该基金的业绩比较基准为：恒生港股通中国央企红利指数收益率（经汇率调整）。 平安恒生中国央企红利ETF（159143）将于2025年12月15日至2025年12月24日进行发售，首次募集规模 上限为10亿元，该基金的场内简称为港股通央企红利ETF平安，基金管理人为平安基金，由钱晶、翁欣 担任该基金的基金经理。 ...

临近年关，市场波动加剧，当成长板块起伏不定时，一批"低调"的资产却悄然走强，吸引了越来越多精 明资金的关注——红利资产。 有一组数据可能会引起惊讶：今年以来恒生科技指数竟然没能跑赢默默收息的红利指数。根据Wind统 计，截至12月8日，恒生科技指数近一年上涨26.73%，而同期港股通高股息指数（全收益）上涨了 28.08%，实现了小幅超越。而从波动率来看，港股通高股息指数（全收益）仅为13.58%，恒生科技指 数则高达28.21%。 广发证券研报指出，港股红利资产正迎来一年中"日历效应"最强的窗口期——每年12月至次年1月中 旬。历史数据显示，自2014年以来，港股通高股息指数在此期间上涨概率高达90.9%，涨幅中位数为 3.4%。相对于沪深300、恒生指数等的超额收益胜率也均超过80%。 面对市场上名称各异的港股红利指数，投资者该如何选择？ | 巷股红利指数主要信息 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 理法学做示 | 股票率值12个月 | [周期] 月 | 单位 % | E 1 ...

Core Viewpoint - Dividend strategies have gained market attention since last year, characterized by their defensive attributes and high dividend yields, making them attractive to investors. However, with the rise of technology and pharmaceutical sectors in 2025, growth stocks have overshadowed dividend assets, despite institutional investments still favoring dividend-related sectors, particularly in Hong Kong stocks [1]. Group 1: Market Performance and Trends - As of July 18, 2025, the total scale of listed dividend-themed ETFs has exceeded 150 billion, with 58 out of 61 ETFs achieving positive returns this year [1]. - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has shown a year-to-date increase of 17.52%, benefiting the ETFs that track it [3]. - The largest ETF by scale, the E Fund Hang Seng Dividend Low Volatility ETF, has surpassed 30 billion in assets, demonstrating significant growth since its inception in April 2024 [3]. Group 2: ETF Characteristics and Performance - The top-performing ETFs are primarily those tracking the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, which selects stocks based on high dividend yields and low volatility [3][4]. - The China Securities Dividend Low Volatility Index, tracked by the largest dividend ETF, has maintained a consistent performance with a year-to-date return of 8.21% [9]. - The Morgan Hong Kong Dividend Index ETF, the first cross-border strategy ETF to exceed 10 billion in scale, has a year-to-date return of 17.79% [11]. Group 3: Sector Allocation and Composition - The financial sector accounts for over 30% of the index composition, followed by energy, real estate, and industrial sectors, each exceeding 10% [4]. - The index maintains a diversified approach, with no single stock exceeding 5% weight, ensuring a balanced exposure to various companies [4]. Group 4: Future Outlook and Valuation - Despite concerns over high relative valuations, the absolute valuations of major dividend low volatility indices remain around 7 times, indicating potential for long-term investment [14]. - The current market dynamics suggest a valuation recovery rather than a bubble, with stable dividend assets expected to retain their allocation value in the long term [14].

Quantitative Factors and Construction Factor Name: EP(TTM) (Earnings-to-Price Ratio) - **Construction Idea**: This factor represents the earnings-to-price ratio, used as a value factor to identify undervalued stocks[23] - **Construction Process**: - The factor is calculated as the ratio of earnings per share (EPS) to the stock price - Stocks are ranked based on their EP(TTM) values, and the top 20% are selected as the long portfolio, while the bottom 20% are selected as the short portfolio - Monthly rebalancing is performed on the first trading day of each month using the opening price[23] - **Evaluation**: The factor demonstrates strong historical performance, with significant excess returns and high Rank IC values, indicating its effectiveness in capturing value[23][26] - **Formula**: $ EP(TTM) = \frac{\text{Earnings Per Share (TTM)}}{\text{Stock Price}} $[23] Factor Name: BP(LF) (Book-to-Price Ratio) - **Construction Idea**: This factor represents the book-to-price ratio, another value factor used to identify undervalued stocks[23] - **Construction Process**: - The factor is calculated as the ratio of book value per share to the stock price - Stocks are ranked based on their BP(LF) values, and the top 20% are selected as the long portfolio, while the bottom 20% are selected as the short portfolio - Monthly rebalancing is performed on the first trading day of each month using the opening price[23] - **Evaluation**: The factor shows strong historical performance, with high excess returns and Rank IC values, indicating its robustness in identifying value opportunities[23][27] - **Formula**: $ BP(LF) = \frac{\text{Book Value Per Share}}{\text{Stock Price}} $[23] Factor Name: Dividend Yield (TTM) - **Construction Idea**: This factor represents the trailing twelve-month dividend yield, used as a dividend factor to identify high-yield stocks[23] - **Construction Process**: - The factor is calculated as the ratio of dividends per share (TTM) to the stock price - Stocks are ranked based on their dividend yield values, and the top 20% are selected as the long portfolio, while the bottom 20% are selected as the short portfolio - Monthly rebalancing is performed on the first trading day of each month using the opening price[23] - **Evaluation**: The factor has demonstrated consistent performance, with significant excess returns and Rank IC values, highlighting its effectiveness in capturing high-yield opportunities[23][28] - **Formula**: $ \text{Dividend Yield (TTM)} = \frac{\text{Dividends Per Share (TTM)}}{\text{Stock Price}} $[23] --- Factor Backtesting Results EP(TTM) Factor - **Rank IC**: 5.56%[26] - **Excess Return**: 9.14%[26] - **Sharpe Ratio**: 1.19[26] BP(LF) Factor - **Rank IC**: 6.80%[27] - **Excess Return**: 11.41%[27] - **Sharpe Ratio**: 1.37[27] Dividend Yield (TTM) Factor - **Rank IC**: 5.81%[28] - **Excess Return**: 8.96%[28] - **Sharpe Ratio**: 1.37[28]