刚上市的159277：高股息+0.4%费率，港股通红利新选择

Core Viewpoint - The Hong Kong stock market is experiencing significant growth, with the Hang Seng Index rising over 25% in 2025, outperforming other major asset classes, while the newly launched Hong Kong Stock Connect Dividend ETF provides A-share investors with a new tool to access high-dividend assets [3][4]. Market Environment - As of August 2025, the A-share market has reached 3600 points, reflecting a year-to-date increase of approximately 10% [3]. - The low interest rate environment, with the ten-year government bond yield at around 1.72%, has led to a decline in traditional low-risk asset yields, making high-dividend assets increasingly attractive [4]. High-Dividend Assets - High-dividend assets are becoming a preferred choice for institutional investors, with domestic high-dividend/ dividend ETFs growing by 231 million yuan in the first half of 2025, and those targeting Hong Kong stocks increasing by 163 million yuan, a 1.66-fold rise compared to the end of 2024 [5]. - The Hong Kong Stock Connect High Dividend Total Return Index has achieved a cumulative return of 210.63% since its inception, significantly outperforming the China Securities Dividend Total Return Index [5]. ETF Characteristics - The newly launched Hong Kong Stock Connect Dividend ETF (159277) tracks the China Securities Hong Kong Stock Connect High Dividend Investment Index, which boasts a dividend yield of 5.76% and a price-to-earnings ratio of 7.47, compared to 4.41% and 8.25 for the A-share market [6][8]. - The index consists of 30 stocks, with 26 being state-owned enterprises, which have a strong track record of dividend payments, with 69% of the stocks having paid dividends for the last 10 years [8]. Cost Efficiency - The ETF has a total annual fee of 0.4%, which is 33% lower than similar ETFs tracking the same index, enhancing the efficiency of dividend reinvestment [9][10]. - Lower fees can significantly impact long-term returns, with a hypothetical scenario showing a 2% higher return over 10 years for a lower-fee ETF compared to a higher-fee counterpart [9]. Management Expertise - The ETF is managed by a team with extensive experience in index investment, with the fund manager having 8 years of experience in the securities industry [11]. - The management team has received numerous industry awards, reflecting their strong performance and expertise in managing ETF products [11]. Conclusion - The launch of the Hong Kong Stock Connect Dividend ETF coincides with a favorable market environment for high-dividend assets, providing a transparent, low-cost, and efficient investment tool for investors seeking stable returns in a low-interest-rate era [12].