On December 15, the A-share market showed a volatile adjustment trend. The Shanghai Index turned red for a while and then fell again. The GEM Index and Shenzhen Index both fell by more than 1%. In this context, the low-dividend ETF bucked the trend and closed up 0.09% to 1.175 yuan. The ETF had a turnover rate of 2.30% on the same day and a turnover of 579 million yuan, ranking first among similar target ETFs. In terms of capital flow, the net inflow of low-dividend ETFs reached 4.7 billion yuan in nearly 60 trading days. As of December 12, 2025, the circulation scale of this product was 25.033 billion yuan. According to Zhongtai Securities, the stock market has achieved a net inflow of $2.26 trillion in 2025. Insurance, financial management, and pensions make up the three major incremental funds. In 2026, the incremental capital of institutions to the stock market will reach 3.1 trillion dollars, and the size of fixed income + from public offering will at least double this year's level. Everbright Securities believes that with the new round of policy deployment, the A-share market can be expected on New Year's Eve. In terms of industry allocation, we can focus on TMT and advanced manufacturing sectors; if affected by external factors, the market is polarized in the short term, then we can focus on defense and consumer sectors. As a representative of steady investment, as of December 12, 2025, the cumulative return on low-dividend ETFs reached 134.00%, which not only surpassed the performance comparison benchmark, but also ranked 78th among 502 similar products. Investors can use low-dividend ETFs as a core component of obtaining steady returns in asset allocation, and smooth holding costs and reduce the risk of short-term fluctuations through fixed investment methods. Investors without stock accounts can use their OTC linked funds to allocate funds.

On December 15, the A-share market showed a volatile adjustment trend. The Shanghai Index turned red for a while and then fell again. The GEM Index and Shenzhen Index both fell by more than 1%. In this context, the low-dividend ETF bucked the trend and closed up 0.09% to 1.175 yuan. The ETF had a turnover rate of 2.30% on the same day and a turnover of 579 million yuan, ranking first among similar target ETFs. In terms of capital flow, the net inflow of low-dividend ETFs reached 4.7 billion yuan in nearly 60 trading days. As of December 12, 2025, the circulation scale of this product was 25.033 billion yuan. According to Zhongtai Securities, the stock market has achieved a net inflow of $2.26 trillion in 2025. Insurance, financial management, and pensions make up the three major incremental funds. In 2026, the incremental capital of institutions to the stock market will reach 3.1 trillion dollars, and the size of fixed income + from public offering will at least double this year's level. Everbright Securities believes that with the new round of policy deployment, the A-share market can be expected on New Year's Eve. In terms of industry allocation, we can focus on TMT and advanced manufacturing sectors; if affected by external factors, the market is polarized in the short term, then we can focus on defense and consumer sectors. As a representative of steady investment, as of December 12, 2025, the cumulative return on low-dividend ETFs reached 134.00%, which not only surpassed the performance comparison benchmark, but also ranked 78th among 502 similar products. Investors can use low-dividend ETFs as a core component of obtaining steady returns in asset allocation, and smooth holding costs and reduce the risk of short-term fluctuations through fixed investment methods. Investors without stock accounts can use their OTC linked funds to allocate funds.