Core Viewpoint - The Hong Kong dividend assets are experiencing a correction, but the trend of capital inflow continues, driven by the demand for high-dividend assets from insurance companies under new accounting standards [1][2]. Group 1: Market Performance - As of November 21, the Hong Kong Stock Connect Dividend ETF (520900) fell by 1.74% with a trading volume of 33.55 million yuan [1]. - Over the past 10 days, the net inflow into the ETF was 104 million yuan, and over the past 20 days, it was 150 million yuan, with the latest fund size reaching 1.881 billion yuan [1]. Group 2: Fund Inflows and Trends - From October 13 to November 14, the ETF has seen continuous growth in shares for five consecutive weeks, with the latest share count at 1.728 billion [1]. - The demand for high-dividend stocks is expected to increase significantly as insurance companies switch to new accounting standards by 2026, with an estimated annual allocation of 250 to 500 billion yuan for high-dividend assets by five A-share listed insurance companies by 2027 [1]. Group 3: Investment Characteristics - The Hong Kong dividend assets exhibit a "defensive" characteristic in volatile markets, with a focus on high-dividend state-owned enterprises [2]. - The ETF tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, which emphasizes high-dividend state-owned enterprises, with the top three sectors being oil and petrochemicals (29.7%), telecommunications (21.2%), and transportation (13.5%) [2]. Group 4: Fund Details - The Hong Kong Stock Connect Dividend ETF (520900) was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [3]. - The current fund managers are Huo Huaming and Lv Xin, with returns of 12.68% and 26.76% respectively during their management periods [3]. Group 5: Top Holdings - The top holdings of the ETF include China Petroleum (10.86%), China Mobile (10.32%), and China Shenhua (9.70%), with significant market values for each [4]. - Investors focused on sustainable dividends and quality earnings can consider the ETF for a balanced exposure to high-dividend stocks in the Hong Kong market [4].

Market Overview - On November 20, over 1,300 ETFs in the market saw more than 200 ETFs closing higher, with 35 ETFs increasing by more than 1% [1] - The top-performing ETFs were all cross-border ETFs, each rising over 2%, particularly those targeting A-share assets in sectors like construction materials, real estate, and banking [2] Fund Flows - On November 19, the ETF market experienced a net inflow of approximately 8 billion yuan, with cumulative net inflows exceeding 50 billion yuan from November 14 to November 19 [3] - There was a notable divergence in fund flows on November 19, with large-cap broad-based ETFs experiencing net outflows while small- and mid-cap broad-based ETFs attracted investments [3][9] Top Performing ETFs - The top ten ETFs by performance on November 20 were all linked to overseas markets, primarily the US stock market, with eight of them tracking the Nasdaq 100 index [4] - The Nasdaq Technology ETF (159509) led the market with a 5.28% increase and a trading volume of 1.572 billion yuan, showing a premium rate of 20.06% [4][5] Underperforming ETFs - ETFs related to new energy and semiconductors on the Sci-Tech Innovation Board saw significant declines, with the top losers experiencing drops of over 3% [6] Fund Flow Analysis - The top ten ETFs by net inflow included several broad-based ETFs, with the CSI 500 ETF (510500) leading with a net inflow of over 1.06 billion yuan [8] - Conversely, large-cap broad-based ETFs like the CSI 300 ETF and the SSE 50 ETF faced substantial net outflows exceeding 1.2 billion yuan each [10] Investment Trends - There is a growing interest in dividend-paying assets as the year-end approaches, with discussions around high-dividend strategies becoming more prevalent [11] - Fund managers suggest that the current market conditions may lead to a balanced allocation between high-dividend stocks and growth sectors [11]

价值ETF（510030）及其联接基金（联接A：240016，联接C：022826）被动跟踪180价值指数，该指数 前十大权重股分别为中国平安、招商银行、兴业银行、中信证券、工商银行、农业银行、国泰海通、交 通银行、江苏银行、浦发银行。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基 ...

Group 1 - Several foreign institutions have raised their target index levels for the Chinese market in 2026, indicating a positive outlook for long-term investment in Chinese assets [1][2] - Morgan Stanley has set the target for the CSI 300 index at 4840 points by December 2026, citing moderate profit growth and stable valuations as key factors [2] - UBS has set the target for the MSCI China Index at 100 points by the end of 2026, predicting inflows from domestic and foreign investors to boost overall valuations [2] Group 2 - There is a clear trend of increasing foreign investment in Chinese assets, with UBS reporting a slight increase in China allocations across various funds in Q3 [3] - Foreign institutions have conducted over 1300 surveys of A-share listed companies since the beginning of Q4, indicating strong interest in the A-share market [3] - Notable foreign institutions like JPMorgan and BNP Paribas have increased their allocations in A-shares, focusing on sectors such as electrical equipment, chemicals, and software services [3] Group 3 - The ongoing improvement of the Qualified Foreign Institutional Investor (QFII) system is expected to enhance the convenience of cross-border investment, supporting the influx of foreign capital [4][5] - The China Securities Regulatory Commission (CSRC) is working on optimizing the QFII system to attract more long-term foreign capital, including measures to streamline approval processes [5] - The CSRC aims to establish a transparent and comprehensive legal framework for foreign investment in the capital market, enhancing the stability and predictability of the investment environment [5]

