资金加速流入！港股红利主题ETF规模突破700亿元

Core Viewpoint - The article highlights the increasing interest and investment in Hong Kong dividend assets, particularly in the context of a high market volatility environment, with significant inflows and trading activity observed in recent months [1][2]. Group 1: Market Trends - As of November 17, 2025, the total scale of Hong Kong dividend-themed ETFs has surpassed 70 billion, with a growth of over 10.7 billion in just 11 trading days in November [1]. - Year-to-date, there has been a net inflow of nearly 29 billion into Hong Kong dividend assets, with the total scale reaching 74.2 billion, a 145% increase compared to the end of the previous year [2]. - The average daily trading volume of the Hong Kong dividend ETFs has increased significantly, with the Hong Kong Dividend ETF (513530) seeing an 84% rise and the Hong Kong Dividend Low Volatility ETF (520890) experiencing a 120% increase in November compared to the average from January to October [2]. Group 2: Institutional Investment - Southbound funds have shown a strong preference for high-dividend Hong Kong stocks, with a net purchase of 1,234.9 billion in Hong Kong stocks this year, particularly in the financial sector, which attracted over 320 billion [3]. - Insurance capital has been increasingly allocated to Hong Kong dividend assets, with 36 instances of capital injection recorded since 2025, primarily targeting high-dividend sectors such as banking and public utilities [3]. - The implementation of new accounting standards in 2026 is expected to further increase the allocation of high-dividend assets by insurance companies, with projections indicating a potential annual allocation of 250 to 500 billion by five A-share listed insurance companies [3]. Group 3: Dividend and Valuation Advantages - Hong Kong dividend assets offer higher dividend yields compared to A-share counterparts, with the Hong Kong Dividend ETF (513530) and the Hong Kong Dividend Low Volatility ETF (520890) yielding 5.54% and 5.72% respectively, while the 10-year government bond yield is only 1.81% [4]. - The valuation of Hong Kong dividend assets is notably attractive, with the price-to-earnings (PE) ratios for the Hong Kong Dividend ETF (513530) and the Hong Kong Dividend Low Volatility ETF (520890) at 7.99 and 7.87 respectively, and price-to-book (PB) ratios at 0.70 and 0.65, significantly lower than many mainstream A-share indices [5]. - Despite being defensive in nature, Hong Kong dividend assets have shown impressive performance, with the total return of the Hong Kong High Dividend (CNY) index and the Hang Seng High Dividend Low Volatility index increasing by 37.39% and 41.97% respectively over the past year [5].