据了解，港股通红利ETF（513530）是市场首只通过QDII模式投资港股通高股息(CNY)的ETF，其税率 结构相较传统港股通渠道更具优势，长期持有或可有效降低红利税成本，有望提升投资者体验。 与此同时，根据合同约定，港股通红利ETF（513530）及其联接基金（A类018387/C类018388）在符合 基金收益分配条件时，基金收益每年最多可分配12次，有望为投资者带来更高频的现金流回报和更灵活 的资金支配权，提升持有体验，切实提高投资获得感。2025年来，港股通红利ETF（513530）及其联接 基金（A类018387/C类018388）在年内已分别实施7次、6次现金分红。 作为国内首批ETF管理人之一，华泰柏瑞基金在红利类主题指数投资领域拥有超过19年的管理经验，除 了港股通红利ETF（513530），还打造了市场首只红利低波ETF（512890）、首只红利ETF （510880），以及聚焦港股红利低波类资产的港股通红利低波ETF（520890）等在内的5只策略类型丰 富的"红利全家桶"。交易所数据显示，截至2025年12月22日，华泰柏瑞旗下5只"红利全家桶"管理规模 达504.63亿元。 昨日收盘 ...

Group 1 - The core viewpoint of the article highlights the favorable environment for risk assets in the Hong Kong stock market due to the combination of "overseas easing and domestic positivity" policies from the Federal Reserve and the Central Economic Work Conference [1][4] - The Hong Kong stock market is experiencing a cross-year trend supported by liquidity, despite facing short-term disturbances from rising interest rate expectations in Japan and the Federal Reserve's updated interest rate projections for 2026 [1][4] - The Hong Kong dividend sector is expected to gain attention as a defensive asset class amid increased market volatility [1][4] Group 2 - The Hong Kong Dividend ETF (513530) has seen a net inflow of funds for nearly seven consecutive weeks, with a total of 1.14 billion yuan added this month, accounting for nearly 60% of the annual inflow [1][4] - The average daily trading volume of the ETF reached 161 million yuan, significantly higher than the 79 million yuan average in the first eleven months of the year [1][4] - The fund's latest scale and share count reached new highs of 3.496 billion yuan and 2.107 billion shares, respectively, reflecting growing market enthusiasm for Hong Kong dividend assets [1][4] Group 3 - The Hong Kong Dividend ETF offers a dividend yield of 6.50%, surpassing other major dividend indices such as the CSI Dividend (4.61%) and Shenzhen Dividend (4.07%) [1][4] - The ETF's price-to-earnings ratio stands at 7.60 times, indicating a valuation advantage compared to other indices [1][4] - The ETF's dividend distribution plan includes a payout of 0.10 yuan per 10 shares, with the record date on December 12 and the payment date on December 22, marking the seventh distribution in 2025 [1][4][5] Group 4 - The Hong Kong Dividend ETF is the first in the A-share market to invest in the CSI Hong Kong Stock Connect High Dividend Index through the QDII model, potentially reducing dividend tax costs for long-term holders [2][5] - Huatai-PB Fund, one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed indices and has developed a diverse range of "dividend family" products [2][5] - As of December 12, 2025, the total management scale of Huatai-PB's five "dividend family" products reached 47.646 billion yuan [2][5]

来源：市场资讯 （来源：ETF万亿指数） 同时，指数最新市盈率仅7.78倍，凸显其估值优势。随着市场波动加大，港股红利类资产有望成为资金 穿越周期的重要配置方向，未来估值修复空间或可期。 伴随资金的持续流入，产品最新基金规模、基金份额达32.34亿元、18.83亿份，双双攀升至成立以来新 高，反映出市场对港股红利类资产的配置热情持续升温。 | 11.02 | 11.03 | 11.04 | 11.05 | 11.06 | 11.07 | 11.08 | | --- | --- | --- | --- | --- | --- | --- | | 休市 | 浄流入V | 浄流入V | 浄流入V | 浄流入 | 浄流入V | 休市 | | 11.09 | 11.10 | 11.11 | 11.12 | 11.13 | 11.14 | 11.15 | | 休市 | ノス炭奥 | 浄流入V | 浄流入V | ＞ に入 ／ | 浄流入V | 休市 | | 11.16 | 11.17 | 11.18 | 11.19 | 11.20 | 11.21 | 11.22 | | 休市 | 冷流入V | 冷流入イ | ンス提供 | ...

