来源：市场资讯 （来源：ETF炼金师） 资金层面，险资等中长期资金配置需求的持续释放，有望为红利资产带来稳定的资金流入。近年来，险 资在港股市场的布局显著加速，2024年已在二级市场合计举牌20次，涉及多个港股上市公司。与此同 时，保险资金长期投资的试点也在加快推进，政策引导下，权益类基金的规模和占比有望提升，这也预 示着红利低波动资产将成为中长期资金主要的增配方向。 在资产内部结构方面，港股红利的股息率显著优于A股。数据显示，截至9月18日，恒生高股息指数的 股息率达到了6.14%，而中证红利指数的股息率则为4.86%。即使考虑到红利税，港股红利资产的实际 收益仍然优于A股同类资产。此外，央企在股息吸引力上表现尤为突出，恒生中国央企指数的股息率在 过去三年维持在5%以上，远高于国企和民企。 针对国新港股通央企红利ETF的投资分析，该ETF通过追踪中证国新港股通央企红利指数 （931722.CSI）来为投资者提供配置港股央企红利资产的渠道。该指数的构建选取了分红水平稳定且股 息率较高的央企上市公司，反映了港股通范围内具有高股息率的央企整体表现。 自2020年以来，国新港股通央企红利的累计收益率为37.2%，这 ...

国泰海通证券海外策略首席分析师吴信坤认为，港股红利资产"涛声依旧"，在低利率、政策鼓励、长线 资金入市的背景下，仍具长期配置价值。 阿里巴巴股价大涨、外资大行集体唱多、港股IPO基石投资者阵容豪华等一系列信息表明，国际资本正 在重新审视并布局港股。 9月中旬，美联储降息后，美元走弱、美债收益率下降，全球出现"再平衡"需求，香港作为国际金融中 心，成为全球资金流入的热门目的地之一。 德勤中国资本市场服务部在《2025年前三季度中国内地和香港新股市场回顾与展望》的报告中称，随着 美联储展开降息周期，预计将有更多海外资金寻求布局亚洲高成长投资目标，涵盖中国内地与中国香港 市场。 更关注中国资产 美联储降息为全球流动性松绑，也为港股市场注入动能。景顺全球市场策略师团队认为，由于美联储在 通胀仍高于目标水平的情况下降息，美元可能进一步走弱，这或将利好大宗商品和非美元资产，尤其是 新兴市场。 东吴证券海外策略首席分析师陈梦认为，美联储降息短期会利好港股上行，外资关注中国资产，中期涨 幅仍取决于企业基本面回升情况。 港股市场流动性改善成效显著。数据显示，2025年8月底，香港证券市场市价总值为46.6万亿港元，较 去年同期 ...

当下如何看港股红利资产 20250921 摘要 港股红利资产企业多为成熟期企业，财务结构稳健，依赖内生融资，净 负债与 EBITDA 比值及资本开支与折旧摊销比值较低，扩张意愿不强。 港股红利资产成分构成与 A 股存在差异，除银行等金融板块外，还包括 三大运营商、商业地产等独特资产，为投资者提供了更多选择。 港股红利资产整体估值低于 A 股，现金分红比例更高，在银行、石化、 煤炭等行业中，港股的 PE、PB 均相对更低，具备估值优势。 港股拥有更多高息个股，以 5%股息率为例，高息个股在港股中的占比 接近 40%，而 A 股仅为 16%，为追求稳定收益的投资者提供了更多机 会。 在弱势市场环境下，港股红利资产具有防御属性，市场由强转弱时，恒 生高息率指数获得正超额收益的概率较高，例如在港股市场大跌环境下， 该指数获得正超额收益的概率超过 82%。 港股红利资产对美债利率更为敏感，在美债利率下行阶段，高股息率的 港股红利资产可能被视为美债替代品，上涨弹性相对于 A 股更大。 当前市场震荡波动加大，国内基本面修复仍有波折，港股红利资产性价 比相对 A 股更高，且随着岁末年初临近及海外流动性转向，港股红利资 产有望 ...

国泰海通研报称，新岁末年初要重视港股红利资产：站在当前时点看，我们认为，相较于A股红利资 产，性价比更高的港股红利资产或更具备增配价值。短期来看，目前港股红利资产性价比更高，四季度 有望迎资金增配。短期市场波动下红利资产相对收益有望占优，同时港股红利资产较A股股息率-估值 优势仍然凸显，目前配置港股红利资产的性价比仍高。临近四季度，险资或对红利资产板块配置需求提 升，同时海外流动性转松下，性价比更优的港股红利资产望迎资金增配。中长期来看，政策强化分红监 管，叠加低利率环境下长期资金入市，港股红利资产具备配置价值。长期低利率时代下，中长线资金有 望持续增配确定性更高的港股红利资产。在上市公司分红趋势深化、低利率环境的资配需求、政策引导 中长线资金入市等背景下，相较A股更有优势的港股红利资产或具备长期配置价值。 ...

