来源：新浪基金∞工作室 流动性方面，截止2月2日，港股通红利低波ETF（159117）近20个交易日累计成交金额1.74亿元，日均 成交金额868.85万元。 港股通红利低波ETF（159117）现任基金经理为闫冬、余展昌。闫冬自2025年9月30日管理（或拟管 理）该基金，任职期内收益7.68%；余展昌自2025年9月30日管理（或拟管理）该基金，任职期内收益 7.68%。 港股通红利低波ETF（159117）成立于2025年9月30日，基金全称为鹏华标普港股通低波红利交易型开 放式指数证券投资基金，基金简称为鹏华港股通低波红利ETF。该基金管理费率每年0.30%，托管费率 每年0.10%。港股通红利低波ETF（159117）业绩比较基准为标普港股通低波红利指数收益率(经汇率调 整后)。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00358江西铜业股份4.39%16.80万650.67万 03360远东宏信3.33%67.80万492.36万01088中国神华3.09%13.05万457.34万00883中国海洋石油 3.04%23.40万450.18万00101恒隆地产2.97%56.60万44 ...

Core Viewpoint - The Huaxia S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159118) has experienced significant net redemptions recently, indicating a potential shift in investor sentiment towards this fund [1][2]. Group 1: Fund Performance - On January 12, the Huaxia S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159118) faced a net redemption of 24.22 million yuan, ranking 12th out of 207 in terms of net outflows among cross-border ETFs [1]. - The fund's latest size is 274 million yuan, down from 297 million yuan the previous day, with the net outflow representing 8.15% of the previous day's size [1]. - Over the past five days, the fund has seen net redemptions totaling 27.12 million yuan, ranking 35th out of 207 in net outflows [1]. - In the last ten days, the total net redemptions reached 30.98 million yuan, placing it 44th in the same ranking [1]. - For the past 20 days, the fund experienced net redemptions of 41.67 million yuan, again ranking 35th [1]. Group 2: Fund Details - The Huaxia S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159118) was established on November 17, 2025, with an annual management fee of 0.15% and a custody fee of 0.05% [2]. - As of January 12, the fund's latest share count is 279 million, down from 307 million shares on December 31, 2025, reflecting a 9.13% decrease in shares year-to-date [2]. - The fund's liquidity, as of January 12, shows a cumulative trading amount of 103 million yuan over the last 20 trading days, with an average daily trading amount of 5.16 million yuan [2]. - Year-to-date, the fund has recorded a cumulative trading amount of 37.66 million yuan over six trading days, averaging 6.28 million yuan daily [2]. Group 3: Fund Management - The current fund manager of the Huaxia S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159118) is Yan Xiaoxian, who has managed the fund since its inception, with a return of -1.70% during the management period [3]. - Other ETFs tracking the same index include the Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220) and the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), with varying sizes and liquidity metrics [3].

Group 1 - The core viewpoint of the news is the performance and details of the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), which closed with a slight increase of 0.10% on December 17, with a trading volume of 6.0187 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10%, and its performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] - As of December 16, the latest share count for the ETF is 155 million shares, with a total size of 158 million yuan [1] - The ETF has shown liquidity with a cumulative trading amount of 97.7976 million yuan over the last 20 trading days, averaging 4.8899 million yuan per day [1] Group 2 - The latest report indicates that the ETF's top holdings include companies such as Hang Lung Properties, Jiangxi Copper, China Shenhua, and others, with specific holding percentages and market values detailed [2] - The top holdings and their respective percentages are as follows: Hang Lung Properties at 1.08% with a market value of 4.0664 million yuan, Jiangxi Copper at 1.08% with a market value of 4.0565 million yuan, and China Shenhua at 1.05% with a market value of 3.9728 million yuan, among others [2]

Core Insights - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) closed up 0.48% on December 4, with a trading volume of 4.0345 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1] - As of December 3, the fund's latest share count was 158 million, with a total size of 166 million yuan [1] - Over the past 20 trading days, the ETF has accumulated a trading amount of 128 million yuan, with an average daily trading amount of 6.3865 million yuan [1] - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have achieved a return of 5.00% since managing the fund from its inception [1] Holdings Summary - The top holdings of the ETF include: - Hang Lung Properties: 1.08% holding, 496,000 shares, market value of 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, market value of 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, market value of 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, market value of 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, market value of 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, market value of 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, market value of 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, market value of 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, market value of 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, market value of 3.0623 million yuan [2]