来源：新浪基金 自2025年12月以来，港股受美联储降息预期摇摆、科技板块获利回吐压力等多方面因素的影响近期波动 有所放大。不过，在市场避险情绪升温之际，部分港股上市公司开始陆续派发2025年年中现金分红，向 市场传递积极信号。 （数据来源：Wind，数据截至2025/12/8） 上市公司公告显示，仅2025年12月1日以来，港股已有40家上市企业实施2025年年中现金分红，合计分 红总额达781.80亿元。其中，港股通高股息（CNY）指数成份股分红总额达703.35亿元，占港股全部现 金分红89.97%。 在交易机制上，港股通红利ETF（513530）支持场内T+0交易，其通过QDII模式投资中证港股通高股息 投资指数的投资方式也有望在长期持有中有效降低红利税成本，有望提升投资者体验。 （注：T+0为交易所交易机制） 根据合同约定，港股通红利ETF（513530）及其联接基金（A类018387/C类018388）在符合基金收益分 配条件时，基金收益每年最多可分配12次，有望通过现金分红为投资者带来较灵活的资金支配权，力争 提高投资者的持有体验。（截至25/12/8） 作为国内首批ETF管理人之一，华泰柏瑞基 ...

在交易机制上，港股通红利ETF（513530）支持场内T+0交易，其通过QDII模式投资中证港股通高股息 投资指数的投资方式也有望在长期持有中有效降低红利税成本，有望提升投资者体验。 根据合同约定，港股通红利ETF（513530）及其联接基金（A类018387/C类018388）每月可进行分红评 估，在符合收益分配相关规定的前提下，可以根据实际情况进行收益分配。产品有望通过现金分红为投 资者带来较灵活的资金支配权，力争提高投资者的持有体验。 港股通红利ETF（513530）的管理人华泰柏瑞基金拥有超19年指数投资经验，早在2006年就开始了在红 利主题ETF领域的前瞻布局，一手打造了策略类型丰富、覆盖AH两地的"红利全家桶"。交易所数据显 示，截至最新（25/12/3），华泰柏瑞旗下红利类主题ETF管理规模达474.18亿元。 资金涌入的背后，是港股红利类资产在低利率环境下较突出的高股息吸引力。港股通红利ETF （513530）跟踪的港股通高股息指数近一年股息率已升至6.31%，不仅与同期1.84%的10年期国债收益 率存在明显利差，也超越中证红利（4.36%）、深证红利（4.05%）、港股通高息精选指数（5 ...

Core Viewpoint - The recent volatility in global capital markets has led to increased interest in Hong Kong dividend assets, which are seen as a defensive option for portfolio allocation in the context of weak economic recovery and uncertainties in overseas liquidity and domestic policies [1][9]. Fund Performance - The Hong Kong Dividend ETF (513530), launched on April 8, 2022, has reached a record high in fund size and shares, with a total of 3.032 billion yuan and 1.764 billion shares as of December 2, 2025 [2][10]. - Since October 28, 2025, the ETF has seen a continuous net inflow of funds for 25 trading days, accumulating 893 million yuan, with a single-day net inflow of 116 million yuan on December 1, 2025, marking the highest level since September 28, 2024 [3][11]. Dividend Yield and Performance - The Hong Kong Dividend ETF tracks the Hong Kong High Dividend (CNY) Index, which has a dividend yield of 5.71% over the past year, significantly higher than the 1.84% yield of the 10-year government bond, indicating strong appeal in a low-interest-rate environment [4][12]. - The total return index for the Hong Kong High Dividend (CNY) has shown a cumulative increase of 39.47% over the past year, outperforming several mainstream A-share dividend indices and the Hang Seng Technology total return index [4][13]. Trading Mechanism and Investor Experience - The Hong Kong Dividend ETF supports T+0 trading, which may help reduce dividend tax costs for long-term holders, enhancing the overall investor experience [5][14]. - The fund manager, Huatai-PB Fund, has over 19 years of experience in index investment and has developed a diverse range of dividend-themed ETFs, managing a total of 47.644 billion yuan in dividend-themed ETFs as of December 2, 2025 [6][15].

今日早盘（25/12/2），港股银行、非银金融、煤炭、石油石化等高股息板块集体上涨。在当前经济弱 复苏、海外流动性及国内政策仍存不确定性的环境下，港股红利类资产的防御属性有望持续吸引资金关 注。 （数据来源：Wind） 截至最新（25/12/1），港股通红利ETF（513530）自25年10月28日以来连续24个交易日均实现资金净流 入，累计吸金7.78亿元，推动其基金规模连续9周（25/9/27-25/11/28）正增长后攀升至28.91亿元，创下 阶段性新高；交投活跃度也显著升温，最新交易日（25/12/1）成交额放量至1.85亿元，较前一交易日增 长153%，同期资金净流入大幅增长245%。 （数据来源：Wind、交易所，规模前高日为2025/8/6；25/12/1成交额、净流入分别为1.85亿元、0.69亿 元，25/11/28成交额、净流入分别为0.73亿元、0.20亿元） 港股红利类资产之所以受到资金关注，离不开其在低利率环境下愈发凸显的较高股息优势。港股通红利 ETF（513530）跟踪的港股通高股息（CNY）指数近一年股息率来到5.63%，不仅与同期1.82%的10年 期国债收益率存在明显利差 ...

