（原标题：红利基金挑选指南：天弘中证港股通高股息的独特魅力） 在存款利率日益走低的当下，红利基金成为投资者寻求稳健收益的重要途径。但红利基金领域内，港股 红利与 A 股红利各有千秋。当思考 "红利基金买哪个好" 时，天弘中证港股通高股息投资指数 A （022072）有着独特的投资价值值得深入探讨。 独特的投资标的与估值优势 红利基金的核心在于股息回报，而股息率与分红水平及股价估值紧密相关。港股红利资产以其长期处于 估值洼地的特点，造就了突出的性价比。天弘中证港股通高股息投资指数 A （022072）所跟踪的中证 港股通高股息投资指数，成分股多为金融、能源、工业等传统板块的内地企业，例如民生银行、中国石 油股份等。这些企业在港股的估值相较于 A 股同类标的明显更低。数据显示，截至 2025 年 7 月 31 日，中证港股通高股息投资指数近 12 个月股息率达 5.8%（Wind 数据），6 月末股息率更是高达 7.75%。这种低估值与高股息的结合，使得天弘中证港股通高股息投资指数 A（022072） 在投资标的上 具备独特优势。 精选成分股构筑高股息基石 从风险角度看，中证港股通高股息投资指数在 2021 - ...

消息面上，越秀运输基建公布中期财报，上半年营业额20.99亿元人民币，同比升14.9%；纯利3.61亿 元，同比升14.9%；每股盈利0.2156元。派中期息0.12港元，上年同期派0.12港元。华泰证券指出，上半 年盈利高出预期，主因存量路产的摊销上调幅度小于预期。公司中期分红比例达到50.6%，看好公司持 续收购优质优价路产的能力，维持"买入"。 该行表示，假设公司25年度分红比例为55%，测算25E股息率为6.8%，股息率有较强吸引力。年初至 8.15，恒生高股息率全收益指数上涨29%。香港市场流动性宽裕，Hibor利率处于低位，对红利估值产生 支撑。在境内低利率背景下，中资长线资金仍有增配港股红利需求，公司南向持仓比例已从年初的 18.8%提升至8.15的20.3%。 智通财经APP获悉，越秀交通基建(01052)绩后涨超4%，截至发稿，涨3.9%，报4港元，成交额1763.53 万港元。 ...

Core Viewpoint - The article discusses the performance and advantages of the Hong Kong Dividend Low Volatility ETF (520550), highlighting its superior returns and defensive attributes compared to other indices and A-shares. Group 1: Performance Metrics - The Hong Kong Dividend Low Volatility ETF (520550) tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Total Return Index, which has a one-year return of 38.34% and a five-year return of 89.88%, outperforming other indices significantly [2] - The ETF has seen a net inflow of over 360 million since the beginning of the year, with a growth of approximately 246.36%, maintaining 19 consecutive weeks of net inflow [6] Group 2: Dividend Yield and Tax Considerations - The current dividend yield for the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index is 7.67%, which remains above 6% even after accounting for a 20% dividend tax, while the A-share dividend index is at 5.44% [6] - The underlying reason for the higher dividend yield in Hong Kong is that H-shares typically trade at lower prices than A-shares while offering the same dividends, leading to a higher yield [6] Group 3: Valuation Metrics - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has a current price-to-earnings (P/E) ratio of 7.18 and a price-to-book (P/B) ratio of 0.62, both significantly lower than historical medians [6] - In contrast, the A-share dividend index has a P/E ratio of 8.28 and a P/B ratio of 0.82, indicating relatively higher valuations [6] Group 4: Defensive Attributes - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index incorporates a low volatility factor, demonstrating strong downside protection during market fluctuations, consistently outperforming the Hang Seng Index over the past three years [9] - The index focuses on mature sectors such as finance and energy, with a maximum weight of 5% per stock, enhancing risk diversification and reducing volatility [9]

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a favorable outlook for the banking sector and potential investment opportunities in high-dividend stocks [1][5]. Group 1: ETF Performance - The latest size of the Bosera Hang Seng High Dividend ETF (513690) reached 4.147 billion [2]. - Over the past two years, the net value of the Bosera Hang Seng High Dividend ETF has increased by 33.82%, ranking it in the top 5.90% among 2,219 index equity funds [2]. - The ETF has achieved a maximum monthly return of 24.18% since its inception, with an average monthly return of 4.96% during rising months [2]. Group 2: Risk and Return Metrics - As of June 27, 2025, the Sharpe ratio for the Bosera Hang Seng High Dividend ETF over the past year was 1.49 [3]. - The ETF has experienced a relative drawdown of 0.39% year-to-date compared to its benchmark, with a recovery period of 37 days [3]. Group 3: Fees and Tracking Accuracy - The management fee for the Bosera Hang Seng High Dividend ETF is 0.50%, and the custody fee is 0.10% [4]. - The tracking error for the ETF over the past six months was 0.069%, indicating a close alignment with the Hang Seng High Dividend Yield Index [5]. Group 4: Index Composition - The top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.24% of the index, with notable companies including Yanzhou Coal Mining (01171) and Hang Lung Properties (00101) [5].

