Group 1 - The core viewpoint of the article highlights the increasing investment in Hong Kong dividend assets, particularly the Hong Kong Stock Connect Dividend ETF (513530), which has seen continuous net inflows for 22 trading days as of June 26, 2025 [1] - The Hong Kong Stock Connect Dividend ETF has achieved a significant growth in scale, increasing over 35% in the month, with the latest share count reaching 1.655 billion and total assets at 2.703 billion yuan [1] - The Hong Kong Stock Connect High Dividend Index has outperformed other dividend indices, with a six-month increase of 10.30% and a two-year increase of 35.56%, indicating its strong historical performance across different market conditions [1] Group 2 - The latest dividend yield for the Hong Kong Stock Connect High Dividend Index is 7.76%, which is significantly higher than the yields of major A-share dividend indices, such as the CSI Dividend Index at 5.84% and the Shenzhen Dividend Index at 4.45% [1] - The Hong Kong Stock Connect Dividend ETF is the first ETF that allows investment in the CSI Hong Kong Stock Connect High Dividend Index through the QDII model, offering a more favorable tax structure compared to traditional channels [1] - The fund management company, Huatai-PB Fund, has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs, managing over 41.6 billion yuan in dividend-themed ETFs as of June 26, 2025 [2]

Wind数据显示，截至25/5/29，港股通红利ETF（513530）跟踪的港股通高股息（CNY）最新股息率 （近12个月）达7.87%，高于中证红利（6.36%）、深证红利（3.88%）等A股部分主流红利类指数，投 资价值凸显。此外，指数最新市净率仅0.63倍，未来估值回升空间有望进一步打开。 特别的是，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。通 过港股通红利ETF（513530）及其联接基金（A类018387/C类018388）有望助力投资者布局资产质量较 优的港股红利类资产。 据证券日报5月29日报道，近期保险资金长期投资改革试点动态持续刷新，超1700亿元险资"长钱"正加 快入市步伐。作为险资青睐的高股息品种，港股红利类资产有望继续受到关注。港股通红利ETF （513530）自2025/4/24以来已连续23个交易日获资金净流入，助推最新份额、规模均创成立以来新 高。（港股通红利ETF成立于22/4/8，数据来源：交易所、Wind，截至25/5/29份额、规 ...

Group 1 - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 22 trading days since April 24, 2025, reaching new highs in both scale and shares, with a year-to-date increase of over 50% [1] - As of May 28, 2025, the ETF's latest dividend yield is 7.88%, surpassing major A-share dividend indices such as CSI Dividend (6.35%) and Shenzhen Dividend (3.89%), highlighting its investment value [1] - The ETF's latest price-to-book ratio is only 0.63, indicating a combination of high dividends and low valuations, which may provide sustained long-term value for the Hong Kong dividend strategy [1] Group 2 - The Hong Kong Dividend ETF (513530) is the first ETF to invest in Hong Kong stocks through the QDII model, offering a more favorable tax structure compared to traditional channels, potentially reducing dividend tax costs for long-term holders [2] - The fund management company, Huatai-PineBridge Fund, has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006, creating a diverse range of strategies [2] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion, are the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890), with respective scales of 20.073 billion and 16.705 billion [2]

Core Viewpoint - The overall market sentiment has declined recently, leading to increased investment in high-yield assets, with Hong Kong dividend assets potentially serving as a long-term investment option for capital [1] Group 1: Market Trends - The Hong Kong Dividend ETF (513530) has seen net inflows for 20 consecutive trading days since April 24, 2025, reaching new highs in both scale and shares [1] - As of May 26, 2025, the scale and shares of the Hong Kong Dividend ETF are 1.188 billion shares and 1.869 billion CNY respectively [1] - Mid to long-term interest rates have entered a downward trend since April, leading to a sustained focus on dividend stocks for cash yield supplementation [1] Group 2: Investment Opportunities - The latest dividend yield of the Hong Kong Dividend ETF (513530) is 7.90%, significantly higher than the China Securities Dividend Index (6.37%) and Shenzhen Dividend Index (3.88%) [1] - The Hong Kong Dividend ETF (513530) is the first ETF to invest in Hong Kong stocks through the QDII model, offering a more favorable tax structure compared to traditional channels [1] - The period from May to July is expected to see a concentrated dividend payout from listed companies, enhancing the value of high-yield asset allocation [1] Group 3: Company Background - Huatai-PineBridge Fund has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006 [1] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion CNY, are the Dividend ETF (510880) and the Low-Volatility Dividend ETF (512890), with scales of 20.05 billion CNY and 16.595 billion CNY respectively [1]

Group 1 - The market is currently experiencing a volatile trend with rapid style rotation, leading to cautious investor sentiment [1] - Defensive dividend assets are attracting significant capital, with the Hong Kong Stock Connect Dividend ETF (513530) seeing seven consecutive weeks of net inflows since April 3, 2025, reaching new highs in both shares and scale [1] - The latest data shows that the Hong Kong Stock Connect Dividend ETF has a 12-month dividend yield of 7.92% and a price-to-book ratio of 0.62, indicating potential for valuation recovery [1] Group 2 - The low interest rate environment and ample liquidity in the Hong Kong market are expected to reshape the valuation space for high dividend assets [2] - Huatai-PB Fund has over 18 years of experience in index investment and has strategically developed a comprehensive range of dividend-themed ETFs since 2006 [2] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion, are the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890) [2]

Core Insights - Nine joint-stock banks have followed state-owned banks in reducing deposit rates, focusing on medium to long-term deposit rates in the current interest rate adjustment cycle [1] - The low interest rate environment is driving market funds to seek high-quality assets that meet long-term allocation needs, with Hong Kong stock dividend assets showing significant attractiveness due to lower valuations and higher dividend yields [1] Group 1: Market Trends - The Hong Kong Stock Connect Dividend ETF (513530) has seen continuous net inflows for 17 trading days since April 24, 2025, reaching new highs in both share and scale [1] - As of May 21, 2025, the ETF's latest price-to-earnings ratio (TTM) is 6.81 times, with a dividend yield of 7.92% over the past 12 months, indicating potential for both undervaluation recovery and high dividend returns [1] Group 2: Investment Opportunities - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF to invest in Hong Kong stocks through the QDII model, offering a more advantageous tax structure compared to traditional channels, potentially enhancing investor experience [1] - The ongoing interest rate cuts are expected to provide stable dividend returns from high-dividend Hong Kong assets, alongside potential valuation recovery as the overall economic fundamentals improve [1] Group 3: Company Background - Huatai-PB Fund has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006 [1] - As of May 21, 2025, Huatai-PB's dividend ETFs (510880 and 512890) are the only two dividend-themed ETFs in the A-share market with scales exceeding 15 billion, at 20.44 billion and 16.20 billion respectively [1]