A股持续走强，A50ETF（159601）类核心资产有望在ROE周期回升中担任“先锋手”

Group 1 - The A-share market continues to strengthen, with the MSCI China A50 Connect Index rising approximately 1.8%, indicating increased market enthusiasm [1] - Leading stocks include Haiguang Information, Cambricon Technologies-U, Zijin Mining, and Poly Development, with A50 ETF (159601) rising over 2% and showing active trading with frequent premium transactions [1] - Huatai Securities believes that the revaluation of Chinese assets is ongoing, with expectations for valuation recovery and profit improvement in the future [1] Group 2 - The A-share ROE is expected to end its downward cycle, with a gradual stabilization and recovery phase in the profit cycle [1] - The fastest decline phase in the real estate sector has passed, and policy cycle improvements are driving asset recovery [1] - The "de-dollarization" trend is providing upward pressure for RMB appreciation, with an estimated 5% upward potential for PETTM by the end of 2025 compared to current levels [1] Group 3 - The A50 ETF closely tracks the MSCI China A50 Connect Index, providing a packaged investment in 50 leading stocks, with over 50% of the index's constituent companies being state-owned enterprises [1] - The total cash dividends for 2024 are projected to be 992.617 billion yuan, with a dividend payout ratio of 40.28% and a 12-month dividend yield of 3.3%, showcasing both growth and dividend attributes [1]