关注红利港股ETF（159331）投资机会，市场关注高股息资产防御属性

Group 1 - The core viewpoint is that the Hong Kong stock market has performed well in the first 11 months of 2025, supported by ample liquidity, with a focus on undervalued high-dividend central state-owned enterprises for medium to long-term investment value [1] - The Hong Kong Stock Connect high dividend sector is highlighted, particularly the defensive and stable dividend characteristics of central state-owned enterprises, which are gaining attention amid a complex external environment [1] - The macro policy continues to strengthen, and the inflow of southbound funds is expected to sustain the advantages of high dividend strategies in a volatile market, suggesting a focus on quality stocks with stable earnings and dividend capabilities [1] Group 2 - The Dividend Hong Kong Stock ETF (159331) has tracked the Hong Kong Stock Connect high dividend index (930914), which selects 30 high dividend yield securities from companies meeting the Stock Connect criteria, emphasizing liquidity and consistent dividends [1] - The index components are primarily distributed across banking, transportation, coal, and public utilities sectors, exhibiting characteristics of stable returns and low volatility [1] - The Dividend Hong Kong Stock ETF has distributed dividends for 16 consecutive months, indicating its reliability [2]