华安基金：港股红利延续上涨，年度调仓吐故纳新

Market Overview and Key Insights - The Hong Kong stock market saw gains last week, with the Hang Seng China Enterprises Index rising by 4.43% and the Hang Seng Index increasing by 0.75% [1] - The healthcare and materials sectors led the gains, while consumer and information technology sectors lagged [1] - There was a shift in capital flow, with passive foreign capital turning into inflows, and significant net inflows from southbound trading [1] Central State-Owned Enterprises (SOEs) Buyback and Dividend Trends - As of June 12, 2023, 65 central state-owned enterprises (SOEs) implemented buybacks totaling 8.672 billion yuan, while 53 companies saw shareholder increases amounting to 7.39 billion yuan, leading to a combined total of 16.062 billion yuan [2] - The dividend yield for the Hang Seng China Enterprises Index stands at 8.17%, significantly higher than the 5.62% yield of the CSI Dividend Index, with a price-to-book (PB) ratio of 0.62 and a price-to-earnings (PE) ratio of 6.77 [2] - The total return of the Hang Seng China Enterprises Index has reached 116% since early 2021, outperforming the Hang Seng Total Return Index by 113% [2] Investment Opportunities in High Dividend Strategies - The current low interest rate environment and weak economic recovery favor dividend strategies, with strong dividend willingness and capability among central SOEs [2] - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF tracks the Hang Seng China Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with central SOEs as major shareholders [2] ETF Performance and Characteristics - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF (513920) is the first ETF in the market combining the attributes of Hong Kong stocks, central SOEs, and high dividends [3] - The fund has a net asset value of 1.4995 and a scale of 3.242 billion yuan, with a weekly trading volume of 1.041 billion yuan [4] Sector-Specific Dividend Yields - Notable companies with high dividend yields include: - COSCO Shipping Holdings (4.5% yield, industrial sector) [5] - Orient Overseas International (4.5% yield, industrial sector) [5] - New China Life Insurance (3.5% yield, financial sector) [5] - China National Petroleum (3.1% yield, energy sector) [5]