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]

华泰证券指出，香港市场承担着企业出海、资金回流和人民币国际化三大职责，政策支持巩固其国际金 融中心地位。港股通高股息板块中，南向资金成交占比已达40%，中资定价权显著提升。AH溢价长期 中枢低于25%，美元走弱驱动溢价周期性收敛，年内有望降至26%或更低。企业盈利持续改善，MSCI 中国指数EPS连续三年上升，为港股表现提供基本面支撑。行业层面，煤炭、水泥等周期品景气度或 因"反内卷"提速加速筑底；社会服务、纺织服装、航空机场等板块处于估值不高且高景气阶段。港股科 技板块作为内外资共识的核心资产，具备超越周期的增长性，当前估值处于低位，修复空间较大。 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A（022274），国泰中证港股通 高股息投资ETF发起联接C（022275）。 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。 红利港 ...