Group 1 - The core viewpoint is that Hong Kong dividend assets have value for bottom-line allocation, especially considering the downward pressure on the mainland economy and the historical performance of these assets during similar economic conditions [1] - The mainland economy is experiencing downward pressure, with a slowdown in private sector credit growth following the weakening of the "9.24" policy pulse and reduced necessity for policy hedging due to unexpected developments in US-China tariff negotiations [1] - Historically, during phases of weakened private sector credit, Hong Kong dividend assets have shown relative superiority [1] Group 2 - There is increasing uncertainty regarding the decline in US Treasury yields, as the US economy faces "stagflation" risks and the Federal Reserve remains in a wait-and-see mode, maintaining its stance during the May FOMC meeting [1] - The uncertainty surrounding Trump's policies has cast a shadow over US dollar credit, presenting challenges for the decline in US Treasury yields [1] - The Hong Kong dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend (HKD) Index (code: 930914), which selects high dividend yield securities listed in Hong Kong, primarily covering transportation, resources, and consumer sectors [1]