关注红利港股ETF（159331）投资机会，高股息配置价值获关注

Group 1 - The core viewpoint is that the Hong Kong Stock Connect high dividend sectors currently possess strong allocation value, with a focus on the improvement of profitability in the Hang Seng Technology constituents after excluding companies affected by the food delivery war [1] - The Hang Seng Technology constituents are projected to see a 13.6% year-on-year revenue growth and a 21.7% growth in Non-GAAP net profit by 2025, contributing nearly 60% to the market value increase, indicating sustained profitability improvement [1] - The liquidity aspect highlights that the Federal Reserve has entered a rate-cutting cycle, with net inflows of southbound funds reaching 1.3 trillion yuan this year, which has driven valuation recovery [1] Group 2 - The current sector's price-to-earnings ratio is 20 times, which is at the 15th percentile of the past five years, while the price-to-book ratio stands at 1.5 times, with dividend yields generally in the range of 4%-6%, providing both defensive characteristics and valuation elasticity [1] - Specific sub-sectors such as internet healthcare and OTA maintain growth rates above 15%, and the application of AI technology has significantly reduced costs and improved efficiency for leading platforms, suggesting that a macroeconomic recovery could further enhance profit elasticity due to their cyclical consumption attributes [1] - The Hong Kong 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, focusing on financial and traditional sectors, reflecting the overall performance of quality securities under a high dividend strategy [1]