景顺长城中证国新港股通央企红利ETF投资价值分析：港股央企红利，底仓配置优选

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend assets, highlighting their resilience in market volatility and superior risk-return characteristics, with a return drawdown ratio of 2.2 times [1][10] - Policy support has significantly increased the attractiveness of dividend assets, with a notable increase in dividend payouts from A-share companies in 2024, enhancing the long-term valuation of these assets [1][18] - There is a sustained demand for long-term capital allocation from insurance funds, which are expected to continue flowing into dividend assets due to their stable returns and low volatility [1][23] Group 2 - The report focuses on the China Securities National Hong Kong Stock Connect Central Enterprise Dividend Index, which selects high-dividend central enterprises from the Hong Kong Stock Connect range, reflecting the overall performance of these companies [3][36] - Since 2020, the National Hong Kong Stock Connect Central Enterprise Dividend Index has achieved a cumulative return of 37.2%, outperforming major A/H indices and similar products [3][39] - The index is heavily weighted towards high-quality large-cap central enterprises in sectors such as energy and telecommunications, providing a distinct advantage over other indices [3][39] Group 3 - The Invesco Great Wall China Securities National Hong Kong Stock Connect Central Enterprise Dividend ETF offers investors a tool to gain exposure to the Hong Kong central enterprise dividend sector, with a current circulation scale of 4.92 billion [4] - The ETF aims to closely track the underlying index, minimizing tracking deviation and error to achieve returns similar to the index [4]