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) has shown remarkable performance since its inception, with a 16.78% increase and continuous net inflows, making it an attractive investment option in the current market environment [1][2]. Group 1: ETF Performance - The ETF was established on January 15 and has reached new highs 36 times by the end of June, ranking second among all Shenwan first-level industries, only behind military industry [1]. - It has experienced a significant growth in scale, increasing by 108% since its inception, and has achieved net inflows for 18 consecutive weeks [2]. Group 2: Index Characteristics - The ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, which has a current dividend yield of 7.93%, with constituent stocks averaging a dividend yield of 6.47% [4]. - The index's valuation is notably low, with a price-to-earnings (PE) ratio of 7.11 and a price-to-book (PB) ratio of 0.61, indicating many constituent stocks are trading below their net asset value [5]. Group 3: Market Demand and Investment Strategy - There is a strong consensus among southbound investors and insurance capital for Hong Kong dividends, with southbound net purchases exceeding 80% of the total for 2024 within the first half of 2025, particularly in high-dividend sectors like banking and energy [9]. - Insurance funds are increasingly allocating to dividend assets due to new policies requiring higher stock market investment ratios, making the ETF a suitable option for long-term holding with a low management fee of 0.2% [10]. - The ETF offers a monthly dividend assessment mechanism, allowing for up to 12 distributions a year, which provides stable cash flow and supports reinvestment [10].

Core Viewpoint - The Hong Kong dollar (HKD) has recently experienced significant fluctuations, approaching the "weak side convertibility guarantee" of 7.85, with the Hong Kong Monetary Authority intervening to sell HKD to stabilize the currency [1][3]. Currency Fluctuation and Market Impact - The HKD's rapid movement between the strong and weak side convertibility guarantees has not been seen in the past decade, indicating heightened volatility in the currency market [1]. - The intervention by the Hong Kong Monetary Authority has led to an increase in HKD liquidity, resulting in a significant decline in HKD interest rates, which has widened the interest rate differential between HKD and USD, creating opportunities for carry trades [3][4]. Stock Market Performance - Despite concerns over liquidity in the Hong Kong stock market, the market has shown resilience, particularly in the dividend sector. The Hang Seng Index rose by 8.8% from May to June 24, while the S&P Hong Kong Low Volatility Dividend Index increased by 10% during the same period [3][4]. - Historical analysis shows that during previous periods of HKD weakness (2018-2019 and 2022-2023), the dividend sector outperformed the overall Hang Seng Index, highlighting its defensive characteristics [4][10]. Long-term Investment Value - The S&P Hong Kong Low Volatility Dividend Index has demonstrated strong performance during periods of market volatility, with a 17.2% increase over the past 12 months compared to a mere 2.1% rise in the Hang Seng Index [10]. - The current low interest rate environment, with the 10-year government bond yield dropping from over 2.5% to 1.7%, enhances the long-term investment appeal of Hong Kong dividend stocks, particularly for investors not subject to dividend tax [10][19]. Inflow of Capital - The influx of mainland capital has significantly supported the liquidity of the Hong Kong stock market, with net purchases from southbound funds reaching 676.08 billion HKD this year, nearing the total for the previous year [17][19]. - The financial sector has seen the largest increase in market value from southbound funds, with a rise of 370.1 billion HKD, indicating strong interest in dividend-paying stocks [19]. Future Outlook - The recent HKD fluctuations are viewed as a conflict between global monetary policy divergence and excess liquidity in Hong Kong. Analysts expect that the negative impact on the market from potential HKD tightening will be manageable [23]. - The overall market sentiment is improving due to strong economic fundamentals in China and ongoing inflows of southbound capital, suggesting a favorable environment for the Hong Kong stock market moving forward [23].

