恒生红利低波ETF(159545)紧密跟踪恒生港股通高股息低波动指数，恒生港股通高股息低波动指数旨在 反映可通过港股通买卖的香港上市高股息低波动证券的表现。 金管总局银行业监管指标数据显示，二季度银行业息差降幅收窄、资产质量平稳、业绩增速改善，中信 证券预计年内后续季度逐季改善趋势有望延续。银行板块上周回调，该机构判断风格和资金因素是主 因。尽管从中期角度看，银行板块仍在经历重估净资产过程；但从短期视角，若未有配置型资金的持续 流入，则存在交易型资金受市场风格牵引的波动。中信证券认为，估值修复到1倍净资产以上以前，板 块修复空间仍存，绝对收益仍可期待。 截至2025年8月20日收盘，恒生红利低波ETF(159545)多空胶着，换手5.08%，成交2.20亿元。 截至8月19日，恒生红利低波ETF(159545)最新规模达43.18亿元，创成立以来新高。恒生红利低波 ETF(159545)近1周份额增长7620.00万份，实现显著增长，新增份额位居可比基金第一。 资金流入方面，恒生红利低波ETF(159545)近5个交易日内有4日资金净流入，合计"吸金"1.16亿元。 相关产品：恒生红利低波ETF(159545 ...

Core Viewpoint - The article discusses various dividend-focused ETFs, highlighting their composition, performance, and sector allocations, indicating a trend towards stable, high-dividend yielding stocks in the A-share and Hong Kong markets [2]. Group 1: Dividend ETFs Overview - The E Fund Dividend ETF tracks the China Securities Dividend Index, consisting of 100 stocks with high cash dividend yields, reflecting the overall performance of high-dividend A-share companies [2]. - The E Fund Low Volatility Dividend ETF tracks the China Securities Low Volatility Dividend Index, composed of 50 stocks with good liquidity and continuous dividends, indicating a focus on low volatility and stable dividend growth [2]. - The Hang Seng Low Volatility Dividend ETF tracks the Hang Seng High Dividend Low Volatility Index, made up of 50 stocks within the Hong Kong Stock Connect that exhibit low volatility and stable dividend payments [2]. Group 2: Performance Metrics - As of the latest trading session, the E Fund Dividend ETF showed a change of 0.2% with a rolling P/E ratio of 8.2 times and a valuation percentile of 67.2% since its inception in 2013 [2]. - The E Fund Low Volatility Dividend ETF recorded a change of 0.5% with a rolling P/E ratio of 8.2 times and a valuation percentile of 76.0% since its launch in 2013 [2]. - The Hang Seng Low Volatility Dividend ETF experienced a change of -0.2% with a rolling P/E ratio of 7.3 times and a valuation percentile of 85.4% since its introduction in 2017 [2]. Group 3: Sector Allocations - In the E Fund Dividend ETF, the banking, coal, and transportation sectors collectively account for over 55% of the index, with a significant weight in banking stocks [2]. - The E Fund Low Volatility Dividend ETF has nearly 70% of its composition in the banking, transportation, and construction sectors [2]. - The Hang Seng Low Volatility Dividend ETF has close to 70% of its holdings in the financial, industrial, and energy sectors [2].

