今年以来，截至11月20日，南向资金累计净流入突破1.36万亿港元，较2024年全年8078亿港元的总流入 规模增长超68%，为2024年全年净买额的1.7倍。截至11月20日，南向资金年内累计成交额突破26.37万 亿港元，较2024年全年的11.22亿港元的累计成交额增长超135%，为2024年全年累计成交额的2.35倍。 自港股通开通以来，累计净流入规模已超5万亿港元，刷新了互联互通机制开通以来的历史纪录。 2、持仓结构变化 一、概念界定：跨境资本流动的"南向力量" 南向资金是指内地投资者通过沪港通、深港通互联互通机制，投资于香港联合交易所上市股票的资金统 称。南向资金既是内地资本参与国际市场的重要渠道，也是香港市场增量流动性的关键来源。 二、南向资金近期新动态 1、净流入规模创新高，成交活跃度提升 南向资金的主力主要还是险资、公募基金等机构资金。对险资来说，其核心逻辑在于低利率环境下，港 股高股息资产（平均股息率5.57%）与险资长期负债匹配度显著提升，而对公募基金来说，通过跨境配 置分散A股市场波动风险。 2、为什么近一月以来会是银行、非银金融、房地产、石油石化、交通运输等板块获得增持？ 港股市场当 ...

南旋控股：每股0.11港元，除净日为2025-12-05，派息日期为2025-12-19；恒生行业为服装，非中证港 股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 中证港股通央企红利指数（931233.CSI）指数，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11月21日，该指数近1年股息率是5.73%，高于同 期10年期国债收益率3.91%，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（HSMCHYI.HI）指数，筛选打包在港上市，内地公司中的高股息股票；截 至11月21日，该指数近1年股息率是5.39%，高于同期10年期国债收益率3.57%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 震雄集团：每股0.036港元，除净日为2025-12-12，派息日期为2026-01-14；恒生行业为工业零件及器 材，非中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成 分股。 注：除净日，就是一只股票开始"剔除" ...

存款有利息，股票有股息。 为啥这么神呢？指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的 股息率、投资期内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是 确定的正向助力。股息率越高，确定的正向收益也就越高。如今超火的"红利策略"正是抓住了这一点！ （文章来源：每日经济新闻） 那么当前港股央企红利ETF（513910）跟踪指数的股息率到哪里了呢？我们一起来看看！截至2025年11 月24日，指数近12个月股息率是5.73%，高于同日10年期国债收益率有3.91个百分点。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。据说他在1975至1999年运用该策略 投资的平均复利回报达18%，远高于市场3%的平均水平。 ...

这一动向信号明确：在不确定的市场环境中，拥有稳定现金流、高分红能力的"红利资产"正成为大资金 追逐的"压舱石"。 最新数据显示，中国市场的"聪明钱"正在大规模行动。这里的"聪明钱"指的是保险资金。兴业证券报告 指出，今年三季度，保险资金股票和基金的资产配置比例已大幅升至15.5%，逼近历史峰值——2015年 上半年16.1%的历史最高水平。更关键的是，其配置方向鲜明——大幅增配银行、钢铁、纺织服装等典 型的高股息红利板块。 那么红利资产除了"个股"，指数投资是主要途径，也是对普通投资者来说，"门槛"最低的投资方式之 一。不过，业内人士表示，当前市场红利指数投资，在最近两年发生了明显变化——单一的红利策略已 经不再是主流红利审美，叠加了各种buff的"进阶版"红利层出不穷，如红利低波ETF基金（159547）跟 踪的中证红利低波动指数，它不仅要求成分股连续分红、股息率高，还加入了"低波动"因子筛选，旨在 捕获高股息的同时，降低股价波动风险，提升持有体验。再比如，近两年市场比较瞩目的"央企"buff， 因为在"央企市值管理"考核的强力驱动下，央企上市公司有更强的动力和压力去提升分红率和投资者回 报。这使得"红利策 ...

健倍苗苗：每股0.0975港元，除净日：2025-11-28，派息日期：2025-12-17；恒生一级行业：中医药， 非中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分 股。 恒生中国内地企业高股息率（HSMCHYI.HI）指数，筛选打包在港上市，内地公司中的高股息股票； 截至11月17日，该指数近1年股息率是5.25%，高于同期10年期国债收益率3.43%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 每日经济新闻 简单投资，加点红利！ 中证港股通央企红利指数（931233.CSI）指数，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11月17日，该指数近1年股息率是5.59%，高于同 期10年期国债收益率3.77%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 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。 ...

