来源：新浪基金∞工作室 数据显示，12月22日，港股红利(513530)获净申购1626.58万元，位居当日跨境ETF净流入排名16/201。 最新规模36.5亿元，前一日规模36.29亿元，当日资金净流入额占前一日规模的比例为0.45%。 近5日，港股红利(513530)获净申购1.83亿元，位居跨境ETF净流入排名第19/201。近10日，港股红利 (513530)获净申购4.66亿元，位居跨境ETF净流入排名第17/201。近20日，港股红利(513530)获净申购 10.21亿元，位居跨境ETF净流入排名第11/201。 港股红利(513530)已连续38日资金获净申购，区间净流入额16.8亿元。 港股红利（513530）成立于2022年4月8日，基金全称为华泰柏瑞中证港股通高股息投资交易型开放式指 数证券投资基金(QDII)，基金简称为港股红利。该基金管理费率每年0.50%，托管费率每年0.10%。港股 红利（513530）跟踪标的指数为港股通高股息(人民币)（930915）。 流动性方面，截止12月22日，港股红利（513530）近20个交易日累计成交金额27.76亿元，日均成交金 额1.39亿元 ...

Core Insights - The report emphasizes that the high dividend yield strategy in Hong Kong stocks is expected to experience significant calendar effects from December to mid-January, leading to higher absolute and excess returns during this period [3]. Group 1: Market Trends - The report identifies three main reasons for the strong calendar effect on Hong Kong dividends at year-end: 1. Institutional investors, such as public funds, may rebalance their assets to lock in annual returns by shifting from high-valuation growth stocks to high-dividend stocks [3]. 2. December to January is a peak period for insurance premiums, prompting some insurers to quickly build positions in high-dividend assets to match liability costs, creating a rigid buying demand [3]. 3. Year-end policy catalysts may emerge, which could stimulate the Hong Kong dividend market if supportive dividend policies are implemented or if growth stabilization policies fall short of expectations [3]. Group 2: Historical Performance - From 2014 to the present, the report notes that the win rate for absolute returns from December to mid-January has been 91%, with a win rate of 82% compared to the 300 total return index, the CSI dividend total return index, and the Hang Seng index total return [3]. - The current trading volume proportion in this segment is only 6.1%, indicating a relatively low level of crowding and suggesting a potential opportunity for reallocation [3].

当前建议关注【港股通高股息】的配置机会，可能会是一个潜在的岁末年初增加收益的方式，建议关注 港股通红利ETF南方(159127)的阶段性配置机会。 12月2日，港股三大指数开盘集体拉升，建筑材料、保险、农业现代化等板块涨幅靠前。截至9点55分， 港股通红利ETF南方(159127)涨0.52%，中国海洋石油涨超2%，中国人民保险集团、中国财险、中国石 油股份等涨超1%。 广发证券研报指出，港股通高股息全收益将迎来一年中日历效应最强的时候（12月-次年1月中旬），该 阶段获得绝对收益/超额收益的概率较大、收益率较高。最核心原因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。潜在因素之一是12月-1月是保费高峰，面对增量资金，部 分险资可能会在高股息资产里快速建仓以匹配负债成本，形成刚性买盘。潜在因素之二是年末政策催 化/出台期，一旦支持提高分红政策落地或者是稳增长政策低于预期，都可能会催生港股红利行情。 风险提示：基金有风险，投资需谨慎。 ...

光大证券认为，与往年牛市相比，当前指数仍然有相当大的上涨空间，但是在国家对于"慢牛"的政策指 引之下，牛市持续的时间或许要比涨幅更加重要。不过短期来看，市场可能缺乏强力催化，叠加年末部 分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势为主。 中金公司认为，过去两个月，港股市场震荡纠结、缺乏方向。这一背景下，红利倒是成了"青黄不接"环 境下的首选，银行板块9月底至今反弹近10%。针对红利资产和三大结构(AI产业趋势、传统内需和外需 拉动顺周期)，中金认为，AI产业优势在于产业趋势仍在，且国内政策支持;不足在于高估值、高预期， 需要新催化;择线短期看硬件国产替代，长期看应用端需求与盈利兑现。 本文转载自腾讯自选股，智通财经编辑：李佛。 恒生指数高开0.6%，恒生科技指数涨0.76%。盘面上，科网股活跃，阿里巴巴涨3.36%，快手涨3.15%; 新能源汽车板块下挫，小鹏汽车跌1.62%。 关于港股后市 广发证券认为，港股牛市的基础并未破坏，但演进方式更可能呈现"震荡上行、重心缓升"的特征，而非 单边快速上涨，后续需关注三大触发因素。第一，如果12月美联储降息表态再度转鸽;第二，如果美国 政府停摆结束、美联储停止缩 ...

