广发中证港股通非银ETF（513750.OF）的核心投资价值——政策托底、行业景气向好、估值洼地

Group 1 - The core investment logic indicates that the non-bank financial sector has strong allocation value, supported by policies, improving industry fundamentals, and attractive valuations, particularly in the Hong Kong market compared to A-shares [11][12][27] - Policy support for the financial market includes measures such as liquidity support tools and encouraging long-term capital to enter the market, which aims to enhance market confidence and promote high-quality development in the financial sector [12][14] - The insurance sector is expected to see an improvement in industry conditions due to increased premium income and a higher allocation of equity assets, which will enhance investment returns [21][24] Group 2 - The Hong Kong Stock Connect Non-Bank Index is characterized by a significant concentration in the insurance sector, large-cap style, and strong profitability, with 64.66% of its weight in insurance [43][44] - The index has a relatively low valuation, with a price-to-earnings ratio of 8.01, indicating substantial room for valuation recovery [29][53] - The index also exhibits a high dividend yield of 3.07%, which is notably higher than the 2.11% yield of the CSI 300 Non-Bank Index, highlighting its attractive income potential [33][56] Group 3 - The Guangfa CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF is the only ETF tracking the Hong Kong Non-Bank Index, showcasing its unique investment opportunity [3][59] - As of October 30, 2025, the ETF has a market size of 21.91 billion, reflecting strong investor interest and growth since its launch [62] - The fund is managed by experienced professionals with a solid track record in managing index funds, enhancing investor confidence in its management [65][68]