Charlie Munger once said a phrase that has been repeatedly chewed over: &#34;The most valuable experience in the investment world is moving from ineffective to effective.&#34; In the current A-shares market, this transformation is becoming a flow of real money. For 19 consecutive trading days, over 500 million funds have been pouring into the dividend quality ETF China Merchants (159209). At the opening of the morning session, the enthusiasm for fund grabbing is still continuing, with this ETF gaining another 7 million in net inflow during the session.
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With such a firm inflow of funds, what exactly are they investing in? Ultimately, it is a choice between two investment paths. One is to chase high growth and bet on sectors, focusing on pushing the penetration rate ceiling upwards; the other is to return to the fundamentals, looking at cash flow, dividends, and whether the company can truly make real money. Over the past year, the first path has been too smooth, to the point where everyone almost forgot there was a second path. Now, these hard indicators that were once overlooked are becoming the core of fund pricing again.
You may ask: Why are funds so persistent? Two keywords: gold rebound expectation, HALO asset logic.
First, let's talk about gold. Behind it stands the collective bet on gold prices rebounding after the US and Iran released ceasefire signals. Once the situation in the Middle East eases and oil prices fall, the upward space for gold prices will be opened. This is because the previous surge in oil prices suppressed the financial attributes of gold. When oil price expectations decline, the safe-haven value and monetary attributes of gold have room to be released. This is not a wild guess; it is common sense in trading logic.
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Now, let's talk about HALO. This term was officially proposed by Goldman Sachs this year, with the full name &#34;Heavy Assets, Low Obsolescence&#34;—heavy assets, low obsolescence. In layman's terms, it refers to businesses that are asset-heavy, have slow technological iterations, and are difficult for others to replace. Such assets become a safe haven for funds during periods of increased macro volatility. Look at the stock selection logic of the dividend quality index—high dividend + high ROE + stable earnings, which precisely fits this position. The companies it selects are not those high-tech firms that rely on burning cash to tell stories, but rather &#34;hard assets&#34; that can genuinely make money, distribute dividends, and withstand cycles.
Therefore, when the expectations for gold rebounds and HALO asset logic ferment simultaneously, the dividend quality ETF China Merchants (159209) becomes the target that funds &#34;double-click&#34; on. More importantly, after the previous adjustments, the dividend yield of the CSI Dividend Quality Index has once again risen above 4%.
**In the context of continuously declining risk-free interest rates, a 4% dividend yield itself is a form of scarcity. Moreover,it is not just a &#34;dividend stock&#34;;within the component stocks, there are leading consumer companies, resource products, and also growth-oriented directions. This structure determines that it can provide a safety cushion while also having upward elasticity, which is known as &#34;both offense and defense.&#34;
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In addition, the Dividend Quality ETF from China Merchants (159209) has maximized the cost advantage of long-term holding in its product design. The fee rate is &#34;0.15% + 0.05%&#34;, which is the lowest in the entire market. Don't underestimate this small percentage; the longer the holding period, the more substantial the savings in actual returns. The dividend mechanism is assessed monthly, which better meets the cash flow needs of investors. This design is not a flashy gimmick; it genuinely responds to those stable funds that treat ETFs as core holdings — what they want is certainty, low cost, and liquidity.
When the expectation of gold's rebound and the logic of HALO assets are both at play, the &#34;core value&#34; of the Dividend Quality ETF from China Merchants (159209) is being revalued by the market. Previously, people looked at dividend quality in terms of dividend yield and defensive attributes. Now it’s different; as the macro environment shifts from &#34;high growth&#34; to &#34;high uncertainty,&#34; and as funds transition from chasing elasticity to seeking certainty, assets with cash flow, dividends, and barriers should naturally be placed at the very bottom of the portfolio.
What is a core holding? It means you are willing to add when it drops, and you are willing to hold when it rises, without needing to monitor it daily, allowing you to sleep soundly. Looking at it over a longer time frame, it is highly likely to outperform inflation, outperform deposits, and outperform most people's chasing and cutting losses.
And the Dividend Quality ETF from China Merchants (159209) just happens to be what a core holding should look like.
Risk warning: Funds carry risks; investment requires caution

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In the A-share market, the dividend quality strategy is being repriced, with continuous inflows into the dividend quality ETF China Merchants (159209), exceeding 500 million in funds for 19 consecutive trading days. Investors are beginning to focus on cash flow and dividends, shifting towards heavy asset and low elimination HALO asset logic. The expectation of gold's supplementary rise and the HALO asset logic are jointly driving this trend, making the dividend quality ETF a primary target for funds. The dividend yield of the CSI Dividend Quality Index has once again surpassed 4%

Under the asset logic of HALO, the dividend quality strategy is being repriced