Core Viewpoint - The article discusses the current market trend of capital flowing from high-growth technology sectors to defensive high-dividend sectors and undervalued consumer sectors, indicating a shift in investment strategy towards more stable returns [1][3]. Market Trends - There is a noticeable acceleration in sector rotation, with funds moving from previously high-performing technology growth stocks to high-dividend and low-valuation consumer sectors [1]. - Southbound capital continues to flow into the Hong Kong stock market, with some investors viewing the market's adjustments as opportunities for medium to long-term positioning, particularly in leading technology stocks [3]. Index Performance - The CSI 300 Index is highlighted as a core broad-based index in the A-share market, consisting of 300 representative securities with good liquidity, covering a wide range of quality industry leaders [4]. - The 12-month dividend yield of the CSI 300 Index is reported at 2.78%, which is leading among mainstream broad-based indices [5][7]. Financial Metrics - The net asset return on equity (ROE) for the CSI 300 Index in Q4 2024 is 10.09%, slightly lower than the ChiNext Index, but it maintains a competitive dividend yield [7][8]. - A comparison of dividend yields and ROE among major indices shows the CSI 300 leading with a dividend yield of 2.78% [9]. Investment Strategy - The article suggests a "dividend + broad-based index" combination strategy as an ideal choice in the current market environment, balancing defensive and growth characteristics [18][19]. - Since 2021, the "broad-based + dividend" combination has achieved an annualized return of 15.92%, demonstrating effective volatility control [18].

Group 1 - The market is expected to maintain a stable risk appetite and profit expectations as it enters a macroeconomic event and corporate financial data vacuum period from the end of this year to early next year [1] - The technology sector led the gains in Q3, while the dividend sector experienced an overall pullback; the combination of stable risk appetite, balanced market style, and medium to long-term capital allocation demand is likely to enhance the value of dividend asset allocation [1] Group 2 - In the oil and petrochemical sector, global crude oil supply and demand expectations are stable, with oil prices fluctuating within a range; leading companies possess high dividend yield advantages [1] - In the aviation sector, high passenger load factors, market-driven ticket pricing, and a slowdown in fleet growth are expected to support the continuous rise of industry profitability [1] - Hong Kong bank stocks have recently performed well, with higher dividend yields compared to A-shares; state-owned banks have an overall yield above 5%, making them more attractive to institutions seeking stable cash flow [1] - Tax advantages for insurance companies holding H-shares for over 12 months allow them to exempt corporate income tax on dividend income, further amplifying the appeal of high dividend characteristics [1] - Among A/H listed banks, except for China Merchants Bank, A-shares generally trade at a premium to H-shares, with the premium rate for the four major banks ranging from 23% to 35%, allowing for lower funding costs when allocating to Hong Kong bank stocks [1] - The Hong Kong Stock Connect Dividend Low Volatility ETF (159117) rose by 1.15%, with the latest price at 1.06 yuan as of November 10, 2025 [1]

Core Insights - Two stock ETFs have recently announced their listing, with aerospace stocks holding a position of 24.05% and the Xinyuan CSI 800 Dividend Low Volatility ETF at 19.25% [1] - In the past month, 22 stock ETFs have announced their listings, with an average position of only 31.88%. The highest position is held by the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF at 98.80% [1][2] - The average fundraising for the newly announced ETFs is 421 million shares, with the leading funds being the GF CSI Satellite Industry ETF, the CMB National Index Hong Kong Stock Connect Technology ETF, and the Huaan National Index Hong Kong Stock Connect Consumer Theme ETF, with shares of 1.171 billion, 935 million, and 639 million respectively [1] ETF Positioning - The average institutional investor holding is 15.39%, with the highest proportions in the Penghua Hong Kong Stock Connect Low Dividend ETF (97.57%), the Fortune Creation Board New Energy ETF (66.53%), and the Harvest Hang Seng Index Hong Kong Stock Connect ETF (59.52%) [2] - The lowest institutional holding proportions are found in the Southern CSI Hong Kong Stock Connect 50 ETF (0.57%), the GF CSI Satellite Industry ETF (1.31%), and the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF (2.20%) [2] Fund Details - The newly listed ETFs include the Aerospace ETF with a position of 24.05%, the Guoshou Anbao CSI A500 Dividend Low Volatility ETF at 0.00%, and the Xinyuan CSI 800 Dividend Low Volatility ETF at 19.25% [2][3] - Other notable ETFs include the CMB National Index Hong Kong Stock Connect Technology ETF with a position of 31.14%, and the Boshi Securities Company ETF at 70.09% [2][3] - The Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF has the highest position at 98.80%, indicating a strong focus on state-owned enterprises [3]

