狂揽400亿，低利率时代港股红利资产成“避风港新宠”

Group 1 - The core viewpoint highlights the strong performance and increasing popularity of the Hong Kong Dividend Low Volatility ETF (520550), which has reached historical highs multiple times since 2025, with a net inflow exceeding 20 million on June 17 and a total inflow of 533.3 million over the past five days, bringing its total scale to over 500 million [1] - The Hong Kong dividend assets have been consistently favored by investors, with the total scale of the Hong Kong Dividend ETF exceeding 40 billion, and an inflow of 10.7 billion in 2025, representing a growth of 40% [1][3] - Southbound funds have shown a continuous inflow into high-dividend sectors such as banks and public utilities, with net purchases of bank stocks exceeding 200 billion over the past year, indicating a strong preference for high-dividend, low-valuation assets [3][4] Group 2 - In the current low interest rate environment, dividend assets exhibit relatively stable profitability and high dividends, making them attractive compared to one-year and three-year deposit rates [4][5] - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has a dividend yield of 8.1%, significantly higher than the China Securities Bank Index at 5.75% and the CSI 300 Index at 3.39% [5][8] - The index currently has a PE (TTM) of 7 times and a PB of 0.6 times, indicating a lower valuation compared to similar indices and a higher safety margin [9][10] Group 3 - The Hong Kong Dividend Low Volatility ETF (520550) implements monthly dividend assessments, currently distributing 0.04 yuan per ten shares, with a dividend ratio of approximately 0.37% [12] - The ETF has a management fee of 0.2%, the lowest among similar products in the market, making it a cost-effective long-term investment option [12]