红利风向标 | 港股红利强势回归，估值股息优势受关注

Core Viewpoint - The article discusses the performance and attractiveness of various dividend-focused ETFs in the Chinese market, highlighting their recent returns and the increasing trend of dividend payouts by listed companies, suggesting a favorable environment for dividend assets moving forward [1][4]. Group 1: ETF Performance - The latest dividend yield for the Hwabao WP Fund is 4.61% as of February 11, 2026 [1]. - The S&P A-Share Dividend ETF (562060) has shown a one-year return of 25.58% and a year-to-date return of 6.43% [1]. - The Hwabao Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has a one-year return of 32.38% and a year-to-date return of 7.1% [2][8]. - The A500 Low Volatility Dividend ETF (159296) has a one-year return of 5.74% and a year-to-date return of 1.12% [2][8]. - The 300 Cash Flow ETF (156230) has a one-year return of 20.51% and a year-to-date return of 0.69% [3][9]. Group 2: Dividend Trends - Listed companies in China have been increasing their dividend payouts year by year, with a notable increase in 2024 [4][9]. - The article indicates that the ongoing improvement of the dividend system is expected to enhance the attractiveness of dividend assets [4][9]. - The low volatility strategy focuses on mature industries with stable earnings, which are expected to provide excess returns [4][9].