更高股息，港股红利板块持续吸引资金流入

Core Viewpoint - The discussion around dividend assets has intensified, with Hong Kong dividend assets attracting attention due to their valuation and dividend yield advantages, leading to increased investments from long-term funds such as insurance capital [1][4]. Group 1: Market Trends - As of May 2025, insurance capital has made 16 significant investments in Hong Kong dividend assets, surpassing the total of 20 for the entire year of 2024, with a focus on sectors like banking, public utilities, and energy [1]. - The low interest rate environment and policy guidance are key factors driving insurance capital to increase its allocation to high-quality equity assets, particularly dividend-paying stocks [1][4]. Group 2: Dividend Yield Comparison - Hong Kong dividend assets offer higher dividend yields compared to A-share dividend assets, with the Hong Kong Stock Connect High Dividend ETF's yield rising from 6.65% at the end of 2020 to 7.79% as of June 10, 2025, compared to 5.73% for the China Dividend Index [2]. - The cash dividend ratio in Hong Kong was 48.9% in 2024, higher than A-shares at 41.8%, indicating a more mature dividend culture among institutional investors in Hong Kong [2]. Group 3: Performance Metrics - The Hong Kong Stock Connect High Dividend Total Return Index has outperformed the China Dividend Total Return Index over various time frames, with returns of 20.52%, 50.85%, and 65.95% over the past year, two years, and three years, respectively [3]. - The performance of Hong Kong dividend assets has been superior to that of A-share dividend assets in recent years, reflecting their higher yield and greater flexibility [3]. Group 4: Policy and Future Outlook - Policies aimed at enhancing dividend regulation, combined with a low interest rate environment, are expected to boost the dividend-paying propensity and sustainability of listed companies in both A-shares and Hong Kong [4]. - The Hong Kong dividend ETF has seen significant inflows, with its scale increasing by 15.195 billion yuan, a 51% rise from the end of 2024 [4].