【日历效应】5月红利资产胜率高达70%！

Core Viewpoint - The A-share market is experiencing a rotational trend despite favorable policies, leading to a focus on stable income and risk-resistant asset allocation. Historical data indicates that low-volatility dividend assets have a high success rate in such market conditions, particularly in early May [2]. Group 1: Market Performance - The performance of Hong Kong dividend stocks has significantly outperformed A-share dividend stocks. The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has shown a higher rebound since April 8, with greater elasticity compared to major A-share indices [3]. - From April 8 to May 8, the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index increased by 10.27%, while the CSI Dividend Index rose by 5.32%, and the Shanghai and Shenzhen 300 Index increased by 7.34% [4]. Group 2: Investment Advantages - Hong Kong stocks offer a valuation discount, with the price-to-earnings ratio often being over 30% lower than that of the same companies in the A-share market, allowing investors to acquire the same dividends at a lower price [2]. - The dividend yield of certain Hong Kong high-dividend indices has reached historical highs, surpassing similar A-share dividend indices. As of May 7, the yield for the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index was 8.74%, compared to 6.85% for the A-share dividend index and 6.53% for the CSI Dividend Index [2]. - The trading mechanism in Hong Kong allows for T+0 trading, enabling investors to capture short-term volatility opportunities and improve capital efficiency [2]. Group 3: Cost Efficiency - The Hong Kong dividend low-volatility ETF (520550) has a fee rate of 0.15% plus a custody fee of 0.05%, which is significantly lower than similar products, providing a clear long-term cost advantage [5]. - This ETF employs a monthly dividend assessment mechanism, ensuring a continuous cash flow, which is particularly valuable in a low-interest-rate environment [5].