Core Insights - The article highlights the performance of the Hong Kong Dividend ETF (159331), which has increased by over 1% after 15 consecutive months of dividends, emphasizing the value of high-yield strategies in the current market environment [1] Group 1: Market Trends - The high-yield dividend strategy is seen as a balanced choice in the current Hong Kong stock market, with a shift from foreign-led "offshore market" to a more domestic-focused "onshore market" due to the reallocation of wealth in China and the increasing influence of southbound capital [1] - Deep value assets, particularly high-dividend stocks from quality state-owned enterprises, are viewed as a "shield" and "ballast" that support the gradual increase of market valuation [1] Group 2: ETF Details - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities with continuous dividends, good liquidity, and high dividend yields from the Stock Connect universe, focusing on traditional high-dividend sectors such as finance, energy, and industry [1] - Since September 2024, the ETF has maintained a record of 15 consecutive months of dividends, making it a noteworthy investment option [1]

Group 1 - The core viewpoint indicates that southbound capital has accumulated a net inflow of 1.2 trillion HKD this year, marking a new high since the launch of the Stock Connect program [1] - The HIBOR has stabilized after being at a high level, and the Federal Reserve's initiation of a rate-cutting cycle has improved global liquidity, marginally boosting risk appetite for Hong Kong stocks [1] - Despite short-term fluctuations due to differing expectations regarding the December rate cuts, the trend of improving capital flow remains unchanged, suggesting a potential continuation of a slow bull market for Hong Kong stocks [1] Group 2 - From an allocation perspective, the current stage favors a combination of technology growth and low-volatility dividend stocks as a relatively optimal choice [1] - In the technology sector, AI applications and internet software are more concentrated in Hong Kong stocks, with narratives driven by performance and capital expenditure expected to strengthen, particularly in the fourth quarter [1] - The dividend-focused Hong Kong stock ETF (159331) tracks the high dividend index (930914), which selects 30 securities with consistent dividends, good liquidity, and outstanding dividend yields from the Stock Connect universe, primarily covering traditional high-dividend sectors such as finance, energy, and industrials [1]

Core Viewpoint - The Hong Kong Dividend ETF (159331) has shown a strong performance, increasing over 1% after 14 consecutive months of dividends, highlighting the attractiveness of high dividend strategies in the current market environment [1][2]. Group 1: High Dividend Strategy - The appeal of the high dividend strategy in the Hong Kong market is attributed to the stability of business models, with many high dividend assets seeing dividend yields return to around 5% or below [1]. - If earnings per share (EPS) continues to grow by over 5%, the implied return rate could reach 10% under a low interest rate environment for the year [1]. - High dividend strategies should be a key focus for annual allocation, especially in the context of the current low interest rate environment [1]. Group 2: Market Dynamics - The capital flow in the Hong Kong market is significantly influenced by the interest rate differential between China and the U.S., which serves as a benchmark for cross-border capital movement [1]. - The structure of capital in the Hong Kong market is changing, with an increase in cross-border ETF sizes and foreign capital entering the market through ETFs, providing additional funds to sectors like infrastructure [1]. Group 3: ETF Composition - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities from the Stock Connect that have a history of consistent dividends, good liquidity, and high dividend yields [1]. - The index primarily covers traditional high dividend sectors such as finance, energy, and industrials, reflecting the overall performance characteristics of the high dividend and low valuation segments of the Hong Kong market [1].

Group 1 - The attractiveness of high dividend strategies depends on the combination of dividend yield and EPS growth, with an implied return rate of up to 10% if EPS maintains a growth rate of over 5% [1] - High dividend assets in the Hong Kong stock market are benefiting from the expansion of cross-border ETFs and foreign capital inflow, leading to significant improvement in liquidity [1] - Over the next decade, the AH premium rate may gradually approach 100%, enhancing the relative attractiveness of high dividend assets in the Hong Kong stock market as tax systems improve and capital inflows continue [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities with continuous dividends, good liquidity, and outstanding dividend yields from the Stock Connect range, focusing on traditional high-dividend sectors such as finance, energy, and industry [1] - Since September 2024, the Hong Kong Dividend ETF (159331) has distributed dividends for 13 consecutive months, indicating a noteworthy trend [1]

Core Insights - The high dividend strategy is currently viewed as a balanced choice in the Hong Kong stock market environment, with a shift from foreign capital dominance to a more domestic-centric investment logic [1] - High dividend-paying stocks, particularly quality state-owned enterprises, are seen as deep value assets that support the steady increase of market valuation [1] Group 1 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities with continuous dividends, good liquidity, and outstanding dividend yields from the Stock Connect range [1] - The index focuses on traditional high-dividend sectors such as finance, energy, and industrials, reflecting the overall performance characteristics of the high dividend, low valuation segment of the Hong Kong market [1] Group 2 - Since September 2024, the Hong Kong Dividend ETF (159331) has distributed dividends for 13 consecutive months, highlighting its consistent performance [2]

Group 1 - The core viewpoint is that high-dividend strategies are currently a balanced choice in the Hong Kong stock market, with a shift from foreign capital dominance to a more domestic-centric investment logic [1] - The trend of wealth reallocation in China and the increasing influence of southbound capital are driving this transition, making high-dividend assets, particularly quality state-owned enterprises, attractive for their stable earnings and substantial dividends [1] - High-dividend stocks are seen as a "shield" and "ballast" that support the steady rise of market valuation, providing stable cash flow returns and demonstrating strong defensive attributes during market volatility [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities with continuous dividends, good liquidity, and high dividend yields from the Stock Connect range [1] - This index focuses on traditional high-dividend sectors such as finance, energy, and industrials, reflecting the overall performance characteristics of the high-dividend, low-valuation segment of the Hong Kong market [1] - Since September 2024, the Hong Kong Dividend ETF (159331) has distributed dividends for 13 consecutive months, highlighting its consistent performance [2]