在交易机制上，港股通红利ETF（513530）支持场内T+0交易，其通过QDII模式投资中证港股通高股息 投资指数的投资方式也有望在长期持有中有效降低红利税成本，有望提升投资者体验。 根据合同约定，港股通红利ETF（513530）及其联接基金（A类018387/C类018388）每月可进行分红评 估，在符合收益分配相关规定的前提下，可以根据实际情况进行收益分配。产品有望通过现金分红为投 资者带来较灵活的资金支配权，力争提高投资者的持有体验。 港股通红利ETF（513530）的管理人华泰柏瑞基金拥有超19年指数投资经验，早在2006年就开始了在红 利主题ETF领域的前瞻布局，一手打造了策略类型丰富、覆盖AH两地的"红利全家桶"。交易所数据显 示，截至最新（25/12/3），华泰柏瑞旗下红利类主题ETF管理规模达474.18亿元。 资金涌入的背后，是港股红利类资产在低利率环境下较突出的高股息吸引力。港股通红利ETF （513530）跟踪的港股通高股息指数近一年股息率已升至6.31%，不仅与同期1.84%的10年期国债收益 率存在明显利差，也超越中证红利（4.36%）、深证红利（4.05%）、港股通高息精选指数（5 ...

Core Viewpoint - The recent volatility in global capital markets has led to increased interest in Hong Kong dividend assets, which are seen as a defensive option for portfolio allocation in the context of weak economic recovery and uncertainties in overseas liquidity and domestic policies [1][9]. Fund Performance - The Hong Kong Dividend ETF (513530), launched on April 8, 2022, has reached a record high in fund size and shares, with a total of 3.032 billion yuan and 1.764 billion shares as of December 2, 2025 [2][10]. - Since October 28, 2025, the ETF has seen a continuous net inflow of funds for 25 trading days, accumulating 893 million yuan, with a single-day net inflow of 116 million yuan on December 1, 2025, marking the highest level since September 28, 2024 [3][11]. Dividend Yield and Performance - The Hong Kong Dividend ETF tracks the Hong Kong High Dividend (CNY) Index, which has a dividend yield of 5.71% over the past year, significantly higher than the 1.84% yield of the 10-year government bond, indicating strong appeal in a low-interest-rate environment [4][12]. - The total return index for the Hong Kong High Dividend (CNY) has shown a cumulative increase of 39.47% over the past year, outperforming several mainstream A-share dividend indices and the Hang Seng Technology total return index [4][13]. Trading Mechanism and Investor Experience - The Hong Kong Dividend ETF supports T+0 trading, which may help reduce dividend tax costs for long-term holders, enhancing the overall investor experience [5][14]. - The fund manager, Huatai-PB Fund, has over 19 years of experience in index investment and has developed a diverse range of dividend-themed ETFs, managing a total of 47.644 billion yuan in dividend-themed ETFs as of December 2, 2025 [6][15].

今日早盘（25/12/2），港股银行、非银金融、煤炭、石油石化等高股息板块集体上涨。在当前经济弱 复苏、海外流动性及国内政策仍存不确定性的环境下，港股红利类资产的防御属性有望持续吸引资金关 注。 （数据来源：Wind） 截至最新（25/12/1），港股通红利ETF（513530）自25年10月28日以来连续24个交易日均实现资金净流 入，累计吸金7.78亿元，推动其基金规模连续9周（25/9/27-25/11/28）正增长后攀升至28.91亿元，创下 阶段性新高；交投活跃度也显著升温，最新交易日（25/12/1）成交额放量至1.85亿元，较前一交易日增 长153%，同期资金净流入大幅增长245%。 （数据来源：Wind、交易所，规模前高日为2025/8/6；25/12/1成交额、净流入分别为1.85亿元、0.69亿 元，25/11/28成交额、净流入分别为0.73亿元、0.20亿元） 港股红利类资产之所以受到资金关注，离不开其在低利率环境下愈发凸显的较高股息优势。港股通红利 ETF（513530）跟踪的港股通高股息（CNY）指数近一年股息率来到5.63%，不仅与同期1.82%的10年 期国债收益率存在明显利差 ...

