日历效应最强窗口开启！港股红利低波“两高两低”优势凸显

Core Viewpoint - The focus on high dividend assets in the Hong Kong stock market is increasing as the year-end approaches, with a probability of over 90% for the Hong Kong dividend strategy to rise from December to mid-January [1][3]. Group 1: Market Trends - According to GF Securities, the period from December to mid-January is characterized by a strong calendar effect, leading to high absolute and excess returns for Hong Kong dividends [3][5]. - Historical data since 2014 shows that the Hong Kong high dividend index has a 90.9% probability of rising during this period, with a median increase of 3.4% [5]. - The excess return rate compared to the CSI 300, CSI Dividend, and Hang Seng Index is 81.8%, with a median excess return of 5.6% relative to the CSI 300 [5]. Group 2: Fund Inflows - The Hong Kong Dividend Low Volatility ETF (520550) has seen a net inflow of approximately 55 million yuan over nine consecutive trading days, indicating early market positioning [6]. - The index tracked by the ETF has a dividend yield of 5.88% and a price-to-earnings ratio of 7.78, making it attractive compared to similar dividend indices [6][7]. - The trading volume of the Hong Kong high dividend sector is currently at a historical low of 6.1%, suggesting significant investment opportunities as overseas liquidity pressures ease [7].