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港股通红利低波ETF十连阳，险资举牌资金池有望持续扩容
Hua Xia Shi Bao·2025-06-17 23:44

Core Insights - The Hong Kong stock market is experiencing a surge in dividend asset allocation, with the first Hong Kong Stock Connect low-volatility dividend ETF (520550) achieving ten consecutive days of gains and a year-to-date share increase of 119% [2][4] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has shown strong resilience, with a cumulative increase of 24.85% over the past year, significantly outperforming the CSI Dividend Index (-0.26%) and the CSI Low Volatility Dividend Index (12.53%) [3][4] - Southbound capital has been a significant driver of this trend, with net inflows exceeding HKD 630 billion this year, accounting for over 80% of the total for 2024 [4][5] Market Dynamics - The low-interest-rate environment and expectations of U.S. Federal Reserve rate cuts have enhanced the appeal of Hong Kong dividend ETFs, which offer a dividend yield of 7.13% and low volatility [4][5] - Institutional investors are increasingly optimizing their dividend strategies, with the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index yielding 8.1%, well above the 10-year government bond yield [5][6] - The demand for dividend assets is expected to grow as long-term capital, such as insurance and social security funds, enters the market, driven by favorable policies and a shift towards long-term value creation [7][8] Investment Strategies - Fund companies are enhancing dividend product designs to improve investor experience, such as the low-cost structure and monthly dividend mechanisms of the Hong Kong low-volatility dividend ETF [5][6] - Long-term investment in high-dividend stocks is supported by the stability of companies' earnings and their willingness to distribute dividends, particularly in sectors like banking, utilities, and mature industries [6][7] - The trend of insurance capital acquiring Hong Kong stocks is expected to continue, with over 90% of new investments directed towards this market, indicating a strong preference for dividend stocks [7][8]