Market Overview and Key Insights - The Hong Kong stock market's dividend sector saw an increase last week, with the Hang Seng China Enterprises Dividend Total Return Index rising by 4.14%, the Hang Seng Index by 4.04%, and the Hang Seng Tech Index by 5.34% [1] - Active foreign capital returned to the Hong Kong stock market, with a net inflow of HKD 60.8 billion from southbound funds last week [1] - The U.S. job market has shown signs of weakness, with the unemployment rate reaching 4.3%, the highest in nearly four years, indicating economic cooling [1] - Market expectations for a Federal Reserve rate cut have increased, with a 90% probability of a 25 basis point cut in September and an overall expectation of three cuts within the year [1] Federal Reserve Impact on Hong Kong Stocks - The Federal Reserve's potential rate cuts may benefit the capital flow into Hong Kong stocks, as the market is sensitive to U.S. monetary policy changes due to its peg to the U.S. dollar [2] - Historically, the Hang Seng Index has shown a negative correlation with the U.S. dollar index and U.S. Treasury yields, suggesting that a rate cut could lead to increased investment in undervalued Hong Kong stocks [2] Dividend Strategy and Valuation - The Hang Seng China Enterprises Dividend Index has a dividend yield of 6.25%, significantly higher than the 4.51% yield of the CSI Dividend Index, with a price-to-book ratio of 0.62 and a price-to-earnings ratio of 6.98 [2] - Since early 2021, the total return index has gained 141%, outperforming the Hang Seng Total Return Index by 126% [2] - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, with strong dividend capabilities from state-owned enterprises [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Enterprises Dividend Index, focusing on high-dividend securities listed in Hong Kong with state-owned enterprise majority ownership [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF had a net asset value of 1.6275 billion and a trading volume of 10.27 billion last week [4] - The top ten weighted stocks in the index include China Nonferrous Mining (4.7% weight, 16.1% weekly increase) and China Merchants Energy (3.7% weight, 13.2% weekly increase) [5]

Group 1 - The core viewpoint of the article indicates that the Hong Kong stock market, particularly the dividend sector, experienced a decline last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index falling by 1.72% and the Hang Seng Index down by 1.00% [1] - The materials sector led the performance among Hang Seng's primary industries, while the healthcare sector lagged behind [1] - Foreign capital continued to flow into the Hong Kong stock market, with a net inflow of 22.2 billion HKD from southbound funds last week, despite a slight outflow of 0.03 million USD from active foreign investments [1][2] Group 2 - The outlook for the Hong Kong stock market suggests a potential easing of liquidity, as the Hong Kong Monetary Authority may not need to continue withdrawing funds due to the appreciation of the HKD against the USD [2] - The anticipated interest rate cuts by the Federal Reserve in September could lead to a flow of US funds into emerging markets, benefiting the Hong Kong stock market [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index stands at 5.98%, significantly higher than the 4.46% yield of the CSI Dividend Index, with a price-to-book ratio of 0.60 and a price-to-earnings ratio of 6.79 [2] Group 3 - The overall performance of the Hong Kong stock market last week showed a mixed trend, with the broad-based indices reflecting varied sector performances [4] - The recent adjustments in liquidity are viewed as short-term impacts, with the Hong Kong Interbank Offered Rate (Hibor) rising sharply from 0.9% to 3.3% [1][2] - The strong dividend strategy of central state-owned enterprises is expected to continue, supported by a low interest rate environment and a weak economic recovery [2]

Market Overview and Key Insights - The Hong Kong stock market's dividend sector continued to rise last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index increasing by 1.08%, the Hang Seng Index by 1.73%, and the Hang Seng Tech Index by 1.52% [1] - All sectors within the Hang Seng Index experienced gains, with healthcare leading and utilities lagging [1] - Foreign capital inflow into Hong Kong stocks remained strong, with a net inflow of HKD 38.1 billion from southbound funds last week [1] Dividend Strategy and Performance - The Hang Seng China Central State-Owned Enterprises Dividend Index offers a higher dividend yield of 5.83% compared to the CSI Dividend Index at 4.45%, with a price-to-book (PB) ratio of 0.64 and a price-to-earnings (PE) ratio of 6.99 [2] - Since the beginning of 2021, the total return index has accumulated a return of 134%, outperforming the Hang Seng Total Return Index by 124% [2] - The current low interest rate environment and weak economic recovery are favorable for dividend strategies, with strong dividend willingness and capability from central state-owned enterprises [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with major shareholders being mainland central enterprises [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central enterprises, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) had a net asset value of 1.5848 billion and a trading volume of 7.81 billion last week [4] - The top ten weighted stocks in the index showed varied performance, with notable dividend yields and weekly price changes [4]

