当前建议关注【港股通高股息】的配置机会，可能会是一个潜在的岁末年初增加收益的方式，建议关注 港股通红利ETF南方(159127)的阶段性配置机会。 12月2日，港股三大指数开盘集体拉升，建筑材料、保险、农业现代化等板块涨幅靠前。截至9点55分， 港股通红利ETF南方(159127)涨0.52%，中国海洋石油涨超2%，中国人民保险集团、中国财险、中国石 油股份等涨超1%。 广发证券研报指出，港股通高股息全收益将迎来一年中日历效应最强的时候（12月-次年1月中旬），该 阶段获得绝对收益/超额收益的概率较大、收益率较高。最核心原因可能是公募基金等追求相对收益的 资金，在年底进行资产再平衡的关键窗口期。潜在因素之一是12月-1月是保费高峰，面对增量资金，部 分险资可能会在高股息资产里快速建仓以匹配负债成本，形成刚性买盘。潜在因素之二是年末政策催 化/出台期，一旦支持提高分红政策落地或者是稳增长政策低于预期，都可能会催生港股红利行情。 风险提示：基金有风险，投资需谨慎。 ...

Core Insights - The Hong Kong Stock Connect Dividend ETF managed by Southern Fund (159127) increased by 0.73% on November 25, with a trading volume of 25.19 million yuan [1] - The fund's share count decreased by 6 million, bringing the total to 361 million shares [1] - The latest net asset value of the fund is calculated at 348 million yuan [1] - The performance benchmark for the ETF is the CSI Hong Kong Stock Connect High Dividend Investment Index, with a return of -3.67% since its inception on November 12, 2025 [1] Fund Performance - The fund's recent performance shows a slight increase, indicating potential recovery or investor interest [1] - The decrease in share count may suggest a reallocation of investments or a response to market conditions [1] - The negative return since inception highlights the challenges faced by the fund in achieving its performance benchmark [1]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.18%, while the Shenzhen Component Index slightly declined, and the ChiNext Index increased by 0.25% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1,725.9 billion [1] ETF Performance - Gold-related ETFs led the gains, with several ETFs rising over 4%, including Gold Stock ETF (517520) and Gold Stock ETF (517400) [2] - Conversely, film and media-related ETFs experienced significant declines, with the top three ETFs in this category dropping by approximately 2.44% [4] Industry Insights - The Ministry of Industry and Information Technology highlighted the critical role of industrial policies in promoting stable growth in the non-ferrous metals industry, which has become the largest producer and consumer globally [3] - In the first half of 2025, the added value of the non-ferrous metals industry grew by 7.6% year-on-year, outpacing the average growth rate of the industrial sector by 1.2 percentage points [3] Trading Activity - The Silver Hua Daily ETF (511880) recorded the highest trading volume at 20.155 billion [6][7] - The turnover rate for the Government Bond ETF (511580) was notably high at 303.97% [7] New ETF Launch - The Southbound Hong Kong Dividend ETF (159127) is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index, targeting investors seeking stable returns and cash flow [8]