Group 1 - The core point of the article highlights the performance and recent trading activity of the Hong Kong Stock Connect Central Enterprise Dividend ETF managed by Southern Fund Management Co., Ltd. [1] - On August 4, the ETF (520660) experienced a decline of 0.30% with a trading volume of 70.2398 million yuan [1] - The ETF's total shares decreased by 6 million, bringing the latest total to 1.147 billion shares, while over the past 20 trading days, shares increased by 28 million [1] Group 2 - The latest net asset value of the ETF is calculated to be 1.146 billion yuan [1] - The ETF's performance benchmark is the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index (RMB middle price) [1] - Since its establishment on June 26, 2024, the ETF has returned 2.67%, with a one-month return of 4.02% [1]

Group 1 - The core point of the article highlights the performance of the Hong Kong Stock Connect Central Enterprise Dividend ETF managed by Southern Fund Management, which experienced a decline of 1.18% on August 1, with a trading volume of 47.53 million yuan [1] - The fund's total shares increased by 16 million, bringing the latest total to 1.153 billion shares, with a notable increase of 35 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.152 billion yuan, and its performance benchmark is the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index [1] Group 2 - Since its establishment on June 26, 2024, the fund has achieved a return of 2.60%, while its return over the past month stands at 5.18% [1] - The fund is managed by fund managers Luo Wenjie and Pan Shuiyang from Southern Fund Management Co., Ltd [1]

Market Performance - As of July 30, 2025, the three major A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.17% to 3615.72 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.77% to 11203.03 points and 1.62% to 2367.68 points respectively [1] - The total trading volume of the two markets reached 1.84 trillion yuan [1] Industry Highlights - The fishery sector performed notably well, surging by 4.06%, followed by the steel and film industries, which rose by 3.30% and 2.76% respectively [1] - A total of 356 non-currency ETFs increased in value, representing 29% of the market [1] - The China Steel Index rose by 1.58%, and the Steel ETF increased by 1.53% [1] - The China Petrochemical Industry Index saw a rise of 1.57%, with the Petrochemical ETF and Chemical Industry ETF increasing by 2.07% and 1.66% respectively [1] - The China Film Theme Index rose by 1.26%, with the Film ETF increasing by 1.64% and another Film ETF by 1.40% [1] ETF Performance - The top-performing ETFs included the Oil and Gas Resources ETF, which rose by 3.25%, and the Petrochemical ETF, which increased by 2.07% [3] - The Steel ETF had a total share size of 23.50 billion units, closely tracking the China Steel Index [5] - The Oil and Gas ETF had a share size of 1.13 billion units, tracking the National Oil and Gas Index [4] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the China National New Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index is 8.74, which is below 99.80% of the time over the past three years [4] - The National Oil and Gas Index has a PE-TTM of 11.34, below 66.36% of the time over the past three years [5] Declining Sectors - A total of 809 non-currency ETFs declined, accounting for 67% of the market [5] - The China Hong Kong Stock Connect Automotive Industry Theme Index and the China Financial Technology Theme Index experienced the largest declines, falling by 4.50% and 2.94% respectively [5]

Core Viewpoint - The A-share market experienced a slight rise, while the Hong Kong stock market opened higher, with the steel and oil sectors leading the gains. The Pacific Securities highlighted the increasing value of the Hong Kong Central State-Owned Enterprises (SOE) Dividend ETF, indicating a growing preference for high-dividend stocks in the Hong Kong market [1]. Group 1: Market Performance - As of 11:30 AM, the Hong Kong Central State-Owned Enterprises Dividend ETF (520660.SH) rose by 1.75%, and China Petroleum & Chemical Corporation increased by 2.39% [1]. - The overall performance of the Hong Kong stock market showed a positive trend, particularly in sectors such as steel and oil [1]. Group 2: Investment Insights - The cross-border ETF capital flow indicates that Hong Kong dividend ETFs are receiving significant attention, with net inflows ranking high, reflecting a market preference for high-dividend sectors [1]. - Current Hong Kong SOEs exhibit high dividend advantages and significant undervaluation, coupled with deepening SOE reforms and improved profit stability, suggesting that dividend rates are likely to remain high [1]. - The low-interest-rate environment enhances the attractiveness of dividend assets, further supported by the convenience of the Hong Kong Stock Connect mechanism and the ongoing trend of southbound capital inflows [1]. Group 3: Sector Analysis - Hong Kong SOEs are primarily concentrated in the financial, energy, and public utility sectors, benefiting from policy expectations and a declining interest rate environment, which provides high certainty in profits and dividends [1]. - The cost-effectiveness of sector allocation in Hong Kong SOEs is highlighted, making them an appealing investment choice [1].

Market Overview - The three major indices in the A-share market collectively rose, with the Shanghai Composite Index increasing by 0.62%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.61% [1][4] - Several infrastructure ETFs saw significant gains, including the Infrastructure ETF (516950.SH) which rose by 6.99%, and the Infrastructure ETF (159619.SZ) which increased by 6.44% [1][11] ETF Performance - The A500 ETF market experienced a significant shift, with the net asset scale of the top 10 A500 ETFs decreasing from 10 to 9, and the China A500 ETF (560610.SH) shrinking from 12.45 billion to 8.734 billion [2] - Central Huijin Investment increased its holdings in major broad-based ETFs by over 200 billion in Q2, indicating a strong commitment to stabilizing the capital market [3] Sector Performance - In the sector performance, coal, building materials, and construction decoration sectors ranked highest, with daily increases of 6.18%, 4.49%, and 3.38% respectively [6] - Over the past five trading days, the building materials, coal, and steel sectors also showed strong performance, with increases of 11.46%, 9.15%, and 7.68% respectively [6] ETF Categories - Among different ETF categories, strategy ETFs performed the best with an average increase of 1.56%, while bond ETFs had the worst performance with an average decrease of 0.04% [9] - The top-performing ETFs included the Coal ETF (515220.SH) with an increase of 8.25%, the Building Materials ETF (159787.SZ) with 7.91%, and the Infrastructure ETF (516950.SH) with 6.99% [12][11] Trading Volume - The top three ETFs by trading volume were the CSI 300 ETF (510300.SH) with a trading volume of 4.517 billion, the STAR 50 ETF (588000.SH) with 4.086 billion, and the A500 ETF (512050.SH) with 4.057 billion [14][15]

Group 1 - The Hong Kong stock market opened high and maintained volatility, with significant gains in Chinese brokerage, airline, home appliance, and insurance stocks [1] - The China Southern ETF (520660) tracking the State-owned Enterprises Dividend Index rose by 1.22%, marking three consecutive days of gains [1] - The index's total dividend for 2024 is projected to exceed 567.5 billion, with 49 companies participating and a current dividend yield of 6.26%, outperforming mainstream indices [1] Group 2 - Everbright Securities suggests that the Hong Kong stock market offers high investment value due to supportive domestic policies and reduced overseas disturbances, indicating a potential for continued recovery [2] - Investors without stock accounts can access investment opportunities through the China Southern ETF (520660) by initiating linked funds [2]