港股央企红利ETF（159333）现任基金经理为杨坤。杨坤自2024年8月21日管理（或拟管理）该基金， 任职期内收益52.34%。 最新定期报告显示，港股央企红利ETF（159333）重仓股包括中远海控、中国有色矿业、中国外运、东 方海外国际、中信银行、中国石油股份、中国神华、中国人民保险集团、中国海洋石油、农业银行，持 仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控6.02%268.40万2967.48万 01258中国有色矿业3.22%116.00万1586.47万00598中国外运3.00%332.60万1478.81万00316东方海外国际 2.95%12.60万1452.90万00998中信银行2.67%215.50万1316.24万00857中国石油股份2.63%200.60万 1296.66万01088中国神华2.57%37.35万1268.51万01339中国人民保险集团2.55%202.00万1255.91万00883 中国海洋石油2.51%71.20万1237.68万01288农业银行2.27%233.20万1117.76万 来源：新浪基金∞工作室 ...

Core Insights - The Wanji Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) closed up 1.26% on November 10, with a trading volume of 17.1629 million yuan [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 7, 2024, the fund's shares totaled 317 million, with a total size of 474 million yuan, reflecting a decrease of 26.45% in shares and 7.70% in size since December 31, 2024 [1] Fund Performance - The current fund manager, Yang Kun, has managed the ETF since its inception, achieving a return of 50.49% during his tenure [2] - The ETF's performance benchmark is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1] Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a trading volume of 571 million yuan, with an average daily trading amount of 28.555 million yuan [1] - Year-to-date, the ETF has recorded a total trading volume of 7.965 billion yuan across 206 trading days, averaging 38.6665 million yuan per day [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (6.02% of holdings) - China Nonferrous Mining (3.22%) - China Ocean Shipping (3.00%) - Orient Overseas International (2.95%) - CITIC Bank (2.67%) - China Petroleum (2.63%) - China Shenhua Energy (2.57%) - People's Insurance Company of China (2.55%) - CNOOC (2.51%) - Agricultural Bank of China (2.27%) [2]

Core Viewpoint - A total of 35 A-shares are undergoing equity registration today, with 34 companies planning to distribute dividends [1] Dividend Distribution - 34 companies have set the equity registration date for dividend distribution on October 23, with New Media Co., China Ping An, and COSCO Shipping Holdings offering the highest dividends of 10.00 yuan, 9.50 yuan, and 5.60 yuan per 10 shares respectively [1] - Additionally, 15 companies have announced dividend distribution plans, with Action Education, Meilan De, and Changjiang Materials proposing the largest dividends of 5.0 yuan, 3.0 yuan, and 2.0 yuan per 10 shares respectively [1] Capital Increase - One company is increasing its capital through share conversion, with Songyuan Safety offering the highest conversion rate of 4 shares for every 10 shares held [1]

Core Achievements - Over the past five years, China has achieved significant milestones in various sectors, including space exploration, high-speed rail technology, and renewable energy, establishing itself as a global leader in these fields [1][2][3][4][7][10]. Economic Growth - China's GDP reached approximately 140 trillion yuan, with per capita GDP surpassing $13,000 for the first time, reflecting a robust economic performance and increased consumer spending [2][11]. - The average economic growth rate over the past four years was 5.5%, exceeding the global average, contributing around 30% to global economic growth [11]. Technological Innovation - China has transitioned from "catching up" to "leading" in technological innovation, with its global innovation index ranking rising from 34th in 2012 to 10th in 2025 [3][13]. - R&D investment intensity has surpassed the average level of EU countries, and the integration of technology and industry has accelerated, particularly in artificial intelligence [3][14]. Social Welfare - Key indicators of social welfare, such as resident income and employment security, have shown significant improvement, enhancing the overall quality of life for citizens [4][21]. - The goal of common prosperity is becoming more tangible, with expectations for better employment opportunities and public services in the future [4][21]. Infrastructure Development - China has built the world's largest high-speed rail network and renewable energy systems, solidifying its position as a leader in infrastructure [17][18]. - The country has also established the largest and most comprehensive manufacturing system globally, maintaining its status as the largest industrial robot market for 12 consecutive years [15][16]. Global Trade and Cooperation - China has maintained its position as the world's largest trading nation for eight consecutive years, with significant contributions to international cooperation through initiatives like the Belt and Road [19][20]. - The country is expected to achieve a record in the export of innovative pharmaceuticals, reflecting its growing influence in global markets [19].

