On October 22, the GEM index fell more than 2% in half a day, and the Shanghai index fell 0.89%. In this context, the low-dividend ETF Huatai Berry fell 0.99% to 1.201 yuan, with a turnover rate of 1.49% and a half-day turnover of 458 million yuan, ranking first among similar target ETFs. According to the news, the central bank announced that according to the needs of first-level traders in the open market business, the 7-day reverse repurchase operation volume on October 22, 2026 was zero. At the same time, an overnight reverse repurchase operation of 173 billion yuan was launched. Furthermore, the governor of the central bank proposed at the 2026 Financial Street Forum annual meeting that the study will take the opportunity to switch the main operating type of open market to overnight reverse repurchase, and the overnight reverse repurchase rate will become the main policy interest rate. CICC pointed out that in an environment where total growth flexibility is limited, structural prosperity and increased market risk appetite fluctuations coexist, the “technology+dividend” dumbbell structure is expected to become an allocation choice that takes into account the elasticity of profit growth, shareholders' cash returns, and portfolio stability. The technology side focuses on companies with clear industry trends, long-term competitive advantages and the ability to realize profits; the dividend side focuses on high-quality companies with steady profits and cash flows, sustainable dividends, and reasonable valuations. CITIC Construction Investment Securities believes that at the allocation level, short-term allocations should lock in bottom positions with deterministic dividends, wait for style rebalance with a light chip structure, and hedge against both inflation and geopolitical risks with real assets. In the industry, we can focus on banking, non-banking, utilities, coal, petroleum, oil transportation, basic chemicals, pig breeding, AI industry chains, 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 October 22, the GEM index fell more than 2% in half a day, and the Shanghai index fell 0.89%. In this context, the low-dividend ETF Huatai Berry fell 0.99% to 1.201 yuan, with a turnover rate of 1.49% and a half-day turnover of 458 million yuan, ranking first among similar target ETFs. According to the news, the central bank announced that according to the needs of first-level traders in the open market business, the 7-day reverse repurchase operation volume on October 22, 2026 was zero. At the same time, an overnight reverse repurchase operation of 173 billion yuan was launched. Furthermore, the governor of the central bank proposed at the 2026 Financial Street Forum annual meeting that the study will take the opportunity to switch the main operating type of open market to overnight reverse repurchase, and the overnight reverse repurchase rate will become the main policy interest rate. CICC pointed out that in an environment where total growth flexibility is limited, structural prosperity and increased market risk appetite fluctuations coexist, the “technology+dividend” dumbbell structure is expected to become an allocation choice that takes into account the elasticity of profit growth, shareholders' cash returns, and portfolio stability. The technology side focuses on companies with clear industry trends, long-term competitive advantages and the ability to realize profits; the dividend side focuses on high-quality companies with steady profits and cash flows, sustainable dividends, and reasonable valuations. CITIC Construction Investment Securities believes that at the allocation level, short-term allocations should lock in bottom positions with deterministic dividends, wait for style rebalance with a light chip structure, and hedge against both inflation and geopolitical risks with real assets. In the industry, we can focus on banking, non-banking, utilities, coal, petroleum, oil transportation, basic chemicals, pig breeding, AI industry chains, 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.