Group 1 - Agricultural Bank of China will distribute a dividend of RMB 0.1195 per share, with the ex-dividend date set for December 5, 2025, and the payment date on January 26, 2026. It is classified under the banking sector in the Hang Seng Industry Index and is a constituent of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index (931233.CSI) [1] - China Communications Construction Company will distribute a dividend of no less than HKD 0.12903 per share, with the ex-dividend date on December 1, 2025, and the payment date on January 9, 2026. It falls under the heavy infrastructure sector in the Hang Seng Industry Index and is also part of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index (931233.CSI) [1] - The CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, selected from the Hong Kong Stock Connect range. As of November 10, the index has a one-year dividend yield of 5.54%, which is higher than the 10-year government bond yield of 3.72% [1]

Group 1: Market Signals - Recent market signals indicate a recovery in the Hong Kong stock market driven by policy, funding environment, and valuation factors [1] - Positive changes include signs of easing in US-China relations and supportive signals from China's "14th Five-Year Plan," particularly in technology innovation and domestic demand [1] - The central bank's recent resumption of government bond trading enhances the flexibility and effectiveness of monetary policy, boosting market confidence [1] Group 2: Liquidity Improvement - Market expectations suggest the Federal Reserve may lower interest rates in December and continue to do so three more times next year, which could alleviate liquidity pressure in Hong Kong [1] - Southbound capital has recorded the highest net inflow since the launch of the Hong Kong Stock Connect this year, indicating a positive trend and potential for long-term institutional and retail investor participation [1] Group 3: Valuation Levels - Despite market rebounds, the overall valuation of Hong Kong stocks remains at historically low levels, with the Hang Seng Index's PE (TTM) at 11.94 times and PB (LF) at 1.22 times, positioned at the 79% and 83% percentiles of the past decade [2] - Compared to global equity markets, the valuation of Hong Kong stocks offers significant value, with the Hang Seng Index's valuation still lower than that of US stocks and on par with Japan, South Korea, and Germany [2] Group 4: Market Trends - In the short term, the Hong Kong stock market is expected to stabilize and rebound in Q4, driven by the release of pessimistic sentiment, breakthroughs in AI technology, and easing US-China relations [3] - In the medium to long term, China's economy is anticipated to stabilize gradually, with continued profit growth in the technology sector, potentially leading to a "slow bull" market for Hong Kong stocks [3] Group 5: Investment Opportunities - The market style remains focused on growth, but sector rotation is rapid, and high-growth tech stocks are often accompanied by high volatility [4] - A low-interest-rate environment is likely to persist, making dividend-paying assets relatively attractive; thus, a "barbell strategy" combining offensive and defensive positions is recommended [4] - The Hong Kong Central Enterprises Dividend ETF (513910) is highlighted as a key investment tool, focusing on stable dividend-paying, low-valuation central enterprises [4] - Attention is also drawn to the AI industry chain and biopharmaceuticals, which are expected to benefit from technological advancements and economic recovery [4]

Core Insights - As of November 4, cumulative net inflow from southbound funds has exceeded 1.27 trillion HKD, marking a historical high for annual net inflows despite nearly two months remaining until the end of 2025 [1] - The primary source of incremental capital in the Hong Kong stock market this year has been southbound funds, with significant inflows observed since October [1] - The low valuation and high dividend yield of the Hong Kong stock market compared to A-shares are key factors driving this trend, with the dividend yield of the Hong Kong central enterprise dividend ETF at 5.72% and the Hong Kong financial ETF at 4.93%, while A-share ordinary dividend yield is below 4% [1] - For ordinary investors, the trading threshold for southbound investment may pose challenges, making southbound ETFs a viable investment option [1]

Core Insights - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) increased by 1.10% on November 3, with a trading volume of 209 million yuan [1] - The fund's shares rose by 35 million, bringing the total shares to 2.523 billion, with an increase of 290 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 4.148 billion yuan [1] - The ETF's performance benchmark is the adjusted yield of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, managed by Huaxia Fund Management Co., Ltd. [1] - Since its inception on February 7, 2024, the fund has returned 64.40%, with a one-month return of 5.17% [1]

Core Viewpoint - The Hong Kong stock market is expected to experience a clear upward trend in the fourth quarter, with the "barbell strategy" being the optimal choice to navigate market fluctuations, particularly focusing on the technology sector as a key growth driver [1][2]. Group 1: Market Trends - The Hang Seng Index opened up by 0.76%, while the Hang Seng Tech Index rose by 0.53%, indicating positive momentum in the market [1]. - The technology sector is positioned to benefit from the AI revolution and new productivity paradigms, focusing on high-growth opportunities [1]. Group 2: Investment Strategy - The "barbell strategy" consists of two components: one focusing on high-growth technology stocks and the other on high-dividend stocks that provide stable cash flow to mitigate market risks [1]. - This strategy aligns with the current market environment characterized by "policy support + technological breakthroughs" and is favored by foreign institutional investors seeking growth leaders and high-dividend stocks [1]. Group 3: Relevant ETFs - The Hong Kong Stock Connect Technology ETF (159101) allows T+0 trading and selects 30 large-cap, high R&D investment technology leaders, covering major players like Tencent and Alibaba, as well as emerging companies in various sectors [3]. - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) also supports T+0 trading and focuses on high-dividend state-owned enterprises, providing a more secure dividend under the State-owned Assets Supervision and Administration Commission's "market value management" assessment [3].