新高后首度回调！港股红利ETF基金(513820)收跌0.44%，全天溢价坚挺，连续4日吸金超1亿元！岁末年初重视红利，四大逻辑全解析

Core Viewpoint - The Hong Kong Dividend ETF (513820) has experienced a pullback after reaching new highs, with a slight decline of 0.44% and a premium of 0.57% at the close, indicating active buying interest despite the market's volatility [1] Group 1: Market Performance - The Hong Kong Dividend ETF (513820) has seen a cumulative net inflow exceeding 110 million yuan over the past four days, bringing its total size to over 3.9 billion yuan, significantly outperforming its index [1] - The majority of the underlying index components of the Hong Kong Dividend ETF have retreated, while the financial sector has shown resilience, with notable gains from Cathay Pacific and slight increases from China People's Insurance and CITIC Bank [1][2] Group 2: Investment Strategy - Institutions are recommending a return to a "barbell strategy," focusing on high-dividend stocks alongside technology investments due to increased market volatility [3] - Southbound funds are also adopting a barbell allocation trend, with significant net inflows into high-dividend assets like CNOOC and China Mobile [4] Group 3: Dividend Yield and Sustainability - The dividend yield of the Hong Kong Dividend ETF (513820) stands at 6.47%, making it attractive for low-risk investors compared to the current yields of Chinese government bonds and bank deposits [4][6] - The sustainability of high dividends in the Hong Kong market is supported by stable fundamentals and profit levels among companies with dividend yields above 4.5% [6][8] Group 4: Institutional Investment Trends - Insurance capital has become a significant force in the Hong Kong market, holding approximately 25% of the overall market value, with a focus on high-dividend and value stocks [8] - The tax advantages for insurance companies holding H-shares have led to increased investments in high-dividend stocks, with 29 instances of insurance capital increasing stakes in 18 H-shares this year [8] Group 5: ETF Characteristics - The Hong Kong Dividend ETF (513820) supports T+0 intraday trading and does not occupy QDII quotas, providing flexibility for investors [9] - The fund has a long-standing history as the first Hong Kong dividend index fund, with a robust investment strategy and a record of consistent monthly dividends for 16 consecutive months [9]