基金配置策略报告：南下布局：详解17只互联互通港股ETF-20250821

Core Insights - On August 15, a significant net inflow of 35.9 billion was observed, with the most funds flowing into the ETF Yingfu Fund rather than individual stocks, highlighting the growing influence of interconnectivity ETFs [1] - The report analyzes 17 Hong Kong ETFs that have entered the Stock Connect, detailing their allocation advantages and strategic highlights. With the AH premium at a new low, the Hong Kong market may see a secondary rally, focusing on broad-based ETFs like Yingfu Fund, Amundi Hang Seng Tech, and Hang Seng China Enterprises, as well as sector/style ETFs like Huaxia Hang Seng Biotech and GX Hang Seng High Dividend [1] Development of Stock Connect ETFs - After three years of development, Stock Connect ETFs have become a significant channel for southbound trading. As of now, there are 17 ETFs available, with mainland investors holding nearly 34 billion in total assets, indicating their importance in participating in the Hong Kong stock market. The average monthly trading volume is expected to exceed 68 billion by 2025, with active products like Yingfu Fund and Southern Hang Seng Technology showing good liquidity [2] - The performance of ETFs this year has shown significant relative advantages, with Huaxia Hang Seng Biotech doubling in value amid the innovative drug market, and GX Hang Seng High Dividend outperforming Hong Kong dividend ETFs by over 7% [2] Advantages of Stock Connect ETFs - Stock Connect ETFs offer three main advantages: higher precision in holdings, extended trading hours, and lower long-term fees. They allow investors to access non-Stock Connect Hong Kong or US stocks without QDII quotas, providing high tracking accuracy [3] - The trading hours for these ETFs extend by an additional 1.5 hours daily, allowing investors to capture incremental market movements after mainland ETF closures, thus avoiding the lag in net asset value calculations caused by traditional ETF premiums and discounts [3] - Long-term management fees are relatively low, exemplified by Yingfu Fund's management fee as low as 0.04%, which benefits long-term investors [3] Market Trends and Future Outlook - The downward trend of the AH premium reflects optimistic sentiment towards Hong Kong stocks, driven by strong A-share performance and expectations of rising US Treasury yields leading to foreign capital inflows. The convenience of investing through Stock Connect ETFs is expected to translate into performance advantages, with most of these ETFs outperforming their mainland counterparts this year [4] - The current requirements for ETFs to enter the Stock Connect are strict, including a minimum average asset size of 550 million HKD over the past six months and a stock purity of over 60% in the underlying index. There are various strategies for ETFs not yet included in the Stock Connect, such as the AGX Index Covered Call ETF, which aims for stable returns in volatile markets [4] ETF Performance Overview - The report lists five major broad-based ETFs tracking the Hang Seng Index, with an average excess return of 2.6% compared to mainland competitors this year. Additionally, three style ETFs focusing on high dividends and ESG-enhanced indices have shown strong performance, with GX Hang Seng High Dividend achieving a 28% return [6] - The report also highlights the performance of specific ETFs, such as Huaxia Hang Seng Biotech, which has a high concentration of innovative drug stocks, and the absence of redemption restrictions enhances its appeal [6]