红利+黄金：最大回撤的有效控制 持有"中证红利+黄金"的投资组合可以有效地提示组合的风险收益比，同时降低最大回撤。虽然在近年黄金处于牛市，但若配置一定红利后，可以提高配置 的风险收益比，尤其在控制最大回撤方面效果较好。 在 2021年8月至2021年12月期间，全球经济从疫情冲击中逐步复苏，市场对风险资产的偏好有所回升，黄金回撤但股票市场的表现较好，红利的上涨有效对 冲黄金的下跌，降低组合净值波动，从而提升投资者的投资体验。 在资产配置的迷宫中，投资者总在寻找那颗能够平衡风险与收益的"全能拼图"。它最好既能分享经济周期的红利，又能抵御市场下行的波动；既具备股票的 成长潜力，又拥有债券般的稳定收益。这样的资产，真的存在吗？答案或许就藏在红利类资产之中。它如同一位拥有双重身份的实力派：一方面，其成分股 扎根于煤炭、石化、金融等与经济周期紧密相连的领域，与商品波动同频，展现出强烈的"股性"；另一方面，高股息特性赋予它定期分红的"类债"属性，尤 其在利率下行的当下，成为资金追逐的"避风港"。 正是这种独特的跨资产属性，让红利资产成为了投资组合中高效的"平衡器"。无论是与债券、黄金、商品搭档，还是与成长型权益资产为伍， ...

截至午间收盘，中证红利价值指数上涨0.1%，中证红利低波动指数上涨0.02%，恒生港股通高股息低波动指数上涨0.01%，中证红利指数下跌0.04%。 红利价值ETF 跟踪中证红利价值指数 该指数由50只股息率高且价值特征 突出的股票组成,反映分红水平高 且价值特征突出股票的整体表现, 银行、煤炭、交通运输行业合计占 比约80% 72. 0% 0. 1% 7.6倍 4 注! "该指数"指名上述基金产品具体阅踪的指数。数据来自Wirid，按数涨跌幅提至2025年8月19日午间收盘。演动市盈率及其所处分位、股息事截至2025年8月18日。凉动市盈率-急市值 公司股东的净利润、该估值指标和企业品利紧密相关。适用于盈利相对稳定且受周期影响较小的行业。指数源动市盈华防处分位指馆指数历史上现动市业率低于当前菜动市盈军的时间占比。 分位区间为微数发布日/加农方式调整日 / 可查熔估值数据记录日起至2025年8月18日，中证红利报数208年5月26日发布，自2013年12月16日起由原免资市值加权调整为股票率加权、因此分 月16日起，中证红利低波动指数2013年12月19日发布，恒生港股通高股息低滨动指数2017年5月8日发布 ...

Group 1 - The Hang Seng High Dividend Low Volatility Index increased by 0.2% while the CSI Dividend Low Volatility Index decreased by 0.1% [1] - The CSI Dividend Index fell by 0.3% and the CSI Dividend Value Index dropped by 0.4% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of 3.6 million units in half a day [1] Group 2 - As of yesterday, the Hang Seng Dividend Low Volatility ETF (159545) has experienced net inflows for six consecutive trading days, totaling over 300 million yuan [1] - The latest scale of the product reached 4.3 billion yuan, setting a new high since its inception [1] Group 3 - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable performance, with banks, coal, and transportation sectors accounting for over 55% [2] - The index has a rolling price-to-earnings ratio of 8.3 times and a dividend yield of 4.4% [2] Group 4 - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, reflecting the overall performance of A-share companies with high dividend levels and low volatility [3] - The index has a rolling price-to-earnings ratio of 8.4 times and a dividend yield of 4.2% [3] Group 5 - The Hang Seng High Dividend Low Volatility Index includes 50 stocks within the Hong Kong Stock Connect that have good liquidity and low volatility, representing the overall performance of companies with high dividend levels [3] - The index has a rolling price-to-earnings ratio of 7.4 times and a dividend yield of 5.8% [3] Group 6 - The CSI Dividend Value Index consists of 50 stocks with high dividend yields and value characteristics, reflecting the overall performance of companies with high dividend levels [3] - The index has a rolling price-to-earnings ratio of 7.8 times and a dividend yield of 4.3% [3]

