On September 6th, the Ministry of Finance announced it will issue 300 billion yuan in special treasury bonds for eight central financial enterprises. This marks another move by the state to replenish core Tier-1 capital for these institutions, following the 500 billion yuan special bond issuance earlier in 2025 for four major state-owned banks. The capital injection scope specifically covers large state-owned commercial banks, policy-oriented financial institutions, and state-owned commercial insurance companies. Since banks and insurers are core weight sectors within dividend-oriented assets, this strengthening of capital buffers is poised to further enhance their payout capacity and asset quality, providing robust fundamental support for high-dividend equities.

Beyond the special treasury bond injection, high-dividend assets have recently benefited from a confluence of additional catalysts. On August 21st, the National Financial Regulatory Administration officially released the "Measures for the Management of Assets and Liabilities of Insurance Companies," which pushes insurers to extend their assessment and evaluation cycles, thereby fully leveraging the long-term advantages of insurance funds. In a low-interest-rate environment, this new regulation could encourage insurers to increase their allocation to high-dividend stocks. Furthermore, as new rules on cash dividends for listed companies take effect, an increasing number of firms are incorporating shareholder returns into their institutional frameworks, with interim dividends becoming increasingly common. As of September 6th, 856 A-share companies had disclosed plans for 2026 interim cash dividends, with projected payouts totaling approximately 716.67 billion yuan. These stable and predictable dividends are making such stocks significant options for long-term capital allocation by entities like social security funds and insurers.

Driven by this convergence of catalysts, investor sentiment towards dividend-type assets, represented by the Huatai-PineBridge "Red Dividend Family Bucket," is warming up. Wind data shows that as of September 7th, the closing point of the SSE Dividend Total Return Index, which tracks Huatai-PineBridge Dividend ETF (510880), rose to 7,877.94. This places the index at a historic high range since its base date. As of the latest 2026 semi-annual report, the cumulative number of holders for Huatai-PineBridge Dividend ETF (510880) reached 422,900, an increase of 6,264 holders compared to the end of 2025. It stands as the only dividend-themed ETF in the entire market during this period to surpass 200,000 holders.

Meanwhile, the Huatai-PineBridge Dividend Low Volatility ETF (512890), the first dividend low-volatility themed ETF in the A-share market, has also become a popular product amid rising demand. As of the first half of 2026, the holder counts for Huatai-PineBridge Dividend Low Volatility ETF (512890) and its feeder funds (including Class A 007466 / Class C 007467 / Class I 022678 / Class Y 022951) reached 153,500 and 1,483,800 households respectively. These figures represent growth of 50,000 and 12,300 households compared to the end of last year. The ETF itself is the only on-exchange dividend-themed product in the A-share market to see an increase of over 45,000 holders, while the feeder funds are the only dividend-themed index products in the A-share market to attract more than one million holders.

In the Hong Kong market, southbound capital continues to show strong interest in dividend assets. Wind data indicates that over the past week, more than 1 billion yuan in southbound funds flowed into traditional high-dividend sectors such as non-bank financials (2.485 billion yuan), oil and petrochemicals (1.486 billion yuan), and real estate (1.338 billion yuan). A research report from Huatai Securities suggests that while the global liquidity environment remains uncertain, which may temper further valuation recovery for Hong Kong stocks, there is a positive development in earnings. The year-on-year growth rate of the aggregate first-half 2026 earnings for all Hong Kong-listed companies has rebounded significantly. However, this growth is divergent internally; high-dividend sectors' earnings have turned positive, primarily boosted by resource-related companies. The report continues to recommend viewing low-volatility dividend assets as core holdings.

On another front, the persistently declining domestic interest rate environment offers considerable support for the long-term logic of dividend low-volatility strategies. Since August 14th, the yield on 10-year government bonds has broken below the 1.70% threshold, currently sitting at just 1.68% (as of 9/4/26). This remains significantly lower than the 4.19% dividend yield of the index tracked by Huatai-PineBridge Dividend Low Volatility ETF (512890) and the 4.77% yield of the Hang Seng High Dividend (CNY) index tracked by Huatai-PineBridge Stock Connect Dividend ETF (513530). Given this yield differential, dividend assets are well-positioned to become a key choice for long-term capital seeking higher returns for core allocations.

The Huatai-PineBridge "Red Dividend Family Bucket," brought to market by Huatai-PineBridge Fund Management, leverages the firm's over 19 years of experience in dividend-themed index investing as one of China's first ETF managers. According to exchange data as of September 4, 2026, the total scale of the seven ETFs in the "Dividend Family Bucket" series reached 58.205 billion yuan, accounting for nearly 30% of the total scale of all dividend-focused ETFs in the market. This series includes Huatai-PineBridge Dividend ETF (510880), the first dividend-themed index fund in the A-share market; Huatai-PineBridge Dividend Low Volatility ETF (512890), the first and currently the only dividend low-volatility themed ETF in the A-share market exceeding 30 billion yuan in scale; Huatai-PineBridge Central SOE Dividend ETF (561580), the first "Central SOE + Dividend" dual-themed ETF; Huatai-PineBridge Stock Connect Dividend ETF (513530) and Huatai-PineBridge Stock Connect Dividend Low Volatility ETF (520890), both focusing on Hong Kong high-dividend assets with the former utilizing a QDII model for advantages in Hong Kong dividend tax and the latter incorporating a low-volatility factor for stronger defensive characteristics in the volatile HK market; Huatai-PineBridge Dividend Quality ETF (561630), employing a "Dividend + Quality" dual-factor stock selection strategy to identify high-dividend targets with solid fundamentals and superior profitability; and Huatai-PineBridge Dividend Low Volatility 50 ETF (561450), which focuses on quality blue-chips based on the "Dividend + Low Volatility" dual factors.