On August 24th, the market dipped and then recovered, with index losses narrowing. The ChiNext and STAR 50 indices both fell over 3%, while the Shanghai Composite Index dropped 0.59%. Against this backdrop, the Dividend Low-Vol ETF HuaTai柏瑞 (512890) bucked the trend, rising 1.11% to RMB 1.189, with a turnover rate of 2.55% and trading volume of RMB 849 million, ranking first among similar ETFs.

Entering late August, the People's Bank of China (PBOC) has shown marginal adjustments in open market operations. On August 21st, the central bank conducted RMB 95 billion in 7-day reverse repurchase agreements at a fixed interest rate through quantity bidding, fully meeting primary dealer demand. Prior to this, the PBOC had suspended such operations for eight consecutive trading days. Looking at this week (August 24-28), RMB 600 billion in Medium-term Lending Facility (MLF) and RMB 95 billion in 7-day reverse repos are set to mature in the open market.

According to a research report from Industrial Securities, the central bank's recent operations clearly signal its intention to maintain stable funding rates. Towards the end of August, overnight reverse repos are likely to resume. If the pre-announced operation schedule is maintained, it will help the market allocate funds in advance and smooth out month-end liquidity fluctuations.

Zhongtai Securities released a report stating that banks' full-year confirmed earnings will deliver steady returns for bank stocks in 2026, with short-term performance tied to market style. The economic development model will persist (with strong policy resolve), and robust corporate banking business along with sustained low risk appetite among households will drive net interest margins to bottom out and recover. Revenue growth will remain a highlight, with strong earnings certainty.

There are two main investment lines for bank stocks: first, city and rural commercial banks with regional advantages and high certainty, including regions such as Jiangsu, Shanghai, Chengdu-Chongqing, Shandong, and Fujian. Second, the logic of high dividends and steady returns, with a focus on recommending large banks.

As a stable asset allocation tool in volatile markets, the Dividend Low-Vol ETF HuaTai柏瑞 (512890) was established on December 19, 2018. Its benchmark is the CSI Dividend Low Volatility Index, and it is managed by fund manager Liu Jun. As of August 21, 2026, its five-year return stands at 58.42%, outperforming the performance benchmark and ranking 75th out of 1,162 products.

Investors can use the Dividend Low-Vol ETF HuaTai柏瑞 (512890) as a core holding. For those without stock accounts, they can also invest through its off-market feeder funds (Class A: 007466; Class C: 007467; Class I: 022678; Class Y: 022951).

Risk disclosure: Funds involve risks, and investment should be cautious. Past performance does not indicate future returns. Before making investment decisions, investors should carefully read the fund contract, prospectus, and other documents, and invest rationally based on their own risk tolerance.