红利板块早盘走强，截至午间收盘，中证红利价值指数上涨0.7%，中证红利指数上涨0.6%，恒生港股 通高股息低波动指数上涨0.5%，中证红利低波动指数上涨0.5%，恒生红利低波ETF（159545）半日获净 申购2640万份。截至昨日，该产品已连续5个交易日获资金净流入，最新规模42.3亿元、创历史新高。 | 红利ETF易方达 | | | | 515180 | | --- | --- | --- | --- | --- | | 跟踪中证红利指数 | | | | | | 该指数由100只现金股息率高、分红 较为稳定,并具有一定规模及流动 | 截至午间收盘 该指数涨跌 | 该指数 滚动市盘率 | 该指数自2013年 以来估值分位 | 该指数股息率 | | 性的股票组成,反映高股息率A股上 | | | | | | 市公司股票的整体表现,银行、煤 炭、交通运输行业合计占比超55%, | 0. 6% | 8.2倍 | 69.5% | 4. 4% | | 其中银行占比较高 | | | | | | 红利低波动ETF | | | | 563020 | | 跟踪中证红利低波动指数 | | | | | | 该指数由50只流动性好, ...

Core Insights - The Hang Seng High Dividend Low Volatility Index increased by 2.7% this week, while the CSI Dividend Value Index rose by 2.6%, and both the CSI Dividend Index and CSI Dividend Low Volatility Index saw a 2.4% increase [1][2]. Index Performance - The CSI Dividend Index and CSI Dividend Low Volatility Index both recorded a weekly increase of 2.4% [2]. - The Hang Seng High Dividend Low Volatility Index had the highest weekly gain at 2.7% [2]. - The CSI Dividend Value Index increased by 2.6% this week [2]. Fund Inflows - The Hang Seng Dividend Low Volatility ETF (159545) experienced a net inflow of 120 million yuan this week, bringing its total size to 4.1 billion yuan, a record high [1]. Dividend Yields and Valuation Ratios - The dividend yields for the indices are as follows: CSI Dividend Index at 4.4%, CSI Dividend Low Volatility Index at 4.1%, Hang Seng High Dividend Low Volatility Index at 5.8%, and CSI Dividend Value Index at 4.3% [2]. - The rolling price-to-earnings ratios are: CSI Dividend Index at 8.3x, CSI Dividend Low Volatility Index at 8.4x, Hang Seng High Dividend Low Volatility Index at 7.3x, and CSI Dividend Value Index at 7.8x [2]. Sector Composition - The CSI Dividend Low Volatility Index consists of 50 stocks with high liquidity and stable dividends, with banking, coal, and transportation sectors accounting for over 60% of the index [3]. - The Hang Seng High Dividend Low Volatility Index also includes 50 stocks, with financial, real estate, and energy sectors making up over 60% [3]. - The CSI Dividend Value Index is composed of 50 stocks with high dividend yields and value characteristics, with banking, coal, and transportation sectors comprising about 80% [3].

Core Viewpoint - The A-share market is experiencing a strong rebound, with a notable increase in the attractiveness of dividend-paying assets in a low-interest-rate environment, particularly in the Hong Kong stock market [1][2]. Group 1: Market Performance - The three major A-share indices are showing a strong upward trend, while the Hong Kong stock market is also performing well, with the Hang Seng Dividend Low Volatility ETF (159545) following the market rebound [1]. - The Hang Seng Dividend Low Volatility ETF has seen a continuous net inflow of funds for 12 trading days, reaching a fund size of over 3 billion yuan, marking a historical high [1]. Group 2: Investment Trends - Insurance capital is increasingly favoring high-dividend stocks, particularly in stable profit sectors such as banking, transportation, and public utilities, primarily in the Hong Kong market due to its low valuations and high dividend yields [1]. - A recent policy change by the Ministry of Finance aims to encourage insurance funds to invest in high-dividend assets, potentially injecting long-term capital into the dividend sector [1]. Group 3: Dividend Focus - The demand for dividend assets is expected to rise as investors seek stable cash flows and high dividend yields amid global uncertainties, with a seasonal peak for dividend payouts occurring after June [2]. - E Fund is noted as the only fund company offering low-fee rates for all its dividend ETFs, which include several products aimed at facilitating low-cost investments in high-dividend assets [2].

