Core Viewpoint - The article highlights the increasing interest and investment in Hong Kong dividend assets, particularly in the context of a high market volatility environment, with significant inflows and trading activity observed in recent months [1][2]. Group 1: Market Trends - As of November 17, 2025, the total scale of Hong Kong dividend-themed ETFs has surpassed 70 billion, with a growth of over 10.7 billion in just 11 trading days in November [1]. - Year-to-date, there has been a net inflow of nearly 29 billion into Hong Kong dividend assets, with the total scale reaching 74.2 billion, a 145% increase compared to the end of the previous year [2]. - The average daily trading volume of the Hong Kong dividend ETFs has increased significantly, with the Hong Kong Dividend ETF (513530) seeing an 84% rise and the Hong Kong Dividend Low Volatility ETF (520890) experiencing a 120% increase in November compared to the average from January to October [2]. Group 2: Institutional Investment - Southbound funds have shown a strong preference for high-dividend Hong Kong stocks, with a net purchase of 1,234.9 billion in Hong Kong stocks this year, particularly in the financial sector, which attracted over 320 billion [3]. - Insurance capital has been increasingly allocated to Hong Kong dividend assets, with 36 instances of capital injection recorded since 2025, primarily targeting high-dividend sectors such as banking and public utilities [3]. - The implementation of new accounting standards in 2026 is expected to further increase the allocation of high-dividend assets by insurance companies, with projections indicating a potential annual allocation of 250 to 500 billion by five A-share listed insurance companies [3]. Group 3: Dividend and Valuation Advantages - Hong Kong dividend assets offer higher dividend yields compared to A-share counterparts, with the Hong Kong Dividend ETF (513530) and the Hong Kong Dividend Low Volatility ETF (520890) yielding 5.54% and 5.72% respectively, while the 10-year government bond yield is only 1.81% [4]. - The valuation of Hong Kong dividend assets is notably attractive, with the price-to-earnings (PE) ratios for the Hong Kong Dividend ETF (513530) and the Hong Kong Dividend Low Volatility ETF (520890) at 7.99 and 7.87 respectively, and price-to-book (PB) ratios at 0.70 and 0.65, significantly lower than many mainstream A-share indices [5]. - Despite being defensive in nature, Hong Kong dividend assets have shown impressive performance, with the total return of the Hong Kong High Dividend (CNY) index and the Hang Seng High Dividend Low Volatility index increasing by 37.39% and 41.97% respectively over the past year [5].

Core Viewpoint - The Hong Kong Stock Connect Dividend Low Volatility ETF (159117) experienced a decline of 0.55% on November 13, with a trading volume of 24.6959 million yuan, indicating a reduction in investor interest and participation [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Stock Connect Dividend Low Volatility ETF is 175 million yuan [1] - Since its inception on September 30, 2025, the fund has achieved a return of 7.54% [1] - Over the past month, the fund's return has been 7.73% [1] Group 2: Fund Management - The fund is managed by Penghua Fund Management Co., Ltd. [1] - The fund managers are Yan Dong and Yu Zhanchang [1] Group 3: Fund Size and Activity - The fund's shares decreased by 10 million, bringing the total shares to 162 million [1] - In the last 20 trading days, the fund's shares have decreased by 21.5 million [1]

Group 1 - The market is expected to maintain a stable risk appetite and profit expectations as it enters a macroeconomic event and corporate financial data vacuum period from the end of this year to early next year [1] - The technology sector led the gains in Q3, while the dividend sector experienced an overall pullback; the combination of stable risk appetite, balanced market style, and medium to long-term capital allocation demand is likely to enhance the value of dividend asset allocation [1] Group 2 - In the oil and petrochemical sector, global crude oil supply and demand expectations are stable, with oil prices fluctuating within a range; leading companies possess high dividend yield advantages [1] - In the aviation sector, high passenger load factors, market-driven ticket pricing, and a slowdown in fleet growth are expected to support the continuous rise of industry profitability [1] - Hong Kong bank stocks have recently performed well, with higher dividend yields compared to A-shares; state-owned banks have an overall yield above 5%, making them more attractive to institutions seeking stable cash flow [1] - Tax advantages for insurance companies holding H-shares for over 12 months allow them to exempt corporate income tax on dividend income, further amplifying the appeal of high dividend characteristics [1] - Among A/H listed banks, except for China Merchants Bank, A-shares generally trade at a premium to H-shares, with the premium rate for the four major banks ranging from 23% to 35%, allowing for lower funding costs when allocating to Hong Kong bank stocks [1] - The Hong Kong Stock Connect Dividend Low Volatility ETF (159117) rose by 1.15%, with the latest price at 1.06 yuan as of November 10, 2025 [1]

