Group 1 - The Hang Seng Index and Hang Seng Tech Index both rose over 2% on January 28, with the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index increasing by 3.44% [1] - Among the index constituents, Yangtze Optical Fibre and Cable rose over 15%, China Aluminum increased over 12%, and China Railway and China Metallurgical Group both rose over 5% [1] - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) rose by 3.4%, with a trading volume of 213 million yuan, making it the top performer in its category [1] Group 2 - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) closely tracks the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, which selects companies with stable dividend levels and high dividend yields from the State-owned Assets Supervision and Administration Commission's list [1] - Guosen Securities indicated that policy support is injecting long-term valuation reshaping momentum into dividend assets, with listed companies increasing their dividend payouts [1] - As the dividend system continues to improve, the attractiveness of dividend assets in terms of yield is expected to further increase [1]

Group 1: Long-term Value - The report emphasizes the defensive value of dividend assets in the Hong Kong stock market, showcasing their resilience amid market volatility, with a return drawdown ratio of 2.4 times [1][11] - Policy support has significantly increased the attractiveness of dividend assets, with A-share companies enhancing their dividend distributions, injecting long-term valuation momentum into these assets [1][16] - There is a sustained demand for long-term capital allocation from insurance funds, which are expected to continue flowing into dividend assets due to their stable returns and matching duration needs [1][17] - The report highlights that Hong Kong dividend assets outperform A-shares, with the Hang Seng High Dividend Index yielding 6.7%, while state-owned enterprises (SOEs) show higher dividend yields compared to other sectors [1][24][25] Group 2: Mid-term Opportunities - The report anticipates a resurgence of dividend style excess returns in the second half of next year, as macro uncertainties may increase, favoring dividend stocks over growth stocks [2][41] - In the first half of the year, growth stocks are expected to dominate due to favorable liquidity conditions and sector trends, particularly in AI and technology [2][34] - The report suggests that the attractiveness of dividend stocks will increase as long-term interest rates decline, enhancing their appeal and potentially leading to valuation increases [2][41] Group 3: Investment Analysis of the National New Hong Kong Stock Connect Central Enterprise Dividend Index - The index focuses on high-dividend SOEs within the Hong Kong Stock Connect, reflecting the overall performance of these companies [3][11] - Since 2020, the National New Hong Kong Stock Connect Central Enterprise Dividend Index has achieved a cumulative return of 40.4%, outperforming both A/H broad indices and similar products [3][11] - The index is heavily weighted towards quality large-cap SOEs in sectors like energy and telecommunications, providing a differentiated investment opportunity compared to A/H market indices [3][13] - The strong dividend-paying capacity of the index is expected to be reinforced by ongoing policies aimed at enhancing the valuation of SOEs [3][15] Group 4: Product Introduction - The Invesco Great Wall National New Hong Kong Stock Connect Central Enterprise Dividend ETF offers investors a tool to gain exposure to the Hong Kong SOE dividend sector, with a fund size of 5.62 billion yuan as of December 26, 2025 [4][17]

Group 1 - The core viewpoint highlights the increasing attractiveness of Hong Kong dividend assets, particularly in the context of heightened market volatility, showcasing strong performance and long-term allocation value [1] - From a configuration perspective, Hong Kong dividend assets demonstrate remarkable resilience during market fluctuations, with the Hang Seng High Dividend Yield Index achieving a cumulative increase of 27.1% from the beginning of the year to September 18, despite a maximum drawdown of only 12.6%, significantly lower than that of the Hang Seng Index and Hang Seng Tech [1] - Policy measures are enhancing the appeal of dividend assets, with increased dividend payouts from A-share listed companies and supportive government policies, such as the "New National Nine Articles," which emphasize constraints on companies with weak dividend intentions [1] Group 2 - The continuous release of medium to long-term capital allocation demand, particularly from insurance funds, is expected to bring stable inflows into dividend assets, with insurance capital accelerating its layout in the Hong Kong market, having made 20 stake acquisitions in 2024 [2] - The dividend yield of Hong Kong dividend assets is significantly higher than that of A-shares, with the Hang Seng High Dividend Index yielding 6.14% compared to the CSI Dividend Index's 4.86%, indicating superior actual returns even after considering dividend taxes [2] - The Guoxin Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF tracks the CSI Guoxin Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index, which selects stable dividend-paying central state-owned enterprises, reflecting the overall performance of high dividend yield central enterprises within the Hong Kong Stock Connect [2] Group 3 - Since 2020, the cumulative return of the Guoxin Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF has reached 37.2%, outperforming core broad-based indices of A/H shares and similar products [3] - The ETF's constituent stocks are concentrated in resource-based industries, such as oil and petrochemicals, telecommunications, and transportation, with a lower proportion in financial and real estate sectors, highlighting its differentiated allocation value [3] - Overall, the Guoxin Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF presents higher return potential and relatively low-risk characteristics, with a circulation scale reaching 4.92 billion yuan in recent months, indicating market recognition and interest [3]

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend assets, highlighting their resilience in market volatility and superior risk-return characteristics, with a return drawdown ratio of 2.2 times [1][10] - Policy support has significantly increased the attractiveness of dividend assets, with a notable increase in dividend payouts from A-share companies in 2024, enhancing the long-term valuation of these assets [1][18] - There is a sustained demand for long-term capital allocation from insurance funds, which are expected to continue flowing into dividend assets due to their stable returns and low volatility [1][23] Group 2 - The report focuses on the China Securities National Hong Kong Stock Connect Central Enterprise Dividend Index, which selects high-dividend central enterprises from the Hong Kong Stock Connect range, reflecting the overall performance of these companies [3][36] - Since 2020, the National Hong Kong Stock Connect Central Enterprise Dividend Index has achieved a cumulative return of 37.2%, outperforming major A/H indices and similar products [3][39] - The index is heavily weighted towards high-quality large-cap central enterprises in sectors such as energy and telecommunications, providing a distinct advantage over other indices [3][39] Group 3 - The Invesco Great Wall China Securities National Hong Kong Stock Connect Central Enterprise Dividend ETF offers investors a tool to gain exposure to the Hong Kong central enterprise dividend sector, with a current circulation scale of 4.92 billion [4] - The ETF aims to closely track the underlying index, minimizing tracking deviation and error to achieve returns similar to the index [4]

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend stocks, highlighting their resilience amid market volatility and their role as a defensive asset class [1][14][20] - From a comparative perspective, Hong Kong dividend stocks offer a higher dividend yield than A-share counterparts, with the Hang Seng High Dividend Index yielding 8.1% compared to the CSI Dividend Index's 5.8% [2][24][28] - The demand for long-term capital, particularly from insurance funds, is expected to continue supporting the allocation to dividend assets, providing a stable inflow of funds [3][33][34] Group 2 - The China Securities Index for Hong Kong Central State-Owned Enterprises focuses on high-dividend central enterprises, reflecting the performance of companies with stable dividend levels [4][39] - Since 2020, the cumulative return of the China Securities Index for Hong Kong Central State-Owned Enterprises has reached 35.0%, outperforming major A/H indices [5][40][41] - The index is heavily weighted in sectors such as energy and telecommunications, with a notably low exposure to financial and real estate sectors, allowing for differentiated investment strategies [6][46] Group 3 - The Invesco China Securities Index for Hong Kong Central State-Owned Enterprises ETF provides investors with a tool to gain exposure to the Hong Kong central enterprise dividend sector, aiming to closely track the underlying index [8]