Group 1 - The Hong Kong stock market opened positively on January 13, with the Hang Seng Index rising by 1.32%, the State-Owned Enterprises Index increasing by 1.25%, and the Tech Index up by 1.93%, driven by strong AI application trends [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index followed the market's upward trend, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) showing more gains than losses, led by companies such as Wharf Real Estate Investment, Henderson Land Development, and Sun Hung Kai Properties [1] - The Huatai Strategy Hong Kong Stock Sentiment Index indicated that it officially entered the "panic zone" last Friday, suggesting a 100% win rate for those positioning in Hong Kong stocks since the end of 2023 [1] Group 2 - The AH premium index has risen to a peak of 122.7, indicating that Hong Kong stocks may enter a relative return period as the sentiment score for Hong Kong stocks has reached a historical low compared to the rapid gains in A-shares [1] - The upcoming Chinese New Year holiday may replicate the trend seen in September-October, where Hong Kong stocks follow the upward momentum of A-shares [1] - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which has historically outperformed the Hang Seng Index and other dividend-related indices, with a focus on large-cap value stocks in the real estate, utilities, and banking sectors [1]

Group 1 - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) experienced a decline of 0.31% on January 8, with a trading volume of 5.9214 million yuan [1] - The fund's shares decreased by 1 million, bringing the total shares to 305 million, with a reduction of 19 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated to be 297 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Stock Connect Dividend Low Volatility ETF is the adjusted return of the S&P Hong Kong Stock Connect Low Volatility Dividend Index [1] - The fund is managed by China Asset Management Co., Ltd., with Yan Xiaoxian as the fund manager [1] - Since its establishment on November 17, 2025, the fund has returned -2.53%, with a one-month return of -1.66% [1]

Core Viewpoint - The Hong Kong stock market is experiencing a volatile upward trend, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) rising approximately 0.72% during the session, driven by leading stocks such as Jiangxi Copper, Hang Lung Properties, China Telecom, and Cheung Kong Infrastructure Group [1] Group 1: Market Analysis - The three major indices in the Hong Kong stock market continue to show a volatile trend, with Huatai Securities indicating that the current market has limited downside potential but insufficient upward momentum, reflecting typical bottoming characteristics similar to those seen in November 2024 [1] - Historical experience suggests that after market sentiment reaches a bottom, there is often a rebound opportunity, which warrants early positioning by investors [1] Group 2: Future Outlook - Huatai Securities believes that if a consensus on RMB appreciation is formed, it will lead to changes in capital flow patterns, referencing the performance of European markets this year [1] - The market is overly concerned about the impact of currency appreciation and high export baselines; however, there is a possibility of unexpected resilience in exports in the first half of next year, given the moderate state of Sino-U.S. relations [1] Group 3: ETF Fund Characteristics - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index (in HKD), favoring a large-cap value style [1] - The top three sectors represented in the ETF are real estate, utilities, and banking, with the top ten constituent stocks covering high-dividend targets across multiple industries [1] - The fund offers low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading), allowing investors to easily access Hong Kong stocks, dividends, and low volatility [1]

Core Viewpoint - The Hong Kong stock market is experiencing a mid-term adjustment, with quality assets becoming more attractive due to improved safety margins and sustained net inflows from southbound capital [1] Group 1: Market Performance - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) has seen a slight increase of approximately 0.3% [1] - After a one-sided rise in September, the market has undergone a period of adjustment since October [1] Group 2: Investment Strategy - Multiple factors are contributing to the opening of a mid-term trading window in the Hong Kong market, including market adjustments enhancing safety margins and improvements in macro fundamentals [1] - Investors are advised to focus on high-quality stocks with strong dividend sustainability and stable earnings, particularly in growth sectors that have been deeply adjusted due to style shifts [1] Group 3: ETF Characteristics - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which has a strong historical performance and leans towards large-cap value style [1] - The top three industries represented in the index are real estate, utilities, and banking, with the top ten constituent stocks covering high-dividend targets across multiple sectors [1] - The ETF offers low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading), facilitating easy access to Hong Kong stocks, dividends, and low volatility [1]

Core Viewpoint - The A-share market opened slightly lower, with the Shanghai Composite Index down 0.14%, the Shenzhen Component Index down 0.13%, and the ChiNext Index down 0.04%. The Hong Kong dividend low-volatility ETF (159118) experienced fluctuations and rose approximately 0.4%, with leading stocks including China National Pharmaceutical Group, China Pacific Insurance, and Hengan International [1] Group 1: Market Analysis - GF Securities analysis indicates that the strong year-end calendar effect on Hong Kong dividends is primarily due to public funds and other relative return-seeking capital rebalancing their assets during this critical window. To lock in annual returns, some institutions may sell high-valuation, volatile growth stocks in favor of high-dividend, high-safety-margin Hong Kong dividend sectors [1] - The historical long-term performance of the S&P Hong Kong Stock Connect Low Volatility Dividend Index is notable, with a cumulative increase of 94.95% since 2021, achieving an annualized return exceeding 16%, significantly outperforming the Hang Seng Index and other dividend-related indices [1] Group 2: ETF Fund Characteristics - The Hong Kong dividend low-volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, with component stocks leaning towards large-cap value styles, providing investors with low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading) for easy access to Hong Kong stocks, dividends, and low volatility [1] - Additionally, the Hong Kong dividend low-volatility ETF fund can conduct quarterly evaluations and profit distributions, with arrangements for profit distribution if the fund meets dividend conditions [1]

Core Points - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) increased by 0.61% on December 1, with a trading volume of 30.78 million yuan [1] - The fund's shares decreased by 13 million, bringing the total shares to 380 million [1] - The latest net asset value of the fund is 379 million yuan [1] - The performance benchmark for the fund is the adjusted S&P Hong Kong Stock Connect Low Volatility Dividend Index return [1] - The fund is managed by Huaxia Fund Management Co., Ltd., with Yan Xiaoxian as the fund manager [1] - Since its establishment on November 17, 2025, the fund has returned -0.19% [1]

Group 1 - The A-share major indices rose on December 1, with the Hong Kong Stock Connect Low Volatility ETF (159118) experiencing a fluctuation increase of over 0.9%. The holdings, including Jiangxi Copper Co., Ltd., rose by over 8%, along with other stocks like Wharf Real Estate Investment Company, China Merchants Port, and Bosideng [1] - According to analysis from China Merchants Securities, the market trading focus in December will revolve around the Federal Reserve's interest rate meeting and important domestic year-end meetings. Considering seasonal factors, changes in domestic and external liquidity, and incremental capital changes, a large-cap style is recommended for December, likely transitioning from growth to value [1] - The Hong Kong Stock Connect Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, with component stocks leaning towards large-cap value style. This ETF offers investors a low fee (management and custody fees only 0.2%) and high efficiency (T+0 trading), allowing for a one-click layout of Hong Kong stocks, dividends, and low volatility. Additionally, the ETF can conduct quarterly evaluations and profit distributions if it meets the dividend distribution conditions [1]