今年以来（2025/1/1-9/25），随着内地资金加速涌入港股，南向资金成交额占港股总体成交额比重加速 抬升，非必需性消费、金融业等港股高股息板块成为资金大幅加仓的主要方向，驱动AH股溢价持续收 敛，Wind数据显示，截至今年9月25日，恒生AH股溢价指数119.81，回落至2019年以来（2019/1/1- 2025/9/25）的低位区间。 （数据来源：Wind） 数据显示，在红利指数、红利低波指数14只、16只"A+H"两地上市的成份股中，目前分别已有7只、9只 个股的AH股溢价处于20%以下，或在估值修复中逐渐收窄了其与对应A股的股价差距。因此，即使A股 红利类指数普遍自2025年8月下旬以来（8/25-9/25）蓄势调整，部分红利类主题ETF标杆品种近期资金 净流入显著，成交额也迎来同步放量。 （数据来源：Wind、中证指数公司，数据截至25/9/25） 作为国内首批ETF管理人之一，华泰柏瑞基金在红利类主题指数投资领域拥有超过18年的管理经验，除 了红利ETF（510880）、红利低波ETF（512890），还一手打造了包括首只（成立于2022/4/8）通过 QDII模式投资港股通高股息（CNY） ...

伴随着资金布局脚步加速，交易所数据显示，自9月16日以来，红利ETF（510880）基金规模在历 经连续五个交易日抬升后，最新规模达194.76亿元，创下近三月以来新高，也是全市场为数不多的超百 亿元的红利主题ETF。此外，截至9月22日，A股市场另一只仅有的两百亿级红利主题ETF——红利低波 ETF（512890）最新规模达202.27亿元。 面对当前板块内部轮动加剧与长期低利率的投资环境，市场资金的避险情绪与追求更高确定性收益 来源的配置需求或正在逐步升温，股息回报整体稳定、资产质量较优的红利类资产长期配置逻辑仍然相 对清晰，兼具规模与流动性优势的红利ETF（510880）、红利低波ETF（512890）有望成为资金进行底 仓配置或哑铃布局的重要方向之一。 根据最新披露的2025年基金中期报告，红利ETF（510880）最新持有人户数达42.18万户，是同期 全市场仅有的持有人户数超40万户的红利主题ETF；红利低波ETF（512890）的联接基金（包括A类 007466，C类007467，I类022678，Y类022951）累计持有人户数116.31万户，也是同期市场仅有的持有 人户数超100万户的红利 ...

昨日（9/23）市场整体震荡，红利指数、红利低波指数在银行板块的逆势上扬下彰显十足韧性，叠加长 假前交投情绪有所反复，防御属性突出的高股息资产或仍是市场资金的配置焦点之一，部分红利类主题 ETF标杆品种近期资金净流入显著，成交额也迎来同步放量。 （数据来源：Wind） 其中，市场首只（成立于06/11/17）红利主题ETF——红利ETF（510880）自9月18日以来连续4个交易 日（9/18-9/23）单日成交额实现放量，区间日均成交额达7.5亿元，较今年年初以来（1/1-9/23）的日均 成交额水平近乎翻倍，交投情绪的活跃也助推红利ETF（510880）迎来了资金密集加仓，9月18日至23 日累计吸金6.73亿元，是同期全市场红利类主题ETF中仅有的资金净流入超6亿元的产品。 （数据来源：Wind） 据最新披露的2025年基金中期报告显示，红利ETF（510880）最新持有人户数达42.18万户，是同期全 市场仅有的持有人户数超40万户的红利主题ETF；红利低波ETF（512890）的联接基金（包括A类 007466，C类007467，I类022678，Y类022951）累计持有人户数116.31万户，也 ...

Group 1 - The A-share market is experiencing increased volatility, particularly within the technology growth sector, leading to a rise in defensive demand as trading sentiment declines ahead of the upcoming holiday [1] - Since mid-August, high-dividend assets have gained attractiveness, with the Dividend ETF (510880) becoming a key focus for capital allocation [1] - The Dividend ETF (510880) has seen significant trading volume, with an average daily trading volume of 930 million yuan from September 18 to 19, doubling compared to the average daily trading volume since the beginning of the year [1] Group 2 - The Dividend ETF (510880) has reached a new high in fund size of 19.468 billion yuan, making it one of the few dividend-themed ETFs exceeding 10 billion yuan [2] - The low-volatility dividend ETF (512890) has also achieved a fund size of 20.348 billion yuan as of September 19 [2] - The anticipated interest rate cuts by the Federal Reserve are expected to benefit both A-shares and Hong Kong stocks, potentially leading to a structural market rally [2] Group 3 - The Dividend ETF (510880) has a holder count of 421,800, making it the only dividend-themed ETF with over 400,000 holders in the market [3] - The low-volatility dividend ETF (512890) and its linked funds have a combined holder count of 1.1631 million, also making it a significant player in the market [3] Group 4 - The Dividend ETF (510880) has distributed over 4 billion yuan in dividends since its inception, with a total of 42.98 billion yuan in cumulative dividends [4] - The fund has been operational for 18 years and has distributed dividends 18 times [4] Group 5 - Huatai-PB Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 42.444 billion yuan across its dividend-themed ETFs [5] - The "Dividend Family" includes multiple ETFs, such as the Dividend ETF (510880) and the low-volatility dividend ETF (512890) [5]

