Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) experienced a slight increase of 0.30% on September 26, with a trading volume of 92.48 million yuan, indicating a stable interest in the fund despite recent fluctuations in share volume [1] Fund Performance - The ETF's latest share count increased by 18 million to a total of 4.352 billion shares, although it has seen a reduction of 189 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 4.284 billion yuan [1] - Since its inception on June 26, 2024, the fund has returned 1.82%, while its return over the past month has been -3.36% [1] Management Information - The fund is managed by Invesco Great Wall Fund Management Co., Ltd., with fund managers Gong Lili and Wang Yang overseeing its operations [1]

Market Overview and Key Insights - The Hong Kong stock market's dividend sector saw an increase last week, with the Hang Seng China Enterprises Dividend Total Return Index rising by 4.14%, the Hang Seng Index by 4.04%, and the Hang Seng Tech Index by 5.34% [1] - Active foreign capital returned to the Hong Kong stock market, with a net inflow of HKD 60.8 billion from southbound funds last week [1] - The U.S. job market has shown signs of weakness, with the unemployment rate reaching 4.3%, the highest in nearly four years, indicating economic cooling [1] - Market expectations for a Federal Reserve rate cut have increased, with a 90% probability of a 25 basis point cut in September and an overall expectation of three cuts within the year [1] Federal Reserve Impact on Hong Kong Stocks - The Federal Reserve's potential rate cuts may benefit the capital flow into Hong Kong stocks, as the market is sensitive to U.S. monetary policy changes due to its peg to the U.S. dollar [2] - Historically, the Hang Seng Index has shown a negative correlation with the U.S. dollar index and U.S. Treasury yields, suggesting that a rate cut could lead to increased investment in undervalued Hong Kong stocks [2] Dividend Strategy and Valuation - The Hang Seng China Enterprises Dividend Index has a dividend yield of 6.25%, significantly higher than the 4.51% yield of the CSI Dividend Index, with a price-to-book ratio of 0.62 and a price-to-earnings ratio of 6.98 [2] - Since early 2021, the total return index has gained 141%, outperforming the Hang Seng Total Return Index by 126% [2] - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, with strong dividend capabilities from state-owned enterprises [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Enterprises Dividend Index, focusing on high-dividend securities listed in Hong Kong with state-owned enterprise majority ownership [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF had a net asset value of 1.6275 billion and a trading volume of 10.27 billion last week [4] - The top ten weighted stocks in the index include China Nonferrous Mining (4.7% weight, 16.1% weekly increase) and China Merchants Energy (3.7% weight, 13.2% weekly increase) [5]

Group 1 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) increased by 0.96% on September 11, with a trading volume of 55.1564 million yuan [1] - The fund's shares increased by 6 million, bringing the total shares to 1.927 billion, with an increase of 488 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.998 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 (RMB middle price) [1] - The fund is managed by Southern Fund Management Co., Ltd., with fund managers Luo Wenjie and Pan Shuiyang [1] - Since its establishment on June 26, 2024, the fund has returned 6.51%, with a one-month return of 1.17% [1]

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) will be available for subscription from August 6, 2025, to August 15, 2025, with a maximum initial fundraising scale of 2 billion yuan [1] - The fund is managed by Tianhong Asset Management, with He Yuxuan serving as the fund manager [1] - The performance benchmark for the fund is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (adjusted for valuation exchange rate) [1]

Group 1 - The fund is named "Yongying CSI Hong Kong Stock Connect Central Enterprise Dividend ETF" and is a stock-type open-ended index fund [26] - The fund's management company is Yongying Fund Management Co., Ltd., and the custodian is Bank of Communications Co., Ltd. [1] - The fund aims to closely track the underlying index and minimize tracking deviation and error, striving for long-term investment returns consistent with the index performance [29] Group 2 - The fund's subscription period is from July 7, 2025, to July 18, 2025, with options for online and offline cash subscriptions [3][33] - The maximum fundraising scale for the fund is set at 2 billion RMB, excluding interest and subscription fees [7] - The fund's minimum total subscription amount is 2 billion units, and the minimum fundraising amount is not less than 2 billion RMB [32] Group 3 - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to subscribe to the fund [5][44] - The subscription fee for the fund will not exceed 0.8% [6] - The fund will utilize a proportionate confirmation method if the total valid subscription applications exceed the maximum limit [8][9] Group 4 - The fund will invest primarily in the underlying index constituent stocks, including depositary receipts, and may also invest in non-constituent stocks, bonds, and other financial instruments as permitted by regulations [30][31] - The fund's investment portfolio must maintain at least 90% of its net asset value in the underlying index constituent stocks and at least 80% of its non-cash assets [31] - The fund may participate in financing and securities lending activities as per legal regulations [31]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect Central Enterprises Dividend Index, which has shown significant growth over various time frames, including an 8.25% increase in the past month and a 6.87% increase year-to-date [1][2]. - The index is designed to reflect the overall performance of listed companies controlled by central enterprises within the Hong Kong Stock Connect that have stable dividend levels and high dividend yields [1][2]. - The index's top ten holdings include major companies such as COSCO Shipping Holdings (7.14%), Orient Overseas International (3.28%), and China Petroleum & Chemical Corporation (2.76%) [1][2]. Group 2 - The industry composition of the index shows that finance accounts for 33.25%, industrials for 29.84%, and energy for 15.31%, indicating a diverse sector representation [2]. - The index undergoes annual adjustments, with the next scheduled adjustment occurring on the trading day following the second Friday of December each year [2]. - Public funds tracking the index include the Huaxia CSI Hong Kong Stock Connect Central Enterprises Dividend Link A and C, as well as the Huaxia CSI Hong Kong Stock Connect Central Enterprises Dividend ETF [2].

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Index has shown a recent increase of 2.11%, reaching 959.7 points, with a trading volume of 20.529 billion yuan, despite a decline of 6.36% over the past month [1] Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Index has decreased by 4.88% year-to-date [1] - The index has increased by 1.23% over the past three months [1] - The index is based on companies with stable dividend levels and high dividend yields, reflecting the overall performance of central enterprise stocks within the Hong Kong Stock Connect [1] Group 2: Index Composition - The top ten weighted stocks in the index include: COSCO Shipping Holdings (7.7%), Orient Overseas International (3.05%), CITIC Bank (2.86%), CNOOC (2.62%), China Shenhua Energy (2.56%), China National Freight (2.54%), Bank of China (2.52%), China Unicom (2.46%), PetroChina (2.44%), and Bank of Communications (2.35%) [1] - The index exclusively comprises stocks listed on the Hong Kong Stock Exchange [1] Group 3: Industry Breakdown - The industry composition of the index includes: Finance (31.75%), Industry (30.24%), Energy (15.08%), Communication Services (10.85%), Materials (4.39%), Real Estate (4.39%), Healthcare (2.05%), and Utilities (1.25%) [2] - The index samples are adjusted annually, with changes implemented on the next trading day after the second Friday of December [2] Group 4: Fund Tracking - Public funds tracking the index include: Huaxia China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Link A, Huaxia China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Link C, and Huaxia China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend ETF [2]