Moutai's sharp decline drags down dividend quality ETF 159209, falling over 3%! Yet funds have bought continuously for 16 days and raked in 550 million, HALO assets become a haven

On March 23, the A-share market experienced increased volatility. As of 10:53 a.m., the top-weighted stock Kweichow Moutai dropped over 2.5 intraday, and the China Securities Dividend Quality ETF (159209) saw a volume-driven decline of 2.94%. However, in stark contrast to the price decline, investor enthusiasm for buying remained strong—according to Wind Level-2 real-time data, the ETF experienced an additional net inflow of about 25 million yuan during the trading session. This marks the 16th consecutive trading day of net capital inflows into the fund, totaling approximately 550 million yuan, with year-to-date net inflows surpassing 1.58 billion yuan.

Analysis indicates that, as the largest weight in the China Securities Dividend Quality Index, Kweichow Moutai’s short-term correction directly dragged down the index’s performance. However, this did not shake investors’ long-term confidence in “HALO assets”:

First, a single heavyweight stock’s fluctuation does not alter the underlying logic of the index. The China Securities Dividend Quality Index is not simply a high-dividend strategy but is selected through a multi-dimensional approach considering profitability, growth quality, and financial stability. Kweichow Moutai’s short-term volatility does not diminish its long-term value as a high-quality core asset, nor does it affect the index’s overall “high-quality” profile.

Second, the core of HALO assets: cash flow reigns supreme + quality protection. HALO stands for “Heavy Assets, Low Obsolescence,” a concept officially proposed by Goldman Sachs in February 2026. The China Securities Dividend Quality Index precisely targets this underlying logic—providing stable cash flow returns and resilient profitability across cycles—making it a fundamental reason for its continued popularity in volatile markets.

Third, 16 consecutive days of buying confirm its “safe haven” attribute. Amid increasing market volatility, the continuous inflow of 550 million yuan over 16 days clearly shows that long-term investors view each correction as a strategic opportunity to build positions. Thanks to its “both offensive and defensive” characteristics, the China Securities Dividend Quality ETF is rapidly evolving from a “preferred allocation” to a core holding for prudent capital.

Further analysis shows that while Moutai and the ETF declined, the buying intensity “increased as prices fell”—a testament to the appeal of HALO assets. In a context of “asset scarcity” and market fluctuations, every emotion-driven correction could become a strategic window for rational investors to increase holdings of high-quality core assets through the China Securities Dividend Quality ETF (159209).