Core Viewpoint - The recent pullback of dividend indices since late August may present an attractive allocation window for investors, particularly in a low-risk environment where dividend assets remain appealing to risk-averse funds [1][2]. Group 1: Market Performance and Trends - The Shanghai Composite Index has recently surpassed 3,800 points, leading to a continuous pullback in dividend indices, specifically the Dividend ETF (510880) and Low Volatility Dividend ETF (512890) [1]. - From August 27 to September 15, the Dividend ETF and Low Volatility Dividend ETF saw significant trading volume, with daily transaction amounts exceeding 500 million yuan on September 15 [1]. - The Dividend ETF (510880) recorded a net inflow of 1.558 billion yuan over 12 out of 14 trading days during the same period, indicating a growing demand for dividend assets amid market fluctuations [1]. Group 2: Fund Characteristics and Investor Interest - The Dividend ETF (510880) and Low Volatility Dividend ETF (512890) have become key options for investors, with sizes of 19.091 billion yuan and 20.415 billion yuan respectively, making them among the few dividend-themed ETFs exceeding 10 billion yuan in A-share market [2]. - As of September 15, the Dividend ETF (510880) had 421,830 million yuan in total management scale, reflecting the strong interest from investors [4]. - The number of holders for the Dividend ETF reached 421,800, while the Low Volatility Dividend ETF's linked funds had a total of 1,163,100 holders, showcasing their popularity in the market [3]. Group 3: External Factors Influencing Investment - Recent reports indicate a surge in foreign investment interest in the Chinese market, with significant net inflows recorded in August, particularly in high-dividend assets, technology growth, and high-end manufacturing sectors [2]. - The strong inflow of foreign capital is expected to continue supporting the valuation recovery of high-quality dividend assets [2].

Core Insights - The A-share and Hong Kong stock markets have shown strong performance this year, with equity public funds also recording good returns [5] - The average net value growth rate of equity public funds over the past six months is 15.56%, with all funds achieving positive returns [5] - The top ten products are evenly distributed among various financial institutions, with notable performances from Huaxia Wealth Management and Xinyin Wealth Management [5] Group 1 - The top-performing products include Huaxia Wealth Management's "Tiangong Rika 8" and Xinyin Wealth Management's "Baibao Elephant Stock Preferred Weekly 1," both exceeding a 40% growth rate over the past six months [5] - The maximum drawdown for Huaxia Wealth Management's "Tiangong Rika 5" is the highest at 18.24%, while the lowest is 8.23% for Everbright Wealth Management's "Sunshine Red ESG Industry Selection" [5] - The product with the lowest return in the bottom ranking is ICBC Wealth Management's "Quantitative Wealth Management - Hengsheng Allocation," with a return of only 1.74% over the past six months [5] Group 2 - In the past month, the ChiNext Index has led the A-share market with a growth of 25.20%, while the Shanghai Composite Index and Shenzhen Component Index have shown lower growth rates [6] - Everbright Wealth Management's "Sunshine Red New Energy Theme" and Huaxia Wealth Management's "Tiangong Rika Wealth Management Product 4" have benefited from the recent recovery in the new energy sector, with the former achieving a net value increase of 20.56% [6] - Dividend assets have regained investor interest, with the Dividend ETF (510880) experiencing consecutive weeks of net growth in fund shares and scale, reaching a new high of 19.193 billion yuan since June 30 [6]

Core Viewpoint - The A-share technology sector experienced a collective pullback, while high-dividend assets demonstrated resilience, attracting significant capital inflows during the volatile market conditions [1] Group 1: Fund Inflows and Performance - The dividend-themed ETFs, specifically the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890), saw accelerated capital inflows, with 3.69 billion and 3.64 billion respectively from September 3 to September 4 [1] - From August 27 to September 4, the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890) recorded average daily trading volumes of 6.04 billion and 5.09 billion respectively, indicating strong investor interest in high-dividend assets [1] - The Dividend ETF (510880) attracted a total of 12.9 billion in capital over the past seven trading days, leading to continuous weekly net growth in fund size and shares for nearly four weeks [2] Group 2: Fund Size and Holder Statistics - As of September 4, the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890) had fund sizes of 18.989 billion and 20.876 billion respectively, making them among the few dividend-themed ETFs in the A-share market to exceed 10 billion [3] - The Dividend ETF (510880) has a holder count of 421,800, while the Low Volatility Dividend ETF (512890) has a total of 1,163,100 holders, indicating strong market participation [3] Group 3: Dividend Distribution - The Dividend ETF (510880) has distributed over 4 billion in dividends since its inception, with a total of 42.98 billion distributed across 18 occasions [4] Group 4: Management and Strategy - The management company, Huatai-PB Fund, is one of the first ETF managers in China, with over 18 years of experience in managing dividend-themed index investments, overseeing a total management scale of 42.575 billion across various dividend ETFs [5]

