Short-term net asset value of bonus funds under pressure, funds add positions against the trend through ETF borrowing.

Recently, the A-share market has shown obvious K-shaped differentiation characteristics. The technology sector, with artificial intelligence as its core, continues to rise and drive major indices higher, while the previously recognized safe-haven sector - the dividend index - has unexpectedly accelerated its decline, forming a picture of uneven hot and cold with the technology boom. However, under the pressure of net asset value in the short term, dividend-themed ETFs have seen collective increase in funding, with some products even experiencing tens of billions of yuan in share growth this year. Several mutual funds pointed out that in the era of low interest rates, high dividend assets are still considered by many institutions as essential "confidence" in the volatile market.