Core Viewpoint - The article highlights the resilience of the Dividend Low Volatility ETF (512890) amidst a declining A-share market, showcasing its appeal as a risk-averse investment option due to its "high dividend + low volatility" strategy [1][4]. Performance Summary - Since its inception on December 19, 2018, the Dividend Low Volatility ETF has achieved a total return of 137.40% as of September 3, 2025, outperforming its benchmark and the CSI 300 index, ranking 53rd among 502 similar products [1][3]. - The ETF's assets under management have reached 20.678 billion yuan, making it the first of its kind in China to surpass this threshold [1]. Investment Strategy - The ETF tracks the CSI Dividend Low Volatility Index, which selects 50 stocks based on criteria such as liquidity, consistent dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility [4]. - The dual-factor approach of "dividend" and "low volatility" ensures the selection of financially healthy companies with stable cash returns, making it particularly advantageous during market downturns [4]. Fund Inflows and Holder Structure - The ETF has seen significant capital inflows, with a net inflow of 198 million yuan in the past five days and 2.687 billion yuan over the last 60 days [5]. - As of mid-2025, the number of holders has surged to 62,272, a 25-fold increase from mid-2022, indicating a growing market recognition and appeal [5][6]. Institutional vs. Individual Investors - Institutional investors dominate the ETF's holdings, maintaining over 80% of the total shares, while individual investors have increased their share from 0.059 billion yuan in mid-2022 to 2.931 billion yuan by mid-2025 [6][7]. - This shift reflects a trend where individual investors are moving away from speculative trading towards stable dividend-yielding assets [6]. Future Outlook - The long-term value of the Dividend Low Volatility strategy is being reassessed in light of declining traditional fixed-income asset attractiveness, positioning it as a viable alternative for investors seeking higher returns with controlled risk [10]. - The article suggests that investors should focus on undervalued sectors with policy support or improving fundamentals, as these areas may offer greater rebound potential in a fluctuating market [10].

Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown a positive performance with a closing price of 1.200 CNY, reflecting a 0.76% increase, and it leads its category in terms of trading volume and net inflow over the long term [1][8]. Fund Performance - As of September 1, 2025, the ETF's circulating scale reached 20.597 billion CNY, indicating strong investor interest [1]. - The ETF experienced net outflows of 40.83 million CNY, 319 million CNY, and 1.23 billion CNY over the last 5, 10, and 20 days, respectively, but still achieved a net inflow of 2.612 billion CNY over the last 60 trading days [1][8]. Holdings Composition - The top ten holdings of the ETF are primarily concentrated in the banking sector, including Chengdu Bank, Industrial Bank, and CITIC Bank, reflecting a strategy focused on high dividends and low volatility [3][4]. - The banking sector's assets dominate the portfolio, with significant contributions from infrastructure-related stocks like Sichuan Road and Bridge and Daqin Railway [3]. Banking Sector Performance - In the first half of 2025, listed banks saw a positive shift in non-interest income contributing to net profits, with notable performances from institutions like China Merchants Bank and CITIC Bank in wealth management and investment returns [5]. - The improvement in bank performance is attributed to loan growth driving interest income and effective cost management on the liability side, supported by regulatory measures from the central bank [5][6]. Investment Strategy - High dividend strategies are gaining traction, with bank stocks becoming a preferred choice for long-term funds such as insurance and pension funds, particularly regional banks showing strong profit growth [6][8]. - The Hongli Low Volatility ETF has achieved a cumulative return of 138.00% since its inception in December 2018, outperforming its benchmark and ranking 63rd among 502 similar products [8].

Core Viewpoint - The Hongli Low Volatility ETF (512890) experienced a slight decline of 0.25% on September 1, closing at 1.191 yuan, with a trading volume of 4.81 billion yuan, leading among similar ETFs [1][2]. Trading Performance - The ETF's trading performance included a turnover rate of 2.33% and a five-day decline of 2.30%, while it showed a 60-day increase of 1.88% [2][3]. - Recent trading data indicates a narrowing trend in fund outflows, with a net outflow of 66.43 million yuan over the last five trading days and a total net outflow of 1.04 billion yuan over the past 20 days, but a net inflow of 2.51 billion yuan over the last 60 days [2][3]. Fund Composition - The ETF's top holdings showed mixed performance, with notable declines in stocks such as Chengdu Bank (-1.46%) and Industrial Bank (-2.68%), while Sichuan Road and Bridge saw an increase of 2.89% [3][4]. - The ETF's total market value as of August 29, 2025, was 206.33 billion yuan, with a cumulative return rate of 138.34% since its inception in December 2018, ranking 54th among 502 similar products [5]. Investment Recommendations - Analysts suggest focusing on banks with high dividend yields and strong asset quality, particularly smaller regional banks like Chengdu Bank and Jiangsu Bank, as well as banks with potential for ROE improvement such as China Merchants Bank and Ningbo Bank [4].