行情回顾及主要观点： 雅鲁藏布江世纪工程开工，有望激励顺周期板块。7月19日，总投资约1.2万亿元的雅鲁藏布江下游水电 工程在西藏林芝正式开工。这项世纪工程体量巨大、周期长（预计超10年），更深远的影响在于其强大 的产业链带动效应。作为国家级超级工程，雅鲁藏布江水电开发涉及极其复杂的施工和技术挑战，将强 力驱动相关产业升级： · 土建工程： 大规模截弯取直、隧洞挖掘是核心。 · 机械与高端装备： 重型施工机械、大型发电机组及智能控制系统需求巨大。 · 建材与材料： 水泥、钢材等大宗建材消耗量惊人。 · 电网建设： 电力外送需要强大的输配电网络支撑。 港股通央企红利ETF（513920）一指捕捉港股高股息央企，其成分股中不乏建筑工程、石油天然气、煤 炭、电力等顺周期板块，且优选这些顺周期板块中的优质高分红、低估值公司，在当前基建投资发力、 反内卷持续推进的背景之下，具备较高的配置机遇。 港股央企红利的股息率更高、估值更低。恒生港股通中国央企红利指数股息率达5.81%（vs中证红利 4.50%），PB为0.64，PE为6.98。其全收益指数自2021年初以来累计收益124%，相对恒生全收益指数超 额收益116%。 ...

Market Overview and Key Insights - The Hong Kong dividend sector continued to rise last week, outperforming the broader market, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index increasing by 1.74%, compared to a 0.93% rise in the Hang Seng Index and a 0.62% rise in the Hang Seng Tech Index [1] - Foreign capital inflow expanded, with net inflow into Hong Kong stocks reaching $1.023 billion, up from $916 million the previous week, while southbound funds saw a net inflow of HKD 26.4 billion [1] Insurance Capital and Long-term Investment - Recent regulatory changes encourage insurance funds to adopt a long-term investment strategy, shifting the assessment of net asset return rates from a 3-year and annual indicator to a combination of annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1] - Insurance capital is expected to become a significant source of incremental funds in the stock market, with a requirement for state-owned large insurance companies to invest 30% of new premiums in A-shares, potentially adding thousands of millions in long-term capital annually [2] Dividend Strategy and Valuation - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index is 5.86%, compared to 4.82% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.64 and a price-to-earnings (PE) ratio of 6.96 [2] - The total return index has achieved a cumulative return of 123% since early 2021, outperforming the Hang Seng Total Return Index by 118% [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index and is the first ETF in the market with the combined attributes of Hong Kong stocks, central state-owned enterprises, and dividends [3] Fund Performance - The net asset value of the Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF is 7.66 billion [4] - Key holdings include China COSCO Shipping (4.6% weight, 12.9% dividend yield), Orient Overseas International (4.4% weight, 11.3% dividend yield), and New China Life Insurance (3.9% weight, 6.4% dividend yield) [5]

Market Overview and Key Insights - The Hong Kong dividend sector showed resilience last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index rising by 1.11%, while the Hang Seng Index fell by 1.31% and the Hang Seng Tech Index dropped by 2.34% [1] - Foreign capital inflow expanded significantly, with net inflow into Hong Kong stocks reaching $916 million, compared to a mere $10 million the previous week, primarily driven by substantial inflows from passive foreign investments [1] - The insurance sector is increasingly focusing on dividend assets due to a combination of asset scarcity, low interest rates, accounting standard changes, and policy guidance [1] Insurance Capital and Market Dynamics - Insurance funds are expected to become a significant source of incremental capital in the stock market, with a requirement for state-owned large insurance companies to invest 30% of new premiums in A-shares starting January 2025, potentially adding thousands of billions in long-term funds annually [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index stands at 7.87%, significantly higher than the 5.41% yield of the CSI Dividend Index, with a price-to-book (PB) ratio of 0.63 and a price-to-earnings (PE) ratio of 6.88 [2] - The total return index has achieved a cumulative return of 119% since the beginning of 2021, outperforming the Hang Seng Total Return Index by 115% [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with state-owned enterprises as the largest shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends, providing investors with opportunities to capitalize on the valuation restructuring of state-owned enterprises [3] ETF Performance and Holdings - The top ten weighted stocks in the Hang Seng China Central State-Owned Enterprises Dividend Index include China COSCO Shipping (4.6% weight, 13.0% dividend yield), Orient Overseas International (4.6% weight, 11.1% dividend yield), and New China Life Insurance (4.1% weight, 3.4% dividend yield) [5] - The performance of these stocks over the past 12 months shows varying degrees of decline, with China COSCO Shipping experiencing a 2.4% drop [5]

Market Overview and Key Insights - The Hong Kong stock market experienced a decline last week, with the Hang Seng Index dropping by 1.43% and the Hang Seng Technology Index falling by 2.03%. The Hang Seng China Enterprises Dividend Index decreased by 0.70% [1] - The information technology sector led the gains among Hang Seng's primary industries, while healthcare and energy sectors saw the largest declines [1] - There was a significant increase in passive foreign capital inflows, with a net inflow of $1.64 billion into Chinese stocks from foreign investors, compared to a net inflow of $0.03 billion the previous week [1] - Southbound capital also remained strong, with a net inflow of HKD 16.3 billion [1] Dividend Strategy and Outlook - The dividend yield of the Hang