Core Viewpoint - The article discusses various dividend-focused ETFs, highlighting their composition, performance, and sector allocations, indicating a trend towards stable, high-dividend yielding stocks in the A-share and Hong Kong markets [2]. Group 1: Dividend ETFs Overview - The E Fund Dividend ETF tracks the China Securities Dividend Index, composed of 100 stocks with high cash dividend yields, reflecting the overall performance of high-dividend A-share companies [2]. - The E Fund Low Volatility Dividend ETF tracks the China Securities Low Volatility Dividend Index, consisting of 50 stocks with good liquidity, continuous dividends, and low volatility, indicating a focus on stable dividend-paying stocks [2]. - The Hang Seng Low Volatility Dividend ETF tracks the Hang Seng High Dividend Low Volatility Index, made up of 50 stocks within the Hong Kong Stock Connect that have good liquidity and moderate dividend payout ratios [2]. Group 2: Performance Metrics - The E Fund Dividend ETF has a rolling price-to-earnings ratio of 8.3 times, with a valuation percentile of 72.2% since its inception in 2013, and a recent decline of -0.4% [2]. - The E Fund Low Volatility Dividend ETF has a rolling price-to-earnings ratio of 8.41 times, with a valuation percentile of 77.2% since its inception in 2013, and a recent decline of -0.6% [2]. - The Hang Seng Low Volatility Dividend ETF has a rolling price-to-earnings ratio of 7.3 times, with a valuation percentile of 86.0% since its inception in 2017, and a recent decline of -0.3% [2]. Group 3: Sector Allocations - In the E Fund Dividend ETF, the banking, coal, and transportation sectors account for over 55% of the index, with a significant weight in banking stocks [2]. - In the E Fund Low Volatility Dividend ETF, the banking, transportation, and construction sectors make up nearly 70% of the index [2]. - In the Hang Seng Low Volatility Dividend ETF, the financial, industrial, and energy sectors represent nearly 70% of the index [2].

Group 1 - The A-share market showed a general recovery in July, with major indices rising, particularly the ChiNext Index, influenced by improved market sentiment and policy catalysts [2] - The Hong Kong stock market experienced a volatile upward trend in July, with the Hang Seng Technology Index and Hang Seng Composite Index increasing by 7.1% and 6.7% respectively, due to easing overseas disturbances and a recovery in domestic risk appetite [2] Group 2 - The market is expected to reach new highs in the second half of the year, transitioning from policy-driven to fundamental and liquidity-driven dynamics, with potential for a breakout above the 2024 mid-year peak [3] - Focus on sectors benefiting from anti-involution policies and potential rebound opportunities, particularly in coal, steel, photovoltaic, and building materials, with a rotational rebound characteristic anticipated [3] - Key industries to watch include electronics and machinery, with specific attention to chemical fibers, engineering machinery, military electronics, aerospace equipment, and automation equipment [3] Group 3 - The Hang Seng Index has surpassed previous highs and is expected to continue its upward trend, supported by strong overall profitability and relatively low valuations in sectors like internet, new consumption, and innovative pharmaceuticals [5] - The "dumbbell" strategy is recommended, focusing on sectors benefiting from domestic supportive policies in the context of US-China competition, as well as independent internet technology companies [5] - High dividend and low volatility strategies are also advised, particularly in telecommunications, public utilities, and banking sectors, providing stable income as a foundational investment [5]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520550) has shown remarkable performance since its inception, with a 16.78% increase and continuous net inflows, making it an attractive investment option in the current market environment [1][2]. Group 1: ETF Performance - The ETF was established on January 15 and has reached new highs 36 times by the end of June, ranking second among all Shenwan first-level industries, only behind military industry [1]. - It has experienced a significant growth in scale, increasing by 108% since its inception, and has achieved net inflows for 18 consecutive weeks [2]. Group 2: Index Characteristics - The ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, which has a current dividend yield of 7.93%, with constituent stocks averaging a dividend yield of 6.47% [4]. - The index's valuation is notably low, with a price-to-earnings (PE) ratio of 7.11 and a price-to-book (PB) ratio of 0.61, indicating many constituent stocks are trading below their net asset value [5]. Group 3: Market Demand and Investment Strategy - There is a strong consensus among southbound investors and insurance capital for Hong Kong dividends, with southbound net purchases exceeding 80% of the total for 2024 within the first half of 2025, particularly in high-dividend sectors like banking and energy [9]. - Insurance funds are increasingly allocating to dividend assets due to new policies requiring higher stock market investment ratios, making the ETF a suitable option for long-term holding with a low management fee of 0.2% [10]. - The ETF offers a monthly dividend assessment mechanism, allowing for up to 12 distributions a year, which provides stable cash flow and supports reinvestment [10].