Recently, the A-share technology market has accelerated, with optical modules, computing power, and semiconductor equipment taking turns to surge. Amid the rapid rise of growth stocks, some rational funds have begun to retreat while fighting, gradually shifting towards high-dividend assets with defensive attributes. In the past month, ETFs tracking the China Merchants CSI Dividend Index have quietly seen inflows exceeding 2 billion yuan, leading various high-dividend assets.
According to Wind data, as of May 20, the China Merchants CSI Dividend ETF (515080) has seen a net subscription of 956 million yuan over 10 consecutive trading days, with the fund size surpassing 10 billion yuan, strongly advancing into the 10 billion tier of ETFs in the two markets. This trend reveals that amidst the extreme growth style, many rational investors are actively seeking &#34;ballast stone&#34; hedging options.
Public data shows that since its listing in December 2019, the China Merchants CSI Dividend ETF (515080) has accumulated a rise of over 100%, with an annualized return of nearly 12%. During the same period, it has distributed dividends 16 times, with a cumulative dividend of 4 yuan for every ten fund shares, highlighting significant long-term compounding and base allocation value.
1. A 40-fold scale leap in seven years, practicing long-termism
When it was officially listed in 2009, the China Merchants CSI Dividend ETF was the first ETF in the market to track the China Merchants CSI Dividend Index. At that time, it had been over 11 years since the index was released, and the arrival of the target ETF could be described as &#34;finally coming after a thousand calls.&#34;
In less than seven years since its listing, the scale of the China Merchants CSI Dividend ETF has grown over 40 times, primarily due to its strict adherence to the long-termism of the dividend strategy by tracking the index: carefully selecting leading stocks with high dividend yields, focusing on companies' dividend capabilities and sustainability, and emphasizing the profitability and ample cash flow of constituent stocks, thus highlighting long-term defense and compounding value.
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Data source: Wind, as of 2026.5.20. Past performance does not guarantee future results.
An unremarkable start has achieved impressive results, reflecting the character of the dividend strategy—seeking not explosive growth, but lasting endurance.
2. Index iteration, discarding the old and embracing the new
Behind the continuous &#34;growth&#34; of the ETF is the iterative power and vitality of the benchmark index's base.
The China Merchants CSI Dividend Index is weighted by dividend yield, naturally possessing a &#34;buy low and sell high&#34; rebalancing mechanism. When a stock's price rises and its dividend yield falls, its weight in the index will automatically decrease; conversely, the opposite occurs. This mechanism endows the index with a natural &#34;value regression&#34; attribute.
Compared to six years ago, the top ten constituent stocks of the China Merchants CSI Dividend Index have undergone a complete transformation. Through regular adjustments every December, the index continuously &#34;eliminates the weak and includes the strong,&#34; maintaining the purity of high dividend yields.
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The changes in the industry are even more vivid. From 2018 to 2021, real estate was the largest weighted industry in the China Merchants CSI Dividend for four consecutive years. Now, the weight of real estate has significantly declined, replaced by the rise of high dividend sectors such as banking, coal, and transportation.
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This dynamic industry allocation capability allows investors to avoid frequent timing in industry rotations; they only need to believe in a simple logic — companies that can continuously distribute high dividends are worth holding for the long term.
Three, quarterly assessment of dividends, adhering to the warmth of &#34;locking in profits&#34;
One of the most touching moments in investing in dividends is the moment when dividends are credited — it makes you truly feel that this investment is generating cash flow for you.
In March 2026, the China Merchants CSI Dividend ETF completed its 16th dividend distribution since its listing, with a dividend of 0.15 yuan for every ten shares. Since its listing, the fund has accumulated a total dividend of 4.0 yuan for every ten shares, continuing the rhythm of quarterly assessment of dividends to achieve four distributions per year starting in 2024.
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These 16 dividend distributions represent 16 &#34;dividend agreements&#34; with the shareholders. Regardless of market fluctuations or bull-bear transitions, dividends are not the end, but a series of small and certain &#34;harvests.&#34;
Four, declining interest rates make high dividend yields more attractive
As of May 15, the latest dividend yield of the China Merchants CSI Dividend Index reached 4.94%, while the yield on ten-year government bonds has fallen to 1.76%, highlighting the high dividend value of the index with a &#34;stock-bond yield spread&#34; of over 3 percentage points.