上周（2025/11/3~11/7）市场整体震荡，投资者情绪趋于谨慎。从表现来看，红利类资产作为底仓配置 选项的价值或正持续凸显，市场对红利主题ETF热情踊跃。（数据来源：Wind） Wind数据显示，作为市场首只追踪红利低波指数的红利低波ETF（512890）上周（25/11/3~25/11/7）有 4日实现资金净流入，累计吸金5.74亿元，是同期A股市场上红利类主题ETF中仅有的区间资金净流入超 5亿元的产品，最新基金规模达258.14亿元，创下历史新高。与此同时，另一只聚焦港股红利类资产的 港股通红利ETF（513530）近期交投情绪同样有所升温，自2025年10月30日以来连续7个交易日实现资 金净申购，累计吸金1.75亿元，带动基金规模在连续5个交易日抬升后达23.88亿元，创2025年8月27日以 来新高。（红利低波ETF成立于18/12/19，数据来源：交易所、Wind，截至25/11/7，港股通红利ETF截 至25/10/31、25/11/7的规模分别为21.76亿元、23.88亿元） 此外，低利率环境也成为了推动红利类资产长期配置价值瞩目的主要动因。Wind数据显示，截至2025 年11月7 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decrease in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 5, 2024, the fund's latest share count is 73.08 million, with a total size of 107 million yuan, down from 123 million shares and 146 million yuan at the end of 2024, representing a 40.65% decrease in shares and a 26.90% decrease in size year-to-date [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF reached 1.273 billion yuan, with an average daily trading amount of 63.65 million yuan [1]. - Year-to-date, the ETF has seen a cumulative trading amount of 3.836 billion yuan over 204 trading days, averaging 18.80 million yuan per day [1]. Group 3: Fund Performance and Holdings - The current fund manager, Li Qian, has managed the ETF since its inception, achieving a return of 46.52% during her tenure [2]. - The ETF's top holdings include Shougang Resources (3.76%), Yanzhou Coal Mining (2.94%), and VTECH Holdings (2.76%), among others, with significant investments in major Chinese companies [2].

Core Viewpoint - The Hong Kong Stock Connect Dividend Low Volatility ETF (159117) experienced a 0.59% increase in value on November 4, with a trading volume of 10.01 million yuan and a reduction of 2 million shares, bringing the total shares to 175 million [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Stock Connect Dividend Low Volatility ETF is 179 million yuan [1] - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] - Since its establishment on September 30, 2025, the fund has achieved a return of 2.24%, with the same return over the past month [1] Group 2: Management Information - The fund is managed by Penghua Fund Management Co., Ltd. [1] - The fund managers are Yan Dong and Yu Zhanchang [1]

Core Viewpoint - The Hong Kong Stock Connect Dividend Low Volatility ETF (159117) experienced a 0.89% increase in value on November 3, with a trading volume of 6.0586 million yuan, indicating positive market performance [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Stock Connect Dividend Low Volatility ETF is 181 million yuan [1] - Since its establishment on September 30, 2025, the fund has achieved a return of 1.97% [1] - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1] Group 2: Fund Management - The fund is managed by Penghua Fund Management Co., Ltd. [1] - The fund managers are Yan Dong and Yu Zhanchang [1] - The fund's share count decreased by 3 million, bringing the total shares to 177 million [1]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decrease in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2] Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - The fund's performance benchmark is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2: Fund Performance - As of October 21, 2024, the fund's latest share count is 74.08 million, with a total asset size of 106 million yuan, down 39.83% in share count and 27.26% in asset size since December 31, 2024 [1] - The fund has recorded a total trading volume of 1.152 billion yuan over the last 20 trading days, averaging 57.61 million yuan per day [1] Group 3: Fund Management - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 43.72% during her tenure [2] - The fund's top holdings include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with Shougang Resources having a holding percentage of 3.83% [2]

Core Insights - The Hong Kong Dividend Low Volatility ETF (520890) has seen a year-to-date decrease in shares by 39.83% and a decrease in scale by 28.11% [1][2] - The fund manager, Li Qian, has achieved a return of 39.95% since taking over management on September 4, 2024 [2] Fund Overview - The fund was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 15, 2024, the fund's latest share count is 74.008 million, with a total scale of 105 million yuan [1] Performance Metrics - The fund's performance benchmark is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] - Over the last 20 trading days, the cumulative trading amount reached 884 million yuan, with an average daily trading amount of 44.215 million yuan [1] - Year-to-date, the cumulative trading amount is 2.901 billion yuan, with an average daily trading amount of 15.348 million yuan [1] Top Holdings - The fund's major holdings include Shougang Resources (3.83%), Far East Horizon (3.69%), and Chongqing Rural Commercial Bank (3.27%) among others [2] - The total market value of the top holdings varies, with Shougang Resources valued at 2.3682 million yuan and Far East Horizon at 2.2763 million yuan [2]

最近想了一个新的投资策略，准备周一实施，希望大家批判一下。 用融资融券账户买入中证红利ETF和港股通红利低波ETF，作为抵押品可以再以0.7倍杠杆买 入红利ETF，利率是4%，ETF股息率4.7%可以覆盖。 原本直接买入红利的策略，预期每年现金流是4.7%；使用杠杆后，去掉利息部分可以增厚 0.7%，现金流增加至5.4% 红利ETF历史最大回撤在20%~30%，策略使用0.7倍杠杆，按照强制平仓线，红利ETF需要 下跌46%才会被强制平仓，基本没有强制平仓的可能。 退出方案，当贷款利率高于ETF股息率时，停止使用杠杆。 情况一，经济回暖，贷款利率上涨，导致退出。盈亏情况，赚取持有期间现金流，小赚。 情况二，经济恶化，ETF股息减少的股息率下降，导致退出。盈亏情况，市值下跌，大亏。 情况三，股市上涨，ETF价格上升的股息率下降，导致退出。盈亏情况，ETF价格上涨，大 赚。 情况四，其他，无法判断。 dingo49 策略看上去是不错的，可以提高资金的使用效率； 问题是感觉楼主心急了， 这明显是个中长线的策略， 但是楼主在周末就已经忍不住，周一就 想冲进去。目前红利的估值处于中间位置，并不算太低， 是不是可以考虑先 ...