炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年11月以来（25/11/1-11/24），在业绩步入空窗期与美联储12月降息预期反复等因素影响，A股整 体面临情绪回落压力，市场震荡轮动和资金年末止盈特征也在不断放大，"哑铃策略"配置思路或仍适合 当下行情，部分红利类主题ETF标杆品种凭借较为突出的防御属性，持续成为资金压舱选项。 （数据来源：Wind） Wind数据显示，目前A股市场两只百亿级红利主题ETF——红利ETF（510880）、红利低波ETF （512890）自2025年11月21日连续两个交易日获资金逆势布局，分别吸金4.40亿元、2.30亿元，在同期 全市场红利类主题ETF中资金净流入表现靠前，即使在阶段性调整窗口，资金对红利类资产的配置意愿 或依然积极。 （数据截至25/11/24） 其中，作为市场首只（成立于2018/12/19）跟踪红利低波指数的ETF，红利低波ETF（512890）自四季 度以来（25/10/1-11/24）便持续成为资金布局高股息资产的核心标的之一，区间累计吸引45.54亿元资金 布局，截至2025年11月24日，最新基金规模达258 ...

Core Insights - The A-share market is experiencing increased volatility and a collective pullback due to ongoing tensions in Sino-Japanese relations and concerns over an overseas AI bubble [1][4] - Dividend-focused ETFs, particularly the Dividend Low Volatility ETF (512890) and Dividend ETF (510880), are attracting investor interest due to their high dividend yields and low volatility characteristics [1][2] Group 1: Market Performance - As of November 25, 2021, the Dividend Low Volatility ETF (512890) and Dividend ETF (510880) recorded half-day trading volumes of 760 million and 400 million respectively, indicating significant trading activity [1] - The Dividend Low Volatility ETF has seen a net subscription of 4.324 billion since the beginning of the fourth quarter, bringing its total assets under management to 26.14 billion [2] Group 2: Investment Appeal - The one-year dividend yields for the Dividend Index and Dividend Low Volatility Index are 4.2% and 4.0% respectively, which are higher than the 1.8% yield of 10-year government bonds, making them attractive for long-term investors seeking stable returns [3] - The current market environment has led investors to prioritize asset quality, with high dividend-paying stocks becoming increasingly appealing as long-term interest rates decline [3] Group 3: Fund Management - Huatai-PineBridge Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 47.145 billion across five dividend-focused ETFs [5]

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF (513530) has shown a positive performance with a 0.29% increase in value and a significant rise in trading volume, indicating strong investor interest and confidence in the fund [1] Group 1: Fund Performance - The ETF's latest net asset value is 2.749 billion yuan [1] - Since its inception on April 8, 2022, the fund has achieved a return of 81.09% [1] - Over the past month, the fund has delivered a return of 4.56% [1] Group 2: Trading Activity - On November 19, the ETF recorded a trading volume of 132 million yuan [1] - The number of shares increased by 6.5 million, bringing the total shares to 1.591 billion [1] - In the last 20 trading days, the fund's shares have increased by 33.6 million [1] Group 3: Management and Benchmark - The fund is managed by Huatai-PB Fund Management Co., Ltd. [1] - The performance benchmark for the ETF is the CSI Hong Kong Stock Connect High Dividend Investment Index [1]

Core Viewpoint - Recent market conditions have led to increased risk aversion, with a focus on high dividend stocks in the Hong Kong market, driven by hawkish comments from Federal Reserve officials, profit-taking in tech stocks, and concerns over AI sector valuations [1] Group 1: Dividend Trends - Since 2025, 963 Hong Kong-listed companies have implemented cash dividends totaling HKD 12,561 billion, with high dividend stocks accounting for approximately 42% of total cash dividends [1] - The Hong Kong Stock Connect high dividend ETFs have shown attractive dividend yields of 5.54% and 5.72%, significantly higher than the 1.81% yield of 10-year government bonds [2][3] Group 2: Fund Inflows and Performance - The Hong Kong Stock Connect Dividend ETF (513530) has seen continuous net inflows for 14 trading days, accumulating HKD 551 million, with its fund size reaching a new high of HKD 2,751 million [2][3] - The performance of the Hong Kong Stock Connect Dividend ETFs has outperformed several mainstream indices, with one-year cumulative returns of 37.39% and 41.97%, surpassing the performance of A-share dividend indices [4] Group 3: Institutional Demand - The demand for high dividend assets is expected to increase significantly as insurance companies switch to new accounting standards in 2026, with projected allocations reaching HKD 250-500 billion annually by 2027 [3][4] Group 4: Fund Management and Strategy - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF in the A-share market to invest in the high dividend index through the QDII model, aiming to reduce dividend tax costs for long-term holders [4][5] - The fund manager, Huatai-PB, has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs [6]

