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]

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 Insights - The overall market showed a volatile trend last week, with a mix of gains and losses, as highlighted by the recent report from the China Listed Companies Association regarding the cash dividend plans of A-share companies [1] Group 1: Market Performance - As of October 31, 2025, a total of 1,033 listed companies in A-shares announced cash dividend plans for the first, second, and third quarters, an increase of 141 companies compared to the same period last year [1] - The total cash dividend amount across the market reached 734.9 billion yuan [1] Group 2: Investment Trends - The frequency of cash dividends among listed companies is steadily increasing, which may enhance the attractiveness of dividend-related assets [1] - The low-volatility dividend ETF (512890) has seen significant inflows, attracting a net subscription of 3.571 billion yuan over the month, making it one of the few dividend-themed ETFs with net inflows exceeding 2 billion yuan during the same period [1][2] Group 3: Fund Performance - The low-volatility dividend ETF (512890) has achieved positive returns in every complete historical year since its inception in December 2018, with a total fund size reaching 24.645 billion yuan as of October 31, 2025 [1][3] - The fund manager noted that the low-volatility dividend strategy is expected to continue to perform well in the current market environment, particularly in sectors related to infrastructure and stable growth [1] Group 4: Fundholder Statistics - As of June 30, 2025, the low-volatility dividend ETF (512890) had a total of 1.1631 million account holders, making it the only dividend-themed index fund with over 1 million holders during that period [2] - The Huatai-PineBridge Low Volatility Dividend ETF Link Y (022951) reached a scale of 245 million yuan, marking a 440.36% increase compared to the end of 2024 [2] Group 5: Management Expertise - Huatai-PineBridge has over 18 years of experience in managing dividend-themed index investments, with a diverse range of products under its "dividend family" strategy [2]

Core Insights - The A-share market experienced fluctuations last week, with the Shanghai Composite Index breaking the 4000-point mark for the first time in ten years, closing at 4016 points on October 29, 2025, before retreating in the following days [1] - Investor interest in high-certainty sectors is increasing, particularly in quality core assets with solid fundamentals, driven by the positive sentiment from the "15th Five-Year Plan" [1] - The Hu-Shen 300 ETF (510300) has shown significant trading activity, with a single-day trading volume of 6.852 billion yuan and a net inflow of 5.084 billion yuan on October 31, 2025, marking a new high since April 17, 2025 [1] Investment Opportunities - The CSI A500 Index has gained popularity among investors due to its dual investment opportunities in core assets and new productive forces, attracting a net inflow of 4.548 billion yuan in the past week, second only to the Hu-Shen 300 [2] - As of October 31, 2025, the Hu-Shen 300 ETF and A500 ETF Huatai-PineBridge have reached historical high scales of 430.081 billion yuan and 25.134 billion yuan, respectively [2] Market Sentiment - International capital confidence in the Chinese market is increasing, with more foreign investors entering the A-share market and some returning after a period of absence [3] - HSBC reported a significant increase in foreign investors' exposure to the Chinese mainland stock market in September, marking the third consecutive month of net growth in foreign investment [3] Product Features - The management and custody fees for the Hu-Shen 300 ETF and A500 ETF Huatai-PineBridge are among the lowest in the A-share market at 0.15% and 0.05% per year, respectively, providing a cost-effective way for investors to access core assets [3] - Huatai-PineBridge has over 18 years of experience in ETF management and has developed several flagship products, including the Hu-Shen 300 ETF and the A500 ETF [4]

Core Viewpoint - A-share listed companies are experiencing a surge in cash dividends as the third-quarter reports are being disclosed, with a total of 60 companies announcing dividend plans amounting to 8.699 billion yuan, indicating a strong focus on dividend assets in the market [1] Group 1: Dividend Distribution - 60 A-share listed companies have disclosed third-quarter dividend plans, with a cumulative payout of 8.699 billion yuan, including 21 companies planning to distribute over 100 million yuan [1] - The trend of dividend distribution is attracting market attention towards dividend-themed ETFs, with significant capital inflows observed [1] Group 2: ETF Performance - The Dividend Low Volatility ETF (512890) has seen a net inflow of 1.498 billion yuan over six consecutive trading days, making it the only product in the dividend-themed ETF category to exceed 1 billion yuan in net inflows during this period [1] - The average daily trading volume of the Dividend Low Volatility ETF has doubled to 893 million yuan since October 13, 2025, compared to an average of 419 million yuan earlier in the year [1] Group 3: Fund Growth - The fund size of the Dividend Low Volatility ETF reached a new high of 24.927 billion yuan as of October 24, 2025, marking a continuous positive growth over 12 trading days since the holiday [1] - The ETF is currently the only dividend-themed fund with a size exceeding 24 billion yuan in the market [1] Group 4: Market Conditions - The average dividend yield of the Dividend Low Volatility ETF is 4.20%, significantly higher than the 10-year government bond yield of 1.85%, indicating a favorable yield spread [1] - Market sentiment indicators suggest a neutral zone, but the willingness of investors to "buy the dip" remains, indicating potential opportunities for allocation in defensive dividend sectors [1] Group 5: Fundholder Statistics - As of June 30, 2025, the Dividend Low Volatility ETF's linked funds have a total of 1.1631 million holders, making it the only dividend-themed index fund with over 1 million holders in the market [1] Group 6: Management Expertise - Huatai-PineBridge Fund has over 18 years of management experience in dividend-themed index investments, managing a total of 46.457 billion yuan across five different dividend ETF products [1][2]

Core Insights - The market has returned to a state of fluctuation, with dividend low-volatility assets showing active performance amid cautious investor sentiment due to significant events like the 15th Five-Year Plan meeting and China-US trade negotiations [1] - The Dividend Low-Volatility ETF (512890) has seen a significant inflow of funds, attracting a total of 3.253 billion yuan over nine trading days, making it the only dividend-themed ETF to exceed 3 billion yuan in net inflows during this period [1][2] Fund Performance - As of October 21, 2025, the Dividend Low-Volatility ETF (512890) has reached a record high in fund size, surpassing 24 billion yuan, with a total of 24.382 billion yuan [2] - The ETF has consistently delivered positive returns every year since its inception in December 2018, making it a unique product in the A-share market [2][5] Market Trends - The low-interest-rate environment has enhanced the long-term allocation value of dividend assets, with the 10-year government bond yield dropping to 1.84%, creating a notable yield spread of 2.38% compared to the dividend low-volatility index [2] - A total of 843 A-share companies have announced mid-term dividend plans amounting to 662.026 billion yuan, nearing last year's total mid-term dividend amount, indicating a systemic reshaping of the market ecosystem under new regulatory policies [3] Investment Strategy - Analysts suggest that the fourth quarter of 2025 may be a critical time for positioning in dividend stocks to achieve excess returns, driven by factors such as fully reflected pessimistic expectations, increased demand for incremental capital allocation, and the return of attractive dividend yields from quality leading stocks [3][4] Fund Management - The Dividend Low-Volatility ETF (512890) has a significant holder base of 1.1631 million accounts, making it the only dividend-themed index fund with over 1 million holders in the market [4] - Huatai-PB Fund Management, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 46.311 billion yuan across five dividend-focused ETFs [4]