标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2021年 以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超16%，显 著高于恒生指数以及恒生红利类指数和红利低波全收益指数。 港股通红利低波ETF基金（产品代码：159118）重磅发行中，助力投资者低费率（管理费+托管费仅 0.2%）、高效率（T+0交易）一键布局港股+红利+低波，此外，港股通红利低波ETF基金可每季度进行 评估及收益分配，在符合基金分红条件下，可安排收益分配。 华夏港股通红利低波ETF基金（159118）重磅发行中，为看好高股息率、低波动率股票投资价值的投资 者提供布局更优选。 港股通红利低波ETF基金紧密跟踪标普港股通低波红利指数，指数在选样以及设置权重时兼顾行业覆盖 度，整体行业分布较为均衡；前三大行业依次为房地产16%、公用事业15%、银行14%，市值分布偏大 盘，市盈率PE不到9倍，整体呈现大盘价值风格。 ...

Core Viewpoint - The current low interest rate environment in China is likely to persist long-term, prompting investors to seek stable asset allocation strategies to achieve consistent returns [1][3]. Group 1: Low Interest Rate Environment - The yield on China's 10-year government bonds has fallen below 2.5%, marking a ten-year low, which raises concerns about asset allocation in a low-risk return scenario [1]. - Many investors believe that the low interest rate environment will be a long-term trend, influenced by both monetary policy and the natural evolution of the economic cycle [3]. Group 2: Appeal of Dividend Assets - Dividend assets are becoming increasingly attractive due to economic recovery and relatively low valuation levels, with their yields surpassing many fixed-income products [3]. - The ongoing issuance of the Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) is designed to capture both stable large-cap stocks and the growth potential of smaller companies [4]. Group 3: Market Trends and Policy Support - Recent regulatory reforms, such as the New National Nine Articles and new market capitalization management rules, emphasize the importance of shareholder returns, making high-dividend companies more appealing [5]. - Institutional investors are increasingly favoring high-dividend strategies, aligning with market trends and policy incentives [5]. Group 4: Valuation Advantages in Hong Kong Market - The Hong Kong market offers a valuation advantage, with dividend stocks generally providing higher yields and lower valuations compared to A-shares; for instance, the Hang Seng Index's dividend yield exceeds 4%, while the CSI 300's is around 2.5% [6]. Group 5: Stability in Volatile Markets - The Dividend Low Volatility strategy has demonstrated stable performance during recent market fluctuations, focusing on companies with stable cash flows and reasonable valuations [7]. - Dividend assets provide certainty and consistent cash flow, offering investors a sense of security amid market volatility [7]. Group 6: Investment Recommendations - It is advisable to allocate a portion of the investment portfolio to the Dividend Low Volatility strategy, which can provide stable cash flow and reduce overall portfolio volatility [8]. - The unique characteristics of the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) make it particularly advantageous in the current market environment, enhancing the investment experience [8].

Group 1 - The current low interest rate environment in China, with the 10-year government bond yield falling below 2.5%, is expected to persist long-term, influencing asset allocation strategies [1] - The appeal of dividend assets is increasing as their yields surpass many fixed-income products, driven by economic recovery and relatively low valuation levels [1] Group 2 - The newly issued Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) is designed for the Hong Kong market, featuring a sample stock distribution where companies with a market cap above 50 billion account for approximately 24.56% and those below account for about 75.44%, indicating a mix of stable large-cap stocks and growth potential from smaller companies [2] - The average price-to-earnings (PE) ratio of the sample stocks is low, with 41.23% of stocks having a PE below 10 and 44.76% between 10 and 20, suggesting a significant safety margin for investors [2] Group 3 - Regulatory reforms, such as the New National Nine Articles and new market capitalization management rules, emphasize the importance of shareholder returns, making high-dividend companies increasingly attractive [3] - The Hong Kong market offers a valuation advantage over A-shares, with the Hang Seng Index's dividend yield exceeding 4%, compared to approximately 2.5% for the CSI 300 [3] Group 4 - The dividend low volatility strategy has demonstrated stable returns amid increased market volatility, focusing on companies with stable cash flows, consistent dividends, and reasonable valuations [4] - Dividend assets provide certainty during market downturns, offering continuous dividend distributions that help investors maintain stability [4] Group 5 - It is advisable to allocate a portion of assets to the dividend low volatility strategy, which can serve as a "core holding" to provide stable cash flow and reduce overall portfolio volatility while retaining flexibility for market gains [5] - The dual characteristics of "dividend + low volatility" in the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) offer unique advantages in the current market environment, enhancing the investment experience [5]

标普港股通低波红利的历史长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2021年 以来标普港股通低波红利全收益指数截至2025年10月22日，长期累计涨幅达94.95%，年化超16%，显著 高于恒生指数以及恒生红利类指数和红利低波全收益指数。近五年中仅2022年涨幅为负，2024年录得 29.64%的正涨幅，截至2025年10月22日，今年以来累计涨幅达30.26% 。 港股通红利低波ETF基金（产品代码：159118）自11月10日起重磅发行，助力投资者低费率（管理费 +托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低波，此外，港股通红利低波ETF基金可 每季度进行评估及收益分配，在符合基金分红条件下，可安排收益分配。 华夏港股通红利低波ETF基金（159118）于今日（11 月 10 日）起正式发售，为看好高股息率、低波动 率股票投资价值的投资者提供布局更优选。港股通红利低波ETF基金紧密跟踪标普港股通低波红利指 数，衡量标普港股通指数内50只波幅最小、收益率高的股票的表现。红利+低波因子强强联合，更加凸 显指数特色和优势！ ...