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 ...

港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数，成分股偏向大盘价值风 格，助力投资者低费率（管理费+托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低波，此 外，港股通红利低波ETF基金可每季度进行评估及收益分配，在符合基金分红条件下，可安排收益分 配。 每日经济新闻 （责任编辑：董萍萍 ） 12月2日，A股三大指数小幅低开，沪指低开0.14%，深成指低开0.13%，创业板指低开0.04%。港股 通红利低波ETF基金（159118）震荡上涨，现涨约0.4%，持仓股国药控股、中国财险、恒安国际等领 涨。 广发证券分析称，港股红利在岁末年初日历效应如此之强的最核心原因是可能是公募基金等追求相 对收益的资金，在年底进行资产再平衡的关键窗口期。为了锁定当年收益，部分机构可能会卖出一些短 期估值较高、波动较大的成长股，短期转向高股息、高安全边际的港股红利板块。 标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自 2021年以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超 16%，显著高于恒生指数以及恒生红 ...

最低费率一档，季度评估可分红、可T+0交易的港股通红利低波ETF基金（159118）今日上市交易！为 看好高股息率、低波动率股票投资价值的投资者提供布局更优选。 华泰证券分析称，从收益、风险、股息率等特征来看（收益指标均采用全收益指数），今年以来，红利 低波风格指数的夏普比率和Calmar比率中位数在四类红利风格中位居前列，其中标普港股通低波红利指 数今年的年化收益率最高，且收益-风险比也相对优异。 港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数，指数在选样以及设置权重时兼 顾行业覆盖度，整体行业分布较为均衡；前三大行业依次为房地产16%、公用事业15%、银行14%，市 值分布偏大盘，市盈率PE不到9倍，整体呈现大盘价值风格。 标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2021年 以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超16%，显著 高于恒生指数以及恒生红利类指数和红利低波全收益指数。 ...

从成份股质量来看，标普港股通低波红利指数兼顾大盘与中盘，结合大盘蓝筹与行业高股息代表。过半 成份股为央国企，兼具分红能力与分红意愿，有望受益于央企市值管理等利好动力。该指数通过限制单 一成份与行业比重，纳入更多行业的高股息代表，配置更均衡。指数红利"综合"属性显著，有望在红利 风格行业轮动时更及时地把握配置窗口。 华泰研究近日指出，今年以来，红利低波风格指数的夏普比率和Calmar比率中位数在四类红利风格中位 居前列，其中标普港股通低波红利指数今年的年化收益率最高，且收益-风险比也相对优异，最大回撤 修复天数也仅有21天，持有体验或相对较好。华泰研究进一步指出，该指数存在个股权重和行业权重上 限的双重约束（个股：0.05%~5%，单一GICS行业：不超过30%），资产风险分散化程度较高。 11月19日，A股三大指数窄幅波动，恒生指数则小幅收跌0.38%，红利风格成为A、H市场的焦点。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）场内逆市收涨 0.48%，全天呈溢价交易，最终以0.43%的溢价率收盘，展现市场资金的"抢筹热度"。 | 序号 | 代码 | 名称 | 涨跌 ...

Market Overview - On November 12, A-shares experienced fluctuations, with the Shanghai Composite Index hovering around the 4000-point mark, while Hong Kong stocks strengthened, with the Hang Seng Index rising by 0.85% [1] - The Hong Kong Dividend ETF (159220), which passively tracks the S&P Hong Kong Low Volatility Dividend Index, surged by 1.91%, outperforming mainstream dividend indices in A-shares [1] Performance Metrics - The S&P Hong Kong Low Volatility Dividend Index increased by 1.69%, while other indices such as the Shenzhen Dividend Index and the CSI Dividend Index saw smaller gains of 0.33% and 0.07%, respectively [2] - The Hong Kong Dividend ETF has achieved a new closing price high for six consecutive trading days since November 5, indicating strong momentum in dividend assets [2] Fund Inflows and Investor Behavior - The Hong Kong Dividend ETF has seen a net inflow of funds for nine consecutive days, driven by significant buying from southbound funds, which recorded a net inflow of HKD 66.53 billion on November 10, with total net inflows exceeding HKD 1.3 trillion for the year [3][4] - The ETF's transparency, low fees, and trading convenience have made it increasingly popular among investors [3] Index Composition and Dividend Potential - The S&P Hong Kong Low Volatility Dividend Index includes a mix of large-cap and mid-cap stocks, with over half of its constituents being state-owned enterprises, which are expected to benefit from favorable policies related to state-owned enterprise market value management [4] - In the first half of 2025, 713 Hong Kong companies announced dividends totaling HKD 812.7 billion, a year-on-year increase of 31.35%, indicating a strong dividend-paying trend in the market [4] Dividend Yield Comparison - As of the end of October 2025, the Hong Kong Dividend ETF's underlying index had a dividend yield of 5.54%, significantly higher than the yields of the CSI Dividend Index (4.80%), CSI Low Volatility Dividend Index (4.74%), and Shanghai Dividend Index (5.31%) [6]

