招商证券指出，港股市场近期受美元指数走强影响出现调整，当前港股高股息板块配置价值凸显。市场 避险情绪抬升下，高股息银行股因稳健特性受资金青睐，成为震荡期的避险选择。随着12月重要会议政 策窗口临近，若出台扩张性政策推动总需求复苏，叠加美元指数后续可能回落，港股有望企稳回升。风 格上，大盘蓝筹及金融周期类股票可能优于赛道科技股，顺周期板块具备左侧布局机会。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从港股通范围内选取流动性良 好、持续分红且股息率较高的30只证券作为成分股，采用股息率加权计算。指数成分股主要分布在金 融、工业和能源等传统高股息领域，能够较好地反映港股市场高分红证券的整体表现，适合偏好稳定现 金流的长期投资者。 （文章来源：每日经济新闻） ...

Market Overview - Global markets experienced a decline, with the Hang Seng Index falling by 0.79% and the S&P 500 down by 1.17% [1][3] - The A-share market is in a correction phase since October 2, with a potential drop of 15%-20% expected [3] - Defensive sectors are seeing capital inflows, while materials, healthcare, and consumer discretionary sectors are leading declines in Hong Kong stocks [3] Sector Performance - The Hang Seng Financial Index rose by 0.26%, while the Hang Seng Industrial and Commercial Index fell by 1.44% [2] - High-dividend sectors such as telecommunications and utilities are performing well amidst market volatility [3] Company Insights - Luxshare Precision (002475 CH) has its target price raised to 75.55 RMB, reflecting strong synergy from the Apple upgrade cycle and ODM integration [5] - The expected compound annual growth rate for Luxshare's earnings from FY25-27 is projected at 27%, driven by growth in consumer electronics, automotive, and communication sectors [5] Economic Indicators - The UK government is focusing on reducing inflation and managing national debt, hinting at potential tax increases in the upcoming budget [3] - The U.S. job vacancies have dropped to the lowest level since April 2021, indicating a tightening labor market [4]

Group 1 - The article highlights a preference for low-volatility dividend assets in the Hong Kong stock market, particularly during market fluctuations, with several dividend ETFs showing gains of over 1% [1] - Recent market dynamics indicate a shift in investor sentiment towards value and dividend sectors, as evidenced by significant net inflows into high-dividend sectors, particularly in the financial industry, which saw a net purchase of 783.81 billion HKD from southbound funds [1] - The technology sector, which had previously led the market, is experiencing a pullback, prompting a rotation towards more stable dividend-paying stocks [1] Group 2 - Historical data over the past 20 years shows that cyclical industries like white goods and food processing have seen an upward trend in the fourth quarter over 65% of the time, driven by year-end profit-taking and expectations surrounding macroeconomic policies [2][3] - According to CITIC Securities, the fourth quarter of 2025 may present a critical opportunity for positioning in dividend stocks, as pessimistic expectations may have been fully priced in, leading to a valuation bottom [3] - The yield on 10-year government bonds has remained low between 1.6% and 1.9%, while leading A/H shares in sectors like highways are projected to have dividend yields of 5% to 6% by 2025, enhancing their attractiveness [3]

Core Viewpoint - The A-share market is experiencing divergence, with most major indices declining while the Shanghai Composite Index shows slight gains. Mid-cap and small-cap value stocks are performing well, while large-cap growth stocks are underperforming [4] Group 1: Market Overview - The A-share market is showing mixed performance, with major indices mostly down, particularly the ChiNext and STAR Market, while the Shanghai Composite Index has a slight increase [4] - Different sectors are exhibiting varied performance, with non-ferrous metals and coal industries seeing gains, while media and electronics sectors are facing declines [4] Group 2: Important Events Review - Multiple policies have been introduced, including export controls on key items, market price governance, adjustments to new energy vehicle purchase tax technical requirements, and cloud computing standardization [5] - During the recent holiday period, domestic travel reached 888 million trips, an increase of 123 million trips compared to the previous year, with total inter-regional mobility expected to hit 2.432 billion, a historical high for the same period [5] - Real estate financing remains challenging, with a total financing scale of 307.2 billion yuan for real estate companies in the first three quarters of 2025, a year-on-year decrease of 30% [5] - In the overseas market, U.S. stock indices fell sharply due to new trade comments from Trump, and the U.S. Senate rejected a bipartisan funding bill, leading to a continued government shutdown [5] Group 3: Market Outlook - The market is expected to enter a phase of wide fluctuations in the short term due to high valuations and cautious capital, compounded by uncertainties in U.S.-China relations [6] - The upcoming 20th Central Committee meeting may raise policy expectations, and potential interest rate cuts by the Federal Reserve could support the market [6] - Mid-term, corporate earnings are anticipated to improve, with signs of recovery in industrial profits and narrowing declines in PPI, suggesting resilience in exports and potential for better domestic demand [7] - Investment focus should be on high-dividend and consumer sectors in the short term, while TMT and advanced manufacturing sectors are recommended for mid-term investment [7]

