Group 1 - The market anticipates the Federal Reserve will begin a new rate-cutting cycle on September 17, 2025, influenced by recent economic data indicating a softening job market and a moderated inflation rate, providing more room for rate cuts [1][3] - Gold is identified as a key asset benefiting from the expected rate cuts, with historical data showing strong performance during previous rate-cutting cycles, such as a 24% increase in gold prices in 2020 [1][4] - Central banks, particularly the People's Bank of China, have been increasing gold reserves for ten consecutive months, enhancing market demand for gold [1][4] Group 2 - Investors are encouraged to consider gold ETFs, such as the one tracking the AU9999 spot contract, which allows for T+0 trading, and gold stock ETFs that cover the entire gold industry chain [2] - The Hong Kong stock market is expected to benefit from global liquidity easing, with a potential rebalancing of global funds from dollar assets to Asian assets, particularly in technology and innovative drug sectors [2] - In the U.S. market, the anticipated rate cuts and expectations of a "soft landing" may lead to performance growth in tech giants driven by AI technology, although macroeconomic uncertainties could increase market volatility [3]

Core Viewpoint - The Hong Kong stock market has shown notable performance recently, with specific ETFs experiencing gains, but the overall outlook suggests that a rebound may not be imminent due to structural differences with the A-share market [1][2]. Market Performance - The Hong Kong stock market, particularly the National Enterprises ETF (159519), Dividend ETF (159331), and Technology ETF (513020), saw increases of 1.95%, 1.37%, and 0.64% respectively [1]. - Since July, the Hong Kong market has underperformed compared to the A-share market, raising questions about potential catch-up growth [1]. Earnings Expectations - There is an expectation of downward revisions in earnings for Hong Kong stocks, contrasting with the A-share market, which is experiencing a positive shift in profit forecasts [1]. - In the first half of the year, Hong Kong's net profit growth was +4.2% year-on-year, but this is a decline from the projected +9.2% for 2024, while A-shares reported a +2.8% increase, recovering from a -3.0% forecast for 2024 [1]. Valuation Insights - The AH premium remains low, having slightly rebounded after reaching 125%, which indicates that Hong Kong's dividend-paying assets are losing their attractiveness compared to A-shares due to a 20% dividend tax for investors using the Hong Kong Stock Connect [1]. - According to Zheshang Securities, the current appeal of Hong Kong stocks is not strong given the low AH premium [1]. Liquidity and Market Drivers - Market expectations of a Federal Reserve interest rate cut may provide some support for Hong Kong stocks, but historical data suggests that such cuts do not guarantee market uptrends [2]. - The fundamental factors are expected to dominate market movements, with structural opportunities identified in sectors like technology hardware and pharmaceuticals [2]. Investment Recommendations - Investors are advised to focus on specific ETFs such as the Technology ETF (513020) and the Innovative Drug ETF (517110) to capture structural opportunities in the Hong Kong market [2].

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]

Group 1 - The overall profitability of the Hong Kong stock market is relatively strong, and current valuations remain low, indicating a high long-term cost-performance ratio for allocation [1] - The Hang Seng Index has recently surpassed previous highs, and with ongoing domestic policies aimed at stabilizing growth, the Hong Kong stock market may continue to experience upward fluctuations [1] - It is recommended to focus on high dividend and low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, as high dividend strategies can serve as a stable income base [1] Group 2 - The Hong Kong Dividend ETF (159331) has distributed dividends for 12 consecutive months since its launch, making it a noteworthy investment option for monthly dividend evaluation [1] - Investors without stock accounts may consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [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]

（文章来源：每日经济新闻） 光大证券指出，港股整体盈利能力相对较强，结合当前估值仍偏低，长期配置性价比仍较高。近期恒生 指数已突破前期高点，在国内稳增长政策持续发力下，港股市场未来或继续震荡上行。建议继续关注高 股息低波动策略，包括通信、公用事业、银行等行业，高股息策略仍可作为稳定收益的底仓。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数由港股上市且可通过港股通交 易的高股息股票组成，侧重于筛选具备稳定分红能力的上市公司证券。其成分股覆盖多个行业，尤其侧 重金融、地产等传统高分红领域，旨在反映港股市场高股息资产的整体表现。 ...

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing significant sector rotation, with the consumer goods sector currently undervalued and having potential for rebound [1] - Since the beginning of the year, the entertainment, accessories, and cosmetics sectors within the Hong Kong Stock Connect have shown significant gains [1] - The pharmaceutical industry is expected to rebound first by 2025, followed by a potential revaluation of consumer goods driven by policy catalysts [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects listed companies with stable high dividend characteristics from the Hong Kong Stock Connect universe [1] - This index covers traditional high dividend sectors such as finance, industry, and energy, aiming to reflect the overall performance of quality high dividend securities available through the Hong Kong Stock Connect mechanism [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

Group 1 - The core viewpoint is that the Hong Kong stock market is showing a rotation in high-dividend sectors, with increasing influence from southbound investors, leading to opportunities spreading to non-leading areas [1] - Consumer goods are currently undervalued, with sectors like leisure food and beverages showing significant valuation discounts compared to the new consumption sector, with PETTM at 21.3 times and 26.4 times respectively [1] - The market's pessimistic expectations have been fully reflected, and the probability of a reversal in the consumer sector is increasing due to birth subsidy policies and demand for "good housing" [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects stable dividend-paying stocks with high dividend yields from companies listed in Hong Kong [1] - The index's constituent stocks are primarily distributed in traditional high-dividend sectors such as finance and real estate, indicating a value investment style [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

Group 1 - The core viewpoint is that the Hong Kong stock market's high dividend sectors, particularly banks, present investment value due to the weak US dollar and continuous inflow of southbound funds [1] - Insurance capital, as a major source of southbound funds, prefers bank stocks for their stable high dividend characteristics, benefiting from their "quasi-bond" advantage, low volatility, and tax exemptions on dividends [1] - The financial sector has become a core holding for southbound funds, accounting for 19% of their portfolio, as the current low interest rate environment enhances the attractiveness of high dividend strategies [1] Group 2 - The Hong Kong stock market is seen as a representative of core RMB assets, with potential for valuation recovery due to the narrowing of "country risk premium" and the rising pricing power of domestic capital [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects high dividend yield securities from eligible listed companies to reflect the overall performance of high dividend stocks in Hong Kong [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]