Core Viewpoint - The Hong Kong dividend ETF market is experiencing positive momentum, driven by government incentives, international monetary easing, and a focus on defensive yield strategies amid rising geopolitical risks [3][4][5][6]. Group 1: Market Performance - The Hong Kong dividend ETF Bosera (513690) increased by 0.58% on July 3, with a turnover rate of 14.91% and a transaction amount of 624 million yuan [1]. - Year-to-date performance for Bosera is +15.17%, with a leading dividend yield of 7.5481%, compared to the current yield of 1.63% for China's ten-year government bonds [2][3]. Group 2: Government Policies - The Hong Kong government has implemented various policies to enhance market attractiveness, including lowering stamp duty and optimizing southbound trading mechanisms, which are expected to improve overall liquidity and market valuation [3]. - Encouragement from the China Securities Regulatory Commission for dividends aims to attract long-term funds such as pensions and insurance into the market [3]. Group 3: International Environment - The initiation of a rate-cutting cycle by the Federal Reserve has improved global liquidity, leading long-term funds to favor stable cash flow assets, making the Hong Kong dividend index an attractive option for both domestic and foreign investors [4]. - Geopolitical tensions and external uncertainties have increased the appeal of dividend strategies as a defensive measure, particularly in sectors like telecommunications, energy, and utilities [5]. Group 4: Trade Dynamics - The escalation of trade tensions, particularly following Trump's push for "reciprocal tariffs," has placed pressure on export-oriented industries, while dividend index constituents, which are less reliant on external demand, show greater resilience [6]. - The combination of local incentives and a favorable international environment supports the strong positioning of dividend assets in the current market landscape [6]. Group 5: Future Outlook - Despite short-term pressures on high-dividend sectors, mid-term prospects remain positive due to the relative attractiveness of dividend yields compared to long-term government bond rates [7]. - The ongoing volatility in U.S. Treasury yields may enhance the relative performance of dividend strategies during periods of market disturbance [7].

随着五一长假临近，A 股市场似乎进入了平淡期，整体呈现缩量、横盘震荡的态势。回顾整个 4 月，在美国对等关税以及上市公司业绩披露等多重因素的交 织影响下，市场风格逐渐向红利板块倾斜，四大行等部分股票还创出了新高。而从宏观层面来看，随着国债收益率的进一步走低，降准降息预期也在不断增 强，资金也开启了新一轮抱团红利的迹象。 综合来看，当传统增长模式承压、利率长期下行成为新常态，能够提供稳定现金流且估值合理的资产将成为稀缺品。随着险资增配高股息资产从"可选项"变 为"必选项"，红利板块的估值中枢有望系统性抬升。对于投资者而言，与其在题材轮动中疲于奔命，不如锚定"高股息+低波动+现金流"三重护盾，借道三大 ETF布局新一轮红利周期。 板块相关基金： 今天早盘港股红利ETF博时（513690）下跌0.65%，红利低波100ETF（159307）下跌0.58%。出现调整可能是受港股和大盘疲软的拖累，加上资金短期获利 了结，但两只ETF近5日资金净流入，说明部分资金逢低布局，市场对高股息板块仍有长期配置需求。短期波动属于正常市场情绪反应，未改整体趋势。 机构指出，从历史规律和当前市场环境来看，当宏观经济预期偏弱、题材股缺乏 ...