红利风向标 | 港股红利走暖，关注高股息与估值性价比的结合

Core Viewpoint - The recent macroeconomic events and the completion of Q3 earnings reports have led to a potential shift in market themes and styles, with a notable increase in allocations towards the electronic sector and growth styles, indicating a possible structural adjustment in the market [7]. Group 1: Dividend ETFs Performance - The latest dividend yield for the S&P Dividend ETF is 4.85% [1]. - The S&P Hong Kong Stock Connect Low Volatility Dividend Index shows a year-to-date performance of 12.29% and a one-month decline of 1.91% [2]. - The A500 Low Volatility Dividend ETF has a year-to-date performance of 9.62% and a one-month performance of 1.55% [5]. Group 2: Market Trends and Sector Allocations - The electronic industry allocation in funds has exceeded 25%, with the innovation and entrepreneurship board exceeding 40%, marking the highest levels since 2010 [7]. - The growth style allocation has surpassed 60%, indicating a significant trend towards growth-oriented investments [7]. - Seasonal effects suggest that dividend styles may outperform as year-end profit-taking occurs [7]. Group 3: Cash Flow ETFs - The 300 Cash Flow ETF, which excludes financials and real estate, tracks the CSI 300 Free Cash Flow Index and has shown a one-week performance of 7.31% [3]. - The annualized volatility for the 300 Cash Flow ETF is reported at 10.02% [6].