连续吸金19周！南向、险资为何双双加码港股红利？

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) has shown strong performance in 2025, with a cumulative increase of 19% year-to-date, making it one of the top performers among various sectors [1] Group 1: Fund Performance - The ETF has experienced a significant inflow of funds, doubling its size since its launch in mid-January 2025, and has maintained net inflows for 18 consecutive weeks [2] - In the first three trading days of the current week, the ETF attracted over 33 million in net inflows, indicating a potential for 19 weeks of continuous inflow [2] Group 2: Market Dynamics - The rise in Hong Kong dividend assets is driven by both southbound capital and insurance funds, with southbound net purchases of Hong Kong stocks exceeding 80% of the total for 2024 within just half a year [4] - Insurance funds have accelerated their stake acquisitions, with the number of stakes approaching the total for the entire year of 2024, and over 90% of these investments are directed towards Hong Kong stocks [4] Group 3: Investment Appeal - Policy changes requiring insurance funds to increase equity investment ratios have made dividend assets attractive due to their stable dividends and low volatility, positioning them as a standard base for insurance and pension accounts [7] - The ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, boasting a dividend yield of 7.83%, significantly higher than the A-share dividend index (5%-6%) and the 10-year government bond yield (approximately 1.7%) [7] - The ETF's price-to-earnings ratio is 7.22, and its price-to-book ratio is 0.62, indicating that many constituent stocks are trading below their book value, enhancing their appeal in a low-interest-rate environment [7] Group 4: ETF Features - The ETF has a low management fee of 0.2%, which is significantly lower than similar products, providing a long-term holding advantage [10] - It supports T+0 trading, allowing for flexible adjustments based on market fluctuations [10] - The ETF features a monthly dividend assessment mechanism, enabling up to 12 cash dividends per year, which provides stable cash flow and supports reinvestment, creating a "snowball effect" in a low-interest-rate environment [10]