股东回报水平大幅提升，聚焦港股通红利低波ETF基金（159118）配置机会

Core Viewpoint - Chinese companies have reversed the trend of low dividends, significantly increasing capital returns to shareholders, which has led to a narrowing of the risk premium in Chinese stocks despite stable corporate profit growth [1] Group 1: Market Performance - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) experienced a rise of approximately 0.4% during early trading on December 12, with leading stocks including Jiangxi Copper, CRRC, and New World Development [1] - The ETF closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, focusing on large-cap value stocks, which aids investors in efficiently accessing Hong Kong stocks with low fees (management and custody fees only 0.2%) and T+0 trading [1] Group 2: Corporate Actions - Chinese enterprises have significantly increased the level of capital returned to shareholders, surpassing the returns from holding cash domestically [1] - This shift in corporate behavior has contributed to the positive performance of stock prices in the market [1]