华安金：国资平台大举增持上市央企，南向资金净流入创新高

Market Overview and Key Insights - Hong Kong stocks experienced significant volatility last week due to trade conflicts, with the Hang Seng Index dropping by 8.42% and the Hang Seng Technology Index falling by 7.58% [1] - All sectors in the Hang Seng Index declined, with non-essential consumer goods and energy sectors leading the losses, while essential consumer goods and telecommunications showed smaller declines [1] - Southbound capital inflow reached a new high since 2021, totaling approximately 78 billion RMB last week, compared to 59.4 billion RMB the previous week [1] - Foreign capital saw a net outflow of 320 million USD from Chinese stocks, with active foreign capital outflow increasing to 685 million USD [1] State-Owned Enterprises and Capital Support - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated support measures for state-owned enterprises (SOEs), with two major state capital investment platforms collectively increasing their holdings by 180 billion RMB [1] - SASAC's actions include encouraging SOEs to increase share buybacks and purchases, with China Reform Holdings planning to invest 80 billion RMB and China Chengtong planning to invest 100 billion RMB in stock buybacks [1] Dividend Strategy and Performance - The Hong Kong SOE dividend sector has shown strong low-volatility characteristics, with a dividend yield of 7.78% compared to 6.39% for the CSI Dividend Index, and a price-to-book (PB) ratio of 0.56 and price-to-earnings (PE) ratio of 5.84 [2] - The total return of the Hang Seng SOE Dividend Index has increased by 80% since early 2021, outperforming the Hang Seng Total Return Index by 91% [2] - The current low interest rate environment and weak economic recovery are favorable for dividend strategies, with SOEs showing strong willingness and capability for dividend distribution [2] ETF Overview - The Huaan Hong Kong SOE Dividend ETF (code: 513920) tracks the Hang Seng SOE Dividend Index and aims to reflect the performance of high-dividend securities listed in Hong Kong with major shareholders being mainland SOEs [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, SOEs, and dividends [3] Fund Performance Data - The Huaan Hong Kong SOE Dividend ETF has a net asset value of 1.3001 and a scale of 3.401 billion RMB, with a weekly trading volume of 1.471 billion RMB [4]