Group 1 - The core viewpoint is that the Hong Kong dividend stocks are attracting significant investment, with a net inflow of 11 million units into the Hong Kong Dividend ETF (159331) today, indicating strong market interest in dividend assets [1] - Huachuang Securities highlights that high dividend sectors in the Hong Kong stock market are benefiting from stable free cash flow generation, which supports dividend capabilities and shareholder returns in the context of persistent inflation [1] - Companies with abundant free cash flow can maintain their dividend performance while also enhancing return on equity (ROE) through capital expenditures, thus exhibiting both defensive and growth characteristics [1] Group 2 - The valuation of Hong Kong stocks is lower compared to A-shares, and the higher proportion of foreign capital makes them more attractive for international investment, especially in the context of a weakening US dollar [1] - This environment further enhances the appeal of high dividend assets in the Hong Kong market, as they are likely to attract more international capital allocation [1]

Group 1 - The Hong Kong stock market has become a focal point for capital this year, driven by multiple favorable factors, including the shift of international capital from dollar assets to emerging markets as the Federal Reserve enters a rate-cutting cycle [1] - Southbound capital from mainland China has significantly increased, with net purchases exceeding 820 billion HKD as of July 25, 2025, surpassing the total for the entire year of 2024, indicating a historical high for the same period [1] - The launch of the Hong Kong Dividend ETF (Fund Code: 159277) provides investors with an important opportunity to invest in high-quality dividend assets in the Hong Kong market [1] Group 2 - The Hong Kong Dividend ETF (159277) targets high dividend assets in the current market environment, which is characterized by a low interest rate era, making these assets attractive to investors [2] - The Hong Kong Dividend Index has a dividend yield of 5.69% and a price-to-earnings ratio of 7.47, which is more favorable compared to the China Securities Dividend Index's 4.46% yield and 8.13 P/E ratio, highlighting the investment appeal of Hong Kong dividend assets [2] Group 3 - The components of the Hong Kong Dividend Index are characterized by a high proportion of state-owned enterprises, stable dividends, and large market capitalization, with state-owned enterprises accounting for 87% of the index [3] - Nearly 70% of the stocks in the index have maintained dividends for 10 consecutive years, ensuring the sustainability and stability of dividends [3] - The average market capitalization of the top five and top ten weighted stocks is 189.9 billion and 392.2 billion HKD, respectively, indicating a strong investment value and potential [3] Group 4 - The fund manager of the Hong Kong Dividend ETF, Tian Ximeng, has extensive experience in Hong Kong stock research and management, overseeing multiple successful funds [4] - The ETF has a competitive fee structure, with a management and custody fee of only 0.40%, which is 33% lower than other similar ETFs, reducing investment costs for investors [4] - The combination of high dividends, low valuations, and low fees positions the Hong Kong Dividend ETF as an efficient tool for capturing revaluation opportunities in the Hong Kong market [4]

Core Viewpoint - The Hong Kong stock market has become a focal point for capital this year, driven by multiple favorable factors, including the transition to a rate-cutting cycle by the Federal Reserve, which has accelerated the shift of international capital from dollar assets to emerging markets [1] Group 1: Market Dynamics - The Hong Kong stock market has seen a surge in interest across various sectors, including technology, consumption, pharmaceuticals, and dividends, reflecting a high enthusiasm for capital allocation [1] - As of July 25, 2025, net purchases from mainland southbound funds exceeded 820 billion HKD, surpassing the total for the entire year of 2024, marking a historical high for the same period [1] - The combination of returning overseas capital and increased southbound fund investments is driving a revaluation of Hong Kong stocks [1] Group 2: Investment Opportunities - The newly launched Hong Kong Dividend ETF (Fund Code: 159277) aims to provide investors with an opportunity to invest in high-dividend assets in the Hong Kong market [1][2] - The Hong Kong Dividend ETF targets high-dividend assets, which have become increasingly attractive in the current low-interest-rate environment, offering a high dividend yield of 5.69% and a price-to-earnings ratio of 7.47 times as of July 28, 2025 [2] - Compared to the China Securities Dividend Index, which has a dividend yield of 4.46% and a P/E ratio of 8.13 times, the Hong Kong Dividend ETF presents a more favorable risk-reward profile [2] Group 3: Fund Characteristics - The underlying index of the Hong Kong Dividend ETF consists of 50 stocks, with 87% being state-owned enterprises, providing strong market competitiveness and stability [3] - Nearly 70% of the stocks in the index have maintained dividends for over 10 years, ensuring consistent and stable dividend payouts [3] - The average market capitalization of the top five and top ten weighted stocks is 189.9 billion HKD and 392.2 billion HKD, respectively, indicating a significant market value characteristic [3] Group 4: Management and Cost Efficiency - The fund manager, Tian Ximeng, has extensive experience in Hong Kong stock research and has successfully managed multiple funds, including the Hong Kong Internet ETF, which has over 60 billion HKD in assets as of July 25, 2025 [4] - The fund's management and custody fees are competitively low at 0.40%, which is 33% lower than similar ETFs tracking the Hong Kong Dividend Index [4] - The Hong Kong Dividend ETF is positioned as an efficient tool for capturing revaluation opportunities in the Hong Kong market while providing a preferred option for investors in a low-interest-rate environment [4]

