Recently, U.S. Treasury yields have continued to hit new highs, becoming a core variable disrupting global risk asset pricing. Wind data shows that after breaking through 5% on September 23, the 10-year U.S. Treasury yield continued to fluctuate upward, reaching an intraday high of 5.36% on October 7, while the 30-year U.S. Treasury yield touched 5.73% intraday, both hitting new highs since 2002. Under the persistent disturbance of the overseas high interest rate environment, A-share high-valuation technology sectors have come under notable pressure, with crowded trading and valuation correction pressures continuing to be released. In sharp contrast, dividend sectors featuring high dividend yields, low volatility, and strong defensive attributes have strengthened against the trend, becoming one of the important allocation directions for market capital rotation and risk aversion, with the sector's allocation value continuing to be reinforced. At the same time, multiple domestic policy tailwinds have continued to intensify, further solidifying the fundamental support for dividend assets.

On September 29, the central bank announced a 0.25 percentage point cut to the Pledged Supplementary Lending (PSL) rate, while also including the construction of the "six networks" — water networks, new-type power grids, computing power networks, and others — into PSL-supported areas. This rate cut can directly lower the liability costs of policy banks, enhance their ability to extend medium- and long-term credit to key areas of the real economy at more favorable rates, help advance the financing of key projects, and benefit public utility and financial dividend assets characterized by stable cash flow and high dividend payouts. In addition, the cross-border allocation channel for insurance capital has been further broadened, with regulators clarifying that insurance institutions eligible to invest in Hong Kong Stock Connect stocks may invest in Hong Kong Stock Connect ETFs, resolving at the institutional level the long-standing QDII quota bottleneck for overseas allocation by insurance capital and potentially bringing long-term incremental capital into Hong Kong high-dividend, low-volatility assets. (Policy sources: "The People's Bank of China Adjusts and Improves Several Monetary Policy Tools" - 260929 - People's Bank of China; "Letter on Clarifying the Regulatory Caliber for Insurance Capital Investment in Hong Kong Stock Connect ETFs" - 260929 - National Financial Regulatory Administration)

Furthermore, on October 8, the 2026 Central Financial Institution Capital Injection Special Treasury Bond (First Tranche) completed its tender successfully. The smooth progress of the first issuance means the previously announced 300 billion yuan capital injection plan has officially entered the implementation and fulfillment phase. This round of capital injection supplements the core tier-one capital of commercial banks and other financial institutions through fiscal funds, strengthening their capital safety buffers, opening up space for bank credit extension, and further enhancing their profit stability and dividend sustainability. It is worth noting that the scope of the capital increase has been further expanded from commercial banks to policy financial institutions and insurance companies, meaning that policy is extending from single-track credit support to policy-based financing, risk protection, and long-term capital supply, which is expected to release asset allocation space for insurance capital in the medium term and provide structural support for dividend assets.

From the perspective of A-share market style trends, the style rebalancing in the fourth quarter continues to play out, with capital allocation preferences changing. The strategy team at Huatai Securities pointed out that the A-share style rebalancing trend in the fourth quarter is likely to continue, with the core driver coming from changes on the liability side of capital. At present, the chip structure in technology is still adjusting, market capital preferences have clearly shifted toward stable assets, crowded trading in the technology sector amplifies volatility risk, and at this stage growth stocks are overvalued with concentrated holdings. External rate hike and inflation risks continue to disturb the market, and it is advisable to pay moderate attention to the allocation value of dividend assets. (Source: "Major Assessment! China's Asset Scarcity Allocation Value Stands Out, A-Share Style Rebalancing Continues in Q4!" - China Fund News - 260903)

