Group 1 - The core viewpoint of the article highlights the favorable environment for risk assets in the Hong Kong stock market due to the combination of "overseas easing and domestic positivity" policies from the Federal Reserve and the Central Economic Work Conference [1][4] - The Hong Kong stock market is experiencing a cross-year trend supported by liquidity, despite facing short-term disturbances from rising interest rate expectations in Japan and the Federal Reserve's updated interest rate projections for 2026 [1][4] - The Hong Kong dividend sector is expected to gain attention as a defensive asset class amid increased market volatility [1][4] Group 2 - The Hong Kong Dividend ETF (513530) has seen a net inflow of funds for nearly seven consecutive weeks, with a total of 1.14 billion yuan added this month, accounting for nearly 60% of the annual inflow [1][4] - The average daily trading volume of the ETF reached 161 million yuan, significantly higher than the 79 million yuan average in the first eleven months of the year [1][4] - The fund's latest scale and share count reached new highs of 3.496 billion yuan and 2.107 billion shares, respectively, reflecting growing market enthusiasm for Hong Kong dividend assets [1][4] Group 3 - The Hong Kong Dividend ETF offers a dividend yield of 6.50%, surpassing other major dividend indices such as the CSI Dividend (4.61%) and Shenzhen Dividend (4.07%) [1][4] - The ETF's price-to-earnings ratio stands at 7.60 times, indicating a valuation advantage compared to other indices [1][4] - The ETF's dividend distribution plan includes a payout of 0.10 yuan per 10 shares, with the record date on December 12 and the payment date on December 22, marking the seventh distribution in 2025 [1][4][5] Group 4 - The Hong Kong Dividend ETF is the first in the A-share market to invest in the CSI Hong Kong Stock Connect High Dividend Index through the QDII model, potentially reducing dividend tax costs for long-term holders [2][5] - Huatai-PB Fund, one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed indices and has developed a diverse range of "dividend family" products [2][5] - As of December 12, 2025, the total management scale of Huatai-PB's five "dividend family" products reached 47.646 billion yuan [2][5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期港股市场震荡调整幅度较大，具备一定防御属性的港股红利板块受到资金青睐。Wind数据显示， 截至2025年12月9日，全市场港股红利主题ETF年内合计吸引350亿元资金涌入，其中仅近一月 （2025/11/9-12/9）的资金净流入便高达102.84亿元，占据了今年以来（2025/1/1-12/9）近三成的比例， 反映出港股红利板块市场情绪较为火热，资金呈加速流入态势。 一方面，在当前低利率环境延续、中长端利率逐步下行的背景下，港股红利类资产的高股息特性凸显。 数据显示，港股通红利ETF（513530）、港股通红利低波ETF（520890）跟踪的港股通高股息 （CNY）、恒生港股通高股息低波动指数近一年股息率双双突破6.6%，分别来到6.62%、6.78%，与同 期1.84%的10年期国债收益率存在明显利差的同时，也超越部分A股和港股主流红利类指数，股息率吸 引力相对突出。（数据来源：Wind；截至25/12/9中证红利、深证红利、港股通高息精选指数同期股息 率分别为4.39%、4.14%、5.55%。投资国债和投资股票的风险收益特征 ...

智通财经记者 | 杜萌 距离2025年结束还有不足一个月的时间，这是往年公募基金"冲规模"的关键节点，今年却有了一些新变化。 12月2日，易方达科翔混合宣布暂停机构客户的申购、转换转入和定投业务。智通财经记者了解到，这是基金分红前的"例行动作"，防止机构投资者大额申 购摊薄原有持有人的利益。12月4日，该基金公告进行权益登记和除息，每10份基金份额分红3元。易方达科翔已经在11月做了一次分红，每10份分红1.6 元，分红金额为1.05亿元。 智通财经记者了解到，基金实施分红需要同时满足三个条件：一是基金当年收益弥补以前年度亏损后方可进行分配；二是基金进行收益分配后，单位净值不 能低于面值；三是基金投资当期出现净亏损不能进行收益分配。也就是说，分红的前提是基金得是成立以来盈利状态。 "分红有两种形式，一种是现金分红，一种是红利再投资。现金分红后，基金的单位净值会降低，规模也会变小。从本质上来看，分红都是基金业绩盈利的 直接兑现。现金分红可灵活补充现金流，红利再投资则能免申购费增加份额，叠加长期持有的税收优惠，进一步提升实际收益。"华夏基金表示。 Wind数据显示，截至12月4日，今年以来有3364只基金（不同份 ...

