The market experienced a volatile and corrective morning session on June 10th, with the ChiNext Index falling over 2% and the Shanghai Composite Index declining 0.58%. Against this backdrop, the HuaTai-PineBridge Low-Volatility Dividend ETF (512890) defied the trend, rising 0.60% to 1.171 yuan. Its turnover rate reached 1.72%, generating a half-day trading volume of 574 million yuan, ranking first among similar ETFs.
On the data front, figures released by the National Bureau of Statistics show that the consumer market operated generally stable in May. The Consumer Price Index (CPI) decreased by 0.1% month-on-month and increased by 1.2% year-on-year. The core CPI, which excludes food and energy prices, rose 1.1% year-on-year. Influenced by factors such as increased demand in certain domestic industries and the transmission of international commodity price fluctuations, the Producer Price Index (PPI) increased by 0.5% month-on-month and surged 3.9% year-on-year.
Additionally, the annual dividend season is underway, with listed banks recently issuing a dense series of announcements regarding the implementation of their 2025 equity distribution plans. Data indicates that A-share listed banks plan to distribute a combined cash dividend of approximately 645.6 billion yuan for 2025, setting another historical record. The six major state-owned banks account for a substantial portion, with total dividends reaching 427.4 billion yuan, and their payout ratios generally remain at or above 30%.
In terms of fund flows, the HuaTai-PineBridge Low-Volatility Dividend ETF (512890) has consistently attracted capital. It recorded net inflows of 950 million yuan over the past 5 trading days, 2.54 billion yuan over the past 20 sessions, and 3.3 billion yuan over the past 60 sessions. As of June 9, 2026, the ETF's circulating size stood at 33.249 billion yuan.
Analysis and Market Outlook
A recent research report from Guojin Securities suggests that in the absence of an internet-level industrial innovation cycle, the A-share market is characterized by a typical pattern of 3-4 year rotating thematic trends intertwined with 1-2 year dividend-driven phases. If the AI upstream theme from 2024-2026 is analogized to the H1 2012-2015 mobile internet theme, then the latter half of 2026 could see AI + consumption potentially mirroring the previous mobile internet + consumer leader phase, where stocks like Tencent, Alibaba, Meituan, and Baidu entered a major uptrend. If the technology sector subsequently enters a correction and the property market stabilizes, high-dividend consumer blue-chips are expected to offer attractive value for allocation from Q4 2026 to Q1 2027. New consumption themes such as emotional value, consumption going global, and the silver economy may lead new consumption growth in 2027.
Galaxy Securities holds the view that the prolonged low-interest-rate environment persists, and the underlying logic of an asset shortage has not fundamentally changed. Consequently, the dividend value of banks is likely to continue attracting market favor. Their calculations show the current average dividend yield for listed banks is around 4.44%, which remains competitive compared to fixed-income assets. Given that bank dividends have increased and become more regular, the sector's attributes of high dividends and stable payouts remain prominent, making it attractive to long-term capital represented by insurance funds. There is still room for dividend value appreciation, warranting continued attention.
ETF as a Portfolio Tool
As a stable asset allocation tool in volatile markets, the HuaTai-PineBridge Low-Volatility Dividend ETF (512890) was established on December 19, 2018, and tracks the CSI Dividend Low Volatility Index. As of June 9, 2026, it has delivered a return of 52.84% over the past five years, outperforming its benchmark and ranking 122nd among 1,011 comparable products. Investors can consider this ETF for core portfolio allocation. Those without a stock trading account can also access it through its corresponding feeder funds (Class A: 007466; Class C: 007467; Class I: 022678; Class Y: 022951).
Investment Risk Notice
All funds carry investment risks. Past performance is not indicative of future results. Before making any investment decision, investors should carefully review the fund's contract, prospectus, and other relevant documents, and invest rationally based on their own risk tolerance.
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