金融界2025年6月11日消息，易方达港股通红利混合(005583) 最新净值0.7777元，增长0.58%。该基金近 1个月收益率5.92%，同类排名211|2331；近6个月收益率14.03%，同类排名132|2295；今年来收益率 10.55%，同类排名310|2306。 简历显示：唐博伦先生:中国国籍,硕士研究生。2013年9月至2015年9月任汇丰银行环球研究部研究助 理,2015年9月至2017年10月任中国国际金融香港证券有限公司分析师,2017年10月至2018年5月任中国国 际金融(香港)有限公司资产管理部基金经理助理,2018年5月至2024年3月任新华资产管理(香港)有限公司 高级分析员、基金经理。2024年3月起在易方达资产管理(香港)有限公司任职,现任基金经理。2024年3月 起在易方达基金管理有限公司任职。2024年4月30日起任易方达港股通红利灵活配置混合型证券投资基 金的基金经理。 来源：金融界 易方达港股通红利混合股票持仓前十占比合计37.68%，分别为：中国移动（5.07%）、中电控股 （4.95%）、中石化炼化（3.98%）、中化化肥（3.78%）、VTECH（3.69% ...

Core Viewpoint - The company is focusing on both stable and growth-oriented businesses, with expectations of profit contributions from regulated operations and potential growth from zero-carbon projects [1][2]. Stable Business - In Q1, electricity sales in Hong Kong decreased by 2.6% year-on-year to 7.091 billion kWh, influenced by weather conditions and the leap year in 2024 [1]. - The company anticipates steady profit contributions as capital investments solidify, with a projected capital expenditure of HKD 52.9 billion from 2024 to 2028 [1]. - The nuclear power business saw increased generation due to reduced downtime, while the average electricity price from the Yangjiang Nuclear Power Station declined as market trading increased [1]. Growth Business - The company is expanding its zero-carbon asset portfolio, with projects in China and India successfully launched in Q1, including a 150 MW wind project in Guangxi and a 251 MW wind farm in India [2]. - From 2024 to 2029, the company plans to double its renewable energy capacity in mainland China from approximately 3 GW to 6 GW, and increase its renewable energy and storage capacity in India from 2.3 GW to 8 GW [2]. - The Australian storage project is set to grow from 0.1 GW to 1.6 GW, with renewable energy projects increasing from 0.9 GW to 3 GW [2]. Dividend Policy - The company has maintained its dividend per share since 1987, with a proposed interim dividend of HKD 0.63 per share for 2025, unchanged from the previous year [2]. - The total liquidity as of the end of 2024 is projected to reach HKD 36 billion, indicating potential for future dividend increases [2]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at HKD 12.1 billion, HKD 12.4 billion, and HKD 13.0 billion, respectively, with an EPS of HKD 4.79 for 2025 [3]. - The target price is set at HKD 79.37, based on a price-to-book ratio of 1.85x for 2025, which is above the three-year historical average of 1.51x [3].