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Statistics from Huatai Securities show that currently, among the mainstream dividend indices in A-shares, the China Merchants CSI Dividend Index has a relatively high dividend yield over the past three years, and its dividend yield over the past 12 months also leads other dividend indices
<img src="https://imageproxy.pbkrs.com/https://tongbi-app.oss-cn-shanghai.aliyuncs.com/word/media/342e69d5f4704a11a3d4971b601ef940.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://tongbi-app.oss-cn-shanghai.aliyuncs.com/word/media/342e69d5f4704a11a3d4971b601ef940.png"/>
In the context of a low interest rate era, this dividend yield presents an irreplaceable allocation appeal for long-term funds such as insurance capital and annuities.
V. Navigating Market Volatility, Long-term Anchor Value Stands Out
The longer the time dimension, the clearer the effectiveness of the dividend factor becomes. Since its release, the China Merchants CSI Dividend Total Return Index has traversed various market conditions, with an overall relatively stable trend, making it suitable as a core holding for long-term allocation.
Data shows that from December 31, 2004, to May 15, 2026, the China Merchants CSI Dividend Total Return Index has cumulatively risen by 185.14%, achieving 92.52% excess return compared to the same period of the CSI 300 Total Return Index.
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As of the latest update, the China Merchants CSI Dividend ETF has outperformed the benchmark index for six consecutive calendar years since 2020, with a fund return/performance benchmark of 102.18%/30.90%, achieving an excess return of 71.28%, significantly outperforming the performance benchmark.
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Just as time never disappoints patient sowers, dividends never let steadfast holders down.
VI. A New Journey of 10 Billion, A New Starting Point for Dividends
At the time when the scale of the China Merchants CSI Dividend ETF surpasses 10 billion yuan, the allocation logic of dividend assets becomes clearer.
Logic 1: Policy Tailwinds Support, High Dividend Assets Have Greater Allocation Space for Insurance Capital.
Under the new accounting standards, insurance companies are more inclined towards high dividend stocks. In the medium term, there is significant room for insurance capital to increase allocation to high dividend assets. In the long term, policies encourage insurance companies and other long-term funds to enter the market, better playing the role of the capital market as a &#34;stabilizer&#34; and &#34;anchor.&#34;
Logic 2: In a Low Interest Rate Environment, Demand for Dividend Asset Allocation Continues to Rise.
Looking at the present, a large amount of low-risk preference medium- to long-term funds continue to enter the market in a low-interest environment. Looking ahead to 2026, under the backdrop of continuously expanding domestic demand, CPI readings are expected to remain stable, and there is a possibility of PPI turning positive during the recovery of industrial raw material prices, with some industries potentially having marginal upward momentum
Logic Three: The value of stable bottom allocation in dividend assets is highlighted in response to market fluctuations.
Dividend strategies possess excellent defensive attributes in down markets. At the same time, they have good adaptability in different style markets, making them an asset type that aligns with the goal of building a stable bottom allocation.
Logic Four: Dividend assets are expected to outperform in May.
The relative excess win rate of the China Securities Dividend Total Return Index shows certain seasonal characteristics in different months. From historical data, since 2015, the win rates of the China Securities Dividend Total Return Index in April, May, and November have reached 91%, 73%, and 82%, respectively.
The four-fold logical viewpoint is sourced from Industrial Securities - Focus on the four-fold logic of dividend assets to seize the current allocation opportunity - 20260409. No substantial guarantee or commitment is made regarding the authenticity, completeness, and accuracy of the viewpoints or information cited from securities companies and other external institutions. The data is for reference only and does not indicate the future actual performance of the index

515080

China Merchants CSI Dividend ETF (515080) recently surpassed a scale of 10 billion yuan, becoming a member of the 10 billion tier ETFs. In the past month, this ETF attracted over 2 billion yuan in capital inflow, indicating a trend of investors shifting towards high-dividend assets. Since its listing in 2019, the fund has accumulated a growth of over 100%, with an annualized return of nearly 12%. Its success stems from strictly adhering to the dividend strategy, focusing on high dividend yields and corporate dividend capabilities

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China Merchants CSI Dividend ETF

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A milestone of 10 billion, a new journey of dividends | China Merchants CSI Dividend ETF (515080) surpasses 10 billion yuan!