Core Viewpoint - The Hong Kong stock market has experienced significant fluctuations since October 2025, with defensive dividend assets gaining strength, as evidenced by a record net inflow of over 1.3 trillion HKD in 2025, marking a historical high since the launch of the Stock Connect program [1] Group 1: Market Trends - Southbound funds have net bought Hong Kong stocks for 14 consecutive trading days, with a cumulative net purchase exceeding 5 trillion HKD for the first time [1] - The financial sector remains a key focus for southbound funds, attracting 12.06 billion HKD in the past week, indicating sustained interest in Hong Kong dividend assets [1] Group 2: ETF Performance - The Hong Kong Stock Connect Dividend ETF (513530) has seen an average daily trading volume of 119 million HKD in the past week, significantly higher than the year-to-date average of 74 million HKD [1] - The ETF has recorded net inflows for nine consecutive trading days, accumulating 216 million HKD, leading to a fund size increase to 2.454 billion HKD, the highest since August 26, 2025 [1] Group 3: Investment Value - In a low-interest-rate environment, the long-term allocation value of dividend assets is highlighted, with the latest dividend yield of the Hong Kong Stock Connect High Dividend (CNY) at 5.53%, surpassing major A-share dividend indices [1] - The latest price-to-book ratio of the index is only 0.70 times, indicating a valuation advantage, suggesting potential for valuation recovery as market volatility increases [1] Group 4: Fund Management - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF in the A-share market to invest in the China Securities Hong Kong Stock Connect High Dividend Investment Index through the QDII model, potentially reducing dividend tax costs for long-term holders [1] - The fund aims to provide flexible cash distribution options, with up to 12 distributions per year, enhancing investor experience [1] Group 5: Company Background - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed indices, offering a diverse range of "dividend family" products [1][2] - As of November 10, 2025, the management scale of Huatai-PineBridge's five "dividend family" products reached 47.217 billion HKD [1]