红利港股ETF（159331）飘红，H股高股息策略受关注

Group 1 - The core viewpoint is that Hong Kong stocks are expected to outperform A-shares in 2025, but may weaken in the second half of the year due to a stronger US dollar, slowing southbound capital inflow, and marginal deterioration in fundamentals [1] - In 2026, Hong Kong stocks will be driven by three factors: a weaker US dollar attracting international capital, appreciation of the RMB leading to the return of overseas Chinese capital, and a recovery in inflation and potential debt restructuring policies improving fundamentals [1] - The high dividend sector of Hong Kong stocks is projected to trendingly outperform A-shares in 2025, primarily because insurance capital investing in Hong Kong stocks is exempt from dividend tax, and the dividend AH premium is expected to further converge [1] Group 2 - 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 Stock Connect range, using a dividend yield weighting method [1] - The constituent stocks cover multiple industry sectors, with a particular focus on financial and traditional industries, aiming to reflect the overall performance of quality securities under a high dividend strategy [1] - The Hong Kong Dividend ETF (159331) has assessed dividends monthly and has distributed dividends for 17 consecutive months, indicating its robust investment characteristics [1]