Core Insights - The construction of China's national comprehensive transportation network has exceeded 90% completion during the "14th Five-Year Plan" period, enhancing connectivity across the country and promoting economic vitality [1] Group 1: Major Infrastructure Developments - The "Great Corridor" strategy is accelerating the construction of key transportation routes, connecting over 80% of county-level administrative regions and serving approximately 90% of the national economy and population [2] - The national highway mainline covers 99% of cities with populations over 20,000, while high-speed rail accounts for over 70% of the world's total high-speed rail mileage [2] - The national comprehensive transportation hub system is continuously improving, with key hub cities reducing cargo transfer times to 1-2 times and achieving over 85% efficiency in multimodal transport transfers within one hour [2] Group 2: Transportation Efficiency and Services - On average, approximately 180 million people travel across regions daily, with 160 million tons of goods transported and 478 million express deliveries collected each day [5] - The introduction of advanced technologies such as the CR450 train set, the first domestically produced large cruise ship, and the C919 large passenger aircraft marks significant advancements in transportation equipment [5] Group 3: Strategic Achievements and Future Outlook - Six out of 17 major indicators in the transportation sector outlined in the "14th Five-Year Plan" have been completed ahead of schedule, with all remaining indicators expected to be met by the end of 2025 [6] - Major projects like the Tianshan Victory Tunnel and the Guizhou Huajiang Gorge Bridge showcase the remarkable achievements in overcoming engineering challenges [6]

Core Viewpoint - The Ministry of Transport and six other departments issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'" to accelerate the large-scale innovative application of artificial intelligence in the transportation sector [1][6]. Summary by Sections Overall Requirements - By 2027, artificial intelligence will be widely applied in typical scenarios within the transportation industry, with a comprehensive transportation model system deployed and a number of landmark innovative projects established [4][7]. - By 2030, artificial intelligence will be deeply integrated into the transportation sector, promoting a smart and comprehensive transportation network [4][7]. Increasing Key Technology Supply - Focus on breakthroughs in common technologies such as dynamic scene perception, real-time precise positioning, and autonomous decision-making in complex environments [8]. - Accelerate the development of intelligent driving systems and remote driving cockpits, and encourage the research of new equipment like drones and all-terrain vehicles [9]. Accelerating Innovation Scene Empowerment - Support the development of intelligent driving models and enhance service scenarios in regions like Beijing-Tianjin-Hebei and the Yangtze River Delta [10]. - Promote smart railways and enhance the efficiency and safety of passenger and freight transport through intelligent technologies [11]. Strengthening Core Element Guarantees - Optimize computing power supply capabilities and accelerate the construction of high-quality data sets [14]. - Promote the integration of artificial intelligence, new communication technologies, and the Internet of Things to support the development of transportation infrastructure [14]. Optimizing Industrial Development Ecology - Enhance the incubation capacity of the industrial ecosystem and promote the establishment of innovation alliances in the transportation sector [15]. - Continuously improve the governance mechanism for artificial intelligence applications in transportation [15]. Ensuring Measures - Establish a coordinated development mechanism for artificial intelligence in transportation, emphasizing government guidance and market leadership [17]. - Strengthen inter-departmental collaboration and enhance the openness of application scenarios to foster innovation [17].

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest and market performance [1][2]. Fund Performance - As of September 19, 2024, the ETF closed with a gain of 1.50% and a trading volume of 41.06 million yuan [1]. - The fund was established on August 14, 2024, with a management fee of 0.50% and a custody fee of 0.08% [1]. - The latest share count is 240 million, with a total fund size of 322 million yuan, reflecting a 112.24% increase in shares and a 149.02% increase in size since December 31, 2024 [1]. Liquidity - Over the past 20 trading days, the ETF has accumulated a trading volume of 639 million yuan, averaging 31.97 million yuan per day [1]. - Year-to-date, the ETF has seen a total trading volume of 6.922 billion yuan, with an average daily trading volume of 39.33 million yuan over 176 trading days [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong Lili managing since August 29, 2024, achieving a return of 39.00%, while Wang Yang has managed since August 13, 2025, with a return of -1.05% [2]. Top Holdings - The ETF's top holdings include: - Orient Overseas International: 9.65% [3] - China COSCO Shipping: 7.14% [3] - Yancoal Australia: 5.43% [3] - Yanzhou Coal Mining: 4.73% [3] - Seaspan Corporation: 4.36% [3] - China Hongqiao Group: 3.10% [3] - Sinopec: 3.08% [3] - CNOOC: 3.03% [3] - Minsheng Bank: 3.01% [3] - China Everbright Bank: 3.01% [3]

