Group 1 - The China Securities Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.76% as of December 15, which is higher than the 10-year government bond yield of 4.92% [1] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.18% as of December 15, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - AOS Group announced a dividend of HKD 0.025 per share, with an ex-dividend date of February 2, 2026, and a payment date of March 2, 2026 [2]

Core Viewpoint - The Hong Kong stock market's high dividend sector typically experiences a seasonal "bull market" from December to mid-January, driven by historical patterns known as the "calendar effect" [1] Historical Data Insights - The Hong Kong Stock Connect High Dividend Total Return Index shows a high absolute return probability of 90.9% from December to mid-January, with a median increase of 3.4% and an average increase of 4.6% since 2014 [2] - The probability of achieving excess returns compared to the A-share market (CSI 300) is 81.8%, with an average outperformance of approximately 2.1 percentage points [3] - The same probability of 81.8% applies when comparing to the A-share dividend index (CSI Dividend), with an average excess return of about 3.2 percentage points [4] - When compared to the Hong Kong market benchmark (Hang Seng Index), the probability of excess returns is also 81.8%, with an average excess return of approximately 1.6 percentage points [5] Exceptions and Insights - The only year with absolute return losses was from December 2015 to mid-January 2016, attributed to the A-share "leverage bull" collapse and liquidity crisis affecting the Hong Kong market. However, high dividend assets still outperformed the A-share market and the Hang Seng Index during this period [6] - Years where excess returns lagged behind the A-share market occurred mainly during the "fast bull" phases of 2014-2015 and 2020-2021, when growth stocks surged [6] - Excess returns lagging behind the Hang Seng Index were primarily due to significant movements in major stocks like Tencent, rather than a widespread trend [6] Investment Strategy - Investing in high dividend assets in the Hong Kong market at year-end is historically a high-probability strategy with both absolute and relative return potential, influenced by institutional portfolio adjustments and the dividend distribution system [7] - Among the high dividend stocks, those from state-owned enterprises (SOEs) may offer lower valuations and more stable dividend guarantees, as SOEs have implemented market value management and accountability systems [8] - The CSI Hong Kong Stock Connect SOE Dividend Index has a price-to-book ratio (PB) of 0.63, lower than the 0.66 for the broader high dividend index, providing a thicker "safety cushion" [8] - As of December 9, the one-year dividend yield for this index is 6.71%, surpassing the 4.84% yield of 10-year government bonds, with the largest investment vehicle tracking this index being the Hong Kong SOE Dividend ETF [8]

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of centrally controlled enterprises with stable dividend levels and high dividend yields, achieving a one-year dividend yield of 6.71% as of December 9, which is higher than the 10-year government bond yield of 4.84% [1] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 6.19% as of December 9, surpassing the 10-year government bond yield of 4.31% [1] - The Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 30, 2025, and a payment date of February 6, 2026 [1]

恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票；截 至12月8日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.23%，恒生红利ETF（159726） 是跟踪该指数的唯一ETF。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。从这一天起，买入该股票的投 资者，将无法享受到本次派发的股息。 沪上阿姨：每0.743755港元；除净日：2025-12-12，派息日期：2026-02-04；恒生行业：非酒精饮料； 非中证港股通央企红利指数（931233.CSI）的成分股，非恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，非标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月8日，该指数近1年股息率是6.65%，高于同期10年 期国债收益率4.77%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 非标普港股通低波红利港币指数（SPAHL ...

Group 1: Dividend Indices - The China Securities Hong Kong Stock Connect Central Enterprise Dividend Index (931233.CSI) includes 50 stable dividend-paying stocks controlled by central enterprises, with a one-year dividend yield of 5.77%, surpassing the 10-year government bond yield of 3.92% as of December 2 [1] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 5.37%, also higher than the 10-year government bond yield of 3.52% as of December 2 [1] - The Non-Standard & Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the lowest fee ETF tracking this index [1] Group 2: Company Dividend Announcements - Postal Savings Bank announced a dividend of RMB 0.123 per share, with an ex-dividend date of January 2, 2026, and a payment date of February 13, 2026; it is part of the 931233.CSI and HSMCHYI.HI indices [1] - CITIC Securities declared a dividend of RMB 0.29 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 13, 2026; it is not part of the 931233.CSI or HSMCHYI.HI indices [2] - Sanhua Intelligent Controls announced a dividend of RMB 0.12 per share, with an ex-dividend date of December 19, 2025; it is not part of the 931233.CSI or HSMCHYI.HI indices [2] - Hong Kong Tong Holdings declared a dividend of HKD 0.06 per share, with an ex-dividend date of December 12, 2025, and a payment date of December 24, 2025; it is not part of the 931233.CSI or HSMCHYI.HI indices [2] - Xinxing Group announced a dividend of HKD 0.02 per share, with an ex-dividend date of December 30, 2025, and a payment date of January 28, 2026; it is not part of the 931233.CSI or HSMCHYI.HI indices [3]

