西部证券指出，2025年港股整体跑赢A股，但下半年因美元走强、南向资金流入放缓及基本面边际恶化 导致相对走弱；2026年港股将受三重因素驱动：美元走弱吸引国际资本增配、人民币升值带动海外中国 资本回流，以及通胀回升与潜在化债政策修复基本面。港股通高股息板块在2025年全年趋势性跑赢A股 红利，主要因险资投资港股可免收红利税，红利AH溢价有望进一步收敛，港股红利相对A股仍具超额 收益。2026年该板块或延续优势，同时企业盈利弱修复（基准假设）或强修复（乐观假设）将支撑港股 表现，但行情弹性受外资定价权、资本流动及基本面敏感度影响较大。 注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承诺 或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提及基金风险收益特征各不相同， 敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承 受能力匹配的产品，谨慎投 ...

Group 1 - The core viewpoint is that the Hong Kong Stock Connect high dividend sectors currently possess strong allocation value, with a focus on the improvement of profitability in the Hang Seng Technology constituents after excluding companies affected by the food delivery war [1] - The Hang Seng Technology constituents are projected to see a 13.6% year-on-year revenue growth and a 21.7% growth in Non-GAAP net profit by 2025, contributing nearly 60% to the market value increase, indicating sustained profitability improvement [1] - The liquidity aspect highlights that the Federal Reserve has entered a rate-cutting cycle, with net inflows of southbound funds reaching 1.3 trillion yuan this year, which has driven valuation recovery [1] Group 2 - The current sector's price-to-earnings ratio is 20 times, which is at the 15th percentile of the past five years, while the price-to-book ratio stands at 1.5 times, with dividend yields generally in the range of 4%-6%, providing both defensive characteristics and valuation elasticity [1] - Specific sub-sectors such as internet healthcare and OTA maintain growth rates above 15%, and the application of AI technology has significantly reduced costs and improved efficiency for leading platforms, suggesting that a macroeconomic recovery could further enhance profit elasticity due to their cyclical consumption attributes [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect high dividend index (930914), which selects 30 high dividend yield securities with good liquidity and consistent dividends, focusing on financial and traditional sectors, reflecting the overall performance of quality securities under a high dividend strategy [1]

Group 1 - The core viewpoint is that the Hong Kong Stock Connect high dividend sectors currently possess strong allocation value due to improved liquidity and foreign capital inflow, with a projected net inflow of 1.3 trillion yuan by 2025 [1] - High dividend stocks generally exhibit robust cash flow and sustainable dividend capabilities, with major tech companies like Tencent and Alibaba offering shareholder returns exceeding 5% through dividends and buybacks, while some companies have dividend yields supported by free cash flow reaching 4%-6% [1] - The internet healthcare and OTA sectors maintain growth rates above 15%, with ongoing policy benefits such as the opening of online medical insurance payments in 18 cities and an increase in online drug sales, currently at 16% [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect high dividend index (930914), which selects 30 high dividend yield securities from listed companies that meet Stock Connect criteria, focusing on those with good liquidity and consistent dividends [1] - The index's constituent stocks are primarily distributed across banking, transportation, coal, and public utilities sectors, showcasing stable returns and low volatility characteristics [1] - The Hong Kong Dividend ETF has consistently distributed dividends for 16 months, making it noteworthy for investors [2]

Core Viewpoint - The Hong Kong Stock Connect high dividend sector exhibits defensive attributes in the current market environment, particularly as weakening economic data and a strengthening US dollar lead to decreased market risk appetite [1] Industry Performance - Traditional high dividend sectors such as banking have become the preferred choice for capital during market fluctuations due to their stable dividend capabilities and lower valuation levels [1] - Cyclical sectors like energy and utilities are also attracting allocation demand due to their stable earnings and high dividend yields [1] - If economic stimulus policies are intensified, certain high dividend cyclical industries may further benefit from expectations of earnings recovery [1] Investment Product - The Dividend Hong Kong Stock ETF (159331) tracks the Hong Kong Stock Connect high dividend index (930914), which selects 30 securities with continuous dividends, good liquidity, and outstanding dividend yields from the Hong Kong Stock Connect range [1] - This index primarily covers traditional high dividend industries such as finance, energy, and industrials, reflecting the overall performance characteristics of high dividend, low valuation sectors in the Hong Kong market [1] - Notably, the Dividend Hong Kong Stock ETF (159331) has distributed dividends for 15 consecutive months, making it noteworthy [1]

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market has shown significant growth since 2025, with the Hang Seng Technology Index and the Hang Seng Index increasing by 28.20% and 24.11% respectively [1] - It is expected that the Hong Kong stock market will continue to experience wide fluctuations in December, influenced by three main factors: the Federal Reserve's interest rate cuts improving liquidity in Hong Kong stocks, the narrowing of the interest rate differential between China and the U.S. leading to an appreciation of the Renminbi, and the clearer domestic "14th Five-Year Plan" which is expected to enhance the earnings outlook for listed companies in Hong Kong [1] - Looking ahead, 2026 is anticipated to be a pivotal year as the "14th Five-Year Plan" commences, with developments in new productivity sectors and easing U.S.-China trade tensions expected to support the resilience of the Hong Kong stock market, potentially leading to a "slow bull" market trend [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high dividend yield stocks from securities eligible for the Hong Kong Stock Connect, focusing on those with good liquidity and consistent dividend payments [1] - The index comprises stocks from various traditional high dividend sectors such as finance, energy, and industrials, aiming to reflect the overall performance of high dividend securities in the Hong Kong Stock Connect with stable dividend characteristics and relatively low market volatility [1]

