Mei Ri Jing Ji Xin Wen·2025-08-12 06:40Core Viewpoint - The A-share market is experiencing an upward trend driven by liquidity, with the MSCI China A50 Connect Index rising over 1.3% and key stocks like Cambricon Technologies hitting the daily limit [1] Group 1: Market Performance - The MSCI China A50 Connect Index saw a significant increase, with major stocks such as Cambricon Technologies, Industrial Fulian, Haiguang Information, Wanhua Chemical, and China Petroleum all rising [1] - The A50 ETF (159601) is actively trading in line with the index's upward movement, indicating strong market interest [1] Group 2: Liquidity and Policy Impact - Dongwu Securities suggests that the current market is driven by liquidity, with a systematic decline in domestic risk-free interest rates and an influx of overseas dollar liquidity [1] - The combination of policies is expected to continue to enhance the supply-demand balance, leading to stabilization and improvement in overall A-share profitability and return on equity (ROE) [1] Group 3: A50 ETF Characteristics - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing exposure to 50 leading stocks and covering core assets in the A-share market [1] - Over 50% of the index's constituent companies are state-owned enterprises, with a projected total cash dividend of over 99 billion yuan for 2024 and a dividend payout ratio of 40.28% [1] - The 12-month dividend yield for the index stands at 3.48%, highlighting its growth and dividend attributes [1]