华西证券分析称，南向资金更青睐红利和金融板块，而更倾向于规避科技、医药、消费相关品种。事实 上，港股红利品种从9月底企稳反弹，至今已形成上涨趋势，后续行情值得关注。 此外，港股的股东回报具有一定吸引力，其股息率长期处于全球主要市场的前列。自2020年以来，恒生 指数的股息率持续保持在3%~5%的高位区间，不仅高于美、日市场，也普遍优于A股的沪深300指数， 体现了其成分股稳定的盈利能力和成熟的回报文化。 近期，南向资金持续流入港股市场。数据显示，11月11日，南向资金通过港股通净流入44.67亿港元， 今年以来累计净流入已超过1.3万亿港元；自港股通开通以来的累计净流入规模也突破5万亿港元，刷新 互联互通机制开通以来的最高纪录。 华夏港股通红利低波ETF基金（159118）将于今日募集结束，助力投资者在低利率环境下低费率（管理 费+托管费仅0.2%）、高效率（T+0交易）一键布局高股息资产。 ...

Core Viewpoint - The article highlights the increasing attractiveness of the Hong Kong stock market due to its relatively low valuations and the influx of southbound capital, with a focus on the launch of the China Asset Management's Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) as a new investment tool for high dividend assets in Hong Kong [1][2][8]. Group 1: Market Conditions - The global low interest rate environment is prompting investors to seek stable returns, with Hong Kong stocks currently at historically low valuations, making them an appealing choice for investment [1][2]. - As of October 21, 2025, the Hang Seng Index's PE (TTM) is approximately 11.94 times and PB (LF) is about 1.22 times, placing it in the 79% and 83% percentiles of the past decade, respectively [2]. - Southbound capital has seen a net inflow of over 12 billion HKD into Hong Kong stocks since the beginning of 2025, marking a significant increase compared to previous years [3]. Group 2: Investment Strategy - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) utilizes a "dividend + low volatility" dual-factor strategy, selecting high dividend yield stocks with low volatility to provide investors with a streamlined investment option [6][8]. - The index tracks the top 75 stocks with the highest dividend yields from the Hong Kong Stock Connect, further narrowing down to the 50 stocks with the lowest volatility, ensuring a focus on cash flow and liquidity [6]. - Historical performance shows that the index has achieved a cumulative increase of approximately 94.95% since 2021, with an annualized return exceeding 16%, significantly outperforming the Hang Seng Index [6]. Group 3: Sector Distribution - The index maintains a balanced sector distribution, with the top three sectors being real estate (approximately 16%), utilities (about 15%), and banking (around 14%), ensuring no single sector exceeds 25% [7]. - The index includes high dividend leaders across various sectors, such as Jiangxi Copper, China Shenhua, and CNOOC, with a notable valuation discount of approximately 34.5% compared to A-shares, indicating significant potential for valuation recovery [7]. Group 4: Fund Management - China Asset Management is recognized for its expertise in index investment, with a team of 43 professionals and an average industry experience of over 12 years, providing strong support for its index products [7]. - The fund manager for the ETF, Yan Xiaoxian, has 10 years of experience in the securities industry, including over 4 years in public fund management, enhancing the fund's credibility [7]. - The ETF employs a complete replication strategy with low management fees of 0.15% and custody fees of 0.05%, aimed at reducing costs for investors [7].