On June 2nd, the three major stock indices closed higher collectively, with the Shanghai Composite Index rising 0.43%, the Shenzhen Component Index gaining 1.63%, and the ChiNext Index advancing 2.66%. Influenced by this, the HuaTai Bairui Dividend Low-Volatility ETF (512890) rose 0.08% to 1.182 yuan, with a turnover rate of 2.65% and a trading volume of 873 million yuan, ranking first among similar ETF products.

The latest periodic report shows that the top ten holdings of the HuaTai Bairui Dividend Low-Volatility ETF (512890) were mostly up today. These include Bank of Shanghai, Bank of Nanjing, Ping An Bank Co., Ltd., Shanghai Rural Commercial Bank, China Resources Jiangzhong, CNOOC, PetroChina, China Minsheng Bank Corp., Ltd., Shaanxi Blower Group, and Bank of Chengdu, with their respective weightings as follows.

Regarding fund flows, the HuaTai Bairui Dividend Low-Volatility ETF (512890) has consistently attracted capital favor. Over the past 5 trading days, it saw net inflows of 540 million yuan; over the past 20 trading days, net inflows were 2.65 billion yuan; and over the past 60 trading days, net inflows reached 3.18 billion yuan. As of June 19, 2026, the ETF's AUM stands at 32.903 billion yuan.

On the news front, the People's Bank of China conducted a 7-day reverse repurchase operation of 11 billion yuan yesterday via a fixed-rate, quantity tender method, with an operation rate of 1.40%. As 258 billion yuan in reverse repos matured that day, the open market achieved a net withdrawal of 247 billion yuan. A research report from Tianfeng Securities noted that historically, liquidity fluctuations in June may increase, but the foundation for accommodative conditions remains.

Everbright Securities Company Limited

Research from Everbright Securities expresses a bullish view on the absolute returns of bank stocks in June, stating that factors favorable for a rebalancing between growth and value styles have been accumulating. For individual stock investment, it is recommended to focus on three main lines: first, high-quality stocks in regions with strong economic resilience and potential for improved or sustained high earnings growth, recommending Bank of Ningbo, Bank of Hangzhou, Bank of Jiangsu, and Bank of Nanjing; second, dividend targets with outstanding yield-to-price ratios, suggesting attention to major state-owned banks and Chongqing Rural Commercial Bank; third, distressed reversal targets where valuations have been compressed to low levels and operational conditions are bottoming out and recovering, recommending Ping An Bank Co., Ltd.

HuaTai Securities believes that the Dividend Low-Volatility 100 Index possesses historical potential for excess returns in environments expecting high volatility, but cautions about the crowding risk brought by its currently high valuation percentile. It suggests investors pay attention to alternative varieties with higher valuation attractiveness and balance defensive attributes with a margin of safety through diversified allocation.

As a stable asset allocation tool in volatile markets, the HuaTai Bairui Dividend Low-Volatility ETF (512890) was established on December 19, 2018, with its benchmark being the CSI Dividend Low Volatility Index. As of June 1, 2026, its 5-year return is 53.71%, outperforming its benchmark and ranking 124th among 1002 products. Investors can consider the HuaTai Bairui Dividend Low-Volatility ETF (512890) as a core holding allocation. Investors without stock trading accounts can also allocate through its off-exchange feeder funds (Class A: 007466; Class C: 007467; Class I: 022678; Class Y: 022951).

Risk Warning: Funds carry risks, and investment requires caution. Past performance is not indicative of future results. Before making investment decisions, investors should carefully read fund contracts, prospectuses, and other documents, and invest rationally in consideration of their own risk tolerance.

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