华安基金：估值低位与周期筑底共振，港股通央企红利价值显现

Market Overview - The Hang Seng China Enterprises Dividend Index decreased by 0.11%, the Hang Seng Index fell by 3.02%, and the Hang Seng Technology Index dropped by 6.51% last week [1][7] - In contrast, the CSI State-Owned Enterprises Dividend Index rose by 0.17%, while the CSI 300 Index declined by 1.29% [1][7] - A significant style rotation is observed in the market, with a "seesaw" effect between the previously strong technology growth sector and the dividend value style [1][7] Economic Recovery and Policy Support - The domestic economy is stabilizing, with traditional cyclical industries such as real estate, transportation, and energy experiencing a marginal recovery [2][8] - Increased policy support in the real estate sector includes measures like easing purchase and loan restrictions, lowering mortgage rates, and accelerating the construction of affordable housing [2][8] - These policies are expected to alleviate cash flow pressures on real estate companies and positively impact upstream industries like construction materials and public utilities [2][8] Investment Opportunities in Dividend Assets - The dividend assets are currently seen as having high cost-effectiveness, attracting increased capital allocation [2][8] - The market is showing signs of a "high to low" shift, with funds moving from high-valuation, high-volatility growth sectors to low-valuation, relatively stable value assets [2][8] - The Hang Seng China Enterprises Dividend Index, with its high dividend yield and stable fundamentals, has become a key focus for investors seeking to rebalance their portfolios [2][8] Dividend Yield and Valuation Comparison - The Hang Seng China Enterprises Dividend Index has a dividend yield of 5.70%, compared to 4.80% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.65 and a price-to-earnings (PE) ratio of 7.31 [3][9] - Over the past five years, the total return of the Hang Seng China Enterprises Dividend Index has been 158%, outperforming the Hang Seng Total Return Index by 150% [3][9] - The CSI State-Owned Enterprises Dividend Index has a dividend yield of 4.76%, with a PB of 0.86 and a PE of 8.59, achieving a total return of 74% over five years, outperforming the CSI 300 Total Return Index by 78% [3][9] ETF Product Overview - The Hang Seng China Enterprises Dividend ETF (513920) is the first ETF in the market with the combined attributes of Hong Kong stocks, state-owned enterprises, and dividends, tracking the Hang Seng China Enterprises Dividend Index [4][11] - The product has a net value of 1.6934 and a scale of 6.708 billion, with a weekly trading volume of 1.689 billion [5][12] - The CSI Dividend ETF (561060) tracks the CSI State-Owned Enterprises Dividend Index, selecting 100 stocks with high cash dividend yields and stable dividends from state-owned enterprises [5][12]