Core Viewpoint - Multiple foreign institutions are optimistic about the long-term allocation value of the Chinese stock market, with firms like UBS and Morgan Stanley raising their target index levels for 2026 [1][2] Group 1: Target Index Adjustments - Morgan Stanley has slightly raised its target for the CSI 300 index to 4,840 points by December 2026, citing moderate profit growth and stable valuations [1] - UBS has set a target of 100 points for the MSCI China Index by the end of 2026, indicating potential upside from current levels [2] Group 2: Investment Preferences - The technology sector remains a primary investment focus, with UBS and Morgan Stanley recommending overweight positions in high-quality internet and technology stocks [2] - High-dividend assets are also favored, particularly quality state-owned enterprises, due to their stable cash flows and policy support [2] Group 3: Foreign Capital Inflows - There is a noticeable trend of foreign institutions increasing their allocation to Chinese assets, with UBS reporting a slight increase in Chinese positions across various fund types in Q3 [2][3] - Over 1,300 instances of foreign institutional research on A-share companies have been recorded since the beginning of Q4 [2] Group 4: QFII System Enhancements - The QFII system is expected to continue improving, enhancing the convenience of cross-border investments, with recent measures aimed at optimizing access and management [3][4] - The China Securities Regulatory Commission (CSRC) is working on enhancing the legal framework for foreign investment, aiming for a transparent and comprehensive system [4]

Group 1 - Energy metals lead the market, with traditional dividend assets like oil, chemicals, and banks showing strength, particularly the "three oil giants" which have boosted the Hong Kong stock market's dividend ETF, Guangfa (520900), by 1.39% [1] - Since the fourth quarter, technology stocks have entered a valuation adjustment phase, while market funds have shifted towards dividend assets, indicating a style switch [3] - The "technology" and "dividend" sectors have alternated in performance, highlighting the importance for investors to understand and adapt to these style changes rather than betting on a single style [4] Group 2 - A stable asset allocation strategy is crucial for investment safety, with successful investors often choosing robust leaders as a ballast in their portfolios [5] - In China, key sectors such as energy, utilities, communications, and finance have benefited significantly from the country's rapid economic growth since 2000, with state-owned enterprises playing a vital role [6] - China Petroleum and Chemical Corporation (Sinopec) has seen its revenue grow from 360 billion yuan in 2000 to over 3 trillion yuan in 2024, a 7.5-fold increase, while maintaining stable net profits [6] Group 3 - Sinopec has distributed over 650 billion yuan in cash dividends since its listing in 2001, with a dividend yield consistently above 5% for the past decade [7] - China National Petroleum Corporation (CNPC) has also performed well, distributing 320 billion yuan in dividends from 2020 to 2024 while maintaining over 50% of domestic crude oil supply [7] - China Shenhua Energy, a leading coal enterprise, has seen its revenue grow nearly tenfold since its listing in 2007, with cumulative dividends exceeding 700 billion yuan and a dividend yield reaching 6.8% in 2024 [8] Group 4 - The trend of style switching in the A-share market is becoming more evident, with both "technology" and "dividend" sectors coexisting as viable investment options [9] - The performance of high-dividend indices has shown resilience during market downturns, with the Smart High Dividend Index demonstrating significant cumulative gains since 2017 [12] - The National Hong Kong Stock Connect Central Enterprise Dividend Index has also shown strong performance, with a cumulative increase of 119% since its inception [19] Group 5 - The high dividend ETF (159207) has consistently achieved positive returns from 2020 to 2024, with a cumulative increase of 111.54% over the past five years [15][17] - Hong Kong stocks often exhibit higher dividend yields compared to their A-share counterparts, making them attractive for investors seeking high-yield assets [17] - The top sectors in the National Hong Kong Stock Connect Central Enterprise Dividend Index include oil and petrochemicals, telecommunications, and transportation, with significant weight in leading state-owned enterprises [18] Group 6 - The cyclical nature of technology and high-dividend assets is a consistent pattern, with both sectors expected to grow in the context of China's stable economic growth and technological advancements [21] - Finding a balance in investment strategies across different market environments is essential for achieving long-term stable returns [21]

