华安基金：中美会谈取得实际进展，降准降息利好红利策略

Market Overview and Key Insights - The Hong Kong stock market continued its upward trend driven by the dividend sector, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index rising by 2.08% and the Hang Seng Index increasing by 1.69%, while the Hang Seng Tech Index fell by 1.22% [1] - Foreign capital saw a net inflow last week, with southbound funds totaling a net inflow of 6.78 billion, significantly up from the previous week's 1.19 billion [1] - Progress was made in US-China trade talks, with both sides agreeing to establish a consultation mechanism, potentially easing previous tariff uncertainties and benefiting A-shares and Hong Kong stocks [1] Financial Policy and Market Impact - Recent financial policies, including interest rate cuts, are expected to enhance long-term liquidity supply, benefiting high-dividend strategies in a low-interest environment [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index stands at 8.23%, significantly higher than the 6.40% yield of the CSI Dividend Index, with a price-to-book ratio of 0.58 and a price-to-earnings ratio of 6.15 [2] - The index has achieved a cumulative return of 91% since early 2021, outperforming the Hang Seng Total Return Index by 93% [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with major shareholders being mainland central enterprises [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central enterprises, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF had a net asset value of 1.3602 and a scale of 3.688 billion, with a weekly turnover of 639 million [5] - The top ten weighted stocks in the index include major banks and insurance companies, with dividend yields ranging from 4.6% to 9.0% [6]