【突出的股息率优势，是吸引资金的核心逻辑】 该基金的核心配置价值，与其标的指数 恒生港股通高股息低波动指数的"高股息"特性 紧密相关。目 前，该指数近12个月股息率已攀升至5.88%，与同期1.85%的10年期国债收益率形成显著利差，其吸引 力也超越了部分主流红利类指数。突出的股息率优势，使港股红利类资产在当前波动加剧的市场中，彰 显出十足的配置韧性。 【低费率+月月评估分红，提升长期持有体验】 据了解，港股红利低波ETF(520550)以全市场最低费率（综合费率0.2%）降低持有成本，其月度分红机 制和T+0交易特性进一步提升了资金效率；持仓结构上，金融、能源等成熟行业构筑安全垫，同时通过 单一个股5%的权重上限实现风险分散，剔除阶段跌幅过大的股票规避"股息率陷阱"。场外投资者可借 助联接基金(A类：024029/C类：024030)进行布局。 随着年末市场波动加剧，资金正加速流向具备防御属性的资产。截至12月4日，港股红利低波 ETF(520550)已获资金连续11日净流入，累计金额约9900万元。在资金的持续推动下，该基金份额规模 大幅增长，年内份额扩容达420.57%，最新份额突破10亿份，创下历史新 ...

Core Viewpoint - Hong Kong dividend assets are gaining market attention due to their high dividend yield, with the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index yielding 6.15%, significantly higher than the 4.58% of the CSI Dividend Index and 3.95% of the Shenzhen Dividend Index [2] Group 1: Dividend Yield Comparison - The 6.15% dividend yield remains attractive even after considering a 20% dividend tax, providing a compelling investment opportunity in both A-share and Hong Kong markets [2] - The current monetary policy environment, characterized by continued easing and declining interest rates, enhances the appeal of the 6.15% dividend level for investors seeking yield [2] Group 2: Investment Vehicle and Strategy - The Hong Kong Dividend Low Volatility ETF (520550) offers the lowest comprehensive fee rate of 0.2%, reducing holding costs while supporting monthly dividends and T+0 trading, thus improving capital efficiency [2] - The ETF's holding structure includes mature sectors like finance and energy, providing a safety cushion, while a 5% weight limit on individual stocks helps mitigate the "dividend yield trap" [2] - Investors can conveniently access the market through linked funds (Class A: 024029/Class C: 024030) [2] Group 3: Market Context - In the context of a slowing global economic growth and increasing market volatility, Hong Kong dividend low volatility assets are expected to serve as an important "ballast" in investment portfolios [2]

Core Viewpoint - The Hong Kong stock market is experiencing adjustments, with a focus on the performance of the Hong Kong Dividend Low Volatility ETF (520550), which has seen increased trading activity and a recommendation for investors to adopt a systematic investment approach during the valuation recovery period [1] Group 1: Market Performance - As of July 31, the Hong Kong stock market is adjusting, with the Hong Kong Dividend Low Volatility ETF (520550) down by 1.86% [1] - The ETF's trading volume has increased, with a turnover rate of 10.07% and a transaction value of approximately 1.2 billion, representing a 19.10% increase compared to the previous day [1] Group 2: Investment Strategy - Industry experts suggest that during the valuation recovery window, investors should consider systematic investment or phased accumulation strategies, focusing on the realization of earnings from constituent stocks and the trend of improving liquidity in the Hong Kong market [1] - The ETF offers the lowest market fee rate (comprehensive fee rate of 0.2%), which helps reduce holding costs, and its monthly dividend mechanism and T+0 trading characteristics enhance capital efficiency [1] Group 3: Portfolio Composition - The ETF's holding structure includes mature industries such as finance and energy, providing a safety net, while a 5% weight limit on individual stocks helps achieve risk diversification and avoids "dividend yield traps" by excluding stocks with significant declines [1] - Investors can utilize feeder funds (Class A: 024029/Class C: 024030) for their investment strategies [1]