Core Viewpoint - The market showed mixed performance on August 14, with the Shanghai Composite Index briefly touching the 3700-point mark, while the Hong Kong-listed dividend low-volatility ETF (512890) demonstrated stable performance amidst short-term fluctuations in fund flows [1][2]. Fund Performance - The dividend low-volatility ETF (512890) closed at 1.202 CNY, up 0.33%, with a half-day trading volume of 274 million CNY and a turnover rate of 1.27% [1][2]. - Over the past five trading days, the ETF experienced a net outflow of approximately 510 million CNY, but maintained a net inflow of about 280 million CNY over the last 20 trading days, with a total fund size of 21.464 billion CNY as of August 13, 2025 [1][2]. Holdings and Market Trends - The ETF's major holdings include banks and infrastructure companies, with mixed performance observed among these stocks during the morning session [2][3]. - Recent trends indicate that insurance capital is increasingly investing in high-dividend bank stocks, which may provide substantial incremental capital to the banking sector, potentially benefiting the ETF's core holdings [3]. Management and Investment Strategy - The dividend low-volatility ETF was established on December 19, 2018, and has achieved a total return of 139.42% under the management of fund manager Liu Jun since inception, showcasing strong management capabilities [4]. - The ETF focuses on companies with stable dividends and low volatility, making it suitable for investors seeking steady returns and lower risk, or those looking for bond alternatives [4].

Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown positive performance with a 0.76% increase in price, attracting significant net inflows over recent trading days, indicating strong investor interest and confidence in the fund's strategy [1][2]. Fund Performance - As of August 5, the ETF's price was 1.196 CNY, with a trading volume of 2.54 billion CNY and a turnover rate of 1.16% [1][2]. - The fund has experienced a net inflow of 4.8 billion CNY over the last 5 trading days and 24.53 billion CNY over the last 20 trading days [1][2]. - The total circulation scale of the ETF reached 217.31 billion CNY as of August 4, 2025 [1]. Holdings and Strategy - The Hongli Low Volatility ETF tracks the CSI Low Volatility Index and includes major holdings such as Chengdu Bank, Industrial Bank, and Sichuan Road and Bridge, among others [1][3]. - The top ten holdings account for a significant portion of the fund's net asset value, with a combined market value of approximately 5.15 billion CNY [3]. Market Outlook - The central bank's recent meeting indicates a supportive environment for credit growth, which is expected to stabilize bank performance and asset quality, particularly in the real estate and urban investment sectors [3]. - Analysts suggest focusing on high dividend and regional growth opportunities in bank stocks, particularly large state-owned banks and quality regional banks with dividend growth potential [3]. Investment Options - For investors seeking stable returns and low volatility, the Hongli Low Volatility ETF can be accessed through various fund classes, even without a stock account [4].