Core Viewpoint - The Hong Kong stock market has become a "safe haven" for funds, particularly in high-dividend sectors such as finance, energy, public utilities, and real estate, attracting significant inflows of risk-averse capital [1] Group 1: Market Trends - The Hong Kong stock market has remained active this year, benefiting from a low interest rate environment [1] - Insurance capital has been increasingly acquiring high-dividend stocks in the Hong Kong market, indicating a shift towards dividend-focused investments [1] Group 2: Investment Strategies - Industry institutions expect that high-dividend assets in the Hong Kong market will be a key focus for insurance capital in their future equity asset allocations [1] - The ongoing public fund reforms may further increase domestic demand for Hong Kong stocks, particularly in the technology and consumer sectors, which are relatively undervalued and supported by policy [1] Group 3: Investment Insights - High-dividend assets are recommended as a foundational investment, with a focus on companies that have stable performance as indicated by their quarterly reports [1]

Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss the A-share market, public funds, and various sectors including technology, consumer goods, manufacturing, and TMT (Technology, Media, and Telecommunications) sectors. Core Points and Arguments - **Market Overview**: The market lacks a clear direction, with public fund adjustments and high-frequency data being the main trading logic. Non-bank sectors show a demand for catch-up, becoming a preferred direction for funds. The market is expected to remain volatile with both bullish and bearish factors present [1][4][5]. - **Sector Allocation Recommendations**: The recommendation is to maintain a strategy focused on broad technology, domestic demand, and dividend stocks. New regulations favor large-cap stocks, and the technology sector is expected to see short-term trading opportunities due to upcoming industry events [1][6]. - **Hong Kong Market Outlook**: The Hong Kong market is expected to gain attractiveness due to tariff easing and expectations of RMB appreciation, which will facilitate capital inflow from the south [1][7]. - **Public Fund Regulations Impact**: New regulations pose challenges for fund managers, with only 30.9% of equity mixed funds expected to pass assessments from 2022 to 2024. Strategies may shift towards quantitative methods or changing benchmarks to adapt to these regulations [1][8]. - **Market Capital Flow**: The overall capital flow in the market remained stable, with net inflows in financing funds. However, foreign capital showed mixed trends, with active foreign investments withdrawing from A-shares and Hong Kong stocks [1][10][11]. - **Sector-Specific Trends**: The consumer sector saw significant net outflows in ETFs, while manufacturing and technology sectors experienced slight outflows after previous inflows. Corporate buybacks and major shareholder increases are expected to provide support to the market [1][12]. - **April A-Share Economic Data**: A-share economic data showed a downward trend, with consumer sectors showing signs of recovery, while manufacturing sector improvements slowed down. The TMT sector demonstrated resilience [2][14]. - **Highlighted Industries**: Key industries to watch include lithium batteries, photovoltaic equipment, e-commerce, textiles, dairy products, and condiments, all showing signs of recovery or growth [2][15]. Other Important but Possibly Overlooked Content - **Market Sentiment Complexity**: Recent market sentiment is described as complex and slightly weaker than expected, with strong performances in certain sectors like photovoltaic and shipping, while others like military and robotics faced corrections [3]. - **Future Market Dynamics**: The market is expected to adapt to new regulations, potentially leading to increased indexation, which may affect the uniqueness and competitiveness of products offered by fund managers [1][9].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The current bond market is in a complex situation of "strong expectations, weak reality" due to the multiple games between policy expectations and fundamental realities. Although the central bank's "dual cut" policy in May released a clear loosening signal, the market reaction was relatively restrained, and the 10 - year Treasury bond yield remained in a narrow - range fluctuation around 1.65%, reflecting investors' cautious expectations for subsequent policy space [2][6][16]. - The flat yield curve presents structural opportunities. Institutional investors can optimize the duration structure and strengthen liquidity management to capture these opportunities. The allocation value of 3 - 5 - year credit bonds is worth noting, and it is necessary to closely track the marginal changes in wealth management funds' trends and policy signals [2][6][16]. - It is recommended to adopt a dumbbell - shaped portfolio of "medium - short - duration urban investment bonds + trading of secondary and perpetual bonds + defensive industrial bonds". Focus on AA+ urban investment bonds in economically strong provinces with a 2 - 3 - year term, seize the interest - rate fluctuation opportunities of 4 - 5 - year joint - stock bank secondary and perpetual bonds, and prefer domestic - demand sectors such as public utilities and coal for industrial bonds [9][45]. 3. Summary According to Relevant Catalogs 3.1 Policy and Market Environment - The cautious attitude of investors towards subsequent policy space stems from two factors: the wealth management funds, which increased by 1.93 trillion yuan in April, are still highly concentrated in short - duration varieties, and the large supply pressure of government bonds in May tests the market's carrying capacity [6][16]. - The wealth management market shows seasonal fluctuations. The scale increased by 1.93 trillion yuan in the 14th week but decreased by 0.50 trillion yuan in the 18th week, indicating weak sustainability of capital inflows. The money market sentiment index fluctuated upward from 46 to 50 in late April, showing a temporary tightening of cross - month liquidity without extreme tightness [8][26]. 3.2 Bond Market Performance - From April 28 to April 30, the 3 - 5 - year AAA credit bond index slightly rose (0.06%), while the 5 - 7 - year variety slightly declined (- 0.04%), indicating that medium - term credit bonds have more allocation value. Among financial bonds, the 7 - 10 - year secondary capital bonds of national joint - stock banks performed prominently (rising 0.48%), echoing the strength of the long - end of interest - rate bonds [7][17]. - The credit spreads of bonds below 3 years are at historical lows, and the long - end is suppressed by policy uncertainties. It is suggested to focus on 3 - 5 - year high - grade credit bonds, especially AA+ urban investment bonds in economically strong provinces and secondary and perpetual bonds of joint - stock banks [7]. 3.3 Institutional Behavior - Funds and insurance funds increased their holdings of 3 - 5 - year secondary and perpetual bonds, but wealth management's participation in long - duration varieties was limited [7]. - Different institutions have different preferences for bond varieties and terms. For example, large banks have short - term liquidity management needs for 1 - year Treasury bonds, while insurance funds favor medium - and long - term local government bonds, and wealth management increases its investment in medium - and short - term credit bonds [42][44]. 3.4 Investment Strategy - Adopt a dumbbell - shaped portfolio: focus on 2 - 3 - year AA+ urban investment bonds in economically strong provinces, avoid district - level non - standard financing entities; seize the interest - rate fluctuation opportunities of 4 - 5 - year joint - stock bank secondary and perpetual bonds and avoid long - end liquidity traps; prefer domestic - demand sectors such as public utilities and coal for industrial bonds [9][45]. - Given that the credit spreads of varieties below 3 years are at a low level and there is still some uncertainty at the long - end, it is recommended to focus on 3 - 5 - year credit varieties [45].

