低利率环境投资价值深化！港股通红利ETF（513530）标的指数股息率超6.4%

Core Viewpoint - The Hong Kong stock market is expected to attract significant incremental capital as the Federal Reserve's interest rate cut probability rises to approximately 87%, which may benefit foreign investment in interest-sensitive Hong Kong assets [1][5]. Group 1: Market Dynamics - The recent reduction in risk factors for insurance funds investing in stocks, combined with expectations for strong premium income at the beginning of the year, is likely to enhance the motivation for insurance capital to enter the market [1][5]. - The market's willingness to allocate to Hong Kong dividend assets has increased, with the Hong Kong Stock Connect Dividend ETF (513530) experiencing a net inflow of funds for 29 consecutive trading days since October 28, 2025, and attracting a total of 388 million yuan in just five trading days in December [1][5]. Group 2: Fund Performance - The average daily trading volume of the Hong Kong Stock Connect Dividend ETF reached 166 million yuan, significantly higher than the average of 79 million yuan in the first 11 months of the year [1][5]. - As of December 5, 2025, the fund's total scale and share reached new highs of 3.234 billion yuan and 1.883 billion shares, respectively, reflecting a growing enthusiasm for Hong Kong dividend assets [1][5]. Group 3: Investment Advantages - The Hong Kong Stock Connect High Dividend (CNY) has a latest dividend yield of 6.44%, surpassing other major dividend indices such as the CSI Dividend (4.39%) and Shenzhen Dividend (4.03%) [1][5]. - The index's price-to-earnings ratio stands at 7.78 times, highlighting its valuation advantage in the current low-interest-rate environment [1][5]. Group 4: Fund Management - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF in the A-share market that can invest in the CSI Hong Kong Stock Connect High Dividend Investment Index through the QDII model, potentially reducing dividend tax costs for long-term holders [1][5]. - Huatai-PB Fund, one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed index investments, with a total management scale of 47.1 billion yuan across five dividend strategy ETFs as of December 5, 2025 [2][6].