On September 28, the market opened lower and drifted down in the morning session, with the ChiNext Index falling more than 4% by midday and the Shanghai Composite Index dropping 1.74%. Against this backdrop, Dividend Low Volatility ETF Huatai-PineBridge (512890) declined 0.25% to 1.182 yuan, with a turnover rate of 0.89% and a half-day trading volume of 271 million yuan, ranking first among similar ETF products.
On the news front, the central bank conducted 139 billion yuan of 7-day reverse repurchase operations today at an interest rate of 1.40%. At the same time, it carried out 661 billion yuan of overnight reverse repurchase operations and conducted 300 billion yuan of 14-day reverse repurchase operations through a fixed-quantity, rate-based bidding with multiple price levels. In addition, the Monetary Policy Committee of the People's Bank of China recently held its third-quarter 2026 regular meeting (the 114th overall).
As a bellwether for the next phase of monetary policy direction, this meeting maintained the general tone of "keeping monetary policy moderately loose" while adjusting some wording, releasing new signals. The meeting studied the main ideas for monetary policy in the next stage, emphasizing the comprehensive use and timely adjustment of monetary policy tools, maintaining ample liquidity, and aligning the growth of social financing scale and money supply with economic growth and expected price level targets. Compared with the second-quarter meeting, this meeting newly proposed "promoting the reform and improvement of the monetary policy operation framework." Wang Qing, chief macro analyst at Orient Gold诚, believes these wording changes signal that monetary policy will further intensify efforts in the direction of stabilizing growth.
Taking into account the current economic and financial situation, especially price conditions, he judges that while strengthening fiscal and monetary policy coordination, the central bank may introduce a batch of pragmatic and effective incremental policy measures: on one hand, structural monetary policy tools will continue to lower costs, increase volume, and expand coverage, providing targeted support for technology financing, inclusive finance, and the construction of the "six networks," promoting the transformation of old and new growth drivers; on the other hand, the coordinated use of multiple monetary policy tools is also worth anticipating.
China Merchants Securities stated that around the long holiday, investors should maintain a neutral-to-slightly-bullish position, balancing growth sectors with high-dividend defensive assets. Although there is a tendency for recovery after the National Day holiday, front-running before the holiday weakens the reference value of the calendar effect. Last week, US tech stocks outperformed while A-share growth stocks came under pressure, suggesting that in addition to external interest rate disturbances, the adjustment was also influenced by internal factors such as profit-taking and position turnover. Overseas AI model performance improvements and declining inference costs continue to support industrial demand expansion. Considering that geopolitical situations, oil prices, and US economic data during the holiday may still disturb rate hike expectations, it is advisable to retain core AI allocations with strong earnings support, paired with high-dividend assets with stable payouts.
East Money pointed out that although the market may have some risk-averse sentiment before the Mid-Autumn and National Day holidays, a comprehensive assessment suggests no pessimism toward the A-share market after the holiday. In terms of allocation, investors are advised to seek progress while maintaining stability, allocate to dividend assets, pay attention to valuation repair opportunities in high-quality blue chips, and simultaneously select directions with relatively high comprehensive win-rate and risk-reward性价比 in growth sectors.
As a robust tool for asset allocation in a volatile market, Dividend Low Volatility ETF Huatai-PineBridge (512890) was established on December 19, 2018, with a benchmark of the CSI Dividend Low Volatility Index return, and the fund manager is Liu Jun. As of September 24, 2026, the ETF had a circulating scale of 30.517 billion yuan, with a return of 41.20% over the past five years, outperforming its performance benchmark and ranking 149th among 1,221 products.
Investors can use Dividend Low Volatility ETF Huatai-PineBridge (512890) as a base position allocation. Investors without stock accounts can also allocate through its off-exchange feeder funds (Class A: 007466; Class C: 007467; Class I: 022678; Class Y: 022951).
Risk warning: Funds involve risks, and investment requires caution. Past performance does not predict future results. Before making investment decisions, investors should carefully read the fund contract, prospectus, and other documents, and invest rationally based on their own risk tolerance. MACD golden cross signals have formed, and these stocks are performing well!