Market Overview - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.81% to 26,068.05 points, the Hang Seng Tech Index up by 0.99% to 5,654.62 points, and the National Enterprises Index increasing by 0.64% to 9,188.61 points [1] - Major technology stocks performed well, with Alibaba up 3.3%, Tencent up 0.82%, and JD Group up 1.29%, while Xiaomi and Meituan saw declines of 2% and 1.46% respectively [1] - The non-ferrous metals sector experienced significant gains, with Minmetals Resources and China Gold International leading the increases [1] - The People's Bank of China made a significant move to stabilize the currency, leading to declines in cryptocurrency-related stocks [1] Company News - Meituan reported third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, but its core local business operating profit turned negative with a loss of 14.1 billion yuan [2] - China Gas announced revenue of 34.481 billion HKD and a profit of 1.334 billion HKD for the six months ending September 30, 2025 [3] - Yingtong Holdings reported a revenue of 1.028 billion RMB, a decrease of 3.42%, but a net profit increase of 15.4% to 133 million RMB [3] - Jihai Resources achieved a revenue of 450 million RMB, a year-on-year increase of 23.41%, with a net profit of 88.127 million RMB, up 2.98% [3] - Yuhua Education reported an annual revenue of 2.497 billion RMB, a 5.4% increase, and a net profit of 930 million RMB, a significant increase of 133.2% [3] - Huitai Textile reported a revenue of 2.524 billion HKD, a decrease of 6.72%, and a net profit of 79.322 million HKD, down 25.77% [3] - New Higher Education Group reported an annual revenue of 2.599 billion RMB, a 7.78% increase, and a net profit of 829 million RMB, up 9.67% [3] - Huaxin Handbag International reported a revenue of 432 million HKD, a year-on-year increase of 22.55%, and a profit of 48.262 million HKD, up 78.88% [4] - Bay Area Development reported toll revenue for October from various highways, showing a year-on-year decrease [4] Institutional Insights - Huatai Securities indicated that the market is nearing a "bad news fully priced" state, suggesting limited downside potential and pointing to left-side layout opportunities [11] - GF Securities noted that the foundation of the Hong Kong bull market remains intact, with a potential for a "volatile upward" trend rather than a rapid increase, highlighting three key triggers for future performance [12] - Dongwu Securities mentioned that short-term risk factors in the Hong Kong market are decreasing, but a rebound confirmation requires catalysts, with current positions being attractive for long-term allocation [12]

Core Viewpoint - The Hong Kong Stock Connect high dividend sector exhibits defensive attributes in the current market environment, particularly as weakening economic data and a strengthening US dollar lead to decreased market risk appetite [1] Industry Performance - Traditional high dividend sectors such as banking have become the preferred choice for capital during market fluctuations due to their stable dividend capabilities and lower valuation levels [1] - Cyclical sectors like energy and utilities are also attracting allocation demand due to their stable earnings and high dividend yields [1] - If economic stimulus policies are intensified, certain high dividend cyclical industries may further benefit from expectations of earnings recovery [1] Investment Product - The Dividend Hong Kong Stock ETF (159331) tracks the Hong Kong Stock Connect high dividend index (930914), which selects 30 securities with continuous dividends, good liquidity, and outstanding dividend yields from the Hong Kong Stock Connect range [1] - This index primarily covers traditional high dividend industries such as finance, energy, and industrials, reflecting the overall performance characteristics of high dividend, low valuation sectors in the Hong Kong market [1] - Notably, the Dividend Hong Kong Stock ETF (159331) has distributed dividends for 15 consecutive months, making it noteworthy [1]

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]