Market Overview and Key Insights - The Hong Kong stock market experienced a broad-based rally last week, with the Hang Seng Index rising by 2.31% and the Hang Seng Technology Index increasing by 2.03% [1] - The financial and industrial sectors led the gains, while the utilities sector saw a decline [1] - Foreign capital inflows expanded, with a net inflow of $900 million into overseas Chinese stocks, compared to a previous week's inflow of $250 million [1] - Southbound capital recorded a net outflow of approximately $8 billion, a decrease from the previous week's inflow of about $6.78 billion [1] Monetary Policy and Investment Strategy - The continuation of a low-interest-rate environment due to recent monetary easing measures is expected to benefit high-dividend strategies [2] - The recent financial policy announcements aim to enhance long-term liquidity supply, which is favorable for dividend-paying stocks [2] - Insurance capital is accelerating its market entry, which is likely to support dividend strategies [2] Central State-Owned Enterprises (SOEs) and Dividend Potential - Central SOEs are accelerating share buybacks and increases, which may enhance shareholder returns [2] - The dividend yield of the Hang Seng Central SOE Dividend Index is 8.04%, significantly higher than the 6.37% yield of the CSI Dividend Index [2] - The price-to-book (PB) ratio stands at 0.59, and the price-to-earnings (PE) ratio is 6.35, indicating attractive valuation levels [2] - The total return of the index has reached 97% since early 2021, outperforming the Hang Seng Total Return Index by the same margin [2] ETF Overview - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF (code: 513920) tracks the Hang Seng Central SOE Dividend Index, focusing on high-dividend securities listed in Hong Kong with major shareholders being mainland central enterprises [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central SOEs, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF had a scale of 34.34 billion and a weekly trading volume of 9.83 billion [5] - The top ten weighted stocks in the index include major financial institutions, with dividend yields ranging from 2.6% to 8.8% [6]

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.13% as of May 14, 2025, with a latest price of 1.51 yuan, while it has accumulated a rise of 1.96% over the past week as of May 13, 2025 [1] - The liquidity of the National Enterprise Win ETF shows a turnover of 0.74% during the day, with a transaction volume of 895,000 yuan, and an average daily transaction of 24.76 million yuan over the past week [1] - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 0.08% as of May 14, 2025, with component stocks showing mixed performance [1] Group 2 - Over 300 listed companies have publicly disclosed share repurchase and increase plans since April 2025, with a total amount exceeding 100 billion yuan, including both private enterprises and state-owned enterprises [2] - As of the end of April 2025, the proposed share repurchase loan amount disclosed by listed companies has surpassed 110 billion yuan, with financial institutions signing contracts for approximately 200 billion yuan [2] - Analysts predict that value cycle stocks represented by central state-owned enterprises will yield significant excess returns in the current policy environment aimed at expanding domestic demand and stabilizing assets [2] Group 3 - The National Enterprise Win ETF closely tracks the FTSE China National Enterprise Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] - The FTSE China National Enterprise Open Win Index consists of 100 constituent stocks, including 80 A-share companies and 20 companies listed in Hong Kong [2] Group 4 - As of April 30, 2025, the top ten weighted stocks in the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.26% of the index, with companies like BYD, China Ping An, and Midea Group among the leaders [5]