华夏标普港股通低波红利ETF：低利率时代掘金港股的高股息机会

Core Viewpoint - The article highlights the increasing attractiveness of the Hong Kong stock market due to its relatively low valuations and the influx of southbound capital, with a focus on the launch of the China Asset Management's Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) as a new investment tool for high dividend assets in Hong Kong [1][2][8]. Group 1: Market Conditions - The global low interest rate environment is prompting investors to seek stable returns, with Hong Kong stocks currently at historically low valuations, making them an appealing choice for investment [1][2]. - As of October 21, 2025, the Hang Seng Index's PE (TTM) is approximately 11.94 times and PB (LF) is about 1.22 times, placing it in the 79% and 83% percentiles of the past decade, respectively [2]. - Southbound capital has seen a net inflow of over 12 billion HKD into Hong Kong stocks since the beginning of 2025, marking a significant increase compared to previous years [3]. Group 2: Investment Strategy - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) utilizes a "dividend + low volatility" dual-factor strategy, selecting high dividend yield stocks with low volatility to provide investors with a streamlined investment option [6][8]. - The index tracks the top 75 stocks with the highest dividend yields from the Hong Kong Stock Connect, further narrowing down to the 50 stocks with the lowest volatility, ensuring a focus on cash flow and liquidity [6]. - Historical performance shows that the index has achieved a cumulative increase of approximately 94.95% since 2021, with an annualized return exceeding 16%, significantly outperforming the Hang Seng Index [6]. Group 3: Sector Distribution - The index maintains a balanced sector distribution, with the top three sectors being real estate (approximately 16%), utilities (about 15%), and banking (around 14%), ensuring no single sector exceeds 25% [7]. - The index includes high dividend leaders across various sectors, such as Jiangxi Copper, China Shenhua, and CNOOC, with a notable valuation discount of approximately 34.5% compared to A-shares, indicating significant potential for valuation recovery [7]. Group 4: Fund Management - China Asset Management is recognized for its expertise in index investment, with a team of 43 professionals and an average industry experience of over 12 years, providing strong support for its index products [7]. - The fund manager for the ETF, Yan Xiaoxian, has 10 years of experience in the securities industry, including over 4 years in public fund management, enhancing the fund's credibility [7]. - The ETF employs a complete replication strategy with low management fees of 0.15% and custody fees of 0.05%, aimed at reducing costs for investors [7].