另一方面，在当前经济弱复苏、海外流动性及国内政策仍存不确定性的环境下，港股红利类资产的 防御属性也持续吸引资金关注。Wind数据显示，港股通红利ETF（513530）近一个月（25/10/28- 25/11/28）每个交易日均实现资金净流入，累计吸金7.09亿元，推动其基金规模连续9周（25/9/27- 25/11/28）正增长后攀升至28.02亿元，创下阶段性新高；交投活跃度也在持续提升，11月份日均成交额 达1.22亿元，较2025年1-10月的日均成交额增长65%。 港股红利类资产之所以持续吸金，离不开其在低利率环境下愈发凸显的较高股息优势。港股通红利 ETF（513530）跟踪的港股通高股息(CNY)指数近一年股息率来到5.66%，不仅与同期1.82%的10年期国 债收益率存在明显利差，也超越部分A股和港股主流红利类指数，股息率吸引力持续凸显。 同时，较突出的股息率优势也赋予港股红利类资产在震荡市中呈现"攻守兼备"的特性。截至最新 （25/11/28），港股通红利ETF（513530）跟踪的港股通高股息(CNY)指数近一年累计涨幅达35.44%， 不仅领先于同期中证红利（8.43%）、深证红利（5.5 ...

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].

Core Insights - The Hong Kong stock market is experiencing increased volatility due to the Federal Reserve's hawkish stance and investor concerns regarding AI trends, leading to a shift towards defensive dividend stocks [1] - The Hong Kong dividend sector has seen significant capital inflows, with a total net inflow of 28.7 billion yuan year-to-date and over 9.8 billion yuan in the past month, indicating strong market sentiment [1] - The dividend ETFs, specifically the Hong Kong Dividend ETF (513530) and the Hong Kong Low Volatility Dividend ETF (520890), have shown attractive dividend yields of 5.50% and 5.69%, respectively, significantly higher than the 1.81% yield of the 10-year government bond [1] Group 1 - The Hong Kong Dividend ETFs have demonstrated strong performance, with annual cumulative returns of 35.45% and 39.29%, outperforming several mainstream A-share and Hong Kong technology indices [1] - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 12 trading days, accumulating 454 million yuan, reaching a new high in fund size since August 2025 [2] - Analysts from Guotai Junan Securities suggest that the Hong Kong stock market has potential for upward movement, with foreign capital expected to return significantly next year, potentially exceeding 1.5 trillion yuan [3] Group 2 - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market to invest in the China Securities Hong Kong Stock Connect High Dividend Investment Index through the QDII model, which may enhance investor experience by reducing dividend tax costs [4] - The Hong Kong Low Volatility Dividend ETF (520890) allows investment in Hong Kong dividend assets without QDII quota restrictions, supporting T+0 trading [4] - The management company, Huatai-PB Fund, has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs, with a total management scale of 47.936 billion yuan as of November 2025 [6]

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, with investors shifting towards dividend-paying stocks due to profit-taking in the technology sector and a preference for lower-risk assets [1][2] Fund Flows and Preferences - Southbound funds are increasingly allocating to Hong Kong dividend stocks, with the banking sector being the most favored over the past month, followed by oil and petrochemicals, and non-bank financials [1] - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 11 trading days since October 30, 2025, accumulating a total of 374 million yuan [1] Dividend Yield and Performance - The Hong Kong Dividend ETFs (513530 and 520890) have attractive dividend yields of 5.46% and 5.65%, significantly higher than the 1.81% yield of 10-year government bonds, making them appealing in a low-interest-rate environment [2] - Over the past year, the cumulative returns for these ETFs have been 36.97% and 40.71%, outperforming major A-share dividend indices and the Hang Seng Technology Index [2] Shareholder Returns and Dividend Capability - Hong Kong-listed companies exhibit a strong willingness to distribute dividends, with average declared dividends for the first half of 2025 being 23.129 billion yuan and 12.899 billion yuan for the respective indices, surpassing A-share indices [3] - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market to invest in the Hong Kong high dividend index through the QDII model, potentially reducing dividend tax costs for long-term holders [3] Management and Experience - The management of the Hong Kong Dividend ETFs, Huatai-PB Fund, has over 18 years of experience in index investment and has been proactive in the dividend ETF sector since 2006 [4] - As of November 13, 2025, the total management scale of Huatai-PB's dividend-themed ETFs reached 47.879 billion yuan [4]

