年末布局窗口开启，华夏基金策略观点认为，这类资产值得关注

Group 1 - The market is entering a critical window for style rebalancing, with some funds likely to reduce holdings in high-valuation, volatile growth assets and shift towards low-valuation, high-dividend Hong Kong stocks to enhance portfolio defensiveness [1] - Hong Kong dividend stocks are favored over A-share dividends due to their significant "high dividend + low valuation" advantage, exemplified by the Hong Kong central enterprise dividend ETF (513910) which has a dividend yield exceeding 5.7%, significantly higher than A-share dividends [1] - Historical analysis shows that the Hong Kong dividend sector typically experiences high absolute and excess returns from December to mid-January, with notable examples in previous years where market style shifted towards Hong Kong dividend stocks during this period [1] Group 2 - Among various Hong Kong dividend investment tools, those with a "central enterprise" advantage are considered superior choices, as the State-owned Assets Supervision and Administration Commission aims to strengthen and optimize state-owned capital, enhancing the profitability and dividend capacity of central enterprises [2] - The strategic focus on improving core competitiveness and accelerating industrial upgrades for central enterprises is expected to lay a long-term growth foundation, with potential for valuation increases and sustained dividend returns [2] - In the current macro environment, these assets are viewed as high-quality options with policy moats and continuous cash return value [2]