Last week, as US-Iran negotiations reached an impasse, external uncertainties intensified again, with geopolitical factors evolving from temporary disruptions into long-term constraints. Against this backdrop, high-dividend assets—characterized by stable cash flows, strong dividend-paying capabilities, and ties to tangible "hard assets"—are likely to see their allocation value become increasingly prominent.
Data shows that among A-share listed companies that have released their 2025 annual reports, insurance capital appeared among the top ten circulating shareholders of 242 companies. In terms of the sectors of heavily held stocks, insurance capital showed a preference for blue-chip stocks in sectors such as banking, telecommunications services, petroleum and petrochemicals, and transportation. In the Hong Kong market, driven by the need to hedge market risks, funds continued to buy banking and insurance stocks. According to disclosures from the Hong Kong Stock Exchange on April 22, 2026, a major insurance institution increased its holdings of H-shares in a state-owned bank and an insurance company, with both shareholding ratios reaching new highs. This may reflect a sustained strengthening of allocation intentions toward dividend assets in both the A-share and Hong Kong markets.
Meanwhile, Wind data indicates that the 10-year government bond yield fell below 1.8% starting April 13, 2026. Against the backdrop of a prolonged low-interest-rate environment and gradually declining medium- to long-term rates, several mainstream dividend-focused indices—such as the Dividend Index, Low Volatility Dividend Index, CSI Central SOEs Dividend Index, and Stock Connect High Dividend (CNY) Index—still maintain a significant yield spread compared to government bonds. Their dividend yields are higher than those observed in 53.04%, 57.84%, 67.84%, and 41.55% of the periods over the past decade, respectively, indicating relatively attractive dividend yields.
As investor attention continues to grow, dividend-focused strategy ETFs in both the A-share and Hong Kong markets have demonstrated significant capital attraction effects recently. Wind data shows that as of April 24, 2026, popular products within Huatai-PineBridge’s "Dividend Suite"—including the Dividend ETF Huatai-PineBridge (512890), Central SOEs Dividend ETF Huatai-PineBridge (561580), and Stock Connect Dividend ETF (513530)—have seen consecutive capital inflows for 9, 3, and 3 trading days, respectively. Over the past week, these ETFs attracted net inflows of 540 million yuan, 120 million yuan, and 100 million yuan, respectively. Over a longer period, the Low Volatility Dividend ETF Huatai-PineBridge (512890)—currently the only dividend-themed ETF in the entire market with a scale exceeding 30 billion yuan—has also attracted over 3.4 billion yuan in capital.
According to exchange data from April 24, 2026, the total scale of the five ETFs in Huatai-PineBridge’s "Dividend Suite" reached 55.053 billion yuan, accounting for more than a quarter of the total scale of dividend-themed ETFs in the entire market. As of the latest disclosed fund Q1 2026 report, the "Dividend Suite" has cumulatively generated over 12 billion yuan in fund profits for holders.
Among these, the Dividend ETF Huatai-PineBridge (510880) is the first dividend index fund in the A-share market. By the end of 2025, it had 416,700 holder accounts, making it the only dividend-themed ETF with over 400,000 holder accounts at that time. The Low Volatility Dividend ETF Huatai-PineBridge (512890) is the first and currently the only low-volatility dividend-themed ETF in the A-share market with a scale exceeding 30 billion yuan. Its feeder fund has over 1.4 million holder accounts. The Central SOEs Dividend ETF Huatai-PineBridge (561580) is the first dual-themed ETF in the A-share market combining "central SOEs" and "dividends." The Stock Connect Dividend ETF Huatai-PineBridge (513530) and the Stock Connect Low Volatility Dividend ETF Huatai-PineBridge (520890) focus on high-dividend assets in the Hong Kong market. The former adopts a QDII model, offering certain advantages in Hong Kong dividend tax, while the latter incorporates a low-volatility factor, potentially enhancing its defensive attributes in the more volatile Hong Kong market.
Beyond the "Dividend Suite," Huatai-PineBridge Fund, which has been深耕 in the index investment field for over 19 years, has also developed transparent, convenient, and low-cost index tools for investors, such as the CSI 300 ETF Huatai-PineBridge (510300) and the A500 ETF Huatai-PineBridge (563360). By the end of 2025, the company's ETFs had cumulatively generated over 164 billion yuan in profits for holders over the previous two years. In terms of fees, ETFs representing 77.8% of the company's scale adopt the lowest tier fee structure currently available in the market for equity index funds (management fee of 0.15% per year + custody fee of 0.05% per year).
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