来源：新浪基金 10月21日，A股呈单边上行走势，量价齐升。港股也同步走强，恒生指数高位横盘，尾盘涨幅收窄，收 涨0.76%。在港股板块中，石油石化、非银金融、家电、建筑等股息特征较强的板块走势较好。 | 名称 | | | --- | --- | | Wind香港电气设备 | 2.35% | | Wind香港日期期零售 | 2.33% | | Wind香港半导体 | 2.17% | | Wind香港造纸与包装 | 1.85% | | Wind香港非银金融 | 1.82% | | Wind香港可选肖费零售 | 1.59% | | Wind香港丁业贸易与综合 | 1.45% | | Wind香港家电II | 1.39% | | Wind香港石油石化 | 1.36% | | Wind香港建筑 | 1.21% | | Wind香港机械 | 1.22% | | Wind香港钢铁Ⅱ | 1.19% | | Wind香港纺织服装Ⅱ | 1.05% | 港股高股息代表性ETF、被动跟踪标普港股通低波红利指数的港股通红利ETF（159220）场内收涨 0.59%。从日线维度来看，自9月11日以来的回调与反弹后，产品已连续2个交 ...

10月21日，A股呈单边上行走势，量价齐升。港股也同步走强，恒生指数高位横盘，尾盘涨幅收窄，收 涨0.76%。在港股板块中，石油石化、非银金融、家电、建筑等股息特征较强的板块走势较好。 | 名称 | | | --- | --- | | Wind香港电气设备 | 2.35% | | Wind香港日常消费等 | 2.33% | | Wind香港半导体 | 2.17% | | Wind香港造纸与包装 | 1.85% | | Wind香港非银金融 | 1.82% | | Wind香港可选肖费零售 | 1.59% | | Wind香港工业贸易与综合 | 1.45% | | Wind香港家电II | 1.39% | | Wind香港石油石化 | 1.36% | | Wind香港建筑 | 1.21% | | Wind香港机械 | 1.22% | | Wind香港钢铁Ⅱ | 1.19% | | Wind香港纺织服装Ⅱ | 1.05% | 港股高股息代表性ETF、被动跟踪标普港股通低波红利指数的港股通红利ETF（159220）场内收涨 0.59%。从日线维度来看，自9月11日以来的回调与反弹后，产品已连续2个交易日创下收盘价新 ...

Group 1 - The article discusses various dividend yields of different indices and ETFs, highlighting the performance of the S&P Hong Kong Stock Connect Low Volatility Dividend Index with a yield of 5.60% [1] - The S&P China A-Share Dividend Opportunities ETF has a dividend yield of 5.12%, indicating strong performance in the Chinese market [1] - The article lists several other indices and their respective dividend yields, such as the CSI Bank Index at 4.10% and the CSI A500 Low Volatility Dividend Index also at 4.10% [1][2] Group 2 - The 5-year Loan Prime Rate (LPR) is noted at 3.50%, while the 1-year LPR is at 3.00%, reflecting the current interest rate environment in China [2] - The article provides insights into various investment vehicles, including the performance of real estate rental yields in cities like Tianjin and Shanghai, with rates of 2.06% and 1.85% respectively [2] - The article mentions the performance of corporate bonds, with AAA-rated bonds showing a yield of 1.96% for 5-year maturities [2]

Core Viewpoint - The article discusses the strong performance of the Hong Kong stock market in the first half of 2025, driven by various factors, and suggests that this upward trend is likely to continue, particularly in the technology sector and through investment vehicles like ETFs [1][2][3]. Group 1: Factors Driving the Strength of Hong Kong Stocks - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising by 21% and the Hang Seng Tech Index increasing by 22% as of June 11, 2025 [2]. - Four main factors are identified as driving this strength: improved trade quality post-2018-2019 trade tensions, strong economic data post-tariff implementation, accelerated capital inflow from mainland investors, and attractive valuation levels compared to historical averages [2][3][4]. - As of June 16, 2025, the cumulative net inflow of mainland funds into the Hong Kong stock market reached 643.8 billion yuan, significantly higher than previous years [2]. Group 2: Investment Opportunities in Hong Kong Stocks - The characteristics of Hong Kong stocks include new vitality, high dividends, and low valuations, making them attractive for investment [5]. - The market has seen a significant increase in the market capitalization of new economy sectors, rising from 24.17% in 2015 to over 40% in June 2025 [5][6]. - The Hang Seng Index's price-to-earnings (PE) ratio is reported at 10.37, lower than the Shanghai Composite Index at 14.49, indicating a relative valuation advantage [8]. Group 3: Insurance Capital and Dividend Strategies - There has been a notable trend of insurance companies increasing their holdings in high-dividend stocks, with 15 instances of shareholding increases reported by seven insurance companies by May 31, 2025 [10][11]. - Insurance companies prefer dividend-paying assets due to accounting standards that allow for smoother profit reporting and the need to match long-term liabilities with stable cash flows [11][12]. - The S&P Hong Kong Low Volatility Dividend Index has a dividend yield of 6.02%, making it an attractive option in a low-interest-rate environment [12]. Group 4: Investment Strategies for Retail Investors - Retail investors are advised to consider dividend assets and low-volatility strategies, utilizing ETFs to diversify risk while seeking stable income [14][15]. - The S&P Hong Kong Low Volatility Dividend Index selects stocks based on high dividend yields and low volatility, ensuring a defensive investment approach [15][17]. - The index also incorporates quality filters to avoid high dividend traps, ensuring that dividends are sustainable and not a result of declining stock prices [17]. Group 5: Paths for Mainland Investors to Access Hong Kong Stocks - Mainland investors can access Hong Kong stocks through three main channels: opening a Hong Kong Stock Connect account, investing in ETFs, or using cross-border wealth management products [23]. - The Stock Connect program requires investors to meet certain asset and risk tolerance criteria, while ETFs provide a lower entry barrier and diversified exposure to the market [23].