恒生指数低开0.38%，恒生科技指数跌0.52%。科网股领跌。 长江证券认为，二季度以来受到美国关税政策扰动，在港股修复过程，港股红利快速修复到关税影响之 前，达到年内新高，但是像弹性更强一点的恒生科技的指数，反而还没有达到关税前扰动高点，基于此 比较，可以看到在二季度港股的红利还是受益于风险偏好相对下调后的防御配置需求。二季度没有出现 一季度类似于deepseek这种较强产业催化剂，相对有确定性的成长股在缩圈，在没有什么新的这种产业 机会驱动的这个背景下，再去选择像港股的高股息这种防御性强有稳健绝对收益能力的资产也成为了内 资外资的一个共识。 本文转载自腾讯自选股，智通财经编辑：陈雯芳。 中信证券认为，在三季度末到四季度可能到来的指数牛市的关键入局点前，市场还将经历3~4个月的过 渡阶段。从宏观面来看，内需和价格信号仍偏弱，还需要看到更多反内卷和提振内需的实际举措。后续 美国减税法案落地可能成为海外新一轮市场动荡的诱因。抵御宏观扰动依赖AI这样的高景气度产业趋 势，近期北美在AI应用端在发生新的积极变化。而港股的流动性还在持续改善，如果随海外市场出现 波动是较好的增仓机会。 中金公司认为，上半年，港股市场显 ...

Group 1 - The core viewpoint of the article highlights the continuous inflow of funds into the Hong Kong dividend low volatility ETF (520550), which has seen a net inflow for 10 consecutive days and reached a new high of 34 times this year, with the latest scale exceeding 5 billion [1] - The recent performance of the Hong Kong dividend market is attributed to an increase in defensive allocation demand following a relative decrease in risk appetite, as analyzed by Changjiang Securities' Chief of Alternative Strategies, Chen Jiemin [1] - Since the second quarter, the Hong Kong dividend has quickly recovered to pre-tariff impact levels, while the more elastic Hang Seng Technology Index has not yet reached its pre-tariff disruption peak, indicating that the Hong Kong dividend is benefiting from the defensive allocation demand [1] Group 2 - The Hong Kong dividend low volatility ETF (520550) offers the lowest market fee rate (comprehensive fee rate of 0.2%), which reduces holding costs, and its monthly dividend mechanism and T+0 trading characteristics enhance fund efficiency [2] - The ETF's holding structure includes mature industries such as finance and energy, providing a safety cushion, while a 5% weight limit on individual stocks helps achieve risk diversification and avoid "dividend yield traps" [2] - The related off-market fund, the招商恒生港股通高股息低波动联接 (A Class: 024029/C Class: 024030), is currently being issued, offering investors a new option for long-term allocation in quality Hong Kong dividend assets without the need for a securities account [2]

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend stocks, highlighting their resilience amid market volatility and their role as a defensive asset class [1][14][20] - From a comparative perspective, Hong Kong dividend stocks offer a higher dividend yield than A-share counterparts, with the Hang Seng High Dividend Index yielding 8.1% compared to the CSI Dividend Index's 5.8% [2][24][28] - The demand for long-term capital, particularly from insurance funds, is expected to continue supporting the allocation to dividend assets, providing a stable inflow of funds [3][33][34] Group 2 - The China Securities Index for Hong Kong Central State-Owned Enterprises focuses on high-dividend central enterprises, reflecting the performance of companies with stable dividend levels [4][39] - Since 2020, the cumulative return of the China Securities Index for Hong Kong Central State-Owned Enterprises has reached 35.0%, outperforming major A/H indices [5][40][41] - The index is heavily weighted in sectors such as energy and telecommunications, with a notably low exposure to financial and real estate sectors, allowing for differentiated investment strategies [6][46] Group 3 - The Invesco China Securities Index for Hong Kong Central State-Owned Enterprises ETF provides investors with a tool to gain exposure to the Hong Kong central enterprise dividend sector, aiming to closely track the underlying index [8]

Core Viewpoint - Huatai Securities reports that despite high volatility in Q3, sectors such as Hong Kong dividends and essential consumption can still serve as core holdings for investment [1] Group 1: Market Conditions - There is an increasing focus from domestic and international investors on Chinese assets, which is supported by the expansion of the Hong Kong market creating a favorable allocation environment [1] - The risk of significant market downturns is relatively controllable, but the importance of sector rotation is rising [1] Group 2: Investment Strategy - The mid-term strategy remains unchanged, with expectations of high market volatility in Q3 [1] - Sectors such as Hong Kong dividends (financials, energy) and essential consumption are recommended as defensive core holdings, balancing safety and potential returns [1] - High-growth industries like consumption, pharmaceuticals, and technology may continue to rise, and market fluctuations could provide opportunities for increased allocation [1]