“T+0”+高股息，港股通央企红利ETF天弘（159281）涨超1%，成交额居深市同标的第一，机构：红利板块防御性配置价值凸显

Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) has shown strong performance with a 1.03% increase in closing price and a trading volume exceeding 400 million yuan, indicating high investor interest and liquidity [1][2]. Group 1: ETF Performance - The ETF has a turnover rate of 11.77%, the highest among similar products, and a premium trading occurrence with a premium rate of 0.21% [1]. - The management fee is set at 0.5% annually, while the custody fee is 0.1% annually [1]. Group 2: Index Characteristics - The ETF closely tracks the Hong Kong Stock Connect Central Enterprise Dividend Index (931233), which selects companies with stable dividend levels and high dividend yields from central enterprises [1][3]. - The index has a dividend yield exceeding 7% as of the second quarter of 2025 [2]. Group 3: Historical Performance - Over the past five years, the annualized return of the index is 14.27%, with an annualized volatility of 22.02% [2]. Group 4: Investment Strategy Insights - The index includes only companies that have paid dividends continuously for the past three years, ensuring a strict selection process to avoid "one-off dividends" [3]. - The dividend strategy is highlighted as a defensive investment approach, gaining importance amid tightening liquidity and pressure from major shareholders [3]. - High dividend strategies are characterized by stable earnings and strong cash flow, leading to a positive cycle of stable profits, continuous dividends, and enhanced return on equity (ROE) [3].