Summary of Key Points Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown stable performance with a closing price of 1.197 yuan and a significant asset scale of 20.617 billion yuan as of August 27, 2025, indicating its attractiveness for investors seeking steady returns and low volatility [1][4]. Fund Performance - The ETF's cumulative return since its inception in December 2018 has reached 139.00%, outperforming its benchmark and ranking 44th among 502 similar products, highlighting the long-term advantages of the low volatility strategy [4]. - The ETF has experienced net outflows of 120 million yuan over the last five trading days and 810 million yuan over the last ten trading days, while achieving a net inflow of 3.02 billion yuan over the last 60 trading days [1]. Trading Activity - The ETF's trading activity remains robust, with a total trading volume of 9.431 billion yuan over the last 20 trading days and an average daily trading volume of 472 million yuan [1]. - Year-to-date, the ETF has recorded a total trading volume of 66.603 billion yuan, with an average daily trading volume of 416 million yuan, indicating sustained market activity [1]. Top Holdings - The top ten holdings of the ETF include Chengdu Bank, Industrial Bank, Sichuan Road and Bridge, Daqin Railway, CITIC Bank, Shanghai Rural Commercial Bank, Jiangsu Bank, Chongqing Rural Commercial Bank, Shanghai Bank, and Bank of Communications, with a total market value of approximately 5.147 billion yuan [3][4]. Investment Strategy - The Chief Investment Officer of China Life emphasizes a focus on long-term capital market entry and optimizing equity asset structure, particularly in high-dividend stocks to enhance stability and long-term return potential [3]. - Jinglin Asset's strategy includes treating dividend assets as a core holding, maintaining or increasing positions in high-dividend stocks while reducing exposure to stocks with declining dividend attractiveness [3].

Group 1 - The core viewpoint of the news highlights the strong performance and growing popularity of the Dividend Low Volatility ETF (512890), which has seen significant inflows and a record high in circulation scale [1][4]. - As of August 6, the ETF's circulation scale reached 220.91 billion CNY, marking a historical peak, with a net inflow of 2.4 million CNY over the last five trading days and 19.43 million CNY over the last twenty days [1][2]. - The ETF's price increased by 0.17% to 1.208 CNY during the trading session, reflecting active trading with a half-day transaction volume of 1.33 billion CNY [1][2]. Group 2 - The ETF is managed by experienced fund manager Liu Jun and closely tracks the CSI Dividend Low Volatility Index, focusing on companies with high dividend yields and low volatility [4]. - The ETF provides a convenient investment tool for investors seeking stable returns and low-risk exposure, even for those without stock accounts, through its linked funds [4]. - Recent trends indicate a decline in the latest dividend yield of the Wind All A Index over the past twelve months, attributed to rising stock prices and valuation increases, suggesting a need for a focus on earnings quality and sustainable dividends in high dividend strategies [3].

Group 1 - The market experienced fluctuations on August 7, with mixed performance across the three major indices. The total trading volume in the Shanghai and Shenzhen markets reached 1.19 trillion yuan, an increase of 130.7 billion yuan compared to the previous trading day [1] - The Hongtai Baorui Dividend Low Volatility ETF (512890) saw a midday increase of 0.17%, priced at 1.203 yuan, with a turnover rate of 0.88% and a trading volume of 195 million yuan. Over the past five trading days, the net inflow of funds into this ETF was 480 million yuan, and over the past twenty days, it was 2.062 billion yuan [1] - As of August 6, 2025, the circulating scale of the Hongtai Baorui Dividend Low Volatility ETF (512890) was 22.055 billion yuan [1] Group 2 - Major bank stocks showed positive performance, with Chengdu Bank up 0.32%, Industrial Bank up 0.30%, Sichuan Road and Bridge up 0.48%, and Daqin Railway up 0.15%. However, CITIC Bank fell by 0.48%, and Shanghai Rural Commercial Bank decreased by 0.54% [2] - Six A-share listed banks, including Pudong Development Bank and Hangzhou Bank, have reported positive growth in both revenue and net profit for the first half of 2025, with five banks showing a double-digit increase in net profit year-on-year [3] - The current low valuation of bank stocks, combined with high dividend yields and expectations of marginal improvement in fundamentals, presents potential for valuation recovery, particularly for state-owned banks and quality city commercial banks [4]

Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown a slight increase of 0.08% on July 22, with a latest price of 1.214 CNY, and has experienced significant net inflows in recent trading days, indicating strong investor interest and confidence in the fund [1][2]. Fund Performance - The Hongli Low Volatility ETF (512890) recorded a trading volume of 770 million CNY on the same day, with a turnover rate of 3.47% [1][2]. - Over the past five trading days, the fund has seen a net inflow of 1.488 billion CNY, and over the past ten days, the net inflow reached 2.519 billion CNY [1][2]. - As of July 21, 2025, the fund's circulating scale has reached a historical high of 22.295 billion CNY [1]. Holdings and Strategy - The fund primarily invests in stocks such as Chengdu Bank, Industrial Bank, Sichuan Road and Bridge, and others, with significant increases in holdings for several key stocks [3]. - The fund manager noted that the core logic driving the performance of dividend strategies is the decline in risk-free interest rates, suggesting that the effectiveness of the strategy is likely to continue unless there are significant changes in underlying conditions [3]. - The upcoming earnings season and external tariff disturbances may lead to a temporary decline in risk appetite among investors, but the domestic economic recovery remains a critical factor influencing the market [3]. Investment Options - For investors seeking stable returns and low-risk volatility, or those looking for bond alternatives without a stock account, the Hongli Low Volatility ETF (512890) offers several feeder funds for investment [4].

