炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年11月以来（25/11/1-11/24），在业绩步入空窗期与美联储12月降息预期反复等因素影响，A股整 体面临情绪回落压力，市场震荡轮动和资金年末止盈特征也在不断放大，"哑铃策略"配置思路或仍适合 当下行情，部分红利类主题ETF标杆品种凭借较为突出的防御属性，持续成为资金压舱选项。 （数据来源：Wind） Wind数据显示，目前A股市场两只百亿级红利主题ETF——红利ETF（510880）、红利低波ETF （512890）自2025年11月21日连续两个交易日获资金逆势布局，分别吸金4.40亿元、2.30亿元，在同期 全市场红利类主题ETF中资金净流入表现靠前，即使在阶段性调整窗口，资金对红利类资产的配置意愿 或依然积极。 （数据截至25/11/24） 其中，作为市场首只（成立于2018/12/19）跟踪红利低波指数的ETF，红利低波ETF（512890）自四季 度以来（25/10/1-11/24）便持续成为资金布局高股息资产的核心标的之一，区间累计吸引45.54亿元资金 布局，截至2025年11月24日，最新基金规模达258 ...

Core Insights - The A-share market is experiencing increased volatility and a collective pullback due to ongoing tensions in Sino-Japanese relations and concerns over an overseas AI bubble [1][4] - Dividend-focused ETFs, particularly the Dividend Low Volatility ETF (512890) and Dividend ETF (510880), are attracting investor interest due to their high dividend yields and low volatility characteristics [1][2] Group 1: Market Performance - As of November 25, 2021, the Dividend Low Volatility ETF (512890) and Dividend ETF (510880) recorded half-day trading volumes of 760 million and 400 million respectively, indicating significant trading activity [1] - The Dividend Low Volatility ETF has seen a net subscription of 4.324 billion since the beginning of the fourth quarter, bringing its total assets under management to 26.14 billion [2] Group 2: Investment Appeal - The one-year dividend yields for the Dividend Index and Dividend Low Volatility Index are 4.2% and 4.0% respectively, which are higher than the 1.8% yield of 10-year government bonds, making them attractive for long-term investors seeking stable returns [3] - The current market environment has led investors to prioritize asset quality, with high dividend-paying stocks becoming increasingly appealing as long-term interest rates decline [3] Group 3: Fund Management - Huatai-PineBridge Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 47.145 billion across five dividend-focused ETFs [5]

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hang Seng Technology ETF (513130) amid fluctuating market conditions, driven by investor interest in Hong Kong tech assets and the resilience of leading tech companies in their Q3 earnings reports [1][2]. - The Hang Seng Technology Index is currently at a historically low valuation, with a PE ratio of 21.57, significantly lower than the Sci-Tech 50 Index and the Nasdaq, indicating a notable valuation advantage [2]. - The Hang Seng Technology ETF has seen substantial inflows, with a net inflow of 171 billion yuan in the first 14 trading days of November, reflecting strong investor sentiment towards the tech sector [1][2]. Group 2 - The Hang Seng Technology ETF (513130) offers multiple advantages, including large scale, good liquidity, and a low management fee of 0.2% per year, making it an important tool for investors looking to gain exposure to core Hong Kong tech assets [3]. - The management company, Huatai-PB Fund, is one of the first ETF managers in China, with extensive experience in managing various successful ETFs, enhancing investor confidence in the product [3].

Group 1 - The core focus of the market has shifted towards the CSI A500 Index, which has gained attention as a tool for diversified investment amidst increasing uncertainties and competition among major powers [1][2] - The A500 ETF by Huatai-PB (563360) has shown significant trading activity, with a half-day trading volume reaching 3.589 billion yuan, making it the only ETF in the market to surpass 3.5 billion yuan in half-day trading volume [1] - Foreign institutional investors have increased their holdings in Chinese stocks, with the total number of investigations into A-share listed companies approaching 1,300, indicating a positive outlook on the value of Chinese assets [2] Group 2 - The A500 ETF closely tracks the CSI A500 Index, which employs a "sector-neutral + market capitalization selection" method, covering 35 secondary sectors and 91 tertiary sectors, thus representing the overall performance of core A-share assets [3] - The A500 ETF has a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, making it one of the lowest in the A-share market [3][5] - As of November 18, 2025, the A500 ETF has achieved a cumulative net asset value of 1.2264 yuan, making it one of the few ETFs tracking the CSI A500 Index to exceed 1.22 yuan [4]