Core Insights - The AI Fund Wanjiaguoqi Power Mixed A (019336) reported a profit of 10.9468 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1083 yuan. The fund's net value growth rate was 12.09%, and the fund size reached 90.0894 million yuan by the end of the reporting period [3] - The fund is classified as a mixed equity fund, focusing on cyclical stocks, and as of September 2, the unit net value was 1.182 yuan. The fund manager, Ye Yong, oversees six funds, all of which have shown positive returns over the past year [3] - The fund's investment strategy emphasizes sectors with strong demand-side logic, particularly those that are expected to rebound after several years of decline, such as traditional manufacturing leaders [3] Performance Metrics - As of September 2, the fund's one-year cumulative net value growth rate was 34.16%, ranking 32 out of 80 comparable funds. The six-month growth rate was 30.79%, ranking 22 out of 82, and the three-month growth rate was 22.68%, ranking 37 out of 82 [6] - The fund's stock assets have a weighted average price-to-earnings (P/E) ratio of approximately 3.5 times, significantly lower than the comparable average of -1056.23 times. The weighted average price-to-book (P/B) ratio is about 0.41 times, compared to the average of 1.55 times [11] - The fund's weighted average revenue growth rate for the first half of 2025 was 0%, with a weighted average net profit growth rate of 0.13% [17] Investment Strategy - The fund manager plans to focus on sectors such as industrial non-ferrous metals, crude oil, dividends, gold, oil transportation, and certain cyclical leaders to achieve aggressive returns in the second half of the year [3] - The fund has maintained a high stock position, with an average stock position of 92.55% since inception, peaking at 93.19% at the end of the first half of 2025 [32] - The top ten holdings of the fund include companies like Luoyang Molybdenum, Bank of Communications, and China National Offshore Oil Corporation, indicating a concentrated investment strategy [41]

Core Viewpoint - Tencent Holdings has resumed its stock buyback program after the earnings "quiet period," signaling strong confidence in the company's long-term value [1][6]. Buyback Details - On August 18, Tencent Holdings repurchased approximately 931,000 shares at a cost of about 550 million HKD, marking the start of a new buyback round after pausing on July 11 [2][6]. - The total buyback amount for the year has exceeded 40 billion HKD, demonstrating management's commitment to the company's long-term value [4][6]. Market Context - The buyback trend among Hong Kong-listed companies has seen a decrease compared to the same period in 2024, with Tencent's buyback amount significantly lower than last year's [3][9]. - As of August 18, 216 Hong Kong-listed companies have repurchased shares totaling 1,074.81 billion HKD, with Tencent leading at 405.93 billion HKD [9]. Impact of Buybacks - Buybacks are often seen as a signal that companies believe their stock is undervalued, which can help stabilize investor confidence and stock prices [5][10]. - Tencent has reduced its total share capital from approximately 9.629 billion shares in July 2022 to 9.225 billion shares by the end of 2024, which directly boosts earnings per share (EPS) [7]. Market Trends - The reduction in buyback activity is viewed as a rational market response to the recovery of the Hong Kong stock market, where the Hang Seng Index has risen over 25% this year [10]. - As market valuations improve, companies may opt to reduce buybacks to allocate capital more efficiently for other business developments or investment projects [10].

Core Viewpoint - The implementation of the new delisting regulations has led to an increase in the number of companies delisted from the A-share market, with a focus on eliminating companies involved in major violations and financial fraud [2][4][8]. Delisting Statistics - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][8]. - In 2025, seven companies, including *ST Gaohong, are suspected of major violations leading to potential delisting, with three already completed [3][4]. Major Violations and Regulatory Actions - *ST Gaohong has been identified for serious financial fraud, with the China Securities Regulatory Commission (CSRC) issuing a notice indicating potential major illegal delisting [5][6]. - The fraudulent activities of *ST Gaohong spanned from 2015 to 2023, with inflated revenues totaling 198.76 billion yuan and profits of 76.23 million yuan [6]. Trends in Delisting - The number of companies delisted for fraud in 2025 has already surpassed the total for 2024, indicating a stricter regulatory environment aimed at cleaning up the market [4][6]. - The new delisting regulations, effective from January 2025, have clarified the signals for various types of delisting, including trading and financial delisting [8]. Active Delisting Cases - Companies like China Heavy Industries and *ST Tianmao are pursuing voluntary delisting, with mechanisms in place to protect minority shareholders through cash options [10][11]. - The proactive delisting of *ST Tianmao includes a buyback offer at a premium price, providing a clear exit strategy for investors [10]. Market Implications - The new delisting regulations are expected to shift the market focus from expansion to quality, allowing more resources for high-quality companies [11].