Core Insights - The Hong Kong stock market is experiencing increased volatility due to the Federal Reserve's hawkish stance and investor concerns regarding AI trends, leading to a shift towards defensive dividend stocks [1] - The Hong Kong dividend sector has seen significant capital inflows, with a total net inflow of 28.7 billion yuan year-to-date and over 9.8 billion yuan in the past month, indicating strong market sentiment [1] - The dividend ETFs, specifically the Hong Kong Dividend ETF (513530) and the Hong Kong Low Volatility Dividend ETF (520890), have shown attractive dividend yields of 5.50% and 5.69%, respectively, significantly higher than the 1.81% yield of the 10-year government bond [1] Group 1 - The Hong Kong Dividend ETFs have demonstrated strong performance, with annual cumulative returns of 35.45% and 39.29%, outperforming several mainstream A-share and Hong Kong technology indices [1] - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 12 trading days, accumulating 454 million yuan, reaching a new high in fund size since August 2025 [2] - Analysts from Guotai Junan Securities suggest that the Hong Kong stock market has potential for upward movement, with foreign capital expected to return significantly next year, potentially exceeding 1.5 trillion yuan [3] Group 2 - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market to invest in the China Securities Hong Kong Stock Connect High Dividend Investment Index through the QDII model, which may enhance investor experience by reducing dividend tax costs [4] - The Hong Kong Low Volatility Dividend ETF (520890) allows investment in Hong Kong dividend assets without QDII quota restrictions, supporting T+0 trading [4] - The management company, 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 47.936 billion yuan as of November 2025 [6]

Core Viewpoint - The technology sector has faced pressure due to the Federal Reserve's hawkish stance, inflation uncertainty, and debates surrounding the "AI bubble," leading to a shift in market risk appetite towards low-volatility, high-yield dividend assets, which have shown resilience and become important tools for risk defense [1] Summary by Sections Market Trends - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen significant net inflows since October, attracting a total of 4.564 billion yuan, making it the only product in the dividend-themed ETF category to exceed 4.5 billion yuan in net inflows during this period [1] - In the week from November 10 to November 14, the Dividend Low Volatility ETF (512890) recorded net inflows for four trading days, accumulating 419 million yuan, ranking among the top in its category [1] Fund Performance - The fund's scale reached a new high of 26.603 billion yuan as of November 14, 2025, making it the only dividend-themed ETF in the market with a scale exceeding 20 billion yuan [1] - The dividend yield of the Dividend Low Volatility Index is currently at 3.97%, which is favorable compared to the 10-year government bond yield of 1.81%, indicating a high attractiveness for long-term funds seeking to enhance returns in a low-risk environment [1] Investment Opportunities - Insurance funds have shown a strong preference for bank stocks, which accounted for over half of their holdings by market value at the end of the third quarter, with the number of increased holdings in bank stocks leading among all major stocks [1] - The Dividend Low Volatility ETF (512890) is expected to continue benefiting from the demand for long-term fund allocations, particularly in the context of ongoing uncertainties in the market [1] Company Background - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the first Dividend Low Volatility ETF (512890) and others focused on Hong Kong stocks [1]

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, with investors shifting towards dividend-paying assets due to profit-taking in the technology sector and a preference for lower-risk investments as the year ends [1] Fund Flows and Preferences - Southbound funds are increasingly allocating to Hong Kong dividend stocks, with banks being the most favored sector over the past month, followed by oil and petrochemicals, and non-bank financials [1] - The Hong Kong Dividend ETF (513530) and the Hong Kong Dividend Low Volatility ETF (520890) are becoming popular choices for mainstream fund allocations, with the former seeing a net inflow of 374 million yuan over 11 consecutive trading days [2] Dividend Yield and Performance - The high dividend yield of Hong Kong dividend assets is becoming more attractive in a low-interest-rate environment, with the Hong Kong Dividend ETF and the Low Volatility ETF showing yields of 5.46% and 5.65%, respectively, significantly higher than the 1.81% yield of 10-year government bonds [3] - Over the past year, the cumulative returns of the Hong Kong Dividend ETF and the Low Volatility ETF were 36.97% and 40.71%, outperforming several A-share dividend indices and the Hang Seng Technology Index [3] Shareholder Returns - The Hong Kong market has a strong emphasis on shareholder returns, with the average dividend amounts for the Hong Kong Dividend Index components significantly exceeding those of A-share indices, indicating a more robust dividend-paying capability [4] Fund Characteristics - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market that allows investment in the Hong Kong Dividend Index through the QDII model, potentially reducing dividend tax costs for long-term holders [5] - Both the Hong Kong Dividend ETF and the Low Volatility ETF support T+0 trading, providing flexibility for investors [6] Management and Performance - 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 [7] - As of November 13, 2025, the total management scale of Huatai-PB's dividend-themed ETFs reached 47.879 billion yuan, with the Hong Kong Dividend ETF showing returns of 3.59%, 7.14%, 30.16%, and 12.94% for the years 2022 to 2025 [8]

