Core Viewpoint - China Communications Construction Company (CCCC) has announced the establishment of a joint venture operating company in Malaysia, focusing on the operation and maintenance of the East Coast Rail Link project after its completion [1] Group 1 - CCCC's board approved the proposal for China Harbour Engineering Company to partner with China Communications Railway Transportation Operation Co., Ltd. to establish a platform company in Malaysia [1] - The joint venture will be formed with a 50% ownership stake from each party, collaborating with the wholly-owned subsidiary of Malaysia Rail Link [1] - The registered capital of the operating company will not exceed 400 million Malaysian Ringgit, equivalent to approximately 616 million Chinese Yuan [1]

Group 1 - The China Securities Hong Kong Stock Connect High Dividend Investment Index (930914) decreased by 0.18% as of March 31, 2025 [1] - Among the constituent stocks, China Construction Bank (00939) led with a gain of 3.13%, followed by China Petroleum & Chemical Corporation (00857) with an increase of 2.60%, and Bank of China (03988) up by 1.96% [1] - China Communications Construction Company (01800) experienced the largest decline at 4.23%, with Yuehai Investment (00270) down 3.39% and Minsheng Bank (01988) down 3.27% [1] Group 2 - The Hong Kong high dividend ETF (159302) is currently trading at 1.13 yuan, with a trading volume of 10.1553 million yuan and a turnover rate of 8.17% [1] - Over the past six months, the Hong Kong high dividend ETF has accumulated a gain of 7.54% [1] - The ETF focuses on high dividend leading stocks within the Hong Kong Stock Connect, primarily concentrated in the financial, transportation, and energy sectors, with a current dividend yield of 7.67% [1] Group 3 - According to Shenwan Hongyuan Securities, the A-share market in the second quarter is expected to favor defensive thinking, with a focus on high dividend assets that provide both absolute and relative returns [2] - From a mid-term perspective, the technology sector is still favored, particularly in AI computing and applications, embodied intelligence, and low-altitude economy investment opportunities [2] - Caixin Securities suggests that the market will shift from being driven by liquidity and policy to being driven by economic fundamentals in March and April, advising caution and focusing on low-position high dividend defensive sectors [2]