Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) has shown a positive performance with a 0.67% increase in value and a trading volume of 276 million yuan on November 25, indicating strong investor interest and market activity [1] Group 1: Fund Performance - The fund's latest net asset value is calculated at 4.673 billion yuan [1] - Since its inception on February 7, 2024, the fund has achieved a return of 64.70% [1] - Over the past month, the fund has recorded a return of 0.60% [1] Group 2: Fund Management - The fund is managed by Huaxia Fund Management Co., Ltd. [1] - The fund manager is Lu Yayun [1] Group 3: Fund Size and Activity - The fund's shares increased by 5 million on the reporting day, bringing the total shares to 2.837 billion [1] - In the last 20 trading days, the fund's shares have increased by 36.6 million [1]

Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend ETF (159333) experienced a decline of 0.79% on November 17, with a trading volume of 9.3707 million yuan, indicating a slight downturn in performance [1] Group 1: Fund Performance - The ETF's share increased by 2 million shares on the same day, bringing the total shares to 328 million, with a notable increase of 14 million shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 496 million yuan [1] - Since its establishment on August 21, 2024, the fund has achieved a return of 52.34%, with a monthly return of 6.41% [1] Group 2: Management and Benchmark - The ETF is managed by Wanji Fund Management Co., Ltd., with Yang Kun as the fund manager [1] - The performance benchmark for the ETF is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted for valuation exchange rates [1]

Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) has shown a positive performance with a 1.00% increase in value and a trading volume of 205 million yuan on October 20, 2023 [1] Fund Performance - The ETF's share increased by 12 million shares, bringing the total to 2.426 billion shares, with a total increase of 171 million shares over the past 20 trading days [1] - The latest net asset value is calculated at 3.896 billion yuan [1] - The ETF's performance benchmark is the adjusted yield of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] - Managed by Huaxia Fund Management Co., Ltd., the fund manager is Lu Yayun [1] - Since its inception on February 7, 2024, the fund has achieved a return of 60.58%, with a return of 0.69% over the past month [1]

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend assets, highlighting their resilience in market volatility and superior risk-return characteristics, with a return drawdown ratio of 2.2 times [1][10] - Policy support has significantly increased the attractiveness of dividend assets, with a notable increase in dividend payouts from A-share companies in 2024, enhancing the long-term valuation of these assets [1][18] - There is a sustained demand for long-term capital allocation from insurance funds, which are expected to continue flowing into dividend assets due to their stable returns and low volatility [1][23] Group 2 - The report focuses on the China Securities National Hong Kong Stock Connect Central Enterprise Dividend Index, which selects high-dividend central enterprises from the Hong Kong Stock Connect range, reflecting the overall performance of these companies [3][36] - Since 2020, the National Hong Kong Stock Connect Central Enterprise Dividend Index has achieved a cumulative return of 37.2%, outperforming major A/H indices and similar products [3][39] - The index is heavily weighted towards high-quality large-cap central enterprises in sectors such as energy and telecommunications, providing a distinct advantage over other indices [3][39] Group 3 - The Invesco Great Wall China Securities National Hong Kong Stock Connect Central Enterprise Dividend ETF offers investors a tool to gain exposure to the Hong Kong central enterprise dividend sector, with a current circulation scale of 4.92 billion [4] - The ETF aims to closely track the underlying index, minimizing tracking deviation and error to achieve returns similar to the index [4]

Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend ETF (159333) experienced a stable performance with a 0.00% increase on September 17, 2023, and a total trading volume of 14.04 million yuan [1] Fund Performance - The ETF's latest net asset value is calculated at 551 million yuan [1] - Since its establishment on August 21, 2024, the fund has achieved a return of 44.98% [1] - The fund's return over the past month is reported at 0.23% [1] Fund Management - The ETF is managed by Wanji Fund Management Co., Ltd., with Yang Kun as the fund manager [1] - The performance benchmark for the ETF is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted for valuation exchange rates [1] Share and Trading Activity - The ETF's shares decreased by 1 million, bringing the total shares to 382 million [1] - Over the last 20 trading days, the ETF's shares have decreased by 23 million [1]

Group 1 - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) increased by 0.20% on August 11, with a trading volume of 74.53 million yuan [1] - The fund's shares decreased by 4 million, bringing the total shares to 4.885 billion, with a reduction of 207 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 4.948 billion yuan [1] Group 2 - The performance benchmark for the ETF is the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, calculated using the valuation exchange rate [1] - The fund is managed by Invesco Great Wall Fund Management Co., Ltd., with fund managers Gong Lili and Wang Yang [1] - Since its establishment on June 26, 2024, the fund has returned 4.77%, with a one-month return of 5.51% [1]

Group 1 - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) experienced a decline of 0.80% on August 1, with a trading volume of 264 million yuan [1] - The fund's shares decreased by 17 million, bringing the total shares to 5.302 billion, with an increase of 460 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 5.235 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Central State-Owned Enterprises Dividend 50 ETF is the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted using the valuation exchange rate [1] - The fund is managed by Invesco Great Wall Fund Management Co., Ltd., with fund managers Gong Lili and Wang Yang [1] - Since its establishment on June 26, 2024, the fund has achieved a return of 2.13%, with a monthly return of 5.12% [1]

Market Performance - As of May 21, 2025, Hong Kong's three major indices collectively rose, with sectors such as electrical equipment, non-ferrous metals, and textiles leading the gains, while household goods and food & beverage sectors saw declines [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index achieved a three-day consecutive rise, reaching a nearly five-year high during intraday trading [1] ETF Insights - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 310 million yuan on May 21, 2025, with a total size of 10.578 billion yuan and 7.583 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - Including the off-market index fund, the total size of Morgan's products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index exceeds 12.8 billion yuan [1] Performance Comparison - The S&P Hong Kong Stock Connect Low Volatility Dividend Index posted a 12.88% increase over the past year, significantly outperforming the CSI Dividend Index at -3.96% and the CSI Low Volatility Dividend Index at 0.76% [1] Policy and Market Outlook - The People's Bank of China continues to increase gold reserves, enhancing market confidence and sustaining a global trend of central bank gold purchases, indicating a bullish outlook for gold in the medium to long term [2] - A recent meeting led by the central bank governor emphasized the implementation of a moderately loose monetary policy to support effective financing for the real economy, focusing on technology innovation, consumption, and stabilizing foreign trade [2] Investment Strategies - Under the influence of policy, the market is expected to further focus on high-dividend state-owned enterprises in Hong Kong, with an increasing emphasis on investor returns and improved dividend systems [2] - Morgan Asset Management has launched an international "Dividend Toolbox" series of funds, providing diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Fund Highlights - The Morgan Free Cash Flow ETF (563900) closely tracks the CSI Free Cash Flow Index, focusing on high cash flow quality "cash cow" enterprises [3] - The Morgan Dividend Select Equity Fund aims to exceed benchmark returns by utilizing a quantitative stock selection model based on the CSI Dividend Index [3] - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, having won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] Additional Fund Information - The Morgan CSI A50 ETF (560350) emphasizes core A-share assets and incorporates a quarterly mandatory dividend mechanism, with nearly 100 million yuan in cumulative dividends for 2024 [3] - The Morgan CSI A500 ETF (560530) targets quality A-share assets and has introduced a quarterly dividend mechanism, also being one of the first index funds included in personal pension plans [4] Investment Philosophy - Morgan Asset Management is committed to identifying relatively "certain" quality asset investment opportunities in the new normal of interest rates, leveraging global market insights and research capabilities to enhance client experience and satisfaction [5]