Group 1: Dividend Indices - The China Securities Hong Kong Stock Connect Central Enterprises Dividend Index (931233.CSI) includes 50 stable dividend-paying stocks with high dividend yields, achieving a 1-year dividend yield of 5.70%, surpassing the 10-year government bond yield of 3.85 [1] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks listed in Hong Kong, with a 1-year dividend yield of 5.34%, also higher than the 10-year government bond yield of 3.49 [1] - The Non-Standard S&P Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the lowest fee ETF tracking this index [1] Group 2: Company Dividend Announcements - Agricultural Bank of China announced a dividend of RMB 0.1195 per share, with an ex-dividend date of December 5, 2025, and a payment date of January 26, 2026 [2] - Industrial and Commercial Bank of China declared a dividend of RMB 0.1414 per share, with an ex-dividend date of December 4, 2025, and a payment date of January 26, 2026 [2] - Changan Minsheng Logistics announced a dividend of HKD 0.05493 per share, with an ex-dividend date of December 2, 2025, and a payment date of January 30, 2026 [2] Group 3: Additional Company Dividends - Perfect Medical announced a dividend of HKD 0.076 per share, with an ex-dividend date of December 12, 2025, and a payment date of December 31, 2025 [3] - Chongqing Bank declared a dividend of HKD 0.185075283 per share, with an ex-dividend date of December 2, 2025, and a payment date of January 16, 2026 [3] - Yihe Holdings announced a dividend of HKD 0.15 per share, with an ex-dividend date of December 12, 2025, and a payment date of December 31, 2025 [3] Group 4: Other Company Dividends - Huaxin Handbag International Holdings declared an interim dividend of HKD 0.04 and a special dividend of HKD 0.02 per share, with an ex-dividend date of December 15, 2025, and a payment date of January 9, 2026 [4] - Tianli International Holdings announced a dividend of HKD 0.0429 per share, with an ex-dividend date of February 4, 2026, and a payment date of February 27, 2026 [4] - China Keyway announced a dividend of HKD 0.06 per share, with an ex-dividend date of July 31, 2026, and a payment date of August 21, 2026 [4]

Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) has achieved a trading volume of 406 million yuan, ranking first among similar ETFs, indicating strong market interest in high-dividend assets [1] Group 1: ETF Performance - The ETF tracks the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index (931233.CSI), which is entering a phase of significant dividend distributions from its constituent stocks [1] - The ETF is the largest tracking product in its category, continuously attracting capital attention due to its focus on stable dividend-paying companies [1] Group 2: Dividend Announcements - China Bank has announced a dividend plan of 0.1094 yuan per share, with an ex-dividend date of December 2, 2025, and a payment date of January 23, 2026 [1] - Construction Bank has announced a dividend plan of 0.1858 yuan per share, with an ex-dividend date of December 3, 2025, and a payment date of January 26, 2026 [1] Group 3: Yield Comparison - As of November 28, the one-year dividend yield of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index is 5.66%, significantly higher than the 10-year government bond yield of 3.81% [1] - The index focuses on 50 listed companies that are under the actual control of central enterprises, have stable dividends, and offer relatively high dividend yields [1]

Group 1 - Meiheng Industrial announced a dividend of HKD 0.003 per share, with an ex-dividend date of November 25, 2025, and a payment date of December 12, 2025. It is classified under the building construction sector in the Hang Seng Industry Index [1] - Gaoxin Retail declared a dividend of HKD 0.085 per share, with an ex-dividend date of November 26, 2025, and a payment date of March 24, 2026. It falls under the supermarkets and convenience stores sector in the Hang Seng Industry Index [1] - The ex-dividend date indicates when a stock starts to be "ex" the upcoming dividend, meaning investors purchasing the stock on or after this date will not receive the declared dividend [1] Group 2 - The CSI Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, selected from the Hong Kong Stock Connect range. As of November 11, the index has a one-year dividend yield of 5.52%, surpassing the 10-year government bond yield of 3.70% [1] - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) is the largest investment vehicle tracking this index [1]

Group 1 - Agricultural Bank of China (601288) announced a dividend of RMB 0.1195 per share, with the ex-dividend date set for December 5, 2025, and the payment date on January 26, 2026 [1] - China Communications Construction Company will distribute a dividend of no less than HKD 0.12903 per share, with the ex-dividend date on December 1, 2025, and the payment date on January 9, 2026 [1] - The CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.54% as of November 10, which is higher than the 10-year government bond yield of 3.72% [1] Group 2 - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) is the largest investment vehicle tracking the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1]

Core Viewpoint - The recovery of EPS (Earnings Per Share) is expected to drive stock market growth, with predictions indicating this recovery will occur around January 2026 due to economic signals [1][2] Group 1: Economic Indicators - M1, representing immediate payment capacity, is anticipated to lead PPI (Producer Price Index) by 6-9 months, indicating a warming economy [1] - Historical data suggests that when M1 turns positive and rises, PPI will also rebound, with predictions of PPI reaching 0.1% year-on-year by January 2026 [2] Group 2: Impact on Companies - A rebound in PPI will particularly benefit companies in cyclical sectors such as energy and raw materials, leading to significant improvements in their EPS [2] - The shift in market preference observed in 2015-2016, when PPI turned positive, indicates a potential movement of funds from high-valuation growth stocks to dividend-paying stocks [2] Group 3: Investment Strategies - Current market conditions may present a rare opportunity for long-term investors to accumulate dividend value stocks, particularly those with low volatility [2] - The CSI Hong Kong Stock Connect Central Enterprise Dividend Index, which includes stable dividend-paying companies controlled by central enterprises, has gained popularity in recent years [3]