Group 1 - The Hong Kong stock market showed a strong upward trend in the morning, with the Hang Seng Dividend Low Volatility ETF (159545) index rising over 1% as of 10:37 AM, driven by significant gains in constituent stocks such as Jiangnan Buyi (over 4% increase) and CITIC Limited (over 3% increase) [1] - As the year-end approaches, the dividend sector has become a "safe haven" for funds, with nearly 2 billion yuan net inflow into the Hang Seng Dividend Low Volatility ETF in November, raising the product's scale to 6.155 billion yuan, a historical high [1] - Analysts suggest that some institutions may sell short-term high-valuation, high-volatility growth stocks to lock in annual returns, shifting focus to high-dividend, high-safety margin Hong Kong dividend stocks [1] - The Hang Seng Dividend Low Volatility ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, which consists of 50 liquid stocks with consistent dividends, moderate dividend payout ratios, and low volatility, with energy, finance, and public utilities sectors accounting for over 55% of the index [1] - The current dividend yield of the index stands at 5.8% [1] Group 2 - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs, with management fees for products like the Hang Seng Dividend Low Volatility ETF (159545) and others set at 0.15% per year, facilitating low-cost investment in high-dividend assets [2]

港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数，成分股偏向大盘价值风 格，助力投资者低费率（管理费+托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低波，此 外，港股通红利低波ETF基金可每季度进行评估及收益分配，在符合基金分红条件下，可安排收益分 配。 每日经济新闻 （责任编辑：董萍萍 ） 12月2日，A股三大指数小幅低开，沪指低开0.14%，深成指低开0.13%，创业板指低开0.04%。港股 通红利低波ETF基金（159118）震荡上涨，现涨约0.4%，持仓股国药控股、中国财险、恒安国际等领 涨。 广发证券分析称，港股红利在岁末年初日历效应如此之强的最核心原因是可能是公募基金等追求相 对收益的资金，在年底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。 标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自 2021年以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超 16%，显著高于恒生指数以及恒生红 ...

Core Viewpoint - The Hong Kong stock market experienced a pullback today, while energy stocks such as coal and oil and petrochemicals rose against the trend, driving the Hong Kong dividend sector upward [1] Group 1: Market Performance - The Hang Seng High Dividend Low Volatility Index rose by 0.4% at market close [1] - The CSI Dividend Index and CSI Dividend Value Index both fell by 0.5%, while the CSI Dividend Low Volatility Index decreased by 0.8% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of approximately 50 million units throughout the day [1] Group 2: Fund Management and Fees - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs [1] - The management fee rate for the Hang Seng Dividend Low Volatility ETF (159545), E Fund Dividend ETF (515180), Dividend Low Volatility ETF (563020), and Dividend Value ETF (563700) is set at 0.15% per year [1] - These low fees are designed to assist investors in cost-effective allocation to high dividend assets [1] Group 3: Index Composition - The E Fund Dividend ETF (515180) tracks the CSI Dividend Index, which consists of 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high dividend A-shares [3] - The banking, coal, and transportation sectors account for nearly 55% of the index, with the banking sector having a significant weight [3] - The index has a rolling price-to-earnings ratio of 8.7 times and a dividend yield of 4.2% [3] Group 4: Value Characteristics - The index consists of 50 stocks with high dividend yields and prominent value characteristics, reflecting the overall performance of high dividend and value stocks [6] - The banking, coal, and transportation sectors make up over 75% of the index [6] - The index has a rolling price-to-earnings ratio of 8.1 times and a dividend yield of 4.0% [6]