Core Viewpoint - The Hong Kong Dividend ETF (159331) has shown a strong performance, increasing over 1% after 14 consecutive months of dividends, highlighting the attractiveness of high dividend strategies in the current market environment [1][2]. Group 1: High Dividend Strategy - The appeal of the high dividend strategy in the Hong Kong market is attributed to the stability of business models, with many high dividend assets seeing dividend yields return to around 5% or below [1]. - If earnings per share (EPS) continues to grow by over 5%, the implied return rate could reach 10% under a low interest rate environment for the year [1]. - High dividend strategies should be a key focus for annual allocation, especially in the context of the current low interest rate environment [1]. Group 2: Market Dynamics - The capital flow in the Hong Kong market is significantly influenced by the interest rate differential between China and the U.S., which serves as a benchmark for cross-border capital movement [1]. - The structure of capital in the Hong Kong market is changing, with an increase in cross-border ETF sizes and foreign capital entering the market through ETFs, providing additional funds to sectors like infrastructure [1]. Group 3: ETF Composition - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities from the Stock Connect that have a history of consistent dividends, good liquidity, and high dividend yields [1]. - The index primarily covers traditional high dividend sectors such as finance, energy, and industrials, reflecting the overall performance characteristics of the high dividend and low valuation segments of the Hong Kong market [1].

Group 1 - The overall strong performance of the technology sector and the index in the third quarter is expected to continue, maintaining the allocation strategy of "technology + Hong Kong dividend + non-bank brokerages" [1] - With the recovery of market risk appetite and the emphasis on the capital market's role in "expectation management," the allocation value of high-dividend sectors in Hong Kong stocks is highlighted [1] - The trend of "deposit migration" among residents is becoming evident, leading to a gradual inflow of funds into the stock market, which may benefit dividend assets like high-dividend Hong Kong stocks due to optimistic market sentiment [1] Group 2 - There is a caution regarding increased volatility in early to mid-September, suggesting a focus on dividend and state-owned enterprise allocation opportunities [1] - In the long term, the capital market remains a core tool for policy to "stabilize confidence," and high-dividend assets in Hong Kong stocks continue to be attractive under the "14th Five-Year Plan" [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 securities with continuous dividends, good liquidity, and outstanding dividend yields from the Stock Connect range, focusing on traditional high-dividend sectors like finance, energy, and industry [1]

Group 1 - The overall strong performance of the technology sector and the index in the third quarter is expected to continue, with a focus on technology (self-controllable computing), Hong Kong dividend stocks, and non-bank brokerages for investment allocation [1] - The capital market remains a core tool for policy to "stabilize confidence," with significant events such as the upcoming US-China summit and the Fourth Plenary Session expected to influence market sentiment [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index, which selects companies with high dividend yields from the Hong Kong Stock Connect, covering traditional sectors like finance and energy [1] Group 2 - Investors without stock accounts can consider the Guotai Zhongzheng Hong Kong Stock Connect High Dividend Investment ETF Initiated Link C (022275) and Link A (022274) for exposure to high dividend stocks [1]

Core Viewpoint - The high dividend sectors in the Hong Kong stock market have long-term investment value under the current liquidity easing environment, driven by stable earnings in banks and improved supply-demand dynamics in midstream material industries [1] Group 1: High Dividend Sectors - High dividend stocks continue to attract low-cost capital inflows due to declining non-standard investment returns [1] - The banking sector maintains stable profitability and dividend levels, contributing to the attractiveness of high dividend stocks [1] - The PPI stabilization expectations enhance the profitability recovery of companies in the midstream materials sector, such as coke and rebar [1] Group 2: Insurance Sector - The insurance sector shows a strong trend towards concentration among leading companies, with improved performance certainty driven by long-cycle assessments and interest rate cuts [1] Group 3: Investment Products - The Hong Kong Stock Connect High Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 liquid stocks with high dividend yields [1] - The index primarily covers traditional high dividend sectors such as banking, ports, and highways, while also including industrial metals and telecom operators [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF linked A (022274) and C (022275) [1]

Core Viewpoint - The overall profitability of the Hong Kong stock market is relatively strong, and with current valuations still low, long-term allocation remains cost-effective [1] Group 1: Market Performance - The Hang Seng Index has recently surpassed previous highs, indicating potential for continued upward movement in the market [1] - The ongoing domestic policies aimed at stabilizing growth are expected to support the Hong Kong stock market in the future [1] Group 2: Investment Strategy - It is recommended to focus on high dividend and low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking [1] - High dividend strategies can serve as a stable income base for investors [1] Group 3: ETF Information - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which consists of high dividend stocks listed in Hong Kong and accessible via Stock Connect [1] - The index emphasizes companies with stable dividend-paying capabilities and covers multiple sectors, particularly focusing on traditional high dividend areas like finance and real estate [1]