来源：新浪基金∞工作室 12月30日，港股通红利低波ETF基金（159118）涨0.21%，成交额380.85万元。当日份额减少400.00万 份，最新份额为3.07亿份，近20个交易日份额减少2000.00万份。最新资产净值计算值为2.99亿元。 港股通红利低波ETF基金（159118）业绩比较基准为经估值汇率调整后的标普港股通低波红利指数收益 率，管理人为华夏基金管理有限公司，基金经理为严筱娴，成立（2025-11-17）以来回报为-2.62%，近 一个月回报为-1.73%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

华泰证券首席宏观经济学家易峘认为，当前港股仍在左侧布局区间，市场对春季行情提前的一致预期较 强，但港股年底仍有供需压力，右侧拐点尚不清晰，明年年初资金重新配置和人民币升值是资金面改善 的下阶段动力; 从外部环境看，海外流动性总体趋于宽松，考虑到宏观环境适宜和美联储主席换届，宽 松预期反而可能进一步增强，部分投资者此前担忧的日本央行加息冲击也并未发生。 截至12月26日10点整，港股通红利低波ETF基金（159118）盘中微涨0.10%，持仓股中国旺旺、招商局 港口、长江基建集团等涨幅居前。 港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数（港币），该指数历史长期业绩 突出，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。成分股偏向大盘价值风格，前三 大行业分别为房地产、公用事业和银行。基金管理费年费率为0.15%，托管费年费率为0.05%，助力投 资者布局"红利+低波"双因子。 ...

广发证券认为，当前市场环境下，布局港股通高股息板块正当其时。首先是历史规律清晰，2014年至 今，12月至次年1月中旬期间，该板块相较于主要指数的胜率均达82%，获取绝对收益的胜率高达 91%。其次交易拥挤度低，当前成交额占比仅为6.1%，处于历史相对低位，为投资者提供了较好的再布 局机会。最后是流动性环境改善，海外流动性最紧张时期已过，美国政府停摆结束，TGA账户余额将 大幅下降，美联储12月降息25BP概率已回升至86%，加之圣诞节前可能宣布新任美联储负责人，外部 流动性压力明显缓解。 12月22日，港股通红利低波ETF基金（159118）盘中走低，现跌约0.4%，持仓股江西铜业股份、嘉里建 设、桓球医疗、中银香港等领涨。 港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数（港币），成分股偏向大盘价值 风格，前三大行业分别为房地产、公用事业和银行，前十大成份股涵盖了多行业高股息标的，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。 ...

12月12日早盘，港股通红利低波ETF基金（159118）震荡上行，盘中涨约0.4%，持仓股江西铜业股份、 中国中车、新鸿基地产等领涨。 据桥水观察，中国企业扭转了过去低分红的趋势，直接返还给股东的资本水平已大幅高于在国内持有现 金带来的回报。得益于这一转变，尽管企业盈利增长基本持平，中国股票的风险溢价已经开始收窄，推 动了股价的良好表现。 港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数（港币），成分股偏向大盘价值 风格，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。 ...

Group 1 - A-shares opened high but closed lower on December 11, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) narrowing its intraday gains to approximately 0.1%, while constituent stocks showed mixed performance, with companies like Cheung Kong Infrastructure, Henderson Land, Cathay Pacific, and Sino Land leading the gains [1] - Huajin Securities indicated that clear policy signals in the short term could help stabilize and enhance market expectations for economic recovery and profit restoration, while a "moderately loose monetary policy" further reinforces the expectation of maintaining reasonable liquidity, which may collectively support an early spring market rally [1] - In the medium to long term, if the positive policy tone effectively promotes a recovery in the credit cycle and structural improvement in corporate profits, it will solidify the logic of a gradual rise in A-shares [1] Group 2 - 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), with constituent 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 a one-click layout of Hong Kong stocks, dividends, and low volatility [1] - Additionally, the Hong Kong Stock Connect Low Volatility Dividend ETF can conduct quarterly evaluations and profit distributions, with arrangements for profit distribution if the fund meets the dividend conditions [1]

Core Viewpoint - The A-share market experienced fluctuations, while the Hong Kong Stock Connect Low Volatility ETF (159118) saw a decline of approximately 0.5% during intraday trading, indicating a mixed performance among its holdings [1] Group 1: Market Trends - The Hong Kong stock market has shown a "southbound dominance and foreign capital shift" in fund flows, with a net inflow of nearly 1.4 trillion HKD by the end of November, marking a record high since the opening of the mutual market mechanism [1] - From June to October, the proportion of inflows into ETFs surged to 51.3%, peaking at 88% in August, highlighting the enthusiasm of domestic individual investors to increase their positions through ETFs [1] Group 2: ETF Fund Characteristics - The Hong Kong Stock Connect Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, focusing on large-cap value stocks, providing investors with a low fee (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] - The ETF fund can conduct quarterly evaluations and profit distributions, allowing for arrangements of profit distribution when conditions for fund dividends are met [1]

