目前，港股央企普遍具有估值较低、股息率较高的特点，在央企业绩改善与强化股东回报的政策导向 下，估值提升和股息长虹或可期待。在当前宏观环境下，这类资产已成为具备政策护城河与持续现金回 报配置价值的优质选择。 数据显示，截至12月3日，中证港股通央企红利指数近1年股息率是6.40%，高于同期10年期国债收益率 4.55%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的，其近一个月成交火爆，日均 成交额高达2.85亿元，是该赛道首位。 近日，国资委召开国有企业对标世界一流企业价值创造行动推进会，总结回顾价值创造行动开展以来取 得的工作成效，突出功能价值主题，对下一阶段工作进行动员部署。会议强调，各中央企业、地方国有 企业要突出功能价值，围绕战略安全、产业引领、国计民生、综合带动4个方面，深化价值创造行动， 切实做好加强组织领导、助力世界一流、开展专项评价、强化跟踪指导等工作。 市场分析认为，随着国有企业对标世界一流企业价值创造行动的深入推进，央企提升核心竞争力并加快 产业升级也将随之深入，央企的盈利稳健性与分红能力有望获得系统性增强。这一战略定调为相关企业 奠定了长期增长基础。 ...

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]