平安证券指出，港股在流动性偏弱的环境下预计维持震荡，高股息板块有望成为市场投资主线。展望 2026年1月，作为新质生产力代表的泛科技、内需消费及高股息板块或将在政策指引下获得市场重视， 对市场形成支撑。尽管南向资金流入放缓且面临解禁潮扰动，但高股息资产仍具备配置价值，尤其在当 前市场环境下提供防御性特征。 1月9日，红利港股ETF（159331）涨超0.3%，资金面看，连续4日资金净流入，高股息板块有望成为市 场投资主线。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从港股通范围内选取流动性良 好且持续分红的30只高股息率证券作为成分股，采用股息率加权方式进行编制。成分股涵盖多个行业领 域，尤其侧重金融及传统行业板块，旨在反映高股息策略下港股通优质证券的整体表现，具有显著的稳 健投资特征，根据基金合同，红利港股ETF（159331）可月月评估分红，已连续分红17个月，值得关 注。 （文章来源：每日经济新闻） ...

资金面看，红利港股ETF（159331）盘中净流入1400万份，跨年行情或支撑高股息板块配置价值。 根据Wind数据，红利港股ETF（159331）盘中净流入1400万份，资金抢筹布局。 中信建投指出，港股通高股息板块在跨年行情中具备配置价值，市场情绪高涨、主题热点活跃，1月行 情有望继续演绎。人民币汇率保持强劲，有利的外部环境推动港股开年大涨，这些利好因素同样对高股 息板块形成支撑。中长期来看，全球流动性宽松趋势确认，叠加经济预期改善，高股息策略在低利率环 境下吸引力凸显。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从港股通范围内选取流动性良 好且持续分红的30只高股息率证券作为成分股，采用股息率加权方式进行编制。成分股涵盖多个行业领 域，尤其侧重金融及传统行业板块，旨在反映高股息策略下港股通优质证券的整体表现，具有显著的稳 健投资特征，根据基金合同，红利港股ETF（159331）可月月评估分红，已连续分红17个月，值得关 注。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that the long-term allocation value of high-dividend assets in the Hong Kong stock market is becoming increasingly prominent, with overall dividend yields remaining advantageous [1] - Domestic economic policies are gradually showing effects, which are expected to support the recovery of the fundamentals, while the Federal Reserve is expected to restart the interest rate cut cycle, benefiting market liquidity from continuous inflow of southbound funds and global capital rebalancing [1] - The report suggests focusing on dividend assets with stable dividend capabilities, particularly in sectors that align with fundamental performance [1] Group 2 - The Hong Kong dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high-dividend securities from those eligible for Hong Kong Stock Connect, based on liquidity and consistent dividend payments, using a dividend yield-weighted approach [1] - The index's constituent stocks are primarily concentrated in the financial and traditional industries, aiming to reflect the overall performance of high-quality securities with robust investment characteristics [1]

Group 1 - The core viewpoint of the article highlights the significant allocation value of high-dividend Hong Kong stocks in the current low-interest-rate environment, driven by global interest rate cut expectations and declining domestic 10-year government bond yields [1] - The cumulative net inflow of Hong Kong Stock Connect reached a historical high of 1.38 trillion HKD since the beginning of 2025, indicating increased interest from insurance companies in high-dividend assets [1] - The State-owned Assets Supervision and Administration Commission (SASAC) has incorporated market value management into its assessment, promoting high dividend payouts from central state-owned enterprises as a trend, reflecting a commitment to revitalizing existing assets [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high-dividend securities with good liquidity and consistent dividend payments from the Hong Kong Stock Connect universe, using a dividend yield-weighted approach [1] - The constituent stocks cover multiple industry sectors, with a particular focus on the financial and traditional industry sectors, aiming to reflect the overall performance of quality securities under a high-dividend strategy [1] - The Hong Kong Dividend ETF (159331) has assessed dividends monthly and has consistently paid dividends for 16 consecutive months, making it noteworthy for investors [1]

Group 1 - The core viewpoint is that the Hong Kong stock market's high dividend sectors present significant allocation value in the current macroeconomic environment, driven by expectations of global interest rate cuts and a decline in 10-year government bond yields [1] - Domestic residents are seeking stable returns, with deposits exceeding 162 trillion yuan, which enhances the attractiveness of high dividend assets [1] - As of the end of Q3 2025, the incremental fund utilization balance of insurance companies is expected to reach 37.36 trillion yuan, indicating a rapid allocation towards high dividend assets [1] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) has incorporated market value management into its assessment, leading to a trend of high dividends among central state-owned enterprises [1] - The supply-demand dynamics in the industry are improving, and the liquidity environment supports continuous capital inflow into high dividend sectors [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 from the Hong Kong Stock Connect range, covering stable cash flow industries such as banking, transportation, and coal [1]

