华安基金：港股上周再度收涨，红利投资逻辑延续

Market Overview and Key Insights - The Hong Kong stock market experienced a broad-based rally last week, with the Hang Seng Index rising by 2.31% and the Hang Seng Technology Index increasing by 2.03% [1] - The financial and industrial sectors led the gains, while the utilities sector saw a decline [1] - Foreign capital inflows expanded, with a net inflow of $900 million into overseas Chinese stocks, compared to a previous week's inflow of $250 million [1] - Southbound capital recorded a net outflow of approximately $8 billion, a decrease from the previous week's inflow of about $6.78 billion [1] Monetary Policy and Investment Strategy - The continuation of a low-interest-rate environment due to recent monetary easing measures is expected to benefit high-dividend strategies [2] - The recent financial policy announcements aim to enhance long-term liquidity supply, which is favorable for dividend-paying stocks [2] - Insurance capital is accelerating its market entry, which is likely to support dividend strategies [2] Central State-Owned Enterprises (SOEs) and Dividend Potential - Central SOEs are accelerating share buybacks and increases, which may enhance shareholder returns [2] - The dividend yield of the Hang Seng Central SOE Dividend Index is 8.04%, significantly higher than the 6.37% yield of the CSI Dividend Index [2] - The price-to-book (PB) ratio stands at 0.59, and the price-to-earnings (PE) ratio is 6.35, indicating attractive valuation levels [2] - The total return of the index has reached 97% since early 2021, outperforming the Hang Seng Total Return Index by the same margin [2] ETF Overview - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF (code: 513920) tracks the Hang Seng Central SOE Dividend Index, focusing on 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 SOEs, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF had a scale of 34.34 billion and a weekly trading volume of 9.83 billion [5] - The top ten weighted stocks in the index include major financial institutions, with dividend yields ranging from 2.6% to 8.8% [6]