Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to promote the value creation action of state-owned enterprises (SOEs), emphasizing the importance of functional value and outlining future work directions [1] Group 1: Value Creation Action - The meeting highlighted the need for central and local SOEs to focus on functional value across four areas: strategic security, industry leadership, national economy and people's livelihood, and comprehensive promotion [1] - The deepening of the value creation action is expected to enhance the core competitiveness and accelerate the industrial upgrading of central enterprises, leading to systematic improvements in profitability and dividend capacity [1] Group 2: Market Analysis - Market analysts believe that the ongoing value creation action will lay a long-term growth foundation for related enterprises, with expectations for valuation increases and strong dividend returns under the policy direction of improving SOE performance [1] - Currently, Hong Kong-listed central enterprises are characterized by low valuations and high dividend yields, making them attractive investment options with policy support and sustainable cash return value [1] Group 3: Performance Data - As of December 3, the dividend yield of the CSI Hong Kong Stock Connect Central Enterprise Dividend Index over the past year is 6.40%, surpassing the 10-year government bond yield of 4.55% [1] - The Hong Kong Stock Connect Central Enterprise Dividend ETF (513910), which tracks this index, has seen significant trading activity, with an average daily trading volume of 285 million yuan over the past month, making it the leading investment vehicle in this sector [1]

Group 1 - The core viewpoint is that state-owned enterprises (SOEs) in China have demonstrated robust value creation capabilities, with an annualized ROE of 8.67% before the third quarter of 2025, surpassing the overall level of A-shares [1] - By industry, the non-ferrous metals, public utilities, and transportation sectors have shown outstanding performance, with annualized ROE reaching 15.8%, 11.6%, and 10.3% respectively [1] - Six industries, including environmental protection and machinery equipment, have experienced profit growth exceeding 5% [1] Group 2 - SOEs are continuously optimizing their layout in areas such as industry leadership, with the assessment system emphasizing differentiated guidance through "one industry, one policy" [1] - The Central Enterprise Win-Win ETF (517090) tracks the FTSE China State-Owned Enterprises Open Win-Win Index, which selects state-owned enterprises from the market, focusing on companies engaged in global operations and sustainable development [1] - The index primarily covers industries such as oil and petrochemicals, and construction decoration, reflecting a large-cap value style and aiming to comprehensively represent the overall market performance of Chinese SOEs under the theme of open win-win [1]