港股红利类资产关注度持续提升！港股通红利ETF、港股通红利低波ETF标的指数股息率分别达6.66%、6.90%

Core Viewpoint - The Hong Kong stock market is gradually alleviating internal and external disturbances, with short-term volatility driven by external factors such as concerns over the AI outlook in the US and interest rate hikes by the Bank of Japan. As these concerns stabilize, the Hong Kong market is expected to recover alongside global market sentiment [1][4]. Market Environment - The marginal improvement in the market environment is reflected in the allocation trends of both domestic and foreign capital. Foreign investors continue to favor Chinese assets, particularly high-dividend stocks in the Hong Kong market. HSBC's allocation strategy includes a "barbell strategy" focusing on high-dividend quality stocks [1][4]. - Southbound capital has become a significant source of incremental funds for the Hong Kong stock market, with a net inflow of 1.30 trillion yuan by December 19, 2025, of which the financial sector received 346.3 billion yuan [1][4]. Dividend Characteristics - In the current low-interest-rate environment, the high dividend characteristics of Hong Kong dividend assets are becoming more prominent. The latest dividend yields for the Hong Kong Dividend ETF (513530) and the Hong Kong Dividend Low Volatility ETF (520890) have both surpassed 6.65%, reaching 6.66% and 6.90% respectively, significantly higher than the 1.83% yield of the 10-year government bond [1][4]. - Beyond dividend returns, Hong Kong dividend assets have shown "defensive" characteristics in volatile markets. The total return indices for the Hong Kong Dividend ETF and the Hong Kong Dividend Low Volatility ETF have increased by 24.53% and 31.22% respectively over the past year, outperforming several A-share dividend indices [1][4][5]. Fund Performance - The Hong Kong Dividend ETF (513530) has attracted 1.668 billion yuan since October 28, 2025, increasing its fund size to 3.629 billion yuan and its share count to 2.226 billion, both reaching new highs since its inception on April 8, 2022 [1][5]. - The Hong Kong Dividend ETF is the first ETF in the A-share market that can invest in the CSI Hong Kong Stock Connect High Dividend Investment Index through the QDII model, potentially reducing dividend tax costs for long-term holders [1][5]. Fund Management - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed index investments. The management scale of its five "dividend family" ETFs reached 50.193 billion yuan by December 19, 2025 [2][5].