Group 1 - The core viewpoint indicates that the market may experience a temporary "window period" as the political bureau meeting is held, and the first phase of overseas disturbances comes to an end, leading to increased cautious sentiment among investors [1] - The S&P Dividend ETF (562060) fell by 0.19% with a trading volume of 4.5277 million yuan, while constituent stocks showed mixed performance, with Shanghai Bank leading the gains and Huawang Technology leading the losses [1] - The central political bureau meeting emphasized "bottom-line thinking," which supports risk appetite, but uncertainties from overseas remain, suggesting a continued oscillating market before the May Day holiday [1] Group 2 - Future policies are expected to have a reserve to cushion the economy and will be implemented based on the degree of economic impact, allowing the market to maintain oscillation [2] - The market lacks a clear sustained main line, especially at the current market position, necessitating greater attention to event or policy catalysts [2] - The suggested investment strategy for May is a "barbell-type" allocation, with one end focusing on growth technology and the other on stable dividend assets, slightly favoring dividend assets in the current market environment [2]

截至2025年4月15日 10:08，恒生港股通高股息率指数(HSSCHKY)上涨0.10%，成分股长和(00001)上涨3.16%，统一企业中国(00220)上涨1.78%，中煤能源 (01898)上涨1.40%，中银香港(02388)上涨1.18%，中国飞鹤(06186)上涨1.11%。港股红利ETF博时(513690)上涨0.22%， 冲击6连涨。最新价报0.91元。拉长时 间看，截至2025年4月14日，港股红利ETF博时近1周累计上涨5.09%。 流动性方面，港股红利ETF博时盘中换手0.14%，成交524.91万元。拉长时间看，截至4月14日，港股红利ETF博时近1年日均成交7888.62万元。 规模方面，港股红利ETF博时最新规模达36.82亿元。 资金流入方面，港股红利ETF博时最新资金流入流出持平。拉长时间看，近20个交易日内，合计"吸金"3740.82万元。 截至4月14日，港股红利ETF博时近1年净值上涨23.59%，指数股票型基金排名535/2714，居于前19.71%。从收益能力看，截至2025年4月14日，港股红利ETF 博时自成立以来，最高单月回报为24.18%，最长连涨月数为3 ...

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, highlighting the impact of various factors on investor sentiment and market performance, while emphasizing the potential for a "spring rally" in 2025 driven by favorable economic conditions and policy support [2][3][4]. Market Performance - On the first trading day of March, the A-share market experienced a high followed by a decline, with the Shanghai Composite Index closing down 0.12% at 3316.93 points, while the ChiNext Index rose by 1.2% [1]. - The trading volume across both markets reached 1.66 trillion yuan [1]. Investor Sentiment - Recent market volatility is attributed to a decline in risk appetite among investors, influenced by seasonal effects and heightened risk aversion [2]. - The launch of the Free Cash Flow ETF (159201) has attracted significant capital inflow, totaling 5.7 billion yuan over three days, indicating strong investor interest [2][6]. Spring Rally Outlook - Multiple brokerages are optimistic about the "spring rally" in 2025, citing a favorable external environment due to the decline of the US dollar index and the appreciation of the RMB [3]. - Factors such as improved market confidence from private enterprise meetings and ongoing events like DeepSeek are expected to catalyze the rally [3][4]. Investment Strategies - The article suggests a "barbell" investment strategy focusing on both technology growth and high dividend stocks, with an emphasis on sectors like autonomous technology and high-quality internet companies [5][6]. - The Free Cash Flow ETF is positioned as a new long-term investment option, reflecting a shift towards stable cash flow assets in the current market environment [8][13]. Free Cash Flow Strategy - The Free Cash Flow Index, which the ETF tracks, aims to select high-quality companies with stable cash flows, excluding sectors with more volatile cash flow patterns like finance and real estate [10][11]. - Historical performance indicates that companies with high free cash flow have consistently outperformed in both bull and bear markets, making them attractive for long-term investment [11][12].