可月月分红！港股通央企红利ETF天弘（159281）明起调整分红条款，机构：低息环境下红利资产受关注

Core Insights - Recent surge in fund dividends, with ETFs being the primary beneficiaries, showcasing significant dividend distributions in the billion range [1] - Tianhong Fund announced changes to the dividend distribution principles for its Hong Kong Stock Connect Central Enterprise Dividend ETF, effective from October 30, 2025 [1] Fund Dividend Distribution - The adjusted distribution principles allow the fund manager to evaluate excess returns relative to the benchmark and available distributable profits monthly, enabling flexible dividend distribution based on actual conditions [1] - Under the new rules, if dividends are based on excess returns, the net asset value (NAV) post-distribution may fall below par value, while if based on distributable profits, the NAV must remain above par value [1] ETF Performance - The Hong Kong Stock Connect Central Enterprise Dividend ETF was listed on September 2, 2023, and has shown a price increase of over 3.5% as of October 28, 2023 [2] - The underlying index focuses on sectors with stable cash flows, such as finance, energy, utilities, and transportation, making it attractive during a declining interest rate environment [2] Market Context - The domestic interest rate decline has shifted asset allocation focus from growth to returns, increasing market interest in dividend assets [2] - The Hong Kong Stock Connect Dividend Index is becoming a key tool for investors seeking high cash flow and low volatility investments, supported by favorable market conditions and increasing corporate dividend payouts [2]