国泰海通研报称，新岁末年初要重视港股红利资产：站在当前时点看，我们认为，相较于A股红利资 产，性价比更高的港股红利资产或更具备增配价值。短期来看，目前港股红利资产性价比更高，四季度 有望迎资金增配。短期市场波动下红利资产相对收益有望占优，同时港股红利资产较A股股息率-估值 优势仍然凸显，目前配置港股红利资产的性价比仍高。临近四季度，险资或对红利资产板块配置需求提 升，同时海外流动性转松下，性价比更优的港股红利资产望迎资金增配。中长期来看，政策强化分红监 管，叠加低利率环境下长期资金入市，港股红利资产具备配置价值。长期低利率时代下，中长线资金有 望持续增配确定性更高的港股红利资产。在上市公司分红趋势深化、低利率环境的资配需求、政策引导 中长线资金入市等背景下，相较A股更有优势的港股红利资产或具备长期配置价值。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of Hong Kong dividend assets, particularly the Hong Kong Dividend ETF (513820), which has seen significant gains and increased trading volume [1][4] - The Hong Kong Dividend ETF (513820) has a notable increase in its constituent stocks, with Agricultural Bank rising by 2.88% and China CITIC Bank by 1.9%, reaching historical highs [3] - Southbound funds have significantly increased their purchases of Hong Kong bank stocks, indicating a strong preference for high-dividend assets among investors [3] Group 2 - The dividend yield of the Hong Kong Dividend ETF (513820) is reported at 8.2%, which remains competitive even after accounting for a 20% dividend tax [8][12] - The cash dividend ratio for Hong Kong stocks is 48.9% in 2023, surpassing the 41.8% ratio of A-shares, indicating a more favorable long-term trend for Hong Kong dividend assets [6] - The proportion of stocks with a dividend yield above 5% in the Hong Kong market is 43%, significantly higher than the 21% in the A-share market [6] Group 3 - The performance of Hong Kong dividend assets has shown a higher probability of generating excess returns compared to A-shares across various market conditions, with a 75% chance of positive excess returns [10][12] - From 2019 to 2024, Hong Kong dividend assets have consistently outperformed A-shares, achieving excess returns in five out of six years [12] - The valuation of Hong Kong stocks is lower compared to A-shares, providing a greater margin of safety for investors [13]

A股红利资产配置价值持续升温，红利低波ETF泰 康(560150)溢价频现，近3月规模、份额均实现显著 增长 截至2025年3月24日 14:11，红利低波ETF泰康(560150)多空胶着，溢价频现，盘中成交额已达 1124.17万元。跟踪指数成分股三维化学领涨，交通银行、南钢股份、长沙银行、重庆银行等个股跟 涨。 截至3月21日，红利低波ETF泰康(560150)近3月规模增长1.97亿元，份额增长1.85亿份，均实现显著 增长。 兴业证券报告指出，2024年以来，红利板块AH比价开始呈现大幅下行趋势，截至2025年3月19日， 红利板块AH比价已来到2018年以来33.7%分位的历史较低水平。进一步对比AH两地红利个股的股息率 情况，若考虑分红税，当前部分A股红利个股股息率已高于其对应港股，或推动A股红利资产的配置价 值持续升温。 业内机构指出，从投资角度出发，尽管今年以来红利资产行情较去年明显降温，但盈利能力稳定且 估值偏低的特征，反而使得红利资产具备较强的安全边际。在业内人士看来，在大逻辑不变而股价调整 后，正是重新布局红利板块的时机。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数， ...