关注红利港股ETF（159331）投资机会，市场关注高股息策略回报潜力

Group 1 - The core viewpoint is that the Hong Kong stock market's high dividend sectors present significant allocation value in the current macroeconomic environment, driven by expectations of global interest rate cuts and a decline in 10-year government bond yields [1] - Domestic residents are seeking stable returns, with deposits exceeding 162 trillion yuan, which enhances the attractiveness of high dividend assets [1] - As of the end of Q3 2025, the incremental fund utilization balance of insurance companies is expected to reach 37.36 trillion yuan, indicating a rapid allocation towards high dividend assets [1] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) has incorporated market value management into its assessment, leading to a trend of high dividends among central state-owned enterprises [1] - The supply-demand dynamics in the industry are improving, and the liquidity environment supports continuous capital inflow into high dividend sectors [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 from the Hong Kong Stock Connect range, covering stable cash flow industries such as banking, transportation, and coal [1]