低利率时代投资怎么选？探秘港股红利基金的独特魅力

Core Viewpoint - The article emphasizes the growing interest in dividend funds, particularly in the Hong Kong stock market, as investors seek stable and attractive returns in a low deposit interest rate environment. The Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) is highlighted as a prime example of a dividend fund that offers a dual advantage of "high dividend + low valuation" [1]. Group 1: Fund Characteristics - The Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) closely tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, with strict selection criteria for constituent stocks, including a record of continuous dividends, high liquidity, and leading dividend yields [2]. - The fund's holdings are concentrated in traditional high-dividend sectors such as finance, industrials, and energy, featuring companies like Minsheng Bank and China Petroleum, which exhibit stable profitability and strong cash flow [2]. - The fund's performance benchmark is set as "CSI Hong Kong Stock Connect High Dividend Investment Index Return × 95% + Bank Demand Deposit Rate (after tax) × 5%", reflecting its close tracking objective [2]. Group 2: Dual Income Sources - The fund generates income from both "dividend income" and "capital appreciation," with a reported dividend yield of 5.8% over the past 12 months, significantly higher than bank deposit rates and most bond yields [3]. - As of the first half of 2025, the fund achieved a return of 10.96%, outperforming its benchmark by 2.14%, driven by the recovery in stock prices of high-dividend index constituents [3]. Group 3: Low Volatility and Stability - The fund exhibits low volatility, with maximum drawdowns from 2021 to 2024 being less than that of the Hang Seng Index, showcasing strong defensive characteristics during market downturns [4]. - The fund's ability to maintain stability is evident even during market fluctuations, achieving a net value increase of 0.44% in the first quarter of 2025 despite a lackluster performance in dividend assets [4]. Group 4: Adaptation to Low-Interest Environment - In the context of declining market interest rates, the average dividend yield of the fund's constituent stocks reached 7.2% in the second quarter of 2025, enhancing the appeal of high-dividend assets [5]. Group 5: Cost Efficiency - The fund boasts a low management fee of 0.15% per year and a custody fee of 0.05% per year, resulting in a total cost ratio of only 0.20%, significantly lower than actively managed dividend funds [6]. Group 6: Long-term Value and Suitable Scenarios - The fund is particularly suitable for investors seeking stable dividend income, such as retirees and low-risk investors, as well as those looking to diversify their investments in high-dividend assets through the Hong Kong Stock Connect [6]. - The fund's design allows for tactical and strategic allocation, making it a valuable tool for long-term investors in a low-interest environment [7].