港股“磨底”中静待反弹，港股通红利低波ETF基金（159118）早盘上涨，布局价值凸显

Core Viewpoint - The Hong Kong stock market is experiencing a volatile upward trend, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) rising approximately 0.72% during the session, driven by leading stocks such as Jiangxi Copper, Hang Lung Properties, China Telecom, and Cheung Kong Infrastructure Group [1] Group 1: Market Analysis - The three major indices in the Hong Kong stock market continue to show a volatile trend, with Huatai Securities indicating that the current market has limited downside potential but insufficient upward momentum, reflecting typical bottoming characteristics similar to those seen in November 2024 [1] - Historical experience suggests that after market sentiment reaches a bottom, there is often a rebound opportunity, which warrants early positioning by investors [1] Group 2: Future Outlook - Huatai Securities believes that if a consensus on RMB appreciation is formed, it will lead to changes in capital flow patterns, referencing the performance of European markets this year [1] - The market is overly concerned about the impact of currency appreciation and high export baselines; however, there is a possibility of unexpected resilience in exports in the first half of next year, given the moderate state of Sino-U.S. relations [1] Group 3: ETF Fund Characteristics - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index (in HKD), favoring a large-cap value style [1] - The top three sectors represented in the ETF are real estate, utilities, and banking, with the top ten constituent stocks covering high-dividend targets across multiple industries [1] - The fund offers low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading), allowing investors to easily access Hong Kong stocks, dividends, and low volatility [1]