On September 10th, a key State Council Information Office press conference themed around the 15th Five-Year Plan officially unveiled the Financial Strength Nation Construction Plan. This blueprint serves as the overarching strategy for the nation's financial work through 2026 to 2030, outlining core missions such as strengthening macroeconomic regulation, enhancing supervision, mitigating risks, boosting real economy support, pursuing high-quality growth, and expanding opening-up. To execute these directives, the People's Bank of China has also issued its own reform and development plan alongside nine action blueprints, significantly elevating attention on dividend-focused assets.

Beyond the policy-driven enthusiasm, the enduring investment case for high-yield equities rests on solid fundamental improvements. Corporate filings reveal that during the first half of 2026, 42 listed Chinese banks collectively generated approximately 3.14 trillion yuan in operating revenue, marking a 7.42% year-on-year increase, while net profits attributable to shareholders reached around 1.13 trillion yuan, up 2.96%. A key driver behind this profitability uptick appears to be the recovery in net interest margins. Specifically, the drag from net interest margins on revenue narrowed sharply to -1.49 percentage points in the first half of 2026 from -9.21 percentage points a year earlier, indicating that the most significant pressure on banking earnings is gradually easing.

Meanwhile, September has ushered in a peak season for interim dividends across both A-shares and Hong Kong stocks. By September 10th, 125 A-share companies had distributed interim dividends totaling 720.4 billion yuan, while 203 Hong Kong-listed firms had paid out 287.7 billion yuan. Notably, a first-ever collective interim dividend from five major Chinese insurers amounted to about 39 billion yuan, and the six largest state-owned banks have uniformly raised their payout ratios to 31%, further strengthening the appeal of high-dividend sectors.

Since August 14th, the yield on the 10-year Chinese government bond has slipped below the 1.70% threshold, currently sitting at 1.68% as of September 10th. This creates a significant gap when compared to the dividend yields offered by Huatai-PineBridge's suite of products: the Hang Seng Stock Connect High Dividend Low Volatility Index, tracked by 港股通红利低波ETF华泰柏瑞 (520890), yields 5.69%; the Stock Connect High Dividend (CNY) Index, tracked by 港股通红利ETF华泰柏瑞 (513530), yields 5.20%; the CSI Dividend Low Volatility Index, tracked by 红利低波ETF华泰柏瑞 (512890), yields 4.27%; and the CSI Dividend Index, tracked by 红利ETF华泰柏瑞 (510880), yields 3.98%. These relatively attractive payout ratios position them as compelling core holdings for long-term institutional capital.

As of the latest 2026 semi-annual reports, 红利ETF华泰柏瑞 (510880) has amassed 422,900 shareholder accounts, an increase of 6,264 from the end of 2025, making it the only dividend-themed ETF in the market with more than 200,000 holders. Similarly, 红利低波ETF华泰柏瑞 (512890), the market's first low volatility dividend ETF, has become a favored defensive pick. Together with its feeder funds (A share 007466, C share 007467, I share 022678, Y share 022951), it has drawn 153,500 on-exchange holders and 1.4838 million total holders. The former boasts a growth of over 45,000 holders, the highest among comparable A-share dividend ETFs, while the latter is the sole dividend index product in the A-share market to attract more than one million holders.

Huatai-PineBridge, a pioneer among China's first ETF managers, has cultivated over 19 years of expertise in dividend index investing. Its "Dividend Family Bucket" includes several trailblazing products: 红利ETF华泰柏瑞 (510880) marks the A-share market's first dividend index fund; 红利低波ETF华泰柏瑞 (512890), launched on December 19, 2018, stands out with its record holder count; 央企红利ETF华泰柏瑞 (561580) debuted as the first dual-themed "SOE + Dividend" ETF; and the Hong Kong-focused 港股通红利ETF华泰柏瑞 (513530) and 港股通红利低波ETF华泰柏瑞 (520890) cater to offshore high-yield assets, with the former using QDII for potential tax advantages and the latter incorporating low volatility factors for better defense in Hong Kong's volatile market. Additionally, 红利质量ETF华泰柏瑞 (561630) applies a "Dividend + Quality" dual-factor screen to target solid high-yield stocks with growth potential, while 红利低波50ETF华泰柏瑞 (561450) focuses on blue-chip names with both dividend and low volatility characteristics, having been established on May 18, 2023.

Please note that all products carry an R3 risk rating, and distribution channels may have varying risk classifications. Fees for subscribing or redeeming 红利低波50ETF华泰柏瑞 and 红利质量ETF华泰柏瑞 may involve commissions up to 0.30% and 0.50% respectively, as determined by brokerages. For other funds in the suite, commissions may apply up to 0.50%. Secondary market trading commissions follow the respective broker's standards with stamp duty waived. Investors should be mindful that fund performance does not guarantee future results, and careful consideration of risks, including exchange rate and overseas market fluctuations for the Hong Kong-linked ETFs, is advised before investing.