国信证券：政策支持、税制优化与外部环境共振 推动红利资产成为港股市场中长期配置优选方向

Group 1 - The Hong Kong government has implemented several policies to support the stock market, including lowering stamp duty and optimizing trading mechanisms to enhance market liquidity and attractiveness [1] - Dividend assets are gaining attention due to high returns and low volatility, especially in the context of improving international liquidity and anticipated dividend tax reforms [1][2] - The Hong Kong dividend index is expected to attract medium to long-term capital due to its resilience and stability amid global geopolitical conflicts and trade tensions [1] Group 2 - In a declining interest rate environment, there is a shift in asset allocation focus from growth to returns, leading to increased interest in dividend assets [2] - The Hong Kong Stock Connect Dividend Index has become an important tool for investors seeking high cash flow and low volatility investments, particularly as the overall valuation of the Hong Kong stock market is at historical lows [2] - The issuance of mainland dividend strategy ETFs is rising, which raises expectations for the index's structure, performance, and investability [2] Group 3 - The CSI Hong Kong Stock Connect High Dividend Index has shown outstanding performance in terms of long-term cumulative returns, annualized returns, and risk-adjusted return metrics, indicating strong downside protection and long-term return potential [3] - The index has a balanced structure, focusing on stable sectors such as finance, utilities, communication, and industry, while maintaining a low proportion of real estate, thus achieving high risk diversification [3] - The tracking fund's scale has surpassed 3 billion, with increasing average daily trading volume, reflecting its acceptance and liquidity advantages in actual investments [3] Group 4 - The Hang Seng Index's high dividend indices, while historically significant, are overly concentrated in banking, energy, and real estate sectors, leading to weaker drawdown control and long-term returns [4] - Central state-owned enterprise dividend indices, although supported by policy, are primarily focused on finance and industry, lacking growth elasticity in market capitalization and sectors, making them less attractive for long-term capital [4]