On December 25, the early trading trend of the three markets diverged. The three major indices had mixed ups and downs. The Shanghai index fluctuated and raised, and the GEM index rushed higher and fell. In this context, low-dividend ETFs rose 0.08% to 1.178 yuan in half a day, with a turnover rate of 0.92% and a turnover of 246 million yuan, ranking first among ETFs in the same category. Capital flows are upward, and ETFs with low dividends have long been favored by capital. The net capital inflow for the past 5 trading days was 930 million yuan, the net capital inflow for the past 10 trading days was 1.72 billion yuan, and the net capital inflow for the past 60 trading days was 5.81 billion yuan. Shenwan Hongyuan Securities believes that the 2026 spring market is about to start. Although there may be limited room for the agency to focus on the main line, non-main battlefields are expected to be very active. It points out two major positive factors in the short term: first, liquidity in the stock market remains relaxed in spring, supporting increased private placement from high-net-worth investors, insurance “good start” premiums, insurance funds are increasing the amount of A shares and net subscription volumes for the Shanghai and Shenzhen 300 and China Securities A500 ETFs; second, there is a policy window to stabilize the market in the coming months. The rebound before the Spring Festival is one of the calendar characteristics of A-shares with a high historical win rate. According to Open Source Securities, the dividend style is expected to perform better in 2026 than in 2025. The market is evolving from a valuation-driven bull market to a slow, profit-driven bull market, and an evolution from industry beta investment to factor investment. As a robust tool for asset allocation in volatile markets. Investors can participate in low-dividend ETF investments through fixed investment methods to smooth out the risk of fluctuations. Investors without stock accounts can also allocate through their OTC linked funds.

On December 25, the early trading trend of the three markets diverged. The three major indices had mixed ups and downs. The Shanghai index fluctuated and raised, and the GEM index rushed higher and fell. In this context, low-dividend ETFs rose 0.08% to 1.178 yuan in half a day, with a turnover rate of 0.92% and a turnover of 246 million yuan, ranking first among ETFs in the same category. Capital flows are upward, and ETFs with low dividends have long been favored by capital. The net capital inflow for the past 5 trading days was 930 million yuan, the net capital inflow for the past 10 trading days was 1.72 billion yuan, and the net capital inflow for the past 60 trading days was 5.81 billion yuan. Shenwan Hongyuan Securities believes that the 2026 spring market is about to start. Although there may be limited room for the agency to focus on the main line, non-main battlefields are expected to be very active. It points out two major positive factors in the short term: first, liquidity in the stock market remains relaxed in spring, supporting increased private placement from high-net-worth investors, insurance “good start” premiums, insurance funds are increasing the amount of A shares and net subscription volumes for the Shanghai and Shenzhen 300 and China Securities A500 ETFs; second, there is a policy window to stabilize the market in the coming months. The rebound before the Spring Festival is one of the calendar characteristics of A-shares with a high historical win rate. According to Open Source Securities, the dividend style is expected to perform better in 2026 than in 2025. The market is evolving from a valuation-driven bull market to a slow, profit-driven bull market, and an evolution from industry beta investment to factor investment. As a robust tool for asset allocation in volatile markets. Investors can participate in low-dividend ETF investments through fixed investment methods to smooth out the risk of fluctuations. Investors without stock accounts can also allocate through their OTC linked funds.