招商证券指出，港股通高股息板块在当前市场环境下具备防御属性，尤其在经济数据走弱、美元指数走 强导致市场风险偏好下降时，高股息策略更受资金青睐。从行业表现来看，银行等传统高股息板块在市 场震荡期成为资金避险首选，主要因其稳定的分红能力和较低的估值水平。此外，顺周期板块如能源、 公用事业等也因盈利稳定性和较高股息率吸引配置需求。随着市场进入政策观察期，若后续经济刺激政 策加码，部分高股息周期行业可能进一步受益于盈利修复预期。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从港股通范围内筛选出连续分 红、流动性良好且股息率突出的30只证券作为成分股，重点覆盖金融、能源及工业等传统高分红行业， 集中体现港股市场高股息、低估值板块的整体表现特征。 值得注意的是，"可月月评估分红"的红利港股ETF（159331）已连续分红15个月，值得关注。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that the Hong Kong stock market, particularly high dividend stocks, presents long-term investment value in the current liquidity easing environment [1] - The banking sector is expected to maintain stable earnings and continue existing dividend levels, which will attract low-cost funds [1] - High dividend assets are becoming an important allocation direction amid declining non-standard investment returns [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high dividend yield securities from companies that meet Stock Connect criteria [1] - The index focuses on large and mid-cap companies with significant dividend yield advantages and stable cash flows, covering various sectors including transportation and resources [1] - Investors without stock accounts can consider related ETFs such as the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 广发证券指出，港股通高股息板块近期表现受跨境流动性影响显著。前期由于美国通胀数据高企推动美 元指数回升，但就业数据已显示衰退迹象，滞胀组合下美元指数震荡概率较大，考虑到滞胀只是衰退的 过渡阶段，预计美元指数中期下行趋势不会改变，跨境流动性对港股市场和权益类资产的支撑预计仍将 继续。 （文章来源：每日经济新闻） 没有股票账户的投资者可关注国泰中证港股通高股息投资ETF发起联接C（022275），国泰中证港股通 高股息投资ETF发起联接A（022274）。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从市场中筛选出具有较高股息 收益率、财务稳健且分红政策稳定的上市公司证券作为指数样本，覆盖多个行业领域，旨在反映港股市 场高股息资产的整体表现，并为投资者提供此类投资策略的业 ...

Group 1 - The core viewpoint is that high dividend sectors in the Hong Kong stock market are attractive due to their stable free cash flow generation capabilities, which ensure dividend performance and shareholder returns in the context of ongoing inflation [1] - Companies with abundant free cash flow can maintain dividend performance while also converting capital expenditures into elevated return on equity (ROE), thus exhibiting both defensive and growth characteristics [1] - The valuation of Hong Kong stocks is lower compared to A-shares, and the higher foreign capital proportion makes them more appealing for international capital allocation, especially in a context of a weakening US dollar, which further enhances the attractiveness of high dividend assets [1]

Core Insights - Hong Kong market plays a crucial role in facilitating corporate overseas expansion, capital repatriation, and the internationalization of the Renminbi, with policy support reinforcing its status as an international financial center [1] - The southbound trading of high-dividend stocks in the Hong Kong Stock Connect has reached a 40% transaction share, indicating a significant enhancement in the pricing power of Chinese enterprises [1] - The long-term average premium of A-shares over H-shares is below 25%, with a potential decline to 26% or lower within the year, driven by a weakening US dollar [1] Industry Analysis - Continuous improvement in corporate earnings is observed, with the MSCI China Index EPS rising for three consecutive years, providing fundamental support for Hong Kong stock performance [1] - Cyclical industries such as coal and cement may experience accelerated bottoming due to the "anti-involution" trend, while sectors like social services, textiles, and aviation are currently undervalued and in a high prosperity phase [1] - The technology sector in Hong Kong is viewed as a core asset for both domestic and foreign investors, exhibiting growth potential beyond economic cycles, with current valuations at low levels and significant room for recovery [1] Investment Products - The Hong Kong Stock Connect High Dividend ETF (159331) tracks the high dividend index (930914), focusing on stocks with high dividend yields and stable returns, primarily from traditional sectors like finance and real estate [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [2]