华安基金：港股红利逆势上涨，险资配置红利正当时

Market Overview and Key Insights - The Hong Kong dividend sector showed resilience last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index rising by 1.11%, while the Hang Seng Index fell by 1.31% and the Hang Seng Tech Index dropped by 2.34% [1] - Foreign capital inflow expanded significantly, with net inflow into Hong Kong stocks reaching $916 million, compared to a mere $10 million the previous week, primarily driven by substantial inflows from passive foreign investments [1] - The insurance sector is increasingly focusing on dividend assets due to a combination of asset scarcity, low interest rates, accounting standard changes, and policy guidance [1] Insurance Capital and Market Dynamics - Insurance funds are expected to become a significant source of incremental capital in the stock market, with a requirement for state-owned large insurance companies to invest 30% of new premiums in A-shares starting January 2025, potentially adding thousands of billions in long-term funds annually [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index stands at 7.87%, significantly higher than the 5.41% yield of the CSI Dividend Index, with a price-to-book (PB) ratio of 0.63 and a price-to-earnings (PE) ratio of 6.88 [2] - The total return index has achieved a cumulative return of 119% since the beginning of 2021, outperforming the Hang Seng Total Return Index by 115% [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 the largest 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 restructuring of state-owned enterprises [3] ETF Performance and Holdings - The top ten weighted stocks in the Hang Seng China Central State-Owned Enterprises Dividend Index include China COSCO Shipping (4.6% weight, 13.0% dividend yield), Orient Overseas International (4.6% weight, 11.1% dividend yield), and New China Life Insurance (4.1% weight, 3.4% dividend yield) [5] - The performance of these stocks over the past 12 months shows varying degrees of decline, with China COSCO Shipping experiencing a 2.4% drop [5]