Market Overview and Key Insights - The Hong Kong stock market experienced a decline last week, with the Hang Seng Index dropping by 1.43% and the Hang Seng Technology Index falling by 2.03%. The Hang Seng China Enterprises Dividend Index decreased by 0.70% [1] - The information technology sector led the gains among Hang Seng's primary industries, while healthcare and energy sectors saw the largest declines [1] - There was a significant increase in passive foreign capital inflows, with a net inflow of $1.64 billion into Chinese stocks from foreign investors, compared to a net inflow of $0.03 billion the previous week [1] - Southbound capital also remained strong, with a net inflow of HKD 16.3 billion [1] Dividend Strategy and Outlook - The dividend yield of the Hang Seng China Enterprises Dividend Index reached 7.90%, significantly higher than the 5.56% yield of the CSI Dividend Index. The price-to-book (PB) ratio is 0.62, and the price-to-earnings (PE) ratio is 6.79 [2] - Since the beginning of 2021, the total return of the full return index has been 114%, outperforming the Hang Seng full return index by 113% [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 for dividend distribution [2] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Enterprises Dividend Index and aims to reflect the performance of high-dividend securities listed in Hong Kong with major shareholders being mainland state-owned enterprises [3] - The ETF is the first in the market to combine attributes of Hong Kong stocks, state-owned enterprises, and dividends [3] - The ETF had a scale of CNY 1.4856 billion and a weekly trading volume of CNY 1.012 billion [4] Top Holdings in the Dividend Index - The top ten weighted stocks in the Hang Seng China Enterprises Dividend Index include: - China COSCO Shipping (4.7% weight, 12-month dividend yield of 13.0%) - Orient Overseas International (4.5% weight, 12-month dividend yield of 11.4%) - New China Life Insurance (3.6% weight, 12-month dividend yield of 3.9%) - China National Offshore Oil (2.8% weight, 12-month dividend yield of 7.8%) [5]
华安基金:美联储降息周期延续,险资青睐港股红利
Quan Jing Wang·2025-06-24 06:58