（原标题：红利基金挑选指南：天弘中证港股通高股息的独特魅力） 在存款利率日益走低的当下，红利基金成为投资者寻求稳健收益的重要途径。但红利基金领域内，港股 红利与 A 股红利各有千秋。当思考 "红利基金买哪个好" 时，天弘中证港股通高股息投资指数 A （022072）有着独特的投资价值值得深入探讨。 独特的投资标的与估值优势 红利基金的核心在于股息回报，而股息率与分红水平及股价估值紧密相关。港股红利资产以其长期处于 估值洼地的特点，造就了突出的性价比。天弘中证港股通高股息投资指数 A （022072）所跟踪的中证 港股通高股息投资指数，成分股多为金融、能源、工业等传统板块的内地企业，例如民生银行、中国石 油股份等。这些企业在港股的估值相较于 A 股同类标的明显更低。数据显示，截至 2025 年 7 月 31 日，中证港股通高股息投资指数近 12 个月股息率达 5.8%（Wind 数据），6 月末股息率更是高达 7.75%。这种低估值与高股息的结合，使得天弘中证港股通高股息投资指数 A（022072） 在投资标的上 具备独特优势。 精选成分股构筑高股息基石 从风险角度看，中证港股通高股息投资指数在 2021 - ...

Group 1 - The core viewpoint emphasizes that high-dividend assets, due to their "stable cash flow + defensive attributes," have become a key choice for investors facing market volatility [1] - High-dividend strategies derive their core returns from two sources: dividend income and capital gains, focusing on mature companies with strong profitability and cash flow [3] - Common misconceptions include the belief that high dividends are only for bear markets, that dividends guarantee short-term gains, and that high dividend yields equate to high value [4] Group 2 - There are two typical categories of high-dividend stocks: traditional cash cows and transformation growth stocks, with telecom operators evolving into dual-driven growth stocks [7] - The report highlights specific companies like China Yangtze Power, which has a dividend payout ratio locked in at no less than 70% from 2026 to 2030, and the three major telecom operators committing to a payout ratio of over 75% in the next three years [7] - Dividend funds are characterized by their diversification, with Hong Kong dividend funds focusing on extreme yield and A-share funds on balanced allocation [9] Group 3 - The research emphasizes the need to analyze the sustainability of cash flows through business models, highlighting the importance of risk diversification in individual stock holdings [10] - The core advantage of high dividend yields is attributed to low valuations, with the Hong Kong Stock Connect high dividend index yielding between 5.8% and 7.75% [11] - Different investment strategies are recommended for various investor types, including small cash flow seekers, conservative investors, value hunters, and institutional investors [13] Group 4 - Specific operational guidelines suggest that investors with less than 50,000 should consider regular investments in dividend funds, while those with 500,000 should build a "core + satellite" portfolio [14] - For investments over 1 million, a mix of 3-5 high-dividend stocks and 2-3 complementary dividend funds is recommended, with caution against cyclical industries [14]

Core Viewpoint - The article emphasizes the increasing interest of investors in dividend funds, particularly in the context of declining deposit rates, highlighting the characteristics and advantages of the Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) fund. Group 1: Fund Characteristics - The Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) focuses on high dividend assets, with a portfolio concentrated in traditional high dividend sectors such as finance, industrials, and energy, aligning with the core logic of selecting mature companies [1][3]. - The fund tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, which requires constituent stocks to meet strict criteria such as continuous dividends and high liquidity [1]. Group 2: Performance and Returns - The fund achieved a dividend yield of 5.8% over the past 12 months, significantly higher than the prevailing bank deposit rates and most bond yields [3]. - In the first half of 2025, the fund's return reached 10.96%, outperforming its benchmark by 2.14%, primarily due to the recovery in stock prices of high dividend constituents [3]. - The fund has conducted three dividend distributions in 2025, supporting a "dividend reinvestment" option to enhance long-term returns through compounding [3]. Group 3: Risk Management and Stability - The fund exhibits low volatility and defensive attributes, with a maximum drawdown lower than the Hang Seng Index over the past four years, demonstrating resilience during market downturns [4]. - The index is rebalanced semi-annually to sell stocks with declining dividend yields and buy those with rising yields, which helps mitigate valuation bubble risks [4]. Group 4: Market Environment and Sensitivity - The fund's investment value is enhanced in a low-interest-rate environment, with an average dividend yield of 7.2% for its constituents in the second quarter of 2025 [5]. - The current market interest rates have decreased by approximately 50 basis points from 2023 to 2025, further emphasizing the attractiveness of high dividend assets [5]. Group 5: Cost Efficiency - The fund has a low management fee of 0.15% per year and a custody fee of 0.05% per year, resulting in a total cost ratio of 0.20%, which is significantly lower than actively managed dividend funds [6]. Group 6: Target Audience and Strategy - The fund is suitable for investors seeking stable dividend income, such as retirees and low-risk investors, as well as those looking to diversify their investments through the Hong Kong Stock Connect [8]. - Tactical allocation strategies suggest using the fund as a bond substitute during declining interest rates to enhance portfolio returns, while a strategic approach involves "regular investment + dividend reinvestment" to smooth out volatility [9].