| ત્ત્વિક 名称 | 现价 涨跌幅 IOPV 溢折率 换手率 成交金额 ▼ 5日涨跌幅 60日涨跌幅 | | | --- | --- | --- | | 512890 红利低波ETF | 1.219 -0.41% 1.2184 0.05% 1.21% | 3.21亿 -1.06% 1.84% | | 563020 红利低波动ETF | 1.252 -0.56% 1.2522 -0.02% | 0.90% 3355.35万 -1.03% 1.88% | | | 159547 | | | 159525 红利低波ETF | 1.139 -0.61% 1.1395 -0.04% | 2.20% 793.18万 -1.13% 1.79% | | | 560150 江利低波ETF表康 1.192 -0.50% 1.1918 0.02% 625.67万 -1.00% 1.96% | | | | 563690 | | | | 560890 | | 11月18日早盘，A股市场整体震荡调整，三大指数均小幅下跌，沪指半日收跌0.56% 。在此背景下，红 利低波ETF（512890）下跌0.41%，报1.219元，半日换手率 ...

Core Viewpoint - The technology sector has faced pressure due to the Federal Reserve's hawkish stance, inflation uncertainty, and debates surrounding the "AI bubble," leading to a shift in market risk appetite towards low-volatility, high-yield dividend assets, which have shown resilience and become important tools for risk defense [1] Summary by Sections Market Trends - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen significant net inflows since October, attracting a total of 4.564 billion yuan, making it the only product in the dividend-themed ETF category to exceed 4.5 billion yuan in net inflows during this period [1] - In the week from November 10 to November 14, the Dividend Low Volatility ETF (512890) recorded net inflows for four trading days, accumulating 419 million yuan, ranking among the top in its category [1] Fund Performance - The fund's scale reached a new high of 26.603 billion yuan as of November 14, 2025, making it the only dividend-themed ETF in the market with a scale exceeding 20 billion yuan [1] - The dividend yield of the Dividend Low Volatility Index is currently at 3.97%, which is favorable compared to the 10-year government bond yield of 1.81%, indicating a high attractiveness for long-term funds seeking to enhance returns in a low-risk environment [1] Investment Opportunities - Insurance funds have shown a strong preference for bank stocks, which accounted for over half of their holdings by market value at the end of the third quarter, with the number of increased holdings in bank stocks leading among all major stocks [1] - The Dividend Low Volatility ETF (512890) is expected to continue benefiting from the demand for long-term fund allocations, particularly in the context of ongoing uncertainties in the market [1] Company Background - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the first Dividend Low Volatility ETF (512890) and others focused on Hong Kong stocks [1]

Core Viewpoint - The Shanghai Composite Index reached a nearly ten-year high of 4030 points on November 25, 2023, but is now facing potential profit-taking pressures and increased market volatility due to hawkish comments from Federal Reserve officials [1] Market Performance - The market is currently in a historically high range, with short-term fluctuations expected as high-performing sectors may experience profit-taking [1] - The dividend-focused assets are gaining importance as defensive investment tools due to their stable operations, high dividend certainty, low valuations, and lower trading congestion [1] Fund Flows - The first dividend low-volatility ETF (512890) has seen increased trading activity since the fourth quarter, with a single-day trading volume of 630 million yuan and a net inflow of 174 million yuan on November 25, 2023, making it the only dividend-themed ETF with net inflows exceeding 150 million yuan during this period [1] - Other active dividend-themed ETFs include the Dividend ETF (510880) and the Central Enterprise Dividend ETF (561580), with trading volumes of 345 million yuan and 44 million yuan, respectively [1] - The Central Enterprise Dividend ETF has recorded 14 consecutive trading days of net inflows since October 27, 2025 [1] Yield Comparison - The dividend yields of the dividend low-volatility index, dividend index, and Central Enterprise Dividend Index are superior to the 10-year government bond yield, with respective yields of 4.00%, 4.15%, and 3.88% compared to a government bond yield of 1.81% as of November 25, 2023 [1] - The yield spreads are at historically high levels of 51.18%, 52.55%, and 52.55%, making them attractive for long-term funds seeking enhanced returns in a low-risk environment [1] Company Background - Huatai-PB Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the first dividend low-volatility ETF and the first Central Enterprise Dividend ETF [1] - As of November 25, 2023, Huatai-PB's five "dividend family" products have a total management scale of 47.879 billion yuan [1]

