来源：新浪基金∞工作室 2月9日，华宝标普港股通低波红利ETF（159220）收盘涨0.63%，成交额7084.77万元。 港股通红利低波ETF华宝（159220）成立于2025年4月29日，基金全称为华宝标普港股通低波红利交易 型开放式指数证券投资基金，基金简称为华宝标普港股通低波红利ETF。该基金管理费率每年0.50%， 托管费率每年0.10%。港股通红利低波ETF华宝（159220）业绩比较基准为经人民币汇率调整的标普港 股通低波红利指数收益率。 最新定期报告显示，港股通红利低波ETF华宝（159220）重仓股包括江西铜业股份、远东宏信、中国海 洋石油、中国神华、恒隆地产、中国石油股份、信和置业、恒安国际、中国石油化工股份、恒生银行， 持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00358江西铜业股份4.48%35.60万1378.79万 03360远东宏信3.36%142.30万1033.37万00883中国海洋石油3.11%49.70万956.16万01088中国神华 3.07%26.95万944.46万00101恒隆地产2.98%118.10万918.43万00857中国石 ...

Core Viewpoint - The report emphasizes the increasing value of dividend assets in the current market environment, highlighting their defensive characteristics and long-term growth potential as the market shifts focus from growth expectations to dividend returns [5][13]. Group 1: Market Performance - The Hong Kong Stock Connect Low Volatility Dividend Index has shown a 0.81% increase over the past day, a 6.93% increase over the past month, and a 32.16% increase over the past year, with an annualized volatility of 12.14% [9]. - The A500 Low Volatility Dividend ETF has recorded a 0.19% increase over the past month and a 6.8% increase over the past year, with an annualized volatility of 8.78% [9]. - The 800 Low Volatility Dividend ETF has seen a 0.35% increase over the past month and a 4.77% increase over the past year, with an annualized volatility of 8.52% [10]. Group 2: Economic Context - In the context of macroeconomic uncertainty and increased market volatility, dividend assets are positioned as a "defensive shield" and a "ballast" for returns, underscoring their defensive value [5][13]. - The shift towards high-quality economic development in China is leading to a market pricing focus that aligns more with dividend returns, similar to trends observed in mature markets [5][13]. Group 3: Fund Performance Metrics - The 300 Cash Flow ETF, which excludes financials and real estate, has shown a 19.47% increase over the past year, with an annualized volatility of 9.77% [12]. - The performance of the 800 Low Volatility Dividend ETF over the past five years includes a 21.56% increase in 2021 and a 30.27% increase projected for 2024 [14].

Core Viewpoint - The Hong Kong stock market is expected to perform strongly in 2026, with various Hong Kong Stock Connect ETFs becoming key instruments for investors to engage in this bullish trend. Analysts predict a long-term bull market driven by technology as the main theme [1][28]. Group 1: Market Performance and Trends - The Hong Kong stock market had disappointing performance in Q4 2025, which may set the stage for a better performance in 2026. A potential influx of 10% of A-shares' funds into Hong Kong could double its trading activity [28]. - As of January 27, 2026, the trading volume of Hong Kong stocks was less than 300 billion HKD, while A-shares reached 30 trillion HKD, indicating a significant disparity in market activity [28]. - The Hong Kong Stock Exchange achieved a record IPO financing total of 274.6 billion HKD in 2025, ranking first globally, with domestic tech companies being the main contributors [48]. Group 2: ETF Growth and Features - Huabao Fund's equity ETF management scale surpassed 140 billion HKD, reaching 140.48 billion HKD as of January 27, 2026, marking a 71.78% increase from the end of 2024 [1][30]. - The Hong Kong Stock Connect ETFs support T+0 trading, enhancing investment efficiency and liquidity, with a diverse range of industry themes and unique products [33][47]. - Notable ETFs include the Hong Kong Information Technology ETF (159131), which focuses on the chip industry and is the first to track the CSI Hong Kong Stock Connect Information Technology Index [33][39]. Group 3: Sector-Specific ETFs - The Hong Kong Internet ETF (513770) has a significant focus on leading internet companies and had a fund size of 14.5 billion HKD as of January 27, 2026, with an average daily trading volume exceeding 600 million HKD [33][39]. - The Hong Kong Automotive ETF (520780) targets scarce leading automotive companies, while the Hong Kong Medical ETF (159137) covers four major medical sectors, including CXO and biopharmaceuticals [33][40]. - The Hong Kong Dividend Low Volatility ETF (159220) has shown strong performance since 2021, outperforming the CSI 300 Index, highlighting its defensive and growth potential in volatile markets [41][43]. Group 4: Investment Strategies and Future Outlook - The focus on technology and high dividend strategies is forming a robust product line for Huabao Fund, with a comprehensive "high dividend ETF family" across A-shares and Hong Kong stocks [41][46]. - The influx of southbound funds into the Hong Kong market reached a record net inflow of 1.404 trillion HKD in 2025, with continued interest into 2026, indicating a growing demand for Hong Kong investments [49]. - The market is expected to see more high-quality Chinese tech companies listed, providing effective tools for investors to capture beta returns through various Hong Kong ETFs [49].