另一方面，在当前经济弱复苏、海外流动性及国内政策仍存不确定性的环境下，港股红利类资产的 防御属性也持续吸引资金关注。Wind数据显示，港股通红利ETF（513530）近一个月（25/10/28- 25/11/28）每个交易日均实现资金净流入，累计吸金7.09亿元，推动其基金规模连续9周（25/9/27- 25/11/28）正增长后攀升至28.02亿元，创下阶段性新高；交投活跃度也在持续提升，11月份日均成交额 达1.22亿元，较2025年1-10月的日均成交额增长65%。 港股红利类资产之所以持续吸金，离不开其在低利率环境下愈发凸显的较高股息优势。港股通红利 ETF（513530）跟踪的港股通高股息(CNY)指数近一年股息率来到5.66%，不仅与同期1.82%的10年期国 债收益率存在明显利差，也超越部分A股和港股主流红利类指数，股息率吸引力持续凸显。 同时，较突出的股息率优势也赋予港股红利类资产在震荡市中呈现"攻守兼备"的特性。截至最新 （25/11/28），港股通红利ETF（513530）跟踪的港股通高股息(CNY)指数近一年累计涨幅达35.44%， 不仅领先于同期中证红利（8.43%）、深证红利（5.5 ...

Core Insights - The Hong Kong stock market's dividend-themed assets are gaining attention as a defensive investment amid year-end market volatility, with a total scale of 701 billion HKD for 26 dividend-themed ETFs as of November 25, 2025, reflecting a growth of 7 billion HKD in just 7 trading days in November [1] - The Hong Kong Stock Connect Dividend ETF (513530) has seen continuous net inflows for 10 consecutive trading days, reaching a new high of 2.496 billion HKD, indicating increased market interest in Hong Kong dividend assets [1] - The number of Hong Kong-listed companies declaring dividends reached 713 in the first half of 2025, with a total dividend payout of 81.27 billion HKD, marking a year-on-year increase of 31.35% [1] Summary by Category Market Performance - The Hong Kong Stock Connect High Dividend (CNY) Index has a one-year dividend yield of 5.50%, significantly higher than the 1.81% yield of 10-year government bonds, showcasing its attractiveness compared to other indices [2] - The total return index for the Hong Kong Stock Connect High Dividend (CNY) has increased by 31.68% over the past year, outperforming several mainstream dividend indices [2] Fund Details - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF in the A-share market that can invest in the China Securities Index Hong Kong Stock Connect High Dividend Investment Index through the QDII model, potentially reducing dividend tax costs for long-term holders [2] - The fund manager, Huatai-PB Fund, has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs, with a total management scale of 47.315 billion HKD as of November 11, 2025 [3] Historical Performance - The performance of the Hong Kong Stock Connect Dividend ETF since its establishment in April 2022 shows returns of 3.59%, 7.14%, 30.16%, and 12.94% for the years 2022 to the first half of 2025, respectively, compared to its benchmark index [3]

Core Insights - The Hong Kong stock market is witnessing a resurgence in dividend-themed assets, particularly as year-end market volatility increases, attracting significant investor interest [1][2] - The Hong Kong Stock Connect Dividend ETF (513530) has seen a continuous inflow of funds for 10 consecutive trading days, reaching a new high in total assets since August 2025, indicating growing market attention towards Hong Kong dividend assets [1][2] Market Performance - As of November 11, 2025, the total scale of 26 Hong Kong dividend-themed ETFs reached 70.1 billion HKD, with a notable increase of 7 billion HKD in just 7 trading days in November [1] - The Hong Kong Stock Connect High Dividend (CNY) Index has a one-year dividend yield of 5.50%, significantly higher than the 1.81% yield of 10-year government bonds, enhancing its attractiveness compared to other indices [2] Dividend Distribution - In the first half of 2025, 713 Hong Kong companies declared dividends totaling 81.27 billion HKD, representing a year-on-year growth of 31.35% [1] - The Hong Kong Stock Connect High Dividend (CNY) Index accounted for 40% of the total dividends declared, with a total of 35.27 billion HKD [1] Fund Management - The Hong Kong Stock Connect Dividend ETF (513530) is managed by Huatai-PB Fund, which has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs [3] - The fund aims to provide flexible cash distribution to investors, with a maximum of 12 distributions per year, enhancing the overall investor experience [3]