港股仍在左侧布局区间，海外宽松预期增强，借道港股通红利低波ETF基金（159118）布局港股春季行情

Core Viewpoint - The Hong Kong stock market is currently in a left-side layout phase, with strong expectations for an early spring rally, but there are still supply and demand pressures at year-end, and the right-side turning point remains unclear [1] Group 1: Market Analysis - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) saw a slight increase of 0.10% as of December 26, with top-performing holdings including China Wangwang, China Merchants Port, and Cheung Kong Infrastructure Group [1] - The chief macroeconomic analyst at Huatai Securities, Yi Shan, suggests that the market's expectations for a spring rally are strong, but year-end supply and demand pressures persist [1] - The anticipated improvement in the funding environment is expected to come from a reallocation of funds at the beginning of next year and the appreciation of the Renminbi [1] Group 2: External Environment - The overall overseas liquidity is trending towards being accommodative, and the expectation of further easing may be enhanced due to the upcoming change in the Federal Reserve chairmanship [1] - Concerns regarding potential interest rate hikes by the Bank of Japan have not materialized, alleviating some investor worries [1] Group 3: Fund Characteristics - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which has historically outperformed the Hang Seng Index and other dividend-related indices [1] - The fund's holdings are primarily large-cap value stocks, with the top three sectors being real estate, utilities, and banking [1] - The fund management fee is set at an annual rate of 0.15%, while the custody fee is at 0.05%, supporting investors in a "dividend + low volatility" dual-factor strategy [1]