标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2021年 以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超16%，显 著高于恒生指数以及恒生红利类指数和红利低波全收益指数。 港股通红利低波ETF基金（产品代码：159118）重磅发行中，助力投资者低费率（管理费+托管费仅 0.2%）、高效率（T+0交易）一键布局港股+红利+低波，此外，港股通红利低波ETF基金可每季度进行 评估及收益分配，在符合基金分红条件下，可安排收益分配。 华夏港股通红利低波ETF基金（159118）重磅发行中，为看好高股息率、低波动率股票投资价值的投资 者提供布局更优选。 港股通红利低波ETF基金紧密跟踪标普港股通低波红利指数，指数在选样以及设置权重时兼顾行业覆盖 度，整体行业分布较为均衡；前三大行业依次为房地产16%、公用事业15%、银行14%，市值分布偏大 盘，市盈率PE不到9倍，整体呈现大盘价值风格。 ...

标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2021年 以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超16%，显著 高于恒生指数以及恒生红利类指数和红利低波全收益指数。近五年中仅2022年涨幅为负，2024年录得 29.64%的正涨幅，截至2025年10月22日，今年以来累计涨幅达30.26% 。 港股通红利低波ETF基金（产品代码：159118）自11月10日起重磅发行，助力投资者低费率（管理费 +托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低波，此外，港股通红利低波ETF基金可 每季度进行评估及收益分配，在符合基金分红条件下，可安排收益分配。 华夏港股通红利低波ETF基金（159118）于今日（11 月 10 日）起正式发售，为看好高股息率、低波动 率股票投资价值的投资者提供布局更优选。港股通红利低波ETF基金紧密跟踪标普港股通低波红利指 数，衡量标普港股通指数内50只波幅最小、收益率高的股票的表现。红利+低波因子强强联合，更加凸 显指数特色和优势！ ...

Core Viewpoint - The A-share market showed a strong upward trend on October 21, with both volume and price increasing, while the Hong Kong stock market also performed well, with the Hang Seng Index rising by 0.76% [1] Market Performance - The Hong Kong stock market sectors with strong dividend characteristics, such as oil and petrochemicals, non-bank financials, home appliances, and construction, performed well [1] - The Hong Kong Dividend ETF (159220), which tracks the S&P Hong Kong Low Volatility Dividend Index, rose by 0.59% and has set new closing price highs for two consecutive trading days since September 11 [2][3] Index Performance - The S&P Hong Kong Low Volatility Dividend Index has increased by 26.74% year-to-date as of October 20, outperforming other indices such as the Hang Seng High Dividend and the CSI Hong Kong High Dividend [4] - The index consists of a balanced mix of large-cap and mid-cap stocks, with over half of its constituents being state-owned enterprises, indicating strong dividend capabilities [4] Investment Strategy - The Hong Kong Dividend ETF (159220) employs a dual screening factor of dividend yield and actual volatility to select 50 stocks with low volatility and high dividend yield, adjusting semi-annually to optimize representation [5] - The macroeconomic environment suggests that high dividend assets with solid fundamentals and resilient performance are likely to remain attractive to investors seeking defensive investments [5]

Core Viewpoint - The Hong Kong stock market has shown a strong upward trend, with significant increases in both volume and price, particularly in high-dividend sectors such as oil and petrochemicals, non-bank financials, home appliances, and construction [1] Group 1: Market Performance - The A-share market exhibited a one-sided upward trend, with both volume and price rising [1] - The Hang Seng Index closed up by 0.76%, although it experienced a narrowing of gains towards the end of the trading session [1] - High-dividend sectors in the Hong Kong market performed well, including oil and petrochemicals, non-bank financials, home appliances, and construction [1] Group 2: ETF Performance - The Hong Kong Dividend ETF (159220) tracking the S&P Hong Kong Low Volatility Dividend Index rose by 0.59% in the market [2] - Since September 11, the ETF has achieved consecutive closing price highs over two trading days, leading the gains in dividend assets [2] - The S&P Hong Kong Low Volatility Dividend Index has outperformed other common Hong Kong and A-share dividend theme indices, with a year-to-date increase of 26.74% as of October 20 [3][4] Group 3: Index Composition and Quality - The S&P Hong Kong Low Volatility Dividend Index includes a balanced mix of large-cap and mid-cap stocks, with over half of its constituents being state-owned enterprises, indicating strong dividend capability and willingness [4] - The index's top ten constituents are primarily in high-dividend sectors such as finance, real estate, and energy, showcasing its comprehensive dividend attributes [4] - The new "National Nine Articles" policy enhances the constraints on listed companies' dividends, focusing on the quality of earnings and sustainability of dividends, which may lead to improved shareholder returns [4] Group 4: Investment Outlook - The Hong Kong Dividend ETF (159220) is designed to select stocks with low volatility and high dividend yields, with a current dividend yield of 5.72%, outperforming other indices [5] - Amid global economic slowdown and increased asset volatility, high-dividend assets with solid fundamentals and defensive characteristics are expected to remain attractive to investors [5]

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]