Core Insights - The A-share market has experienced significant growth since the implementation of a comprehensive financial policy on September 24 last year, with the Shanghai Composite Index reaching above 3800 points twice [1] - A total of 429 mixed equity funds and 112 ordinary equity funds have achieved over 100% performance in this period [1] Investment Value Rediscovery - Prior to the rise of technology growth stocks, the A-share market lacked a clear and sustained investment theme, with traditional cyclical and consumer sectors performing poorly due to weak economic expectations [1] - In uncertain times, many investors prioritized stability and safety, leading to a focus on high-dividend sectors [1] - A public fund manager noted a lack of participation in high-dividend stocks due to unfamiliarity with their business models and a belief that their performance was not aligned with growth investment aesthetics [1] Market Style Rotation - Over the past year, there has been a rapid rotation between high-dividend large-cap value stocks and thematic growth stocks such as AI and new productivity sectors [2] Adjustments in Investment Framework - The public fund manager has adjusted their investment framework, recognizing the need to relax stringent requirements for long-term economic moats in industries experiencing explosive growth [3] - The understanding of value has become more pragmatic and diversified, emphasizing the importance of industry prosperity and explosive growth as attractive value forms [3] - This approach aligns more closely with the characteristics of the A-share market, allowing for a more practical investment framework [3] Sector Performance - The PCB (Printed Circuit Board) sector has shown strong performance, benefiting from the explosive demand in AI computing infrastructure and automotive electronics since 2025 [4] Quantitative Private Equity Strategies - Since September 24 last year, the A-share market has shown a trend of oscillating upward, with significant market events occurring at three key points [5] - The first key point was the release of favorable policies in September 2024, which boosted market sentiment and led to a 20% increase in major indices by the end of that month [5] - The second phase involved a market recovery after external disturbances in April 2025, supported by continuous policy efforts, leading to a resurgence in market confidence and a significant increase in margin trading balances [6] - However, by August 2025, the performance of quantitative private equity strategies began to slow down due to a divergence in market performance, with a significant number of stocks declining despite index increases [6] - Many large private equity firms are focusing on artificial intelligence and exploring diversified strategies to enhance portfolio stability, which is seen as the future direction for quantitative private equity [6]

Group 1 - The core viewpoint of the news highlights the increasing interest in high-dividend ETFs, particularly the Hongli State-Owned Enterprise ETF (510720), which has attracted over 280 million yuan in the past 10 days, indicating a strong preference for stable income investments in a volatile market [1] - The Hongli State-Owned Enterprise ETF tracks the Shangguo Dividend Index (000151), which selects stocks with high dividend characteristics and stable dividend performance, primarily covering traditional sectors such as finance, energy, and industry [1] - The ETF has consistently paid dividends for 17 consecutive months since its listing, making it one of the few ETFs that practice monthly dividends, appealing to investors looking for steady income [1] Group 2 - The high-dividend sector is becoming a primary safe haven for short-term funds, reflecting a robust preference for stable investment strategies among domestic institutional investors [1] - Northbound capital remains active in the market, with daily trading volumes at relatively high levels, indicating strong participation intentions despite market fluctuations [1] - The dividend-paying characteristics of the Hongli State-Owned Enterprise ETF align with the "anti-involution" policy direction, enhancing its attractiveness to foreign and long-term investors during market adjustments [1]