Core Insights - The newly launched招商国证港股通科技ETF is set to be listed on November 6, 2025, with a total of 935 million shares available for trading [1] - As of October 30, 2025, the fund's asset allocation consists of 68.85% in bank deposits and settlement reserves, while stock investments account for 31.14% [1] - In the past month, 20 stock ETFs have announced their listings, with an average allocation of 32.91% [1] Fund Statistics - The招商国证港股通科技ETF has a total fundraising of 935 million shares, ranking among the top in terms of trading volume [2] - The fund's establishment date is October 24, 2025, and it has a stock allocation of 31.14% as of the latest announcement [2] - Other notable ETFs include广发中证卫星产业ETF with 1.171 billion shares and华安国证港股通消费主题ETF with 639 million shares [2] Institutional Investor Participation - On average, institutional investors hold 16.04% of the shares in newly listed ETFs, with the highest being鹏华港股通低波红利ETF at 97.57% [2] - The招商国证港股通科技ETF has a relatively lower institutional ownership compared to others, indicating potential for growth in institutional interest [2]

Core Insights - Three stock ETFs have recently announced their listing, with varying stock positions, indicating a diverse investment strategy among these funds [1] Group 1: ETF Stock Positions - The stock position of the Fortune Country Growth Board New Energy ETF is 71.45%, while the Southern CSI Hong Kong Stock Connect 50 ETF has a stock position of 29.50%, and the E Fund Hang Seng Biotechnology ETF has a stock position of 11.82% [1] - A total of 16 stock ETFs have announced listings in October, with an average stock position of only 33.91% [1] - The highest stock position among the newly listed ETFs is 98.80% for the Chuangjin Hexin CSI State-owned Enterprises Dividend ETF, followed by 82.97% for the Qianhai Kaiyuan CSI Private Enterprises 300 ETF, and 71.45% for the Fortune Country Growth Board New Energy ETF [1] Group 2: ETF Fundraising and Size - The average fundraising for the ETFs announced in October is 416 million shares, with the largest being the GF CSI Satellite Industry ETF at 1.171 billion shares, followed by the Huaan National Index Hong Kong Stock Connect Consumer Theme ETF at 639 million shares, and the Fortune Country Shanghai Stock Science and Technology Innovation Board 100 ETF at 556 million shares [1] - The institutional investor ownership structure shows an average holding of 17.22%, with the highest being 97.57% for the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF [2] - The institutional ownership is notably low for the Southern CSI Hong Kong Stock Connect 50 ETF at 0.57%, the GF CSI Satellite Industry ETF at 1.31%, and the Chuangjin Hexin CSI State-owned Enterprises Dividend ETF at 2.20% [2]

Core Insights - The Jiashi Hang Seng Index Hong Kong Stock Connect ETF is set to be listed on October 31, 2025, with a total of 287 million shares for trading [1] - As of October 24, 2025, the fund's asset allocation shows 71.78% in bank deposits and settlement reserves, while stock investments account for 28.22% [1] - A total of 13 stock ETFs have announced listings in October, with an average position of only 33.06% [1] Fund Statistics - The Jiashi Hang Seng Index Hong Kong Stock Connect ETF has a fundraising scale of 287 million shares, with a position of 28.22% as of October 24, 2025 [2] - Other notable ETFs include the Guangfa CSI Satellite Industry ETF with 1.171 billion shares and a position of 33.38%, and the Huaxia SSE 180 ETF with 2.28 billion shares and a position of 19.95% [2] - The average fundraising for newly announced ETFs in October is 452 million shares, with the Guangfa CSI Satellite Industry ETF leading in scale [2] Institutional Investor Participation - Institutional investors hold an average of 15.83% of the shares in the newly listed ETFs, with the Jiashi Hang Seng Index Hong Kong Stock Connect ETF having 59.52% held by institutions [2] - The highest institutional ownership is seen in the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF at 97.57% [2] - ETFs with lower institutional ownership include the Guangfa CSI Satellite Industry ETF and the Chuangjin Hexin CSI State-Owned Enterprise Dividend ETF, with ownership at 1.31% and 2.20% respectively [2]