中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月15日，该指数近1年股息率是6.76%，高于同期10 年期国债收益率4.92%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票； 截至12月15日，该指数近1年股息率是6.18%，高于同期10年期国债收益率4.34%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 每日经济新闻 非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF（159118）是跟踪该指数综合费率最低的一只ETF。 奥思集团：每股0.025港元；除净日：2026-02-02，派息日期：2026-03-02；恒生行业：医疗及医学美容 服务；非中证港股通央企红利指数（931233.CSI）的成分股，非恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，非标普港股通低波红利港币指数（SPAHL ...

非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF是跟踪该指数综合费率最低的一只ETF。 中证港股通央企红利指数3.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且股息率 较高的50只上市公司股票进行打包；截至12月12日，该指数近1年股息率是6.67%，高于同期10年期国 债收益率4.83%，港股央企红利ETF是跟踪该指数规模最大的投资标的。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票； 截至12月12日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.26%，恒生红利ETF是跟踪 该指数的唯一ETF。 交通银行：每股人民币0.1563元；除净日：2025-12-17，派息日期：2026-01-28；恒生行业：银行；是 中证港股通央企红利指数3.CSI）的成分股，是恒生中国内地企业高股息率指数（HSMCHYI.HI）的成 分股，是标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。 ...

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 11, which is higher than the 10-year government bond yield of 4.89% [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 11, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Zoomlion Heavy Industry Science and Technology Co., Ltd. announced a dividend of HKD 0.22 per share, with the ex-dividend date set for December 15, 2025, and the payment date on January 9, 2026 [1]

Group 1 - The China Securities Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 10, which is higher than the 10-year government bond yield of 4.88% [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 10, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 6, 2026 [2] - Shanghai Pharmaceuticals is not a component of the China Securities Central State-Owned Enterprises Dividend Index (931233.CSI), the Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI), or the Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) [2]

沪深股通今日合计成交2044.14亿，其中寒武纪和中际旭创分居沪股通和深股通个股成交额首位。板块主力资金方面，房地产板块主力资金净流入居首。 ETF成交方面，标普消费ETF（159529）成交额环比增长591%。 龙虎榜方面，海南板块全天强势，其中神农种业20cm涨停，获四家机构买入2.65亿元，同时获一家量化资金席位（开源证券西安西大街）买入4258万元。地 产板块今日快速拉升，万科A涨停，获三家一线游资席位（国泰海通证券上海江苏路、国泰海通证券成都北一环路、东方证券厦门仙岳路）分别买入1.47亿 元、0.94亿元、0.44亿元，同时遭另一家游资席位（招商证券深圳深南大道）卖出2亿。 从深股通前十大成交个股来看，中际旭创位居首位；新易盛和宁德时代分居二、三位。 二、板块个股主力大单资金 从板块表现来看，海南、贵金属、零售等板块涨幅居前，培育钻石、银行、有机硅等板块跌幅居前。 | | | 星矿板块主力资金监控：今日买入前五榜（2025年12月10日） | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | 1 | 房地 ...

数据显示，港股央企红利ETF（513910）当前成交额已突破4.5亿元，近10个交易日净流入额约5亿元。 那么在港股高股息的指数其实有诸多只，为何港股央企红利ETF（513910）成交火爆？近一个月，该 ETF日均成交在3亿左右。央企buff可能是原因之一。央企全面推行市值管理，考核机制强化分红连续性 与稳定性；中证港股通央企红利指数市净率（PB）仅0.63，低于港股通高股息指数（PB0.66），配置吸 引力凸显。 临近年末，港股市场高股息板块关注度显著升温，相关ETF产品成交放量。以港股央企红利ETF （513910）为例，近期持续获得资金布局，其背后逻辑与历史季节性规律、美联储或"鹰派"降息、央企 估值优势及分红稳定性等多重因素相关。 回溯近十年数据，港股高股息资产在每年12月至次年1月中旬表现突出。以港股通高股息全收益指数为 例，该区间上涨概率超90%，平均涨幅达4.6%，且多数时间跑赢A股、港股主要指数。尽管在2015年市 场极端波动中出现唯一一次回调，但高股息资产仍体现抗跌属性。 ...

