Core Viewpoint - The report from Guotai Junan suggests that Hong Kong dividend assets are currently more cost-effective compared to A-share dividend assets, making them more attractive for allocation as the year ends and begins [1] Short-term Outlook - In the short term, Hong Kong dividend assets are expected to outperform in relative returns amid market volatility, with a notable advantage in dividend yield and valuation compared to A-shares [1] - There is an anticipated increase in allocation demand for dividend asset sectors from insurance capital as the fourth quarter approaches, alongside a loosening of overseas liquidity [1] Long-term Perspective - The report highlights that the strengthening of dividend regulation policies, combined with a low interest rate environment, will drive long-term capital into Hong Kong dividend assets [1] - In a prolonged low interest rate era, long-term funds are likely to continue increasing their allocation to more certain Hong Kong dividend assets [1] - The deepening trend of company dividends, the demand for asset allocation in a low interest rate environment, and policy guidance for long-term capital entry into the market suggest that Hong Kong dividend assets have a long-term allocation value compared to A-shares [1]

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]

Group 1 - The core viewpoint of the news is that the value of dividend assets in the A-share market is increasing, with the Taikang Low Volatility ETF (560150) experiencing frequent premiums and significant growth in scale and shares over the past three months [1] - As of March 21, the Taikang Low Volatility ETF (560150) has seen a growth of 197 million yuan in scale and an increase of 18.5 million shares, indicating substantial growth [1] - The report from Industrial Securities highlights that since 2024, the AH price ratio of the dividend sector has shown a significant downward trend, reaching a historical low of 33.7% as of March 19, 2025, compared to 2018 [1] Group 2 - The Taikang Low Volatility ETF (560150) closely tracks the CSI Low Volatility Dividend Index, which selects 50 securities based on liquidity, continuous dividends, moderate payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [2] - The ETF is designed to reflect the overall performance of securities with high dividend levels and low volatility, using a dividend yield weighting method [2] - Related products include the Taikang Low Volatility ETF (560150) and its off-market connections (Class A: 021415; Class C: 021418) [3]