Low-dividend, low-volatility ETF Huatai-PineBridge (512890) has attracted over 5.3 billion yuan in inflows in the past 60 trading days! Institutions: The value of dividend asset allocation becomes prominent amid external turbulence.

On March 24, the index tested the bottom and rebounded in the morning, with the Shanghai Composite Index rising nearly 1% and the ChiNext Index narrowing its decline. Against this backdrop, the Huatai-PbRui Low Volatility ETF (512890) rose 1.38%, closing at 1.174 yuan, with a turnover rate of 1.87% and a half-day transaction volume of 576 million yuan, ranking first among similar ETFs.

Top Ten Holdings Mostly Rise, Long-term Favored by Capital

The latest report shows that the top ten holdings of the Huatai-PbRui Low Volatility ETF (512890) mostly rose. By noon, Shanghai Bank rose 2.07%, Nanjing Bank rose 2.21%, Ping An Bank rose 3.54%, Shanghai Rural Commercial Bank rose 2.78%, COFCO Sugar rose 0.48%, Minsheng Bank rose 1.88%, Gree Electric Appliances rose 1.33%, Shaanxi Gude Power rose 0.10%, Changsha Bank rose 2.25%, and China Resources Jiangzhong fell 0.89%.

In terms of capital flow, the Huatai-PbRui Low Volatility ETF (512890) has been favored by capital for a long time, with a net inflow of 530 million yuan over the past five trading days, a net inflow of 920 million yuan over the past 20 trading days, and a net inflow of 5.31 billion yuan over the past 60 trading days. As of March 23, 2026, the circulation scale of the Huatai-PbRui Low Volatility ETF (512890) is 30.526 billion yuan.

Institutional Viewpoint: Dividend Assets Become a “Safe Haven” Amid External Turmoil

Orient Securities stated that the recent adjustment in the A-share market partly reflects the impact of overseas stagflation expectations. Looking ahead, it is necessary to pay attention to China’s new energy system and manufacturing cost advantages in this external environment, which keeps the mid-term outlook for the Chinese stock market optimistic despite overseas turmoil. Historically, the oil crisis in the Middle East in the 1970s led to stagflation in the US and Europe, but it was a development opportunity for Japan’s automotive industry at the time. It continues to be believed that the current energy crisis and overseas stagflation risks pose pressure on global stock markets, but from an industrial perspective, China’s new energy is expected to be a mid-term winner. Short-term market risk appetite is constrained, and industry allocation focuses on three main ideas: energy substitution, low volatility dividends, and certainty in prosperous industries.

Huazhong Securities pointed out that overseas risks continue to accumulate, with geopolitical conflicts unresolved, and inflation concerns driving the Fed to adopt a clearly hawkish stance. The probability of domestic incremental policies being introduced is low due to strong economic data, and it is expected that the market will continue to maintain a weak oscillation. In terms of allocation, short-term dividend assets such as banks and public utilities, as well as sectors with price increase catalysts like chemicals, machinery, and storage, are expected to continue to perform well, while the growth style remains unchanged as the core main line for the mid-term, but is still in an adjustment phase in the short term. Given that the market is expected to enter the second phase of a profit-driven bull market following adjustments, the current adjustments are seen as healthy.

Zhongou Fund believes that the increasing global inflation and tense geopolitical situation will further drive the performance of cyclical commodities. Against the backdrop of gradually rising volatility, the allocation value of low-volatility assets is gradually recovering, which can be focused on from three directions: firstly, traditional low-volatility dividends; secondly, the coal chemical sector in the chemical chain with expected improvements in profit margins; and finally, the oil and gas sector benefiting from the long-term rise in product price levels.

Ping An Fund pointed out that from a medium- to long-term perspective, the Chinese economy still possesses resilience and structural opportunities. This year’s Two Sessions have clearly set the annual economic growth target, and fiscal and monetary policies still tend to exert force, with further enhancement of industry support centered on technology. In the face of the rapid impact of external negatives, a good opportunity for allocating A-shares and Hong Kong stocks may emerge, and it is recommended to selectively choose sectors and stocks with strong fundamentals and broad long-term growth prospects. In terms of allocation direction, it is recommended to focus on three main lines: technology growth sectors benefiting from policy support and industrial upgrades; high-dividend assets with stable cash flow and dividend capabilities; and upstream energy and bulk commodity sectors benefiting from the rise in resource price levels.

As a stable tool for asset allocation in a volatile market, the Huatai-PbRui Low Volatility ETF (512890) was established on December 19, 2018, with a benchmark: CSI Dividend Low Volatility Index return rate. As of March 23, 2026, it has achieved a return of 63.99% over the past five years, outperforming the performance benchmark, ranking 66th among 948 funds. Fund manager Liu Jun has managed it since its inception, achieving a return of 131.38% during his tenure. Investors can participate in the Huatai-PbRui Low Volatility ETF (512890) through regular investment methods to smooth out volatility risks. Investors without stock accounts can also allocate through its off-market connecting funds (Class A: 007466; Class C: 007467; Class I: 022678; Class Y: 022951).

Risk Warning: Funds have risks, and investment requires caution. Past performance does not predict future performance. Investors should carefully read the fund contract, prospectus, and other documents, and rationally invest based on their risk tolerance.

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