With the Federal Reserve concluding its rate hike cycle, a persistently low-yield environment at home, and a continuing wave of interim dividend distributions in the A-share market, investors are increasingly prioritizing the certainty of cash flow returns. This shift has brought dividend-paying assets back into the spotlight for their foundational portfolio value, positioning them as a key allocation choice.

Consequently, products within the Huatai-PineBridge dividend offering, such as the Dividend ETF Huatai-PineBridge (510880) and the Dividend Low Volatility ETF Huatai-PineBridge (512890), have attracted significant market attention. The ongoing surge in interim dividends across the A-share market is expected to further solidify the value foundation of these dividend assets.

Wind data shows that as of September 18, the total cash dividends declared by A-share listed companies within the 2026 fiscal year reached RMB 751.146 billion, with 877 companies distributing dividends. The pool of high-dividend stocks is expanding rapidly, moving beyond traditional sectors like banking, coal, brokerages, and transportation. Notably, industries such as pharmaceuticals, biotechnology, electrical equipment, and machinery are also producing a number of stocks with relatively high dividend yields.

Where the yield surge is concentrated

From an industry perspective, the total interim dividends from sectors like banking, telecommunications, brokerages, and nonferrous metals have reached unprecedented historical highs. Specifically, the 2026 interim dividend payouts for these sectors were RMB 266.113 billion, RMB 74.03 billion, RMB 27.916 billion, and RMB 21.65 billion, respectively.

On the liquidity front, the combination of overseas rate hikes and a domestic low-interest-rate environment underscores the superior value of dividend assets as a core holding. Wind data indicates that the yield on the 10-year domestic government bond remains at a historic low of 1.69%. Following the Fed’s rate hike, long-duration, high-valuation growth stocks are more susceptible to pressure from rising overseas rates. In contrast, dividend assets have shorter cash flow durations, and their higher dividend yields make them less sensitive to discount rate fluctuations, potentially offering greater resilience in the current market climate. (Data as of 2026/9/17. Please note that the risk profiles of government bonds and stocks differ, and investors should fully consider the risks involved.)

Several securities firms are expressing optimism about dividend strategies. Central China Securities suggests that the "asset shortage" landscape has not changed, enhancing the value of dividend strategies as core holdings. CITIC Securities points out that while rising global long-term yields have narrowed the yield advantage of Hong Kong-listed high-dividend stocks relative to overseas risk-free assets, the pricing anchor for A-share high-dividend stocks lies in domestic rates. This makes their underlying logic still reliant on cash flow stability and dividend sustainability. (Source: Central China Securities report, "Tech Accumulation, Focus on Dividends, Waiting for New Catalysts Amidst Volatility," 2026/9/2; CITIC Securities report, "Dividend Allocation Needs to Balance Chip Resilience and Earnings Verification," 2026/9/6.)

Exploring the Huatai-PineBridge dividend product lineup

As the investment case for dividend assets becomes more prominent, Huatai-PineBridge's dividend-focused product suite is gaining traction as a popular index-based investment toolkit. Developed by Huatai-PineBridge Fund Management, a pioneer among domestic ETF managers, the company has nearly two decades of experience in dividend-themed index investing. Its offerings span both A-shares and Hong Kong stocks, incorporating factors like dividend yield, low volatility, central state-owned enterprises (SOEs), and quality. This approach aims to provide investors with a one-stop solution for dividend-themed index investment.

The Dividend ETF Huatai-PineBridge (510880) holds the distinction of being the first dividend-themed index fund in the A-share market, with 422,900 holder accounts as of June 30, 2026. The Dividend Low Volatility ETF Huatai-PineBridge (512890) and its feeder fund have amassed 1.4838 million holder accounts by the same date. The Central SOE Dividend ETF Huatai-PineBridge (561580) is the first "Central SOE + Dividend" dual-themed ETF in A-shares.

For exposure to Hong Kong, the Hong Kong Stock Connect Dividend ETF (513530) and the Hong Kong Stock Connect Dividend Low Volatility ETF (520890) focus on high-dividend assets. The former uses a QDII structure, offering certain advantages regarding dividend tax in Hong Kong. The latter incorporates a low-volatility factor, which may provide stronger defensive characteristics in the typically more volatile Hong Kong market.

Meanwhile, the Dividend Quality ETF Huatai-PineBridge (561630) uses a "dividend + quality" dual-factor stock selection strategy, aiming to identify high-dividend targets with solid fundamentals and better profitability, with a more pronounced growth style. The Dividend Low Volatility 50 ETF Huatai-PineBridge (561450) builds on the "dividend + low volatility" dual factor, focusing on high-quality blue-chip stocks. (Source for holder data: Fund periodic reports, as of 2026/6/30. Inception dates for Dividend ETF, Dividend Low Volatility ETF, and Central SOE Dividend ETF are 2006/11/17, 2018/12/19, and 2023/5/18, respectively.)

Note: The "dividend family" refers to the suite of Huatai-PineBridge dividend ETFs listed above. All these products carry an R3 risk rating. The risk rating for distribution channels may vary according to their own suitability assessment rules. For fees, investors subscribing to or redeeming shares of the Dividend Low Volatility 50 ETF or Dividend Quality ETF may be charged a commission of up to 0.30% and 0.50% respectively, with the latter including fees charged by the stock exchange and clearing institutions. For the other products, subscription and redemption agents may charge a commission of up to 0.50%, which also includes relevant exchange and registration institution fees. This information is sourced from product legal documents as of 2026/9/17. Commissions for secondary market trading are determined by the investor's brokerage firm, and stamp duty is exempt.

Risk warnings and final considerations

Investing involves risk, and caution is required. Before purchasing any fund product, investors should review the relevant investor suitability regulations, complete their risk assessment, and select products that match their individual risk tolerance. Past performance is not indicative of future results. The performance of other funds managed by the same company does not guarantee the performance of any particular fund. Investors should carefully read the fund contract, prospectus, and product summary before investing. The Hong Kong Stock Connect Dividend ETF and Hong Kong Stock Connect Dividend Low Volatility ETF invest in overseas markets and are subject to additional risks, including currency risk and risks specific to overseas securities markets, beyond the usual market volatility risks.

The Hang Seng Hong Kong Stock Connect Dividend Low Volatility Index is compiled and published by Hang Seng Indexes Company, which owns the index. While Hang Seng Indexes Company will take all necessary measures to ensure the index's accuracy, it makes no warranty and accepts no liability for any errors. The S&P China A-Share LargeCap Dividend Low Volatility 50 Index is compiled and calculated by S&P Dow Jones Indices LLC ("S&P"), which owns the index. S&P takes all necessary measures to ensure its accuracy but does not guarantee it. Other indices are compiled and published by the China Securities Index Company, which owns them. The company will take all necessary measures to ensure accuracy but offers no guarantees.