哑铃、哑铃，缺一不行

Core Viewpoint - The Hong Kong dividend assets have shown strong performance, rivaling the technology sector, with significant increases in key dividend indices over the past year [1][4]. Performance of Dividend Indices - The Hong Kong Stock Connect High Dividend (CNY) and the Hang Seng High Dividend Low Volatility indices have reached historical highs, with annual increases of 31.65% and 33.57% respectively, outperforming the Hang Seng Technology Total Return Index, which rose by 28.02% during the same period [1][4]. Market Dynamics - The divergence between the technology and dividend sectors began in October 2025, influenced by external factors such as the escalating US-China tariff disputes and government shutdown risks, leading to a shift in investor sentiment towards more defensive dividend assets [4][5]. - The technology sector's high valuations and lack of new catalysts during a policy and earnings vacuum have prompted funds to move towards more reasonably valued dividend stocks [4]. Southbound Capital Inflows - Despite market volatility, southbound capital has consistently flowed into Hong Kong stocks, with net inflows exceeding 1.3 trillion HKD in 2025, marking a record high since the launch of the Stock Connect [6][7]. - The financial, energy, consumer discretionary, and telecommunications sectors have attracted the most southbound capital, indicating a growing interest in dividend assets [7]. Institutional Investment Trends - Insurance capital has increasingly targeted dividend assets, with 36 instances of stake acquisitions in 2025, surpassing previous highs and focusing on stable, high-dividend sectors such as banking and utilities [8][9]. - The dividend yields of the Hong Kong Stock Connect High Dividend (CNY) and the Hang Seng High Dividend Low Volatility indices stand at 5.53% and 5.69%, significantly higher than comparable A-share indices [9]. Investment Strategy - In the current low-interest-rate environment, the dividend yields from Hong Kong stocks present a compelling alternative to domestic bonds, which yield only 1.81% [9]. - The Hong Kong dividend ETFs have shown strong performance, with the Hong Kong Stock Connect High Dividend ETF achieving a 69.51% return since its inception, outperforming its benchmark [15][16].