Group 1 - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) experienced a fluctuation, currently down approximately 0.6%, with most holdings declining, while only a few, such as China CNR Corporation, Beijing Enterprises, and VTech Holdings, showed gains [1] - According to Shenwan Hongyuan Securities, the risk factors for insurance companies' related businesses have been lowered, allowing for significant equity allocation space, estimated to be in the hundreds of billions, as insurance funds increase their equity allocation ratio [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 102.23% and an annualized return exceeding 16% since 2021, significantly outperforming the Hang Seng Index and other related indices [1] Group 2 - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, focusing on large-cap value stocks, providing investors with low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading) [2] - The ETF allows for quarterly assessments and profit distributions, with arrangements for profit distribution when conditions are met [2]

Core Viewpoint - The newly listed Hong Kong Stock Connect Low Volatility Dividend ETF (159118) aims to provide investors with a better investment option focusing on high dividend yield and low volatility stocks [1] Group 1: Fund Overview - The ETF closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which balances industry coverage and has a relatively even distribution across sectors [1] - The top three sectors represented in the index are Real Estate (16%), Utilities (15%), and Banks (14%) [1] - The fund has a market capitalization bias towards large-cap stocks, with a price-to-earnings (PE) ratio of less than 9 [1] Group 2: Historical Performance - The historical performance of the S&P Hong Kong Stock Connect Low Volatility Dividend Index is notable, with a total return index (including dividends) showing a cumulative increase of 94.95% from 2021 to October 22, 2025, translating to an annualized return exceeding 16% [1] - This performance significantly outpaces the Hang Seng Index and other dividend-focused indices [1] Group 3: Risk and Return Metrics - According to Huatai Securities, the Low Volatility Dividend style index has strong metrics in terms of return, risk, and dividend yield, with the S&P Hong Kong Stock Connect Low Volatility Dividend Index achieving the highest annualized return this year [1] - The Sharpe ratio and Calmar ratio median for the Low Volatility Dividend style index rank among the top in its category [1]

Group 1 - Southbound capital has significantly increased, with a cumulative net purchase of HK stocks reaching HKD 1.38 trillion this year, marking a record high [1] - The Hang Seng Index has seen an annual increase of nearly 30%, while the Hang Seng Tech Index has risen over 25% this year, driven by southbound capital [1] - ETF fund flows indicate a positive buying attitude towards HK stocks, with increased net purchases as the market fluctuates in the second half of the year [1] Group 2 - The newly launched Hong Kong Stock Connect Low Volatility Dividend ETF (159118) provides a convenient tool for investors to access HK stocks with dividends and low volatility [1] - The ETF tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which includes top stocks from various sectors such as metals, coal, real estate, and finance, with the top ten stocks accounting for about 30% of the index [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has shown strong historical performance, with a cumulative return of 102.71% since 2021, outperforming the Hang Seng Index and other dividend indices [2] Group 3 - The index has maintained an upward trend in dividend yield since 2017, currently offering a yield of 5.76%, appealing to investors focused on dividend income [2] - The ETF has a low annual management fee of 0.15% and a custody fee of 0.05%, making it one of the lowest fee options in the market for similar products [2]

Group 1 - The core viewpoint of the article is the launch of the Huaxia Hong Kong Stock Connect Dividend Low Volatility ETF Fund (159118), aimed at investors who value high dividend yield and low volatility stocks [1] - The ETF closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which maintains a balanced industry distribution, with the top three sectors being Real Estate (16%), Utilities (15%), and Banks (14%) [1] - The index has a market capitalization bias towards large-cap stocks, with a price-to-earnings (PE) ratio of less than 9, reflecting a large-cap value style [1] Group 2 - The historical performance of the S&P Hong Kong Stock Connect Low Volatility Dividend Index is notable, with a total return index (including dividend income) showing a cumulative increase of 94.95% since 2021, with an annualized return exceeding 16%, significantly outperforming the Hang Seng Index and other dividend-related indices [1] - The ETF 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] - The fund will undergo quarterly assessments and profit distributions, with arrangements for profit distribution if the fund meets the dividend distribution criteria [1]