Core Viewpoint - The article emphasizes that dividend yields from funds are currently more stable and attractive compared to bank deposit interest rates, which are below 1% [1] Summary by Sections Dividend Fund Trends - Between 2006 and 2016, Japan saw a continuous increase in the asset scale of fixed dividend fund products [1] - Higher dividend frequency correlates with larger fund sizes, with monthly and quarterly dividends being particularly significant for cash flow needs of both young homeowners and retirees [5] Quarterly Dividend Fund List - A list of 21 quarterly dividend funds was compiled from 33 dividend indices as of May 2025 [6] - The article provides a detailed table of these funds, including their codes, names, management fees, and total dividend yields for 2025 [8][24] Dividend Yields of Specific Funds - As of May 2025, several funds reported their cumulative dividend yields: - China Merchants CSI Dividend ETF: 1.01% - E Fund CSI Dividend Low Volatility ETF: 0.79% - Bosera CSI Dividend Low Volatility 100 ETF: 1.17% - E Fund Hang Seng Stock Connect High Dividend Low Volatility ETF: 1.98% - Fortune Central Enterprises Dividend ETF: 0.62% [11][12][13][14][15] - For off-exchange funds, notable yields include: - Harvest CSI 300 Dividend Low Volatility ETF: 5.32% - Harvest CSI 300 Dividend Low Volatility ETF Class C: 5.04% - Invesco Great Wall Hong Kong-Shanghai Stock Connect Dividend Growth Index A: 4.12% - Invesco Great Wall Hong Kong-Shanghai Stock Connect Dividend Growth Index C: 4.01% [16][17][18] Fee Structure and Selection Criteria - The article suggests prioritizing funds with low management and custody fees (around 0.2%) alongside high dividend yields [21][23] - The combination of high dividends and low fees is presented as a strategy to ensure cash dividends while minimizing investment costs [23]

Core Viewpoint - The Hong Kong stock market has shown strong performance, leading to significant gains for various funds heavily invested in Hong Kong stocks, with many funds achieving top rankings in performance this year [1][2][4]. Group 1: Fund Performance - The Huatai Fuhua Hong Kong Advantage Select Fund has surpassed other thematic funds to claim the top spot in the public fund performance rankings [1]. - Over 1,100 funds with more than 20% of their net asset value in Hong Kong stocks have reported positive returns this year, with several funds achieving over 60% returns [4]. - The performance of funds that diversified their holdings between A-shares and Hong Kong stocks has been notably enhanced by their Hong Kong investments [4]. Group 2: Market Trends - Since May, the Hong Kong market has rebounded significantly, with the Hang Seng Index and other major indices showing increases of over 17% this year [3]. - The influx of capital into the Hong Kong market has led to a phenomenon where some Hong Kong stocks are trading at higher valuations than their A-share counterparts, indicating a strong market sentiment [2][8]. - Southbound capital has net bought HKD 622.87 billion worth of Hong Kong stocks this year, marking one of the highest net inflows on record [7]. Group 3: Sector Focus - The article highlights three key sectors for investment in Hong Kong stocks: technology (including AI and semiconductors), consumer (emerging and traditional brands), and biomedicine, driven by aging populations and health awareness [9]. - The pharmaceutical sector, particularly innovative drugs, has seen a strong recovery, with expectations for continued growth due to upcoming market events and negotiations [10]. Group 4: Dividend Stocks - Hong Kong dividend stocks are attracting long-term capital due to their higher yields compared to A-shares, with many stocks offering dividends over 7% [10]. - The article notes that state-owned enterprises in Hong Kong are expected to benefit from valuation improvements and cash flow enhancements, making them attractive for investment [10].

Group 1 - Multiple dividend funds, including Haitong Dividend Preferred, have announced restrictions on large subscriptions and conversions, with limits set at 10,000 yuan and above to ensure stable operation and protect investors' interests [2][3][4] - The trend of restricting large subscriptions is observed across several funds, with amounts varying from 100,000 to 1,000,000 yuan, indicating a broader market response to changing investor sentiment and risk aversion [2][5][6] - Analysts suggest that the surge in demand for dividend funds is linked to increased market uncertainty, leading investors to seek more stable and lower-volatility assets [2][7] Group 2 - As of the end of Q1, the total scale of dividend funds reached 2,513.67 billion yuan, an increase of approximately 27 billion yuan from the previous quarter, marking a new high [7] - The growth in dividend fund scale is attributed to heightened risk aversion, increased institutional demand, and favorable policy developments that encourage dividend payouts [7][8] - Dividend funds are characterized by stable cash flow returns and lower volatility, making them attractive during periods of market fluctuation [7][8] Group 3 - The recent restrictions on large subscriptions reflect fund managers' proactive measures to manage potential risks and protect existing investors, indicating a shift towards more cautious investment strategies [6][9] - Analysts emphasize the long-term value of dividend assets, which provide stable cash flow and defensive characteristics, making them suitable for long-term investment strategies [8][9] - The new regulatory environment encourages companies to increase dividend payouts, aligning with the long-term investment logic of dividend assets [8][9]