基金投资价值分析 一键布局港股通+红利+低波——标普港股通低波红利指数投资价值 分析 一键布局港股通+红利+低波 经济增速下行，低利率时代，红利策略未来依然有效：随着经济增速的下行， 能够持续提供较高的成长性的公司越来越难找到，因此投资者更倾向于寻找 相对确定性更高的资产，有利于红利策略。红利策略具有"类债券"属性， 在低利率期间红利策略的性价比相对较高。当前利率水平保持较低水平，为 配置红利类策略好时机。 证券研究报告 | 2026年01月10日 政策推动红利资产吸引力提升：随着政策支持为红利资产注入长期估值重塑 动能，上市公司分红力度持续加大。近年来，上市公司分红金额逐年增长， 尤其是 2024 年以来，上市公司分红力度明显加大。后续随着分红制度的持 续完善，红利资产的股息吸引力将进一步提升。 红利资产内部，港股红利低波产品具备更好投资性价比：相比 A 股，港股红 利的股息率仍更具吸引力。对比其他红利类指数的估值和股息率，截至 2025 年 12 月 31 日，标普港股通低波红利指数（SPAHLVCP.SPI）的近 12 个月 股息率为 5.6%，PE（TTM）为 5.7 倍，在估值和股息率上具备比较优势 ...

来源：新浪基金∞工作室 1月7日，港股红利低波ETF（520550）涨0.25%，成交额4958.05万元。当日份额减少550.00万份，最新 份额为11.16亿份，近20个交易日份额增加9400.00万份。最新资产净值计算值为13.47亿元。 港股红利低波ETF（520550）业绩比较基准为恒生港股通高股息低波动指数收益率(经汇率调整后)，管 理人为招商基金管理有限公司，基金经理为许荣漫，成立（2025-01-15）以来回报为23.77%，近一个月 回报为-3.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

来源：新浪基金∞工作室 12月5日，港股红利低波ETF（520550）跌0.24%，成交额5460.18万元。当日份额增加550.00万份，最新 份额为10.16亿份，近20个交易日份额增加1.45亿份。最新资产净值计算值为12.68亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 港股红利低波ETF（520550）业绩比较基准为恒生港股通高股息低波动指数收益率(经汇率调整后)，管 理人为招商基金管理有限公司，基金经理为许荣漫，成立（2025-01-15）以来回报为27.64%，近一个月 回报为1.45%。 ...

港股红利低波ETF（520550）业绩比较基准为恒生港股通高股息低波动指数收益率(经汇率调整后)，管 理人为招商基金管理有限公司，基金经理为许荣漫，成立（2025-01-15）以来回报为28.53%，近一个月 回报为4.65%。 来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月2日，港股红利低波ETF（520550）涨1.70%，成交额7800.61万元。当日份额增加950.00万份，最新 份额为9.75亿份，近20个交易日份额增加1.06亿份。最新资产净值计算值为12.26亿元。 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) experienced a decline of 1.36% on November 21, with a trading volume of 66.42 million yuan, indicating a slight downturn in investor sentiment [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Dividend Low Volatility ETF is 1.148 billion yuan [1] - Since its inception on January 15, 2025, the fund has achieved a return of 25.11% [1] - Over the past month, the fund has recorded a return of 1.35% [1] Group 2: Fund Activity - On the same day, the fund's shares increased by 4 million, bringing the total shares to 938 million [1] - In the last 20 trading days, the fund's shares have increased by 75.5 million [1] Group 3: Benchmark and Management - The fund's performance benchmark is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) experienced a 1.26% increase in value on October 15, with a trading volume of 65.8829 million yuan, despite a reduction in shares outstanding [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Dividend Low Volatility ETF is 1.028 billion yuan [1] - Since its inception on January 15, 2025, the fund has achieved a return of 21.97% [1] - Over the past month, the fund has recorded a return of -0.27% [1] Group 2: Share Activity - On the same day, the ETF saw a decrease of 11.5 million shares, bringing the total outstanding shares to 856 million [1] - In the last 20 trading days, the total reduction in shares was 24 million [1] Group 3: Benchmark and Management - The performance benchmark for the ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1]

Group 1 - The Hong Kong Dividend Low Volatility ETF (520550) experienced a decline of 0.51% on September 23, with a trading volume of 44.1694 million yuan [1] - The fund's shares increased by 1 million, bringing the total shares to 884 million, while there was a reduction of 58.5 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.042 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Dividend Low Volatility ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index return (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - Since its establishment on January 15, 2025, the fund has achieved a return of 19.68%, while the return over the past month is -1.96% [1]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) experienced a slight increase of 0.17% on September 17, with a trading volume of 31.05 million yuan, indicating a stable performance in a fluctuating market [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Dividend Low Volatility ETF is 1.066 billion yuan [1] - Since its inception on January 15, 2025, the fund has achieved a return of 22.69% [1] - Over the past month, the fund has recorded a return of -0.35% [1] Group 2: Fund Management - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - The performance benchmark for the fund is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index Return (adjusted for exchange rates) [1] Group 3: Fund Size and Trading Activity - The fund's shares increased by 1 million to a total of 882 million shares [1] - In the last 20 trading days, the fund's shares decreased by 7.45 million [1]