Group 1 - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) has increased by 0.61%, with notable movements in constituent stocks such as China Cinda (+2.8%) and Minsheng Bank (+5.2%) [1] - The Hang Seng Low Volatility ETF (159545) has seen significant capital inflows, totaling over 290 million in the last five days and over 730 million in the last 20 days [1] - As of July 9, the Hang Seng Low Volatility ETF (159545) reached a record fund size of 2.609 billion, ranking first among its peers [4] Group 2 - A total of 90 companies are implementing dividend distribution plans today, with 52 companies offering cash dividends of 1 yuan or more per 10 shares, and China Merchants Bank offering the highest at 20 yuan per 10 shares [7] - China Galaxy Securities suggests that in the current uncertain global environment, investors' demand for risk aversion will increase, making dividend assets attractive due to their stable cash flow and high dividend yield [7] - The Hang Seng High Dividend Low Volatility Index selects 50 high dividend, low volatility stocks from the Hong Kong Stock Connect, achieving a one-year dividend yield of 6.43% [7]

Group 1 - The core viewpoint of the articles highlights the increasing popularity and performance of dividend-related ETFs amidst market volatility, with significant inflows and historical scale achievements [1] - In the first half of the year, dividend-related ETFs attracted over 17 billion yuan in net inflows, bringing their total scale to over 140 billion yuan [1] - The Hang Seng Dividend Low Volatility ETF (159545) and the Dividend Low Volatility ETF (563020) received net inflows of 1.5 billion yuan and 1 billion yuan respectively, reaching historical highs in scale [1] Group 2 - The current global uncertainty has led to a heightened demand for risk aversion among investors, making dividend assets attractive due to their stable cash flow and high dividend yield [1] - The policy environment continues to encourage listed companies to distribute dividends, which is expected to attract more funds to the dividend sector in the medium to long term [1] - June marks the peak period for annual dividend distributions, making it a favorable time for positioning in dividend assets as many companies implement dividends during this month [1] Group 3 - E Fund is noted as the only fund company that implements low fee rates across all its dividend ETFs, including products like E Fund Dividend ETF (515180), Dividend Low Volatility ETF (563020), and Hang Seng Dividend Low Volatility ETF (159545) [2]

Group 1 - The core viewpoint of the article highlights the positive performance of the China Securities Dividend Index, which rose by 0.2% in early trading, with significant gains from stocks like Shaanxi Coal and Ordos, both increasing over 2% [1] - Over 300 listed companies in A-shares have announced plans for mid-year dividends for 2025, with many providing details on the proportion of profits allocated for dividends and some offering specific dividend proposals [1] - According to CITIC Securities, June marks a favorable time for investing in dividend assets, as many companies distribute dividends during this month, attracting investor interest in dividend yields [1] Group 2 - The China Securities Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, primarily from the banking, coal, and transportation sectors, which together account for over 55% of the index [1] - The E Fund Dividend ETF (515180) has a low management fee rate of 0.15% per year, making it a cost-effective option for investors looking to invest in dividend assets [1]

Core Viewpoint - The market showed mixed performance with the Shanghai Composite Index briefly surpassing 3400 points, driven by strong performance in dividend and defensive sectors such as banking, insurance, and electricity, alongside active pharmaceutical stocks [1]. Group 1: ETF Performance - Several ETFs, including the Dividend Low Volatility ETF (563020) and the Hang Seng Dividend Low Volatility ETF (159545), performed well, with the latter achieving a half-day trading volume exceeding 88 million yuan and a record high scale of over 1.7 billion yuan [1][2]. - The Hang Seng Dividend Low Volatility ETF (159545) recorded a 1.74% increase with a year-to-date performance of 11.12%, while the Dividend Low Volatility ETF (563020) saw a 0.57% increase and a year-to-date performance of 4.91% [2]. Group 2: Fund Distribution and Characteristics - The Dividend Low Volatility ETF (563020) is set to distribute a dividend of 0.1 yuan per 10 fund shares, with the record date on June 11 and the payment date on June 17 [2]. - The underlying index of the Dividend Low Volatility ETF selects 50 securities based on liquidity, consistent dividend payments, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [3]. Group 3: Market Insights - The annualized return of the CSI Dividend Low Volatility Total Return Index has reached 18.2% since its base date, with six consecutive weeks of positive performance [4]. - In the context of challenges such as tariff policies and market adjustments, high-dividend and high-yield securities are viewed as a solid foundation for investment returns, especially during a rate-cutting cycle where dividend assets maintain allocation value [4].