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, with investors shifting towards dividend-paying stocks due to profit-taking in the technology sector and a preference for lower-risk assets [1][2] Fund Flows and Preferences - Southbound funds are increasingly allocating to Hong Kong dividend stocks, with the banking sector being the most favored over the past month, followed by oil and petrochemicals, and non-bank financials [1] - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 11 trading days since October 30, 2025, accumulating a total of 374 million yuan [1] Dividend Yield and Performance - The Hong Kong Dividend ETFs (513530 and 520890) have attractive dividend yields of 5.46% and 5.65%, significantly higher than the 1.81% yield of 10-year government bonds, making them appealing in a low-interest-rate environment [2] - Over the past year, the cumulative returns for these ETFs have been 36.97% and 40.71%, outperforming major A-share dividend indices and the Hang Seng Technology Index [2] Shareholder Returns and Dividend Capability - Hong Kong-listed companies exhibit a strong willingness to distribute dividends, with average declared dividends for the first half of 2025 being 23.129 billion yuan and 12.899 billion yuan for the respective indices, surpassing A-share indices [3] - The Hong Kong Dividend ETF (513530) is the first ETF in the A-share market to invest in the Hong Kong high dividend index through the QDII model, potentially reducing dividend tax costs for long-term holders [3] Management and Experience - The management of the Hong Kong Dividend ETFs, Huatai-PB Fund, has over 18 years of experience in index investment and has been proactive in the dividend ETF sector since 2006 [4] - As of November 13, 2025, the total management scale of Huatai-PB's dividend-themed ETFs reached 47.879 billion yuan [4]

Core Viewpoint - The Shanghai Composite Index reached a nearly ten-year high of 4030 points on November 25, 2023, but is now facing potential profit-taking pressures and increased market volatility due to hawkish comments from Federal Reserve officials [1] Market Performance - The market is currently in a historically high range, with short-term fluctuations expected as high-performing sectors may experience profit-taking [1] - The dividend-focused assets are gaining importance as defensive investment tools due to their stable operations, high dividend certainty, low valuations, and lower trading congestion [1] Fund Flows - The first dividend low-volatility ETF (512890) has seen increased trading activity since the fourth quarter, with a single-day trading volume of 630 million yuan and a net inflow of 174 million yuan on November 25, 2023, making it the only dividend-themed ETF with net inflows exceeding 150 million yuan during this period [1] - Other active dividend-themed ETFs include the Dividend ETF (510880) and the Central Enterprise Dividend ETF (561580), with trading volumes of 345 million yuan and 44 million yuan, respectively [1] - The Central Enterprise Dividend ETF has recorded 14 consecutive trading days of net inflows since October 27, 2025 [1] Yield Comparison - The dividend yields of the dividend low-volatility index, dividend index, and Central Enterprise Dividend Index are superior to the 10-year government bond yield, with respective yields of 4.00%, 4.15%, and 3.88% compared to a government bond yield of 1.81% as of November 25, 2023 [1] - The yield spreads are at historically high levels of 51.18%, 52.55%, and 52.55%, making them attractive for long-term funds seeking enhanced returns in a low-risk environment [1] Company Background - Huatai-PB Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the first dividend low-volatility ETF and the first Central Enterprise Dividend ETF [1] - As of November 25, 2023, Huatai-PB's five "dividend family" products have a total management scale of 47.879 billion yuan [1]

Core Viewpoint - The Hong Kong stock market continues to show resilience in dividend assets, particularly as institutional demand for high-dividend stocks increases due to upcoming accounting standard changes for insurance companies [1][2]. Group 1: Market Performance - The Hong Kong dividend ETFs (513530 and 520890) have demonstrated strong performance, with one-year cumulative returns of 35.25% and 37.72%, respectively, outperforming several A-share dividend indices [2][3]. - The dividend yields for the Hong Kong dividend ETFs are notably high at 5.44% and 5.63%, significantly exceeding the 1.81% yield of the 10-year government bonds, highlighting their attractiveness [2][3]. Group 2: Institutional Investment Trends - Insurance companies are expected to increase their allocation to high-dividend assets, with projections indicating that by 2027, the allocation could reach between 250 billion to 500 billion yuan annually for five listed A-share insurance companies [1][2]. - The shift to new accounting standards in 2026 will further enhance the demand for high-dividend assets among both listed and non-listed insurance companies [1]. Group 3: Product Features - The Hong Kong dividend ETFs (513530 and 520890) allow for T+0 trading and are designed to provide flexibility in cash distribution, with potential for up to 12 distributions per year [4][5]. - The management of these ETFs by Huatai-PB Fund, which has over 18 years of experience in index investment, adds credibility to their performance and strategy [5][6].