5月23日，大盘震荡翻红，红利资产再现韧性。截至9时59分，中证红利质量ETF(159209)、港股红利低波ETF(520550)及中证红利ETF(515080)分别涨0.30%、0.09%及0.33%。
分析指出，在当前市场波动加剧的背景下，三大红利类指数各具配置优势：
中证红利质量指数通过“红利+质量”双因子策略，筛选分红稳定且盈利质量高的50只成分股，兼顾高股息防御属性与ROE稳定性，长期收益显著优于主流宽基指数，在政策倡导分红和盈利质量提升的背景下，其“避险+成长”的双重特性适配经济周期波动。
恒生港股通高股息低波动指数聚焦港股高股息资产，成分股需连续分红且波动率较低，叠加低估值优势（股息率超8%），受益于央企市值管理政策，进一步强化分红持续性，在港股低估值与海外流动性扰动下防御属性突出。
中证红利指数覆盖A股100只高股息、分红稳定的优质标的，股息率长期稳定在5%以上，显著高于十年期国债收益率，在低利率环境下配置吸引力凸显；指数调仓后成分股市值结构优化，剔除低股息个股，进一步抬升整体股息率，险资增持与资金净流入强化其抗跌性，成为中长期资金的核心配置工具。
三者分别以质量深化、低波防御和纯红利策略，共同契合当前避险需求与政策导向下的资产配置逻辑。
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