On August 21, the National Financial Regulatory Administration officially released the "Measures for the Management of Insurance Company Assets and Liabilities" (hereinafter referred to as the "Measures") along with supporting implementation notices. The Measures, effective from January 1, 2027, are designed to prevent asset-liability mismatch risks in the insurance sector, enhance insurers' asset-liability management capabilities, and strengthen related constraints, while also encouraging insurers to extend evaluation cycles, refine performance appraisal systems, and fully leverage the long-term advantages of insurance funds. Notably, the Measures establish a regulatory indicator for life insurance companies regarding net investment income coverage, requiring that net investment income divided by guaranteed costs of liabilities be no less than 100%. In a low-interest-rate environment, the gap between insurers' net investment yields and guaranteed liability costs faces rapid compression pressure, and this hard constraint will drive insurers to increase allocations to high-dividend assets, creating a clear institutional push for insurance capital to favor such investments.

According to Industrial Securities, under this requirement, dividend-oriented assets are expected to become one of the core allocation tools for insurers to cover guaranteed liability costs. As a result, insurers' demand for dividends and their allocation intensity toward dividend-style assets are likely to accelerate. Among these, the first dividend low-volatility themed ETF in the entire market, the Huatai-PineBridge Dividend Low-Volatility ETF (512890), has recently attracted notable incremental capital. Wind and exchange data show that as of August 27, the net inflow into this ETF reached 194 million yuan. Over the 13 trading days starting August 11, capital increases were recorded on 10 of those days, cumulatively absorbing 648 million yuan, making it the only dividend-themed ETF in the market with net inflows exceeding 600 million yuan during the same period. This has driven a significant recovery in both the fund's scale and share count, reaching 28.105 billion units and 33.26 billion yuan, respectively, positioning it as the only dividend-themed ETF in the A-share market with a scale exceeding 30 billion yuan, highlighting its superior scale and liquidity advantages.

Turning to domestic and international conditions, the recently elevated U.S. Treasury yields have exerted notable pressure on global risk assets, leaving some rate-sensitive assets under strain. Meanwhile, the persistently declining interest rate environment in China may also provide strong support for the long-term allocation logic of dividend low-volatility strategies. Since August 14, the yield on 10-year Chinese government bonds has fallen below the 1.70% threshold, currently standing at 1.69% (as of 2026/8/27). The spread between this yield and the 4.43% dividend yield of the dividend low-volatility index tracked by the Huatai-PineBridge Dividend Low-Volatility ETF (512890) sits in a historically elevated range, at the 59.85th percentile over the past decade. Dividend low-volatility assets are thus likely to become a key choice for long-term institutional capital seeking bottom-position allocations, given their relatively high dividend yields.

Beyond the high-dividend attribute, the recent capital inflows into dividend low-volatility assets may also be supported by fundamental improvements in core weighted sectors. On August 14, the National Financial Regulatory Administration released key regulatory indicators for the banking and insurance industries for the second quarter of 2026. The data show that commercial banks' net interest margin stood at 1.41% in Q2, a sequential increase of 0.01 percentage points from Q1, marking the first quarter-on-quarter rebound since 2022. As the largest weighted sector in the dividend low-volatility index (52.15%), the recovery in banks' net interest margins is likely to further solidify the earnings foundation of the index's underlying assets.

It is worth noting that the Huatai-PineBridge Dividend Low-Volatility ETF (512890), managed by Huatai-PineBridge Fund, benefits from the expertise of one of China's first ETF managers. With over 19 years of experience in dividend-themed index investing, the company has built a diversified "Dividend Family" product suite totaling 60.69 billion yuan, accounting for nearly 30% of the total scale of dividend-themed ETFs across the market. Among these, the Huatai-PineBridge Dividend ETF (510880) is the first dividend-themed index fund in the A-share market, with 416,700 holder accounts as of the end of 2025, making it the only dividend-themed ETF with over 400,000 holder accounts during that period. The Huatai-PineBridge Dividend Low-Volatility ETF (512890) is the first and currently the only dividend low-volatility themed ETF exceeding 30 billion yuan in the A-share market, with 1.4711 million holder accounts in its feeder fund. The Huatai-PineBridge Central SOE Dividend ETF (561580) is the first "Central SOE + Dividend" dual-themed ETF in the A-share market. The Huatai-PineBridge Hong Kong Stock Connect Dividend ETF (513530) and the Huatai-PineBridge Hong Kong Stock Connect Dividend Low-Volatility ETF (520890) focus on high-dividend assets in the Hong Kong market; the former employs a QDII structure, offering certain advantages in Hong Kong dividend tax, while the latter incorporates a low-volatility factor, which may enhance its defensive attributes in the more volatile Hong Kong market. The Huatai-PineBridge Dividend Quality ETF (561630) uses a "Dividend + Quality" dual-factor stock selection strategy, aiming to identify high-dividend targets with solid fundamentals and strong profitability, featuring a more growth-oriented style. The Huatai-PineBridge Dividend Low-Volatility 50 ETF (561450), building on the "Dividend + Low Volatility" dual factors, focuses on quality blue-chip stocks.