealing to investors seeking asset appreciation [11] - Recent capital market reforms are expected to enhance dividend payouts from listed companies, further increasing the attractiveness of the Dividend Low Volatility Index [12] - Long-term capital, such as insurance funds, is increasingly favoring high dividend assets, creating a favorable environment for the Dividend Low Volatility Index [13] Group 5: Investment Opportunities - The Dividend Low Volatility ETF, such as the Taikang Dividend Low Volatility ETF (code: 560150), offers investors a convenient way to access high-quality dividend low volatility assets, with quarterly dividends enhancing cash returns [14]

Core Viewpoint - The performance of low-volatility dividend ETFs has shown a positive trend in the first half of 2025, with over 70% of the products experiencing growth in scale and overall net inflow of funds [1][3]. Group 1: ETF Performance - Among 14 major low-volatility dividend ETFs, the total scale reached 38.883 billion yuan, with a net increase of 6.846 billion yuan in the first half of the year [3]. - The Huatai-PB Low Volatility Dividend ETF (512890.SH) saw its scale surge to 18.741 billion yuan, contributing 73% of the total market growth for this type of ETF [3]. - Other notable performers include E Fund, Tianhong, and Harvest, with scale increases of 1.102 billion, 0.609 billion, and 0.480 billion yuan respectively [4]. Group 2: Market Dynamics - The expansion and differentiation of low-volatility dividend ETFs are primarily driven by investors' demand for yield certainty and risk control in a volatile market environment [7]. - Regulatory guidance on dividend ratios has reinforced the logic behind dividend strategies, making low-valuation assets with stable dividends more attractive [7]. - The concentration of funds towards well-recognized and larger-cap products is evident, as smaller or newer products struggle to attract significant investment [5][6]. Group 3: Product Differentiation - Despite being categorized under "low-volatility dividend," the specific tracking indices lead to varied fund flows, with mainstream broad-based indices seeing rapid growth while niche indices experience moderate inflows or even outflows [5][6]. - The Invesco Low Volatility Dividend ETF (515100.SH) faced a significant net redemption of 1.191 billion yuan, marking it as the most severely shrinking product in the market [6]. - The Huatai-PB Low Volatility Dividend ETF is noted as the first hundred-billion-level low-volatility dividend theme ETF, with a holder count exceeding 829,800, making it a standout in the market [7].

红利低波ETF泰康(560150)，场外联接(A类：021415；C类：021418)。 业内人士分析表示，低利率环境下，资金对红利资产有较高的配置需求。低利率环境下资金需要寻找基 本面和长期收益稳健的资产进行配置，红利资产首当其冲。2024年4月"新国九条" 要求加大对分红优质 公司的激励力度，2024年12月国资委印发的《关于改进和加强中央企业控股上市公司市值管理工作的若 干意见》要求央企上市公司要增强现金分红稳定性、持续性和可预期性。随着政策的逐渐落实，A股乃 至港股上市公司的分红积极性、持续性有望提高。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取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，以反映分红水平高且波动率低的证券的整体表现。 相关产品： 截至2025年5月20日 09:37，红利低波ETF泰康(560150)上涨0.53%，成交额迅速走阔。跟踪指数中证红 利低波动指数(H30269)上涨0.55%，成分股宁沪高速(600377)上涨1.47%，沪农商行(601825)上涨1.40 ...

A股红利资产配置价值持续升温，红利低波ETF泰 康(560150)溢价频现，近3月规模、份额均实现显著 增长 截至2025年3月24日 14:11，红利低波ETF泰康(560150)多空胶着，溢价频现，盘中成交额已达 1124.17万元。跟踪指数成分股三维化学领涨，交通银行、南钢股份、长沙银行、重庆银行等个股跟 涨。 截至3月21日，红利低波ETF泰康(560150)近3月规模增长1.97亿元，份额增长1.85亿份，均实现显著 增长。 兴业证券报告指出，2024年以来，红利板块AH比价开始呈现大幅下行趋势，截至2025年3月19日， 红利板块AH比价已来到2018年以来33.7%分位的历史较低水平。进一步对比AH两地红利个股的股息率 情况，若考虑分红税，当前部分A股红利个股股息率已高于其对应港股，或推动A股红利资产的配置价 值持续升温。 业内机构指出，从投资角度出发，尽管今年以来红利资产行情较去年明显降温，但盈利能力稳定且 估值偏低的特征，反而使得红利资产具备较强的安全边际。在业内人士看来，在大逻辑不变而股价调整 后，正是重新布局红利板块的时机。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数， ...