投资策略专题 2025 年 11 月 03 日 策略研究团队 广发中证港股通非银 ETF（513750.OF）的核心投资 价值——政策托底、行业景气向好、估值洼地 ——投资策略专题 weijixing@kysec.cn 证书编号：S0790524030002 jianyuhan@kysec.cn 证书编号：S0790525050005 核心逻辑：政策托底、景气向好、估值洼地，港股非银具备较强的配置价值 政策端：资本市场制度改革下，政策托底金融市场，指引金融业走向高质量发展。 新"国九条"后，"924" 金融支持经济高质量发展政策、中长期资金入市方案、 公募基金改革等一系列政策相继出台，其中流动性支持工具互换便利与险资资金 入市，激活金融市场的大循环，并指引金融机构走向高质量发展。 韦冀星（分析师） 简宇涵（分析师） 保险基本面：负债端压力倒逼，叠加中长期资金入市，保险机构配置结构有望发 生转变，行业景气有望提升。保费收入同比增长，权益资产配置比例提升，带动 投资收益率改善；截至 2025 年 6 月，保险公司资金运用余额为 36.23 万亿元， 同比增长 17.39%；2019 年至今，保险机构的持股市值大幅 ...

Core Viewpoint - The Hong Kong Stock Connect Non-Bank ETF (513750) has reached a record high in both scale and shares, indicating strong investor interest and market activity [1][2]. Group 1: Fund Performance - As of July 18, 2025, the Hong Kong Stock Connect Non-Bank ETF has seen a net value increase of 75.44% over the past year, ranking 59th out of 2917 index stock funds, placing it in the top 2.02% [2]. - The ETF has achieved a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gains being 4 months and a total increase of 38.25% during that period [2]. - The ETF has outperformed its benchmark with an annualized return of 21.19% over the last three months [2]. Group 2: Market Activity - The Hong Kong Stock Connect Non-Bank ETF reached a scale of 7.985 billion yuan, marking a 912.04% increase year-to-date, with the latest share count at 5.072 billion [1]. - The ETF experienced a turnover rate of 13.01% with a trading volume of 1.054 billion yuan, indicating active market participation [1]. - Over the past 13 days, the ETF has seen continuous net inflows, with a peak single-day inflow of 820 million yuan, totaling 3.096 billion yuan in net inflows [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) includes up to 50 listed companies, with the top ten weighted stocks accounting for 77.92% of the index [3]. - The top three holdings—China Ping An, AIA Group, and Hong Kong Exchanges—each represent over 14% of the index [3]. - Recent regulatory policies in the insurance sector have been favorable, aimed at mitigating risks associated with interest rate spreads and enhancing the operational environment for insurance companies [3]. Group 4: Industry Outlook - Analysts remain optimistic about investment opportunities in the non-bank sector, driven by macroeconomic stability and liquidity release from monetary policy adjustments [4]. - New regulations in the securities industry are expected to boost revenue growth for brokerage firms, while long-term investment policies for insurance companies may improve valuation and returns [4]. - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, providing unique investment access without QDII quota restrictions [4].