Core Viewpoint - The dividend sector is experiencing mixed performance, with the CSI Dividend Low Volatility Index slightly up by 0.1%, while the CSI Dividend Value Index and CSI Dividend Index both down by 0.4%, and the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index down by 0.5% [1] Group 1: Market Performance - As of the midday close, the CSI Dividend Low Volatility Index increased by 0.1% [3] - The CSI Dividend Value Index and CSI Dividend Index both decreased by 0.4% [3] - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index fell by 0.5% [3] Group 2: Fund Flows - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of over 150 million units in half a day [1] - This ETF has experienced net inflows for eight consecutive trading days, totaling over 500 million yuan [1] Group 3: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, with banking, coal, and transportation sectors accounting for nearly 55% [3] - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, with banking, transportation, and construction sectors making up over 65% [3] - The Hang Seng Dividend Low Volatility Index includes 50 stocks with moderate dividend payout ratios and low volatility, with financial, industrial, and energy sectors exceeding 65% [3]

Group 1 - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) decreased by 0.98%, with notable declines in major stocks such as CLP Holdings (-0.4%), Hang Seng Bank (-0.1%), and China Resources Gas (-0.3%) [1] - The Hang Seng Dividend Low Volatility ETF (159545) closely tracks the HSHYLV index and has seen a net inflow of over 130 million in the past five days, with the latest fund size reaching 4.158 billion [1] - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, following a previous cut on September 17 [1] Group 2 - The HSHYLV index is designed to reflect the performance of high dividend, low volatility stocks available for trading through the Hong Kong Stock Connect, with a focus on mature and stable sectors such as finance, real estate, and energy [2] - The Hang Seng Dividend Low Volatility ETF (159545) has a mechanism for evaluating excess returns and distributable profits quarterly, which enhances cash yield stability and investor experience [2] - The E Fund Dividend Index series includes multiple ETFs aimed at providing monthly cash flow to investors, ensuring a consistent dividend distribution throughout the year [2]

Core Viewpoint - The performance of various dividend-focused indices and ETFs in the Chinese and Hong Kong markets shows a mixed trend, with some indices experiencing slight increases while others have declined, indicating varying investor sentiment and market conditions. Group 1: Index Performance - The Hang Seng High Dividend Low Volatility Index increased by 0.2% [1] - The CSI Dividend Low Volatility Index rose by 0.1% [1] - The CSI Dividend Value Index saw a slight increase of 0.04% [1] - The CSI Dividend Index decreased by 0.4% [1] Group 2: ETF Subscription Activity - The Hang Seng Dividend Low Volatility ETF (159545) recorded a net subscription of nearly 80 million units throughout the day [1] Group 3: Index Composition and Characteristics - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, with significant representation from the banking, coal, and transportation sectors, accounting for nearly 55% [3] - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, with over 65% representation from the banking, transportation, and construction sectors [3] - The Hang Seng Dividend Low Volatility ETF tracks an index made up of 50 stocks within the Hong Kong Stock Connect that have high dividend levels and low volatility, with over 65% representation from the financial, industrial, and energy sectors [3] - The CSI Dividend Value Index includes 50 stocks with high dividend yields and value characteristics, with over 75% representation from the banking, coal, and transportation sectors [3]

Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) increased by 0.83% as of August 21, 2025, with notable gains from stocks such as Jianfa International Group (up 3.50%) and China Unicom (up 3.09%) [3] - The Bosera Hang Seng High Dividend ETF (513690) rose by 0.73%, with a latest price of 1.1 yuan, and has accumulated a 2.05% increase over the past two weeks [3] - Long-term funds, particularly from insurance companies, are actively purchasing bank stocks, with Ping An Life increasing its holdings in Agricultural Bank of China H-shares to 4.329 billion shares, representing over 14% of the total H-shares [3] Group 2 - The overall fundamentals of the banking sector have improved, with stable credit growth, narrowing interest margin declines, decreasing non-performing loan ratios, and rising provision coverage ratios [4] - The Bosera Hang Seng High Dividend ETF has a current scale of 4.738 billion yuan, with leveraged funds continuing to invest, showing a financing buy-in amount of 9.074 million yuan [4] - The ETF has achieved a net value increase of 58.32% over the past three years, ranking 92 out of 1850 in the index equity fund category [4] Group 3 - The Bosera Hang Seng High Dividend ETF has a management fee rate of 0.50% and a custody fee rate of 0.10% [5] - The ETF closely tracks the Hang Seng High Dividend Yield Index, which reflects the performance of high dividend securities listed in Hong Kong [5] - The top ten weighted stocks in the index account for 29.41% of the total, including companies like Yanzhou Coal Mining and China Petroleum [5]