港股红利类资产年末“日历效应”持续演绎，港股通红利ETF（513530）股息优势凸显

Core Viewpoint - As the year-end approaches, public funds seeking relative returns may rebalance their assets, potentially reducing holdings in high-valuation, volatile growth assets and reallocating to high-dividend Hong Kong stocks to enhance portfolio defensiveness. The Hong Kong dividend sector typically experiences a significant calendar effect from December to mid-January [1]. Group 1: Market Trends - In the current environment of weak economic recovery and uncertainties in overseas liquidity and domestic policies, the defensive attributes of Hong Kong dividend assets continue to attract investor attention [1]. - The Hong Kong Dividend ETF (513530) has seen a net inflow of 709 million yuan over the past month, with its fund size increasing for nine consecutive weeks to reach 2.802 billion yuan, a new high [1]. - The average daily trading volume of the Hong Kong Dividend ETF in November reached 122 million yuan, a 65% increase compared to the average daily trading volume from January to October 2025 [1]. Group 2: Dividend Yield Advantage - The Hong Kong Dividend ETF (513530) tracks the Hong Kong High Dividend (CNY) Index, which has a dividend yield of 5.66% over the past year, significantly higher than the 1.82% yield of the 10-year government bond, highlighting its attractiveness compared to some A-share and Hong Kong mainstream dividend indices [1]. - The Hong Kong Dividend ETF has shown a cumulative increase of 35.44% over the past year, outperforming the 8.43% and 5.51% increases of the CSI Dividend and Shenzhen Dividend indices, respectively, and also performing well against the 29.27% increase of the Hang Seng Technology Index [2]. Group 3: Fund Management and Features - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market that can invest in the CSI Hong Kong High Dividend Investment Index through the QDII model, supporting T+0 trading and potentially reducing dividend tax costs for long-term holders [2]. - The fund manager, Huatai-PB Fund, has over 19 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006, managing a total of 47.328 billion yuan in dividend-themed ETFs as of the latest data [3].