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]

证券研究报告·策略报告·策略深度报告 策略深度报告 20250925 港股央企红利，底仓配置优选——景顺长城 中证国新港股通央企红利 ETF 投资价值分 析 [Table_Summary] ◼ 看好港股红利的长期配置价值 1）配置视角：红利资产胜率占优，具备长期底仓配置价值。今年以来（截 至 9 月 18 日，后同），港股红利资产在市场波动中展现出极佳韧性，收益 回撤比高达 2.2 倍。未来中国资产牛仍将持续，红利资产虽在弹性上不及 成长板块，但仍凭借其高股息率与低波动率的特性，具备显著的绝对收益 配置价值。 2）政策视角：政策推动红利资产吸引力提升。2024 年至今，A 股上市公 司分红力度明显加大，政策支持为红利资产注入长期估值重塑动能。此外， 债券增值税新规或间接利好红利类资产。 3）资金视角：险资等长钱配置需求有望持续释放。当成长风格占据主导 时，部分交易型资金可能向成长板块迁移；但险资为代表的中长期资金基 于负债端久期匹配与收益稳定的需求，仍将为红利资产带来长期稳定的资 金流入。 4）红利资产内部：港股>A 股：港股恒生高股息指数的股息率为 6.14%， 经税后的实际收益水平仍优于 A 股同类资产。 ...

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]