Core Insights - Recent market volatility has increased, leading to a resurgence in the attractiveness of dividend assets, particularly two major dividend-themed ETFs: Dividend ETF (510880) and Low Volatility Dividend ETF (512890) [1] - Both ETFs have seen significant inflows, with Dividend ETF attracting a net inflow of 1.192 billion yuan over six consecutive trading days, marking it as the only dividend-themed ETF to achieve such a feat during this period [1] - The Low Volatility Dividend ETF also experienced a strong trading day with a transaction volume of 575 million yuan, indicating robust market interest [1] Fund Performance and Characteristics - As of September 3, the Dividend ETF (510880) has a total scale of 18.79 billion yuan, reaching a new high since July 4 after five consecutive days of growth [1] - The Low Volatility Dividend ETF (512890) has been operational since December 19, 2018, and has consistently delivered positive returns each year from 2019 to 2024, making it a unique performer in the A-share market [1][5] - The Dividend ETF has distributed a total of 4.298 billion yuan in dividends since its inception, with 18 distributions to date [4] Market Position and Investor Interest - The Dividend ETF (510880) has a holder count of 421,800, making it the only dividend-themed ETF in the market with over 400,000 holders [3] - The Low Volatility Dividend ETF (512890) and its linked funds have a combined holder count of 1,163,100, indicating strong investor interest [3] - Both ETFs are among the few dividend-themed ETFs in the market with scales exceeding 10 billion yuan, highlighting their popularity [3] Dividend Distribution and Corporate Performance - As of August 29, 2025, the underlying stocks of the Dividend ETF and Low Volatility Dividend ETF have announced cash dividends totaling 255.998 billion yuan and 346.906 billion yuan, respectively, representing 39.77% and 53.89% of total cash dividends in the A-share market [2] - The high levels of cash dividends are expected to enhance the appeal of dividend assets to medium- and long-term investors [2] Management and Strategy - The management company, Huatai-PB Fund, has over 18 years of experience in managing dividend-themed index investments and has developed a diverse range of products under the "Dividend Family" strategy [5] - As of September 3, the total management scale of Huatai-PB's dividend-themed ETFs reached 42.2 billion yuan, reflecting their strong market presence [5]

Core Viewpoint - Recent market volatility has increased, leading to a rise in demand for dividend assets, particularly two major dividend-themed ETFs: Dividend ETF (510880) and Low Volatility Dividend ETF (512890) [1][2] Group 1: Market Performance - Dividend ETF (510880) attracted a net inflow of 1.192 billion yuan over six consecutive trading days since August 27, making it the only dividend-themed ETF to achieve over 1 billion yuan in net inflow during this period [1] - As of September 3, the latest scale of Dividend ETF (510880) reached 18.79 billion yuan, marking a new high since July 4 after five consecutive days of growth [1] - Low Volatility Dividend ETF (512890) recorded a single-day trading volume of 575 million yuan, reaching a new high in the past week [2] Group 2: Dividend Distribution - As of August 29, the constituent stocks of the Dividend Index and Low Volatility Dividend Index announced a total cash dividend of 255.998 billion yuan and 346.906 billion yuan, respectively, accounting for 39.77% and 53.89% of total cash dividends in the A-share market [2] - Both ETFs are among the few in the market with over 10 billion yuan in scale and are favored by investors due to their high dividend yields [3] Group 3: Fund Management - Huatai-PineBridge Fund, the manager of Dividend ETF (510880) and Low Volatility Dividend ETF (512890), has over 18 years of experience in managing dividend-themed index investments [4] - As of September 3, the total management scale of Huatai-PineBridge's dividend-themed ETFs reached 42.2 billion yuan [4]

Core Viewpoint - The market is experiencing resilience, particularly in the dividend index driven by the banking sector, with the Red Dividend ETF (510880) attracting significant capital inflow, totaling 1.56 billion over the past 15 trading days [1][2]. Group 1: Market Performance - The Red Dividend ETF (510880) has seen net inflows for 12 out of the last 15 trading days, accumulating a total of 1.56 billion, making it the only dividend-themed ETF to achieve over 1.5 billion in net inflows during this period [1]. - As of September 2, the latest scale of the Red Dividend ETF reached 18.704 billion, marking a new high since July 11 [3]. Group 2: Dividend Strategy - High dividend assets are considered an important equity base for enhancing portfolio resilience, especially in light of recent policies aimed at strengthening cash dividend regulations and encouraging long-term investments from insurance funds [2]. - The banking sector, which constitutes 32.34% of the dividend index, is shifting its operational model from "pro-cyclical" to "weak-cyclical," suggesting that high dividend assets like bank stocks may become more attractive during market fluctuations [2]. Group 3: Fund Performance - The Red Dividend ETF has achieved positive returns for six consecutive years (2019-2024), generating a total profit of 7.643 billion for its holders [3][4]. - It is the only dividend-themed index fund in the market that has distributed over 4 billion in cumulative dividends, with a total of 4.298 billion distributed since its inception [4]. Group 4: Fund Management - The fund management company has over 18 years of experience in managing dividend-themed index investments, with a total management scale of 42.1 billion across its various dividend ETFs [4].