Group 1 - The high dividend sector is becoming a primary safe haven for short-term funds, with dividend ETF continuously attracting long-term capital subscriptions, reflecting a stable preference for domestic allocation funds [1] - Northbound capital's average daily trading volume remains relatively high, indicating strong participation willingness in a volatile market [1] - The dividend sector not only has defensive value but also benefits from the strengthening of "anti-involution" policy guidance [1] Group 2 - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects stocks with high dividend characteristics, stable dividends, and good liquidity, mainly covering traditional industries such as finance, energy, and industry [1] - The Dividend State-Owned Enterprise ETF (510720) has achieved monthly dividends since its listing, having continuously paid dividends for 17 months, making it one of the few ETFs that practice monthly dividends [1] - Investors without stock accounts can consider the Guotai CSI State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Guotai CSI State-Owned Enterprise Dividend ETF Initiation Link C (021702) [1]

Group 1 - The investment logic of the dividend sector is shifting from style-driven to stock-driven, indicating a change in market dynamics [1] - Despite a decline in overall attractiveness due to weakening relative economic advantages, high-quality stocks will continue to attract specific style funds [1] - Year-to-date, dividend stocks have seen significant inflows from insurance and AMC, highlighting the increasing allocation of long-term funds to high-dividend sectors [1] Group 2 - The high-dividend sector has shown notable differentiation this year, with the banking sector standing out, while some high-dividend industries face economic downturn risks [1] - The Everbright Securities Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Enterprise Dividend Index (000151), which selects stocks with high dividend characteristics and stable dividend performance [1] - Investors without stock accounts can consider the Guotai CSI State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Link C (021702) [1]

Group 1 - The core viewpoint of the news is that the market is experiencing fluctuations, with the dividend low volatility ETF (512890) showing a slight decline, while the overall market indices are rising [1][2] - The dividend low volatility ETF has seen a net outflow of 9.76 billion CNY over the past 20 trading days and 4.8 billion CNY over the last 5 days, indicating a trend of capital withdrawal [1][2] - As of August 18, 2025, the circulating scale of the dividend low volatility ETF is 210.27 billion CNY, reflecting its size in the market [1][2] Group 2 - Analysts suggest that the short-term adjustment in bank stocks is primarily a result of marginal capital pricing, but they still hold long-term investment value due to reasonable valuations and attractive dividend yields [1][3] - The dividend low volatility ETF (512890) was established on December 19, 2018, and has achieved a total return of 139.32% since its inception, indicating strong performance [3][4] - The ETF's top holdings have shown mixed performance, with some banks experiencing slight declines while others have seen minor gains, reflecting the volatility in the banking sector [4][5] Group 3 - The investment logic for the dividend sector is shifting from style-driven to stock-driven, with high-quality stocks attracting specific style capital inflows [3][5] - There is a clear asset allocation demand for high dividend stocks, as evidenced by frequent acquisitions by insurance companies and asset management companies [3][5] - Investors seeking stable returns and low-risk volatility can participate in the dividend low volatility ETF through its linked funds, even without a stock account [5]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight decline of 0.03% as of August 18, 2025, indicating mixed performance among constituent stocks, with a shift in investment logic from style-driven to stock-driven in the dividend sector [1] Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index reflects the overall performance of 100 listed companies selected for high cash dividend yields and stable dividends [1] - The index's constituent stocks include notable performers such as COFCO Sugar (600737) with three consecutive gains, and Shaanxi Natural Gas (002267) rising by 8.77% [1] - The National Enterprise Dividend ETF (159515) is currently priced at 1.15 yuan, indicating a consolidation phase [1] Group 2: Investment Trends - There is a growing trend of long-term funds increasing their allocation to high-dividend stocks, driven by insurance and AMC stake acquisitions since the beginning of the year [1] - High-quality stocks with stable dividend rates and return on equity (ROE) characteristics are expected to continue attracting specific style funds [1] - The top ten weighted stocks in the index account for 16.77% of the total index weight, with significant players including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4]