近三个月港股调整的因素主要有三。1）以中美稀土关系为标志开启的中美关系博弈压制市场风险偏 好。2）海外流动性预期反复：市场对美联储降息的节奏预期经历了从乐观到审慎的反复调整，引发美 元指数的阶段性强势。3）风格切换与"拥挤度"调整：三季度以AI为首的科技板块行情高度集中，进入 四季度，资金在阶段性获利了结与风险规避的需求驱动下，向红利等高确定性板块转移，此外海内外市 场重新审视AI等科技领域资本开支的可持续性与回报率进一步加剧这一过程。 从大周期来看，目前港股处于牛市中段，其中流动性周期已经从2023年中随海外七大央行开启降息周期 后连续上行。估值水平在港股连续修复后来到中上分位。盈利周期目前刚刚从底部回升，但实体经济的 复苏动能仍显温和，盈利修复斜率较为平缓。 多重因素促成港股中期交易窗口打开。1）港股本轮经历的市场调整增厚了安全边际，为新一轮反弹预 留了足够的空间；2）南向资金依然保持净流入态势，或随着海外流动性预期重新恢复，后续出现内外 流动性共振；3）近期中国宏观基本面有所改善，通胀数据继续回升，出口边际再度改善。此前港股主 要的估值修复集中于景气板块，后续或随宏观基本面改善逐步扩散；4）美国新版《国 ...

中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月8日，该指数近1年股息率是6.65%，高于同期10年 期国债收益率4.77%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票； 截至12月8日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.23%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF（159118）是跟踪该指数综合费率最低的一只ETF。 沪上阿姨：每0.743755港元；除净日：2025-12-12，派息日期：2026-02-04；恒生行业：非酒精饮料； 非中证港股通央企红利指数（931233.CSI）的成分股，非恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，非标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分 ...

人民财讯12月8日电，华安基金相关人士认为，岁末年初港股红利效应较强，最核心原因可能是，对于 追求相对收益的部分机构资金，年底是进行资产再平衡的关键窗口期。为了锁定当年收益，部分机构可 能会卖出一些短期估值较高、波动较大的成长股，短期转向高股息、高安全边际的港股红利板块。比较 典型的是2016-2017年蓝筹白马、2021年新能源车牛市、2022年10月政策放松后TMT快速上行，均在年 末至次年初，出现前期强势板块调整，市场风格短期偏移至港股红利板块。 ...

Group 1 - The market is entering a critical window for style rebalancing, with some funds likely to reduce holdings in high-valuation, volatile growth assets and shift towards low-valuation, high-dividend Hong Kong stocks to enhance portfolio defensiveness [1] - Hong Kong dividend stocks are favored over A-share dividends due to their significant "high dividend + low valuation" advantage, exemplified by the Hong Kong central enterprise dividend ETF (513910) which has a dividend yield exceeding 5.7%, significantly higher than A-share dividends [1] - Historical analysis shows that the Hong Kong dividend sector typically experiences high absolute and excess returns from December to mid-January, with notable examples in previous years where market style shifted towards Hong Kong dividend stocks during this period [1] Group 2 - Among various Hong Kong dividend investment tools, those with a "central enterprise" advantage are considered superior choices, as the State-owned Assets Supervision and Administration Commission aims to strengthen and optimize state-owned capital, enhancing the profitability and dividend capacity of central enterprises [2] - The strategic focus on improving core competitiveness and accelerating industrial upgrades for central enterprises is expected to lay a long-term growth foundation, with potential for valuation increases and sustained dividend returns [2] - In the current macro environment, these assets are viewed as high-quality options with policy moats and continuous cash return value [2]

Group 1 - The Hong Kong stock market has shown a rebound with the Hang Seng Index and the Hang Seng China Enterprises Index turning positive during trading, driven by increased interest in dividend stocks amid a low interest rate environment and market volatility [1] - The Tianhong ETF tracking the Central Enterprise Dividend Index has been actively traded, ranking first in transaction volume and turnover rate among similar products in the market, with notable gains in constituent stocks such as China Nonferrous Mining and Agricultural Bank of China [1] - Central enterprises are expected to maintain stable economic performance and improve operational quality in 2024, with a focus on enhancing financial quality and reform efforts, aiming for a development goal of "one increase, one stability, and four improvements" by 2025 [1] Group 2 - Analysts suggest that the undervalued Hong Kong stocks may continue to rise in the second half of the year, supported by three positive factors, with technology stocks benefiting from the AI cycle likely to be a key focus [2] - The Central Enterprise Dividend Index reflects the performance of high dividend-yielding central enterprises within the Hong Kong Stock Connect, with a balanced distribution across sectors such as banking, transportation, non-bank financials, telecommunications, and oil and petrochemicals [2]

Group 1 - The core viewpoint of the news is that the Hong Kong stock market is experiencing a significant influx of capital, with southbound funds through the Stock Connect channel net buying over 730 billion HKD in the first half of 2025, marking a historical high for the same period [1] - The launch of the Hong Kong Stock Connect Dividend ETF by FuGuo provides an efficient tool for investors to allocate to high-quality dividend assets in the Hong Kong stock market, benefiting from both valuation recovery and capital inflow [1][5] - The Hong Kong Stock Connect Dividend ETF closely tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, which focuses on high dividend yield and continuous dividend payments, offering a strong benchmark for investors [2] Group 2 - The index has a high dividend yield of 7.75% and a price-to-earnings ratio of 7.22, significantly outperforming the CSI Dividend Index, which has a yield of 5.57% and a P/E ratio of 8.06 [2] - Over the past three years, the index has shown an average dividend yield of 8.87%, providing solid income support for investors [2] - The index has demonstrated strong historical performance, with a total return of 61.18% since its inception and 25.36% over the past three years, outperforming the CSI 300 Index [3] Group 3 - The top five industries represented in the index include banking (27.4%), transportation (20.0%), and coal (11.7%), with 87% of the weight in state-owned enterprises and nearly 70% of the constituents having paid dividends for 10 consecutive years [3] - FuGuo Fund has a strong track record in quantitative index management, managing nearly 70 ETFs and receiving numerous awards for its investment research capabilities [4] - The fund manager for the Hong Kong Stock Connect Dividend ETF, Tian Ximeng, has extensive experience in securities and investment management, enhancing the fund's credibility [4] Group 4 - The Hong Kong Stock Connect Dividend ETF is launched at a favorable time for dividend investment, with insurance institutions showing a significant preference for the Hong Kong market, which accounts for 51% of their overseas investment [5] - The ETF's low fee structure, with a management and custody fee of only 0.40%, provides a competitive advantage, allowing investors to maximize their dividend returns [4][5]