关注红利港股ETF（159331）投资机会，低估值高股息板块迎长期支撑

Group 1 - The core viewpoint is that Oriental Securities maintains a positive outlook on Hong Kong stocks, citing factors such as the return of southbound capital and the end of annual assessments for mainland institutions, which will lead to a concentrated rebound of positions that were reduced in December [1] - Valuations remain attractive, with the Hang Seng Index trading at a price-to-earnings ratio of only 13 times, combined with upward revisions in profit growth, reinforcing the "valuation + earnings" dual increase logic [1] - External liquidity is expected to remain loose, with clear expectations for the Federal Reserve to lower interest rates by 2026, likely prompting the Hong Kong Monetary Authority to follow suit in reducing benchmark interest rates, thereby lowering the cost of capital for Hong Kong stocks [1] Group 2 - Domestic long-term funds, such as insurance capital and public funds, continue to enter the market, providing long-term support for undervalued high-dividend sectors [1] - The Dividend Hong Kong Stock ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high-dividend securities with good liquidity and consistent dividends from the Hong Kong Stock Connect range, using a dividend yield-weighted approach [1] - The ETF has shown significant stability in investment characteristics, having distributed dividends for 17 consecutive months, making it noteworthy for investors [1]