Group 1 - The high dividend sector has seen a strong performance followed by a consolidation phase, attracting accelerated inflow of incremental funds, with daily average trading volume reaching 735 million CNY from July 15 to July 16, and a total of 1.704 billion CNY in net inflow over eight consecutive trading days from July 7 to July 16 [1] - The Ministry of Finance issued a notice on July 11 to encourage long-term stable investments by insurance funds, which is expected to create a favorable environment for long-term investments, aligning with the demand for enhancing long-term returns through high dividend, low volatility assets [1] - The dividend low volatility ETF (512890) has reached a historical high in fund size for 12 consecutive trading days, surpassing 20 billion CNY for the first time on July 9, and further increasing to 21.399 billion CNY by July 16, marking a growth of 7.65 billion CNY since the beginning of the year [1] Group 2 - The dividend low volatility ETF (512890) is the first ETF tracking the dividend low volatility index in the market, achieving positive returns every complete year since its inception, and ranking first among similar funds in terms of five-year returns as of June 30 [2] - The linked funds of the ETF have a total of 829,800 holders, making it the only dividend theme index fund with over 800,000 holders in the market [2] - The fund manager, Huatai-PB Fund, has over 18 years of experience in managing dividend index investments, with a total management scale of 42.654 billion CNY across its dividend-themed ETFs as of July 16 [3]

Core Viewpoint - The Reducing Volatility Dividend ETF (512890) has seen significant inflows and growth in fund size, driven by the performance of major banks and a favorable investment environment for dividend assets [1][3]. Fund Performance - On July 11, the Reducing Volatility Dividend ETF (512890) closed down 0.89% with a trading volume of 914 million yuan, while the overall weekly performance was up 0.66% with a total trading volume of 2.54 billion yuan [1]. - The fund has attracted over 520 million yuan in net inflows over four consecutive trading days, reaching a record high in fund size of 20.535 billion yuan as of July 10 [1][3]. Market Context - The banking sector continues to rise, with the stock prices of the four major banks breaking previous highs and setting historical records [1]. - Current dividend assets are considered valuable in a declining interest rate environment, with recommendations to focus on stocks with a dividend yield above 3% and low ROE volatility [1][3]. Fund Characteristics - The Reducing Volatility Dividend ETF (512890) was established on December 19, 2018, and has consistently achieved positive returns every full year since its inception, making it one of the few ETFs in the A-share market with such a track record [3]. - As of June 30, the fund ranked first in its category for five-year returns [3]. Holdings Overview - The fund's top holdings include Chengdu Bank, Yagor, and Shanghai Bank, with significant increases in their respective positions [4]. - The total market value of the top holdings amounts to approximately 3.722 billion yuan, representing 25.19% of the fund's net value [4]. Investment Opportunities - There are opportunities for rebound in sectors that have seen declines of over 4% since the beginning of the year, such as refining trade, white goods, and infrastructure [1]. - Financial stocks are transitioning from being undervalued to becoming a dynamic benchmark, with their low volatility and dividend yields exceeding 6% making them a core investment direction [1].

Group 1 - The three major indices collectively rose on July 10, with the Shanghai Composite Index returning to 3,500 points. The Hongli Low Volatility ETF (512890) closed up 0.57% at 1.230 CNY, with a trading volume of 3.21 billion CNY and a turnover rate of 1.59% [1][2] - In terms of liquidity, the net inflow over the past five trading days was 628 million CNY, and the net inflow over the last 20 trading days was 1.753 billion CNY. As of July 9, 2025, the circulating scale of the Hongli Low Volatility ETF reached 20.343 billion CNY, making it the only low volatility theme ETF in the A-share market with a scale exceeding 20 billion CNY [1][2] Group 2 - China Galaxy Securities believes that the recent revision of the People's Bank of China's cross-border payment system rules is expected to further promote the internationalization of the RMB and assist banks in developing cross-border business. The rule optimization will help banks expand their participation in cross-border RMB payments and financial market business [3] - Huaxi Securities noted that despite a significant rise in the banking index, the overall price-to-book ratio remains relatively low, at 0.6 as of June 25, 2025, which is in the 32nd percentile of the past ten years. This low valuation level, combined with regulatory support for long-term capital entering the market, is likely to attract medium- to long-term capital allocation to the banking sector [3] Group 3 - The Hongli Low Volatility ETF was established on December 19, 2018, with a performance benchmark based on the CSI Low Volatility Index. The latest report indicates that the ETF's top holdings include Chengdu Bank, Youngor, Industrial Bank, and others, with a total holding value of approximately 3.722 billion CNY [4] - For investors seeking stable returns and low-risk volatility, or those looking for bond alternative assets without a stock account, the Hongli Low Volatility ETF (512890) offers linked funds for investment participation [4]