Core Viewpoint - The Hong Kong stock market's high dividend sector typically experiences a seasonal "bull market" from December to mid-January, driven by historical patterns known as the "calendar effect" [1] Historical Data Insights - The Hong Kong Stock Connect High Dividend Total Return Index shows a high absolute return probability of 90.9% from December to mid-January, with a median increase of 3.4% and an average increase of 4.6% since 2014 [2] - The probability of achieving excess returns compared to the A-share market (CSI 300) is 81.8%, with an average outperformance of approximately 2.1 percentage points [3] - The same probability of 81.8% applies when comparing to the A-share dividend index (CSI Dividend), with an average excess return of about 3.2 percentage points [4] - When compared to the Hong Kong market benchmark (Hang Seng Index), the probability of excess returns is also 81.8%, with an average excess return of approximately 1.6 percentage points [5] Exceptions and Insights - The only year with absolute return losses was from December 2015 to mid-January 2016, attributed to the A-share "leverage bull" collapse and liquidity crisis affecting the Hong Kong market. However, high dividend assets still outperformed the A-share market and the Hang Seng Index during this period [6] - Years where excess returns lagged behind the A-share market occurred mainly during the "fast bull" phases of 2014-2015 and 2020-2021, when growth stocks surged [6] - Excess returns lagging behind the Hang Seng Index were primarily due to significant movements in major stocks like Tencent, rather than a widespread trend [6] Investment Strategy - Investing in high dividend assets in the Hong Kong market at year-end is historically a high-probability strategy with both absolute and relative return potential, influenced by institutional portfolio adjustments and the dividend distribution system [7] - Among the high dividend stocks, those from state-owned enterprises (SOEs) may offer lower valuations and more stable dividend guarantees, as SOEs have implemented market value management and accountability systems [8] - The CSI Hong Kong Stock Connect SOE Dividend Index has a price-to-book ratio (PB) of 0.63, lower than the 0.66 for the broader high dividend index, providing a thicker "safety cushion" [8] - As of December 9, the one-year dividend yield for this index is 6.71%, surpassing the 4.84% yield of 10-year government bonds, with the largest investment vehicle tracking this index being the Hong Kong SOE Dividend ETF [8]

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of centrally controlled enterprises with stable dividend levels and high dividend yields, achieving a one-year dividend yield of 6.71% as of December 9, which is higher than the 10-year government bond yield of 4.84% [1] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 6.19% as of December 9, surpassing the 10-year government bond yield of 4.31% [1] - The Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 30, 2025, and a payment date of February 6, 2026 [1]

对于即将到来的议息会议，市场普遍认为鹰派鲍威尔可能传递更为审慎的信息：比如，在降息的同时提 高未来进一步降息的门槛，以安抚委员会内部的鹰派成员。而影子美联储哈塞特也可能更快一步发 表"鸽派立场"——更宽松政策、通货再膨胀以及对美元信心下降的押注。 周一，根据Academy Securities策略师Peter Tchir的分析，市场为12月降息定价的概率高达95%。 美联储鲍威尔和美联储最有力的候选人——国家经济委员会主任哈塞特对降息有着不同的看法。这一人 事变动及其背后的政策协调预期，正在重塑市场对2025年货币政策路径的判断。 野村证券认为，如果市场"老实"地对"鹰派降息"做出反应，这就是一场流动性的逆转：债券和股票将因 获利回吐而走弱，美元则会走强，美股科技股和成长股面临估值压力。如果市场表现基于"哈塞特交 易"，美债收益率曲线将陡峭化，全球经济复苏预期升温，周期性股票将表现出色，而美元将再度承 压。 由于香港实行联系汇率制，美联储降息是鹰还是鸽，都将对港股市场带来一定影响。如果是鹰派降息， 港股反弹力度可能不及预期。在当前情况下，市场观点认为，港股市场更应选择港股央企红利 ETF(513910)这种基 ...

恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票；截 至12月8日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.23%，恒生红利ETF（159726） 是跟踪该指数的唯一ETF。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。从这一天起，买入该股票的投 资者，将无法享受到本次派发的股息。 沪上阿姨：每0.743755港元；除净日：2025-12-12，派息日期：2026-02-04；恒生行业：非酒精饮料； 非中证港股通央企红利指数（931233.CSI）的成分股，非恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，非标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月8日，该指数近1年股息率是6.65%，高于同期10年 期国债收益率4.77%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 非标普港股通低波红利港币指数（SPAHL ...