华安基金：险资长期投资试点扩围，红利板块或受增量资金青睐

Market Overview and Key Insights - The Hong Kong stock market showed divergence last week, with the dividend sector continuing to lead gains, as the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index rose by 0.25%, while the Hang Seng Index fell by 1.11% and the Hang Seng Tech Index dropped by 1.43% [1] - Southbound capital inflows continued to expand, averaging a net inflow of HKD 5.6 billion per day, totaling approximately HKD 28.1 billion, compared to a net outflow of about HKD 19 billion the previous week [1] - The insurance capital long-term investment pilot program is accelerating, with an announcement to further expand the pilot scope and approve an additional HKD 60 billion, bringing the total approved amount to HKD 222 billion [1][2] Insurance Capital and Dividend Stocks - Under the new accounting standards, insurance capital is increasingly inclined to allocate to high-dividend stocks, as dividends can be recognized in profit while market value fluctuations do not impact current profits, thus stabilizing earnings [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index is 7.91%, significantly higher than the 6.33% of the CSI Dividend Index, with a price-to-book ratio of 0.6 and a price-to-earnings ratio of 6.46 [2] - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, with state-owned enterprises showing strong willingness and capability to distribute dividends [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 state-owned enterprises as major shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends, providing investors with opportunities to capitalize on the valuation reshaping of state-owned enterprises [3] ETF Performance - The top ten weighted stocks in the Hang Seng China Central State-Owned Enterprises Dividend Index include major banks and insurance companies, with Citic Bank and China People's Insurance Group each holding a weight of 4.0% [5] - The performance of these stocks over the past 12 months shows varying total returns, with Citic Bank at 8.0% and China People's Insurance Group at 4.7% [5]