Huatai-PineBridge Fund has accumulated more than 19 years of management experience in dividend-themed index investing, built a rich track research and risk control system, and created a "Dividend Suite" product line covering A-share and Hong Kong stock markets and encompassing multi-dimensional strategies such as pure dividend, low volatility, high quality, and central SOE characteristics, which may suit the core holding allocation needs of different investors. Specifically, several products in the product line possess distinct market scarcity and investment advantages. Among them, Dividend ETF Huatai-PineBridge (510880) is the first dividend-themed index fund in the A-share market. As of mid-2026, it had 422,900 holder accounts, making it the only dividend-themed ETF in the entire market with more than 200,000 holder accounts during the same period. Dividend Low Volatility ETF Huatai-PineBridge (512890) is the first dividend low-volatility themed ETF in the A-share market, and its feeder fund has 1,483,800 holder accounts. Central SOE Dividend ETF Huatai-PineBridge (561580) is the first "central SOE + dividend" dual-theme ETF in the A-share market. Hong Kong Stock Connect Dividend ETF Huatai-PineBridge (513530) and Hong Kong Stock Connect Dividend Low Volatility ETF Huatai-PineBridge (520890) focus on Hong Kong high-dividend assets; the former adopts the QDII model and has certain advantages in Hong Kong dividend tax, while the latter incorporates a low-volatility factor, which may make its defensive attributes more prominent in the more volatile Hong Kong market. Dividend Quality ETF Huatai-PineBridge (561630) adopts a "dividend + quality" dual-factor stock selection strategy, which is expected to screen out high-dividend targets with solid fundamentals and better profitability, with a more prominent growth style. Dividend Low Volatility 50 ETF Huatai-PineBridge (561450), based on the "dividend + low volatility" dual factors, focuses on high-quality blue chips. (Holder account data source: fund 2026 interim reports, holder accounts of different fund share classes are combined, as of 26/6/30; establishment dates of Dividend ETF Huatai-PineBridge, Dividend Low Volatility ETF Huatai-PineBridge, and Central SOE Dividend ETF Huatai-PineBridge are 06/11/17, 18/12/19, and 23/5/18)

Note: "Dividend Suite" refers to Huatai-PineBridge's Dividend ETF Huatai-PineBridge, Dividend Low Volatility ETF Huatai-PineBridge, Hong Kong Stock Connect Dividend ETF Huatai-PineBridge, Central SOE Dividend ETF Huatai-PineBridge, Hong Kong Stock Connect Dividend Low Volatility ETF Huatai-PineBridge, Dividend Quality ETF Huatai-PineBridge, and Dividend Low Volatility 50 ETF Huatai-PineBridge. The risk levels of the above products are all medium risk (R3); for distribution, the risk level of the distributing institution shall prevail, and different sales institutions may have different evaluation results for fund risk levels in accordance with investor suitability regulations. Fee note: When investors subscribe to shares of Dividend Quality ETF Huatai-PineBridge and Dividend Low Volatility 50 ETF Huatai-PineBridge, the distributing broker may charge a commission at a standard not exceeding 0.30%; when investors redeem fund shares, the distributing broker may charge a commission at a standard not exceeding 0.50%, which includes related fees charged by the stock exchange, registration institution, and others. The above is excerpted from the product legal documents, as of 2026/10/8. For other products, when investors subscribe or redeem fund shares, the subscription and redemption distributing broker may charge a commission at a standard not exceeding 0.5%, which includes related fees charged by the stock exchange, registration institution, and others. Secondary market trading commissions are charged by the relevant broker according to its standards, and stamp duty is exempted. The above is excerpted from the product legal documents, as of 26/10/8. Risk disclosure: Funds involve risks, and investment requires caution. If you need to purchase relevant fund products, please pay attention to the relevant provisions of investor suitability management, complete risk assessment in advance, and purchase fund products with a risk level matching your own risk tolerance. Past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment requires attention to investment risks; please carefully read the fund contract, fund prospectus, product summary, and other legal documents to understand the specific circumstances of the fund. Hong Kong Stock Connect Dividend ETF Huatai-PineBridge and Hong Kong Stock Connect Dividend Low Volatility ETF Huatai-PineBridge may invest in overseas securities markets; in addition to general investment risks such as market volatility risks similar to domestic securities investment funds, they will also face special investment risks such as exchange rate risk and overseas securities market risk. The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index is compiled and published by Hang Seng Indexes Company Limited, and its ownership belongs to Hang Seng Indexes Company Limited. Hang Seng Indexes Company Limited will take all necessary measures to ensure the accuracy of the index, but does not make any guarantee for this, and is not responsible to anyone for any errors in the index. The underlying index of Dividend Low Volatility 50 ETF Huatai-PineBridge, the S&P China A-Share LargeCap Low Volatility High Dividend 50 Index, is compiled and calculated by S&P Dow Jones Indices LLC ("S&P"), and its ownership belongs to S&P. S&P will take all necessary measures to ensure the accuracy of the index, but does not make any guarantee for this, and is not responsible to anyone for any errors in the index. Other indices are compiled and published by China Securities Index Co., Ltd., and their ownership belongs to China Securities Index Co., Ltd. China Securities Index Co., Ltd. will take all necessary measures to ensure the accuracy of the indices, but does not make any guarantee for this, and is not responsible to anyone for any errors in the indices. MACD golden cross signals have formed, and these stocks are rising well!