来源：金融界 公开资料显示，易方达港股通红利混合基金成立于2018年3月7日，截至2025年3月31日，易方达港股通 红利混合规模22.16亿元，基金经理为唐博伦。 简历显示：唐博伦先生:中国国籍,硕士研究生。2013年9月至2015年9月任汇丰银行环球研究部研究助 理,2015年9月至2017年10月任中国国际金融香港证券有限公司分析师,2017年10月至2018年5月任中国国 际金融(香港)有限公司资产管理部基金经理助理,2018年5月至2024年3月任新华资产管理(香港)有限公司 高级分析员、基金经理。2024年3月起在易方达资产管理(香港)有限公司任职,现任基金经理。2024年3月 起在易方达基金管理有限公司任职。2024年4月30日起任易方达港股通红利灵活配置混合型证券投资基 金的基金经理。 金融界2025年6月6日消息，易方达港股通红利混合(005583) 最新净值0.7677元，增长0.67%。该基金近1 个月收益率4.55%，同类排名475|2332；近6个月收益率14.87%，同类排名135|2294；今年来收益率 9.13%，同类排名377|2307。 易方达港股通红利混合股票持仓前十占比 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 79.37 [8][9]. Core Views - The company is positioned as a value stock that combines stability and growth potential, with a focus on both stable and growth-oriented business segments [1]. - The stable business segment is expected to see profit contributions gradually increase due to solid capital investments, despite a slight decline in electricity prices at the Yangjiang Nuclear Power Station [2]. - The growth segment is driven by the successful launch of multiple zero-carbon projects in mainland China and India, which are anticipated to inject growth potential into the company's performance [3]. Summary by Sections Stable Business - In Q1, electricity sales in Hong Kong decreased by 2.6% year-on-year to 7.091 billion kWh, influenced by weather conditions and the leap year in 2024. However, the company remains optimistic about profit contributions from regulated businesses due to a guaranteed profit margin of 8% on fixed assets [2]. - The nuclear power business showed stable performance with increased generation at the Daya Bay Nuclear Power Station, while the Yangjiang Nuclear Power Station maintained stable output despite a slight decrease in average electricity prices due to increased market trading [2]. Growth Business - The company's zero-carbon asset portfolio is expanding, with projects such as the 150MW wind farm in Guangxi and the 90MW solar project in Jiangsu successfully launched in Q1. The investment plan for zero-carbon projects aims to double renewable energy capacity in mainland China from approximately 3GW to 6GW by 2029 [3]. - In India, renewable energy and transmission capacity are expected to triple from approximately 2.3GW to 8GW, while Australia's storage projects are projected to grow from 0.1GW to 1.6GW [3]. Dividend and Financial Outlook - The company has consistently maintained its dividend since 1987, with a proposed interim dividend of HKD 0.63 per share for 2025, reflecting a stable dividend policy and a potential for future increases [4]. - The forecast for net profit attributable to shareholders is set at HKD 121 million for 2025, with an EPS of HKD 4.79. The target price reflects a price-to-book ratio of 1.85x for 2025, which is above the historical average [5].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 79.37 [8][9]. Core Views - The company is positioned as a value stock that combines stability and growth potential, with a focus on both stable and growth-oriented businesses [1]. - The stable business segment is expected to see steady profit contributions as capital investments solidify, despite a slight decline in electricity prices at the Yangjiang Nuclear Power Station [2]. - The growth segment is driven by successful launches of zero-carbon projects in mainland China and India, which are anticipated to inject growth potential into the company's performance [3]. Summary by Relevant Sections Stable Business - In Q1, electricity sales in Hong Kong decreased by 2.6% year-on-year to 7.091 billion kWh, influenced by weather and the leap year in 2024. However, the company remains optimistic about profit contributions due to a regulated profit margin of 8% on net fixed assets and a high certainty in capital expenditures projected at HKD 52.9 billion from 2024 to 2028 [2]. Growth Business - The company has expanded its zero-carbon asset portfolio, with projects such as the 150MW wind farm in Guangxi and the 90MW solar project in Jiangsu successfully launched in Q1. The investment plan for zero-carbon projects aims to double renewable energy capacity in mainland China from approximately 3GW to 6GW by 2029, and increase renewable energy and storage capacity in India and Australia significantly [3]. Dividend and Financial Outlook - The company has maintained its dividend per share since 1987, with a proposed interim dividend of HKD 0.63 per share for 2025, consistent with the previous year. The total liquidity is projected to reach HKD 36 billion by the end of 2024, indicating potential for future dividend increases [4]. - The profit forecast for the company estimates net profits of HKD 12.1 billion for 2025, with an EPS of HKD 4.79. The target price reflects a PB ratio of 1.85x for 2025, which is above the historical average of 1.51x, indicating confidence in future earnings growth and dividend enhancement [5].

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 Infrastructure Index has shown positive performance, with a 4.41% increase over the past month, a 7.48% increase over the past three months, and a 7.41% increase year-to-date [1] - The index is composed of selected securities from the China Hong Kong 300 Index, focusing on various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted holdings in the China Hong Kong 300 Infrastructure Index include China Mobile (34.26%), CLP Holdings (8.4%), Cheung Kong (7.42%), China Telecom (5.2%), Hong Kong and China Gas (4.89%), Power Assets Holdings (4.71%), China Unicom (3.61%), ENN Energy (3.12%), China Resources Power (2.52%), and CK Infrastructure Holdings (2.41%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - In terms of industry composition, telecommunications services account for 52.05%, utilities for 40.92%, construction and decoration for 4.75%, and transportation for 2.28% [1] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special circumstance arises [2] - Companies that are delisted or undergo mergers, acquisitions, or spin-offs are handled according to the calculation and maintenance guidelines [2]

