多重因素推动红利资产配置价值，港股通红利低波ETF(159117)涨超1.1%

Group 1 - The market is expected to maintain a stable risk appetite and profit expectations as it enters a macroeconomic event and corporate financial data vacuum period from the end of this year to early next year [1] - The technology sector led the gains in Q3, while the dividend sector experienced an overall pullback; the combination of stable risk appetite, balanced market style, and medium to long-term capital allocation demand is likely to enhance the value of dividend asset allocation [1] Group 2 - In the oil and petrochemical sector, global crude oil supply and demand expectations are stable, with oil prices fluctuating within a range; leading companies possess high dividend yield advantages [1] - In the aviation sector, high passenger load factors, market-driven ticket pricing, and a slowdown in fleet growth are expected to support the continuous rise of industry profitability [1] - Hong Kong bank stocks have recently performed well, with higher dividend yields compared to A-shares; state-owned banks have an overall yield above 5%, making them more attractive to institutions seeking stable cash flow [1] - Tax advantages for insurance companies holding H-shares for over 12 months allow them to exempt corporate income tax on dividend income, further amplifying the appeal of high dividend characteristics [1] - Among A/H listed banks, except for China Merchants Bank, A-shares generally trade at a premium to H-shares, with the premium rate for the four major banks ranging from 23% to 35%, allowing for lower funding costs when allocating to Hong Kong bank stocks [1] - The Hong Kong Stock Connect Dividend Low Volatility ETF (159117) rose by 1.15%, with the latest price at 1.06 yuan as of November 10, 2025 [1]