12月19日早盘，港股通红利低波ETF基金（159118）小幅上行，现涨约0.3%，持仓股长江基建集团、中 国电信、恒隆地产、太古地产等领涨。 中信建投证券表示，港股在经历了9月的单边上涨后，10月以来经历了震荡调整。当前AH两地正同步完 成中期调整，港股部分优质资产重新进入高性价比区间。多重因素促成港股中期交易窗口打开，包括市 场调整增厚了安全边际、南向资金保持净流入、宏观基本面改善等。配置选择上，需聚焦分红可持续性 强、盈利稳定的优质标的，前期因风格切换而深度调整的成长板块也将成为引领市场的核心主线。 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（港币），该指数历史长期业绩 突出，偏向大盘价值风格，前三大行业分别为房地产、公用事业和银行，前十大成份股涵盖了多行业高 股息标的，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。 ...

12月12日早盘，港股通红利低波ETF基金（159118）震荡上行，盘中涨约0.4%，持仓股江西铜业股份、 中国中车、新鸿基地产等领涨。 据桥水观察，中国企业扭转了过去低分红的趋势，直接返还给股东的资本水平已大幅高于在国内持有现 金带来的回报。得益于这一转变，尽管企业盈利增长基本持平，中国股票的风险溢价已经开始收窄，推 动了股价的良好表现。 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（港币），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。 ...

（责任编辑：张晓波 ） 12月11日，A股市场高开低走，港股通红利低波ETF基金（159118）盘中涨幅收窄，现约0.1%，持 仓股涨跌互现，长江基建集团、恒基地产、国泰航空、信和置业等领涨。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华金证券表示，短期来看，明确的政策加力信号有助于稳定并提升市场对经济复苏与盈利修复的预 期，同时"适度宽松的货币政策"进一步强化了流动性保持合理充裕的预期，这些因素可能共同助推春季 行情，春季行情有望提前展开。中长期而言，积极政策基调若能有效推动信用周期回暖与企业盈利结构 性改善，将夯实A股慢涨的逻辑。 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（港币），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 ...

Core Viewpoint - The A-share market experienced fluctuations, while the Hong Kong Stock Connect Low Volatility ETF (159118) saw a decline of approximately 0.5% during intraday trading, indicating a mixed performance among its holdings [1] Group 1: Market Trends - The Hong Kong stock market has shown a "southbound dominance and foreign capital shift" in fund flows, with a net inflow of nearly 1.4 trillion HKD by the end of November, marking a record high since the opening of the mutual market mechanism [1] - From June to October, the proportion of inflows into ETFs surged to 51.3%, peaking at 88% in August, highlighting the enthusiasm of domestic individual investors to increase their positions through ETFs [1] Group 2: ETF Fund Characteristics - The Hong Kong Stock Connect Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, focusing on large-cap value stocks, providing investors with a low fee (management and custody fees only 0.2%) and high efficiency (T+0 trading) for easy access to Hong Kong stocks, dividends, and low volatility [1] - The ETF fund can conduct quarterly evaluations and profit distributions, allowing for arrangements of profit distribution when conditions for fund dividends are met [1]

Group 1 - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) experienced a fluctuation, currently down approximately 0.6%, with most holdings declining, while only a few, such as China CNR Corporation, Beijing Enterprises, and VTech Holdings, showed gains [1] - According to Shenwan Hongyuan Securities, the risk factors for insurance companies' related businesses have been lowered, allowing for significant equity allocation space, estimated to be in the hundreds of billions, as insurance funds increase their equity allocation ratio [1] - The historical long-term performance of the S&P Hong Kong Stock Connect Low Volatility Dividend Index is notable, with a cumulative increase of 102.23% and an annualized return exceeding 16% since 2021, significantly outperforming the Hang Seng Index and other related indices [1] Group 2 - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, focusing on large-cap value stocks, providing investors with low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading) [2] - The ETF allows for quarterly assessments and profit distributions, with arrangements for profit distribution when conditions are met [2]