Group 1 - The Hong Kong government has published the "10th Technical Memorandum" to further reduce the emission limits for power plants starting from 2030, with specific annual limits set for sulfur dioxide (2,302 tons), nitrogen oxides (8,350 tons), and particulate matter (317 tons), representing a tightening of 19%, 25%, and 14% respectively compared to the previous limits in the "9th Technical Memorandum" [1] - The Environmental and Ecology Bureau of Hong Kong has considered local electricity demand, the progress of gas-fired power generation by two power companies, and the expected supply of nuclear and renewable energy when determining the new emission limits [1] - Hong Kong Electric Company is constructing a new gas-fired power plant expected to be operational by 2029, which will replace an existing coal-fired plant [1] Group 2 - The air quality in Hong Kong has improved significantly, with concentrations of sulfur dioxide, nitrogen dioxide, and particulate matter decreasing by approximately 45% to 88% from 2004 levels, and low visibility hours reduced by about 82% [2] - In 2022, the power sector accounted for 61%, 27%, and 13% of the total emissions of sulfur dioxide, nitrogen oxides, and particulate matter in Hong Kong, respectively, indicating the importance of tightening emission limits to further improve air quality in Hong Kong and the Pearl River Delta region [2]

Core Insights - The Hong Kong 300 Local Stock Index has shown significant growth, with a 13.71% increase over the past month, 13.91% over the past three months, and a year-to-date increase of 15.07% [1][2] Group 1: Index Performance - The Hong Kong 300 Local Stock Index closed at 1419.53 points, reflecting a 0.21% increase in the Shanghai Composite Index [1] - The index is designed to represent the performance of mainland and local Hong Kong companies, with a base date of December 31, 2004, set at 1000.0 points [1] Group 2: Index Composition - The top ten holdings of the Hong Kong 300 Local Stock Index include AIA Group (28.45%), Hong Kong Exchanges and Clearing (18.89%), and Bank of China (Hong Kong) (5.56%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange [2] Group 3: Sector Allocation - The sector distribution within the index shows that financials account for 56.14%, real estate for 17.36%, and utilities for 13.00% [2] - Other sectors include communication services (6.33%), consumer staples (2.95%), and industrials (1.65%) [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, particularly in cases of delisting or corporate actions such as mergers [2]

Core Insights - The report highlights the performance of the Hong Kong stock market, with the Hang Seng Index closing at 23,332.72, down 0.05% after a three-day decline totaling 1.3% [2][3] - The report notes that the industrial value-added data from mainland China exceeded expectations, which helped to mitigate the market's decline [3] - The report emphasizes the strong performance of certain stocks, such as Meituan and Tencent, which rose by 2.3% and 1.2% respectively, while Geely saw a decline of 2.5% [3] Macro & Industry Dynamics - Hong Kong's Chief Executive, John Lee, stated that Hong Kong serves as a financial hub amidst rising unilateralism and protectionism, aiming to strengthen its role as a mediator for international trade [6] - The Financial Secretary, Paul Chan, reported that Hong Kong's stock market has seen significant inflows, with new stock fundraising activities leading the world, accumulating over 60 billion this year, a sixfold increase year-on-year [7] - The Chinese Ministry of Industry and Information Technology has issued guidelines to promote the development of the technology service industry, focusing on creating a unified technology trading service platform [9] Company News - Xiaomi is set to unveil its first SUV model, YU7, and a self-developed chip, "玄戒 O1," at a strategic product launch event [11] - Jianbei Miao Miao expects a profit increase of at least 50% for the fiscal year ending March, driven by effective brand management and strong sales performance in its core product segments [12] - CLP Holdings reported a 2.6% year-on-year decrease in electricity sales in Hong Kong for the first quarter, attributed to warmer weather and a reduction in overall electricity demand [13]

金融界2025年5月19日消息，易方达港股通红利混合(005583) 最新净值0.7397元，增长0.57%。该基金近 1个月收益率2.68%，同类排名106|261；近6个月收益率13.23%，同类排名17|259；今年来收益率 5.15%，同类排名48|259。 来源：金融界 易方达港股通红利混合股票持仓前十占比合计37.68%，分别为：中国移动（5.07%）、中电控股 （4.95%）、中石化炼化（3.98%）、中化化肥（3.78%）、VTECH（3.69%）、龙源电力（3.42%）、 中石化冠德（3.32%）、四川成渝高（3.27%）、北控水务集团（3.21%）、新华文轩（2.99%）。 简历显示：唐博伦先生:中国国籍,硕士研究生。2013年9月至2015年9月任汇丰银行环球研究部研究助 理,2015年9月至2017年10月任中国国际金融香港证券有限公司分析师,2017年10月至2018年5月任中国国 际金融(香港)有限公司资产管理部基金经理助理,2018年5月至2024年3月任新华资产管理(香港)有限公司 高级分析员、基金经理。2024年3月起在易方达资产管理(香港)有限公司任职,现任基金经理。202 ...