Group 1 - The report highlights the long-term allocation value of Hong Kong-listed central state-owned enterprises (SOEs) dividend assets, which have shown stable performance amid global economic uncertainties and recent tariff conflicts [1][7][19] - As of October 10, 2025, the returns of major indices over the past two years are as follows: Hang Seng Index at 45.85%, Hang Seng Tech at 54.03%, Hang Seng High Dividend at 51.35%, and the National New Hong Kong Stock Connect SOE Dividend Index at 31.15% [8][9][19] - The report indicates that dividend assets have lower volatility and stronger stability compared to other indices during market fluctuations, particularly during the recent tariff shocks [11][19] Group 2 - The trading congestion of Hong Kong SOE dividend assets has increased, yet they remain relatively undervalued, offering high investment value [19][45] - The dividend yield of the National New Hong Kong Stock Connect SOE Dividend Index is 6.07%, which is significantly higher than the 10-year government bond yield by 4.22 percentage points [25][27] - The report notes that the relative attractiveness of dividend assets has improved due to declining bond yields, with the yield ratio of the National New Hong Kong Stock Connect SOE Dividend Index to the 10-year government bond yield reaching 3.29 as of October 10, 2025 [26][27] Group 3 - As of October 10, 2025, the total market capitalization of Hong Kong-listed SOEs is 13.5 trillion HKD, accounting for 17% of the overall market [35][36] - The report details that the H-share SOE PE (TTM) averages are 4.93, with a market-weighted average of 9.38, indicating a relatively low valuation compared to the overall Hong Kong market [45][51] - The report also highlights that the dividend yield of Hong Kong SOEs is generally higher than that of A-shares, with a significant contribution from state-owned enterprises [8][9][69]