华安基金：险资长周期考核明确，“长钱长投”迎制度突破

Market Overview and Key Insights - The Hong Kong dividend sector continued to rise last week, outperforming the broader market, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index increasing by 1.74%, compared to a 0.93% rise in the Hang Seng Index and a 0.62% rise in the Hang Seng Tech Index [1] - Foreign capital inflow expanded, with net inflow into Hong Kong stocks reaching $1.023 billion, up from $916 million the previous week, while southbound funds saw a net inflow of HKD 26.4 billion [1] Insurance Capital and Long-term Investment - Recent regulatory changes encourage insurance funds to adopt a long-term investment strategy, shifting the assessment of net asset return rates from a 3-year and annual indicator to a combination of annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1] - Insurance capital is expected to become a significant source of incremental funds in the stock market, with a requirement for state-owned large insurance companies to invest 30% of new premiums in A-shares, potentially adding thousands of millions in long-term capital annually [2] Dividend Strategy and Valuation - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index is 5.86%, compared to 4.82% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.64 and a price-to-earnings (PE) ratio of 6.96 [2] - The total return index has achieved a cumulative return of 123% since early 2021, outperforming the Hang Seng Total Return Index by 118% [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index and is the first ETF in the market with the combined attributes of Hong Kong stocks, central state-owned enterprises, and dividends [3] Fund Performance - The net asset value of the Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF is 7.66 billion [4] - Key holdings include China COSCO Shipping (4.6% weight, 12.9% dividend yield), Orient Overseas International (4.4% weight, 11.3% dividend yield), and New China Life Insurance (3.9% weight, 6.4% dividend yield) [5]