红利港股ETF（159331）收红，南向资金定价权提升或支撑基本面发展

Core Insights - Hong Kong market plays a crucial role in facilitating corporate overseas expansion, capital repatriation, and the internationalization of the Renminbi, with policy support reinforcing its status as an international financial center [1] - The southbound trading of high-dividend stocks in the Hong Kong Stock Connect has reached a 40% transaction share, indicating a significant enhancement in the pricing power of Chinese enterprises [1] - The long-term average premium of A-shares over H-shares is below 25%, with a potential decline to 26% or lower within the year, driven by a weakening US dollar [1] Industry Analysis - Continuous improvement in corporate earnings is observed, with the MSCI China Index EPS rising for three consecutive years, providing fundamental support for Hong Kong stock performance [1] - Cyclical industries such as coal and cement may experience accelerated bottoming due to the "anti-involution" trend, while sectors like social services, textiles, and aviation are currently undervalued and in a high prosperity phase [1] - The technology sector in Hong Kong is viewed as a core asset for both domestic and foreign investors, exhibiting growth potential beyond economic cycles, with current valuations at low levels and significant room for recovery [1] Investment Products - The Hong Kong Stock Connect High Dividend ETF (159331) tracks the high dividend index (930914), focusing on stocks with high dividend yields and stable returns, primarily from traditional sectors like finance and real estate [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [2]