Group 1 - The Hong Kong stock market has become a focal point for capital this year, driven by multiple favorable factors, including the transition of the Federal Reserve into a rate-cutting cycle and the influx of southbound capital from mainland China, which has exceeded 820 billion HKD as of July 25, 2025, surpassing the total for the entire year of 2024 [1] - The newly launched Hong Kong Dividend ETF by Fuqun (fund code: 159277) aims to provide investors with an opportunity to invest in high-dividend assets in the Hong Kong market, capitalizing on the current market enthusiasm [1][2] Group 2 - The Hong Kong Dividend ETF targets high-dividend assets, which have become increasingly attractive in the current low-interest-rate environment, with a dividend yield of 5.69% and a price-to-earnings ratio of 7.47, making it more appealing compared to the China Securities Dividend Index [2] - The underlying index of the ETF, the Hong Kong Stock Connect High Dividend Index, consists of 50 stocks with a high concentration of state-owned enterprises, which account for 87% of the index, ensuring market competitiveness and stability in dividends [3] Group 3 - The fund manager, Tian Ximeng, has extensive experience in Hong Kong stock research and management, overseeing multiple successful funds, including the Hong Kong Stock Connect Internet ETF, which has exceeded 60 billion HKD in size as of July 25, 2025 [4] - The ETF offers a competitive fee structure, with a management and custody fee of only 0.40%, which is 33% lower than similar ETFs tracking the same index, thereby reducing investment costs for investors [4]

去年"新国九条"发布以来，上市公司持续提升分红力度以回馈中小投资者，叠加险资等长期资金加大入 市力度，红利资产成为当红板块，包括银行在内的高股息行业在过去一年经历了较大的涨幅。但随着股 价上升，红利股的股息率都有不同程度下降，板块内部各类资产的价值也在逐步分化。在此情况下，港 股红利板块以其更具性价比的投资价值开始受到投资者关注。 浦银安盛基金积极顺应市场环境变化，不断强化投资工具尤其是权益类产品的创新能力，推出了浦银安 盛港股通央企红利混合型证券投资基金（A类024398；C类024399），为投资者把握港股红利资产投资 机遇，践行长期价值投资提供抓手。 这次推出的新产品，聚焦于港股红利板块，其业绩比较基准主要为恒生港股通中国央企红利指数 （HSSCSOY），其股息率目前为7.87%，高于中证红利指数（000922.CSI）5.44%的股息率。而且，该 指数成分股的行业分布除了传统的银行大金融外，在工业、 能源、制造业等行业中也存在非常多的优 质标的。新基金将在以上标的中再次精选出代表中国核心资产的优质央企上市公司，从而在"南下资 金"和海外资金不断加码香港市场的浪潮下，更好把握中国资产投资价值提升的全球性 ...

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown strong performance, with significant increases in constituent stocks, indicating a favorable environment for high dividend assets in the Hong Kong market [3][4]. Group 1: Market Performance - As of July 14, 2025, the HSSCHKY index rose by 1.09%, with notable gains from stocks such as China Shenhua (up 5.00%) and China Gas (up 2.30%) [3]. - The Bosera Hang Seng High Dividend ETF (513690) has increased by 0.76%, marking its third consecutive rise, with a latest price of 1.05 yuan [3]. - Over the past two years, the Bosera Hang Seng High Dividend ETF has seen a net value increase of 41.17%, ranking 98 out of 2229 index equity funds [5]. Group 2: Fund Flows and Liquidity - The Bosera Hang Seng High Dividend ETF has a current scale of 4.697 billion yuan, with recent fund inflows remaining balanced [4]. - In the last five trading days, there were net inflows on four occasions, totaling 63.78 million yuan, with an average daily net inflow of 12.76 million yuan [4]. - The ETF's financing net purchase reached 4.6852 million yuan, with a latest financing balance of 10.7677 million yuan [4]. Group 3: Investment Opportunities - Long-term foreign capital is increasingly investing in Chinese equity assets, with significant investments from entities like German pension funds and Barclays Bank [3]. - The demand for defensive asset allocation has increased, particularly in high dividend stocks, as investors adjust their risk preferences [4]. - The upcoming months are expected to see a filling of rights and dividends for high dividend stocks, providing potential investment opportunities [4]. Group 4: Performance Metrics - The Bosera Hang Seng High Dividend ETF has achieved a maximum monthly return of 24.18% since inception, with an average monthly return of 4.96% [5]. - The ETF's Sharpe ratio over the past year stands at 1.55, indicating strong risk-adjusted returns [5]. - The tracking error for the ETF over the past month is 0.052%, demonstrating its close alignment with the HSSCHKY index [6].