Core Viewpoint - The Hong Kong stock market continues to show resilience in dividend assets, particularly as institutional demand for high-dividend stocks increases due to upcoming accounting standard changes for insurance companies [1][2]. Group 1: Market Performance - The Hong Kong dividend ETFs (513530 and 520890) have demonstrated strong performance, with one-year cumulative returns of 35.25% and 37.72%, respectively, outperforming several A-share dividend indices [2][3]. - The dividend yields for the Hong Kong dividend ETFs are notably high at 5.44% and 5.63%, significantly exceeding the 1.81% yield of the 10-year government bonds, highlighting their attractiveness [2][3]. Group 2: Institutional Investment Trends - Insurance companies are expected to increase their allocation to high-dividend assets, with projections indicating that by 2027, the allocation could reach between 250 billion to 500 billion yuan annually for five listed A-share insurance companies [1][2]. - The shift to new accounting standards in 2026 will further enhance the demand for high-dividend assets among both listed and non-listed insurance companies [1]. Group 3: Product Features - The Hong Kong dividend ETFs (513530 and 520890) allow for T+0 trading and are designed to provide flexibility in cash distribution, with potential for up to 12 distributions per year [4][5]. - The management of these ETFs by Huatai-PB Fund, which has over 18 years of experience in index investment, adds credibility to their performance and strategy [5][6].

Core Insights - The Hong Kong stock market is witnessing a resurgence in dividend-themed assets, particularly as year-end market volatility increases, attracting significant investor interest [1][2] - The Hong Kong Stock Connect Dividend ETF (513530) has seen a continuous inflow of funds for 10 consecutive trading days, reaching a new high in total assets since August 2025, indicating growing market attention towards Hong Kong dividend assets [1][2] Market Performance - As of November 11, 2025, the total scale of 26 Hong Kong dividend-themed ETFs reached 70.1 billion HKD, with a notable increase of 7 billion HKD in just 7 trading days in November [1] - The Hong Kong Stock Connect High Dividend (CNY) Index has a one-year dividend yield of 5.50%, significantly higher than the 1.81% yield of 10-year government bonds, enhancing its attractiveness compared to other indices [2] Dividend Distribution - In the first half of 2025, 713 Hong Kong companies declared dividends totaling 81.27 billion HKD, representing a year-on-year growth of 31.35% [1] - The Hong Kong Stock Connect High Dividend (CNY) Index accounted for 40% of the total dividends declared, with a total of 35.27 billion HKD [1] Fund Management - The Hong Kong Stock Connect Dividend ETF (513530) is managed by Huatai-PB Fund, which has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs [3] - The fund aims to provide flexible cash distribution to investors, with a maximum of 12 distributions per year, enhancing the overall investor experience [3]

Core Viewpoint - The Hong Kong stock market, particularly the banking sector, has seen significant profit growth in Q3 2025, leading to increased interest in high-dividend stocks amid cautious investor sentiment [1] Group 1: Market Performance - The Hong Kong banking sector has collectively strengthened, contributing to the active performance of high-dividend stocks in the market [1] - Southbound capital inflow into dividend value stocks has been substantial since October, with a total inflow of 20.9 billion HKD from October 22 to October 27, primarily into banking, oil, and non-ferrous metals sectors [1] Group 2: ETF Performance - The Hong Kong Dividend ETF (513530) has experienced a continuous net growth for five weeks, reaching a size of 2.251 billion HKD, a 77% increase since the beginning of 2025 [1] - The Hong Kong Dividend Low Volatility ETF (520890) has seen a net inflow of over 22 million HKD since September 22, with a nearly 30% growth in fund size [1] Group 3: Dividend Yield Comparison - The Hong Kong Dividend ETFs have a one-year dividend yield of 5.73% and 5.90%, respectively, which is notably higher than the yields of mainstream dividend indices in both A-shares and Hong Kong stocks [1] Group 4: Fund Management and Strategy - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market that can invest in the China Securities Index Hong Kong Stock Connect High Dividend Index through the QDII model, potentially reducing dividend tax costs for investors [1] - Haitong Securities has a long-standing experience in index investment, with its dividend-themed ETFs managing a total of 46.015 billion HKD as of November 3, 2025 [1]