Core Viewpoint - The value style, represented by the CSI All Share Free Cash Flow Index, has shown strong performance, significantly outperforming the technology growth sector in a volatile market environment [1] Group 1: Market Performance - The CSI All Share Free Cash Flow Index has demonstrated resilience and increasing attractiveness as quality assets that generate stable free cash flow [1] - Shanghai and Shenzhen listed companies reported double growth in operating performance for Q3 2025, indicating a positive development trend [2] - The CSI All Share Free Cash Flow Index has achieved a cumulative increase of 763.83% since its inception on December 31, 2013, with an annualized return of 20.54%, surpassing other cash flow indices [5] Group 2: Investment Products - The cash flow strategy ETF, tracking the CSI All Share Free Cash Flow Index, has gained attention and experienced net inflows, reaching a fund size of 608 million yuan as of November 12, 2025 [3][4] - The ETF employs a rigorous stock selection logic, requiring companies to have positive cash flow for five consecutive years and to be in the top 80% for earnings quality [4] - The ETF and its associated funds have a monthly dividend assessment mechanism, allowing for up to 12 distributions per year, aligning with the high dividend characteristics of the index [6] Group 3: Dividend Characteristics - The CSI All Share Free Cash Flow Index has a high concentration of central state-owned enterprises, accounting for 53.55% of its constituents, with a dividend yield of 3.83%, higher than similar cash flow strategy indices [5][6] - The ETF management company, Huatai-PB Fund, has over 18 years of experience in Smart Beta strategies and has developed a range of dividend-focused ETFs [7][8]

Core Viewpoint - The Hong Kong stock market has experienced significant fluctuations since October 2025, with defensive dividend assets gaining strength, as evidenced by a record net inflow of over 1.3 trillion HKD in 2025, marking a historical high since the launch of the Stock Connect program [1] Group 1: Market Trends - Southbound funds have net bought Hong Kong stocks for 14 consecutive trading days, with a cumulative net purchase exceeding 5 trillion HKD for the first time [1] - The financial sector remains a key focus for southbound funds, attracting 12.06 billion HKD in the past week, indicating sustained interest in Hong Kong dividend assets [1] Group 2: ETF Performance - The Hong Kong Stock Connect Dividend ETF (513530) has seen an average daily trading volume of 119 million HKD in the past week, significantly higher than the year-to-date average of 74 million HKD [1] - The ETF has recorded net inflows for nine consecutive trading days, accumulating 216 million HKD, leading to a fund size increase to 2.454 billion HKD, the highest since August 26, 2025 [1] Group 3: Investment Value - In a low-interest-rate environment, the long-term allocation value of dividend assets is highlighted, with the latest dividend yield of the Hong Kong Stock Connect High Dividend (CNY) at 5.53%, surpassing major A-share dividend indices [1] - The latest price-to-book ratio of the index is only 0.70 times, indicating a valuation advantage, suggesting potential for valuation recovery as market volatility increases [1] Group 4: Fund Management - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF in the A-share market to invest in the China Securities Hong Kong Stock Connect High Dividend Investment Index through the QDII model, potentially reducing dividend tax costs for long-term holders [1] - The fund aims to provide flexible cash distribution options, with up to 12 distributions per year, enhancing investor experience [1] Group 5: Company Background - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed indices, offering a diverse range of "dividend family" products [1][2] - As of November 10, 2025, the management scale of Huatai-PineBridge's five "dividend family" products reached 47.217 billion HKD [1]

Core Viewpoint - The A-share market experienced a collective decline, with the ChiNext index dropping over 2%, while the Dividend Low Volatility ETF (512890) rose by 0.58%, indicating its resilience in a bearish market environment [1][2]. Fund Performance - The Dividend Low Volatility ETF (512890) achieved a price of 1.224 yuan with a trading volume of 3.62 billion yuan, leading its category in terms of trading activity [1][2]. - Over the past five trading days, the ETF saw a net inflow of 570 million yuan, with a total of 4.02 billion yuan over the last 20 days and 3.38 billion yuan over the last 60 days, highlighting strong investor interest [2][4]. - The fund has maintained positive returns for six consecutive years from 2019 to 2024, establishing itself as the only stock ETF in the A-share market to achieve this milestone [2][4]. Holdings and Sector Focus - The top ten holdings of the Dividend Low Volatility ETF mostly saw price increases, with notable performances from COFCO Sugar and Chengdu Bank [4]. - The ETF's holdings include significant positions in major banks, reflecting a strategy focused on stable dividend-paying stocks [4]. Market Outlook - Huatai Securities recommends a "barbell" investment strategy, suggesting that market focus will shift towards next year's profit expectations following the third-quarter reports [5]. - The advanced manufacturing sector is currently in a proactive inventory replenishment phase, with potential investment opportunities in technology and dividend assets [5]. - Guosen Securities anticipates rapid rotation of market hotspots, with structural highlights emerging from the third-quarter reports, indicating a resilient market outlook [5].