{"statusCode":200,"message":"","totalCount":0,"result":{"id":2441396,"title":"【对比贴】港股红利中哪个指数更“红”？","tag":{"name":null,"color":"#999999"},"createTimestamp":1751857655,"updateTimestamp":1751857751,"coverImageUrl":"https://img2.gelonghui.com/9c126-36cc376f-84b4-4359-91fb-b7e81a96aff7.png?guru_height=533&guru_width=1057&guru_size=1168533","count":{"read":12730,"comment":0,"favorite":0,"like":31,"share":0},"statistic":{"isTrial":false,"isPay":false,"isColumn":false,"isLike":null,"isFavorite":null,"canShare":true,"canFavorite":true},"radio":null,"column":{"id":696473,"nick":"港美投资","avatar":"https://img4.gelonghui.com/head/77997-a99fa252-123c-42db-8345-75de518b0481.png?guru_height=300&guru_width=300","showRoles":null,"tags":null,"brief":null,"sex":null,"inviteCode":"J7MZ1P","route":"https://m.gelonghui.com/user/696473","isFollow":false,"country":null,"state":null,"city":null,"email":null,"phone":null,"countryCode":"86","needBindPhone":null,"roles":null,"userCount":{"fans":1094,"follow":0,"post":338,"dynamic":4,"optionalStock":0,"optionalETF":0,"optionalFund":0,"readHistory":0,"favorite":0,"followingPortfolios":0,"createPortfolios":0,"validPortfolios":0},"vip":null,"level":{"exp":350.0,"currentLevel":1,"currentLevelMaxExp":2000.0},"account":null,"message":null,"binds":null,"agreeUserAgreement":true,"canUploadVideo":null,"kyc":{"certification":false,"investor":null,"svipInvestor":null,"fundInvestor":null,"needAddBirthday":null,"signContract":null,"ageCategory":null},"svip":null,"isBlock":null,"columnAuthorStatus":"unverified","createDate":1708593141,"membership":null,"regionName":"上海","momentPublishable":false,"uid":36784981590805,"canReview":false,"advisoryCertification":null,"financialCircles":[],"styleTags":[],"isHotPictureAuthor":false},"album":null,"purchaseInfo":null,"remainWordNumber":0,"summary":"港股红利低波ETF（520550）跟踪的恒生港股通高股息低波动，其全收益指数近一年收益率和近五年收益率分别为38.34%和89.88%，对比其他港股红利指数都要高得多。","source":{"description":null},"content":"

最近买了点港股红利低波ETF（520550），可惜前段时间看走势那么好，觉得涨那么高了，就都在6月19日，用1.127的价格卖出去了，小赚了十几个点，结果现在涨到了1.178，看来还是定力不够啊。

看这个走势以后底仓长拿不动了。

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顺带也对比了下目前比较火的几个港股红利指数，发现港股红利低波ETF（520550）跟踪的恒生港股通高股息低波动，比起其他港股红利指数表现更好。

像恒生港股通高股息低波动全收益指数，近一年收益率和近五年收益率分别为38.34%和89.88%，对比港股通高股息全（25.63%、76.16%）、恒生中国内地企业高股息全（28.88%、18.64%）和恒生指数全（39.27%、12.53%）都要高得多。

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数据来源：Wind，截至2025.7.4

而且港股红利低波ETF（520550）是月月评估分红机制，一年最多可以分红12次，现金流大有可为，喜欢收息的朋友“狂爱”。

不过我看很多朋友担心港股红利有红利税的问题，其实即便是扣除红利税，港股红利对比A股也是显著领先。

目前港股红利股息率普遍超7%-8%，像恒生港股通高股息低波动指数的最新股息率达7.67%，扣除20%的红利税以后也在6%以上，而A股中证红利指数是5.44%。

这个底层原因是同一公司H股股价通常低于A股，但分红相同，所以会推升港股股息率。同时港股的估值更低，安全边际与修复空间更大。

像恒生港股通高股息低波动指数市盈率（TTM）目前仅7.18倍，市净率0.62倍，显著低于历史中位数。A股中证红利估值相对较高，市盈率（TTM）目前仅8.28倍，市净率0.82倍。

所以综合之下今年南向资金也更偏好港股红利，上半年主要流入银行等高股息行业。港股红利低波ETF（520550）的年内规模增加也很多，年初以来累计净流入超3.6亿，规模增长约246.36%，连续19周保持净流入。

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除了涨幅优势外我觉得港股红利的防御属性也很突出。

就像恒生港股通高股息低波动指数，对比其他港股红利指数编制引入了低波因子，历史表现显示其在震荡市中抗跌性强，近三年基本都跑赢了恒生指数。

而且指数持仓上更聚焦金融、能源等成熟行业，安全垫很高；并且单一个股权重不超过5%，风险分散更抗波动，还会剔除阶段跌幅过大的股票以规避“股息率陷阱”。

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数据来源：2022.7.4-2025.7.4

综合下来，我觉得港股红利低波ETF（520550）是“吃息”策略的优选补充，应该很少有综合优势超过它的红利了。



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