港股通红利指数研究，低息环境下的港股投资利器

Investment Rating - The report indicates a favorable investment direction for dividend assets in the Hong Kong stock market, particularly under the current low-interest environment [10]. Core Viewpoints - The Hong Kong Stock Connect Dividend Index is becoming an important tool for investors seeking high cash flow and low volatility assets, especially as the overall valuation in the Hong Kong market is at historical lows and corporate dividend intentions are strengthening [10]. - The CSI Hong Kong Stock Connect High Dividend Index (930914.CSI) has shown outstanding performance in terms of long-term cumulative returns, annualized returns, and risk-adjusted return metrics, outperforming other indices [10]. - Policy support, tax optimization, and external environment factors are driving dividend assets to become a preferred long-term allocation direction in the Hong Kong market [10]. Summary by Sections Overview of the Hong Kong Stock Connect Dividend Index - The report categorizes existing dividend indices in the Hong Kong Stock Connect market into four types based on investment region, company attributes, and index weighting factors [21]. Historical Performance - The Hong Kong Stock Connect High Dividend Select Index has significantly outperformed other dividend indices from 2020 to 2022, with a peak return of 32.86% [87]. - The CSI Hong Kong Stock Connect High Dividend Index has shown strong long-term return potential and good downside protection, especially during market downturns [87]. Risk-Return Characteristics - The CSI Hong Kong Stock Connect High Dividend Index has the highest Sharpe ratio among all indices, indicating significant risk-adjusted returns [101]. - The report highlights that the Hang Seng series indices have negative values for key metrics, indicating weaker performance in terms of excess returns [101]. Industry and Market Capitalization Distribution - The report discusses the distribution of industries and market capitalization within the dividend indices, emphasizing the need for a balanced approach to mitigate risks associated with concentrated holdings [10].