Core Insights - High dividend strategies have seen adjustments in 2023 as asset dividend yields have returned below 5%, but if EPS maintains growth above 5%, the implied return remains attractive under a low interest rate environment [1] - Hong Kong high dividend assets benefit from the expansion of cross-border ETFs and foreign capital inflow, providing significant support to the funding environment [1] - Stable business models in sectors like highways enjoy valuation premiums amid uncertainty [1] Summary by Categories High Dividend Assets - High dividend assets are categorized into three types: growth-oriented, valuation-enhancing, and general [1] - Key driving factors include changes in market expected returns, Federal Reserve policies, and improvements in fundamentals such as highway pricing system adjustments [1] Market Dynamics - The Hong Kong high 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 from those eligible for Hong Kong Stock Connect [1] - The index is weighted by dividend yield and primarily includes stocks from stable cash flow industries such as banking, transportation, and coal [1]

Core Viewpoint - Zhongyin International holds a positive attitude towards high-dividend sectors in the Hong Kong stock market, indicating that current valuation levels remain attractive, particularly for undervalued state-owned enterprises with high dividends [1] Group 1: Market Outlook - The report suggests that macro policies will continue to exert influence through 2026, supporting a stable and positive trend in the capital market, which will benefit the high-dividend sector [1] - Long-term, as economic growth regains focus, the value of low-valuation high-dividend assets will become more pronounced in a declining interest rate environment [1] Group 2: Capital Flows - Southbound capital has consistently flowed into the Hong Kong market, with a net inflow of 12,806 billion RMB in the first 11 months of 2025, significantly higher than the same period last year, providing crucial liquidity support for the Hong Kong stock market and benefiting the high-dividend sector [1] Group 3: Investment Products - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high-dividend stocks with good liquidity and consistent dividends from eligible securities, using a dividend yield-weighted approach [1] - The index's constituent stocks mainly cover stable cash flow industries such as banking, transportation, and coal, while also considering quality factors like profitability and growth, aiming to reflect the overall performance of high-dividend strategy securities in the Hong Kong market [1]

Group 1 - The core viewpoint is that the Hong Kong stock market has performed well in the first 11 months of 2025, supported by ample liquidity, with a focus on undervalued high-dividend central state-owned enterprises for medium to long-term investment value [1] - The Hong Kong Stock Connect high dividend sector is highlighted, particularly the defensive and stable dividend characteristics of central state-owned enterprises, which are gaining attention amid a complex external environment [1] - The macro policy continues to strengthen, and the inflow of southbound funds is expected to sustain the advantages of high dividend strategies in a volatile market, suggesting a focus on quality stocks with stable earnings and dividend capabilities [1] Group 2 - The Dividend Hong Kong Stock ETF (159331) has tracked the Hong Kong Stock Connect high dividend index (930914), which selects 30 high dividend yield securities from companies meeting the Stock Connect criteria, emphasizing liquidity and consistent dividends [1] - The index components are primarily distributed across banking, transportation, coal, and public utilities sectors, exhibiting characteristics of stable returns and low volatility [1] - The Dividend Hong Kong Stock ETF has distributed dividends for 16 consecutive months, indicating its reliability [2]

Group 1 - The core viewpoint is that the high dividend strategy in the Hong Kong stock market experiences its strongest calendar effect from December to mid-January, with insurance funds likely to rapidly build positions in high dividend assets to match liability costs, creating a rigid buying pressure [1] - The probability of achieving absolute or excess returns is higher during this period, as public funds seeking relative returns may rebalance their assets at year-end, potentially selling high-valuation, volatile growth stocks in favor of high dividend, high safety margin stocks in the Hong Kong dividend sector [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 from the Stock Connect range, using a dividend yield-weighted approach [1] Group 2 - The constituent stocks cover multiple industry sectors, with a particular focus on the financial and traditional industry sectors, aiming to reflect the overall performance of quality securities under the high dividend strategy in the Hong Kong Stock Connect [1] - The Hong Kong Dividend ETF (159331) has consistently paid dividends for 16 months, making it noteworthy for investors [1]

Group 1 - The core viewpoint is that high dividend assets in the Hong Kong Stock Connect are expected to experience the strongest calendar effect from December to mid-January, with a high probability of price increases and excess returns during this period [1] - Since 2014, the Hong Kong Stock Connect high dividend total return index has shown a 90.9% probability of absolute returns, with median and average increases of 3.4% and 4.6% respectively [1] - Compared to the CSI 300 total return index, the excess return probability is 81.8%, with median and average excess returns of 5.6% and 2.1% respectively [1] Group 2 - The performance of large-cap stocks is expected to outperform small-cap stocks in December, with a temporary advantage for dividend styles, particularly in the financial sector [1] - As the year-end assessment period approaches, institutional investors such as insurance funds are rebalancing their assets, which is expected to boost the performance of stable sectors like dividends and finance [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 from those eligible for the Hong Kong Stock Connect [1]