On July 13, the market fluctuated and adjusted. The Shenzhen Index, Innovation Index, and Science Innovation 50 all fell by more than 3%, and the Shanghai Index fell by more than 2%. Against this background, the low-dividend ETF Huatai Berry reversed the market and rose 1.17% to 1.126 yuan, with a turnover rate of 2.99% and a turnover of 1,007 billion yuan, ranking first among similar target ETFs. Capital flow is upward, and Huatai Berry, an ETF with low dividends, continues to be favored by capital. There was a net capital inflow of 600 million yuan in the past 5 trading days, a net capital inflow of 1.61 billion yuan in the past 20 trading days, and a net capital inflow of 4.42 billion yuan in the past 60 trading days. As of July 10, 2026, the ETF had a circulation volume of 33.262 billion yuan. According to the news, a total of three banks will distribute 2025 dividends today, namely China Construction Bank, Postbank, and Bank of Chengdu. In terms of institutional views, CITIC Securities pointed out that there are currently three levels of K-type differentiation in the market. Reasonable differentiation due in part to differences in sentiment is common in the global market, but there are also additional emotional and financial disturbances. Since June, more and more public offering products have changed from a state of continuous negative excess amounts to the accumulation of positive excess amounts, proving that this kind of position adjustment is gradually progressing. Overall, K-type differentiation in the domestic market is mixed with too many short-term narratives and financial influences. After the capital game cools down, attention should be paid to the restoration of some non-AI sectors. Zheshang Securities believes that with the continuous adjustment of AI dual-core communications and electronics, as well as dividends and multiple low-level sectors, the AI-based investment style loosened to a certain extent from April to June this year. After brokerage firms and innovative drugs, more sectors joined the upward trend, and the partial rebalance is expected to continue. CITIC Construction Investment Securities said that the pattern of market turbulence will continue, and there is no need to worry too much when the index falls. In terms of industry configuration, with technology as the main line and excessive rotation, the industry can focus on AI, brokerage, humanoid robots, commercial aerospace, biotechnology, dividend assets, Hong Kong stock internet, etc. Investors can use the low-dividend ETF Huatai Berry as a base position, and investors without a stock account can also allocate it through its OTC linked fund.

　On July 13, the market fluctuated and adjusted. The Shenzhen Index, Innovation Index, and Science Innovation 50 all fell by more than 3%, and the Shanghai Index fell by more than 2%. Against this background, the low-dividend ETF Huatai Berry reversed the market and rose 1.17% to 1.126 yuan, with a turnover rate of 2.99% and a turnover of 1,007 billion yuan, ranking first among similar target ETFs. Capital flow is upward, and Huatai Berry, an ETF with low dividends, continues to be favored by capital. There was a net capital inflow of 600 million yuan in the past 5 trading days, a net capital inflow of 1.61 billion yuan in the past 20 trading days, and a net capital inflow of 4.42 billion yuan in the past 60 trading days. As of July 10, 2026, the ETF had a circulation volume of 33.262 billion yuan. According to the news, a total of three banks will distribute 2025 dividends today, namely China Construction Bank, Postbank, and Bank of Chengdu. In terms of institutional views, CITIC Securities pointed out that there are currently three levels of K-type differentiation in the market. Reasonable differentiation due in part to differences in sentiment is common in the global market, but there are also additional emotional and financial disturbances. Since June, more and more public offering products have changed from a state of continuous negative excess amounts to the accumulation of positive excess amounts, proving that this kind of position adjustment is gradually progressing. Overall, K-type differentiation in the domestic market is mixed with too many short-term narratives and financial influences. After the capital game cools down, attention should be paid to the restoration of some non-AI sectors. Zheshang Securities believes that with the continuous adjustment of AI dual-core communications and electronics, as well as dividends and multiple low-level sectors, the AI-based investment style loosened to a certain extent from April to June this year. After brokerage firms and innovative drugs, more sectors joined the upward trend, and the partial rebalance is expected to continue. CITIC Construction Investment Securities said that the pattern of market turbulence will continue, and there is no need to worry too much when the index falls. In terms of industry configuration, with technology as the main line and excessive rotation, the industry can focus on AI, brokerage, humanoid robots, commercial aerospace, biotechnology, dividend assets, Hong Kong stock internet, etc. Investors can use the low-dividend ETF Huatai Berry as a base position, and investors without a stock account can also allocate it through its OTC linked fund.