红利港股ETF（159331）飘红，高股息策略吸引力显著

Core Insights - High dividend strategies have seen adjustments in 2023 as asset dividend yields have returned below 5%, but if EPS maintains growth above 5%, the implied return remains attractive under a low interest rate environment [1] - Hong Kong high dividend assets benefit from the expansion of cross-border ETFs and foreign capital inflow, providing significant support to the funding environment [1] - Stable business models in sectors like highways enjoy valuation premiums amid uncertainty [1] Summary by Categories High Dividend Assets - High dividend assets are categorized into three types: growth-oriented, valuation-enhancing, and general [1] - Key driving factors include changes in market expected returns, Federal Reserve policies, and improvements in fundamentals such as highway pricing system adjustments [1] Market Dynamics - The Hong Kong high dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high dividend yield securities with good liquidity and consistent dividends from those eligible for Hong Kong Stock Connect [1] - The index is weighted by dividend yield and primarily includes stocks from stable cash flow industries such as banking, transportation, and coal [1]