Core Viewpoint - Recent market conditions have led to increased risk aversion, with a focus on high dividend stocks in the Hong Kong market, driven by hawkish comments from Federal Reserve officials, profit-taking in tech stocks, and concerns over AI sector valuations [1] Group 1: Dividend Trends - Since 2025, 963 Hong Kong-listed companies have implemented cash dividends totaling HKD 12,561 billion, with high dividend stocks accounting for approximately 42% of total cash dividends [1] - The Hong Kong Stock Connect high dividend ETFs have shown attractive dividend yields of 5.54% and 5.72%, significantly higher than the 1.81% yield of 10-year government bonds [2][3] Group 2: Fund Inflows and Performance - The Hong Kong Stock Connect Dividend ETF (513530) has seen continuous net inflows for 14 trading days, accumulating HKD 551 million, with its fund size reaching a new high of HKD 2,751 million [2][3] - The performance of the Hong Kong Stock Connect Dividend ETFs has outperformed several mainstream indices, with one-year cumulative returns of 37.39% and 41.97%, surpassing the performance of A-share dividend indices [4] Group 3: Institutional Demand - The demand for high dividend assets is expected to increase significantly as insurance companies switch to new accounting standards in 2026, with projected allocations reaching HKD 250-500 billion annually by 2027 [3][4] Group 4: Fund Management and Strategy - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF in the A-share market to invest in the high dividend index through the QDII model, aiming to reduce dividend tax costs for long-term holders [4][5] - The fund manager, Huatai-PB, has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs [6]

截至2025年11月18日 10:10，中证国有企业红利指数下跌1.23%。成分股粤高速A领涨，洋河股份、皖通高速跟涨；天健集团领跌，福建高速、厦门国贸跟 跌。国企红利ETF(159515)下修调整。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具 体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。） 据Wind数据显示，流动性方面，国企红利ETF盘中换手1.38%，成交62.29万元。拉长时间看，截至11月17日，国企红利ETF近1月日均成交372.26万元。 消息方面，据中国银行业协会，截至2024年末，城商行资产规模60.15万亿元，较1995年增长134倍占银行业金融机构比例为13.53%市场份额提升8.24个百分 点，不良贷款率1.76%，拨备覆盖率188.08%，资本充足率12.97%，共有12家城商行资产规模过万亿元，5家城商行入选我国系统重要性银行。四季度以来已 有11家银行获得机构投资者调研，参与机构数量合计达到62家。 随着四季度市场风格切换，以银行、国企等为代表的红利资产重获资金关注。国泰海通指出，当前市场环境 ...

|华宝基金 Hwabao WP Fund 红利日报 2025年 11/18 最新股息率 4.92% 标普红利ETF 562060 · 穿越周期·「长红」之选 · -跟踪标普中国A股红利机会指数- 联接A 501029 联接C 005125 红利基金LOF 截至25/11/17 (近1周) 近1月 近1年 近1年 指数涨跌幅 指数涨跌幅 指數涨跌幅 指数涨跌幅 年化波动率 -0.49% -0.11% 16.36% 11.44% 6.10% (VS 上证指数 上证指数 上证指数 上证指数 上证指数 19.25% 11.46% -0.46% -0.77% 3.44% T+0 摄新股息率 5.54% 港股通红利ETF 159220 · 学劳劳之史立法· 同以心城旧退 吃佐灯 * 跟踪标普港股通低波红利指数 - 联接A 022887 联接C 022888 载至25/11/17 近1周 近1月 近1年 近1年 指數涨跌幅 指數液肤幅 指数涨跌幅 年化波动率 指數涨跌幅 7.37% 35.32% 0.09% 12.17% 0.60% VS 上证指数 上证指数 上证指数 上证指数 上证指数 -0.46% -0.77% 3.4 ...

Core Viewpoint - The Hong Kong stock market experienced a pullback today, while energy stocks such as coal and oil and petrochemicals rose against the trend, driving the Hong Kong dividend sector upward [1] Group 1: Market Performance - The Hang Seng High Dividend Low Volatility Index rose by 0.4% at market close [1] - The CSI Dividend Index and CSI Dividend Value Index both fell by 0.5%, while the CSI Dividend Low Volatility Index decreased by 0.8% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of approximately 50 million units throughout the day [1] Group 2: Fund Management and Fees - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs [1] - The management fee rate for the Hang Seng Dividend Low Volatility ETF (159545), E Fund Dividend ETF (515180), Dividend Low Volatility ETF (563020), and Dividend Value ETF (563700) is set at 0.15% per year [1] - These low fees are designed to assist investors in cost-effective allocation to high dividend assets [1] Group 3: Index Composition - The E Fund Dividend ETF (515180) tracks the CSI Dividend Index, which consists of 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high dividend A-shares [3] - The banking, coal, and transportation sectors account for nearly 55% of the index, with the banking sector having a significant weight [3] - The index has a rolling price-to-earnings ratio of 8.7 times and a dividend yield of 4.2% [3] Group 4: Value Characteristics - The index consists of 50 stocks with high dividend yields and prominent value characteristics, reflecting the overall performance of high dividend and value stocks [6] - The banking, coal, and transportation sectors make up over 75% of the index [6] - The index has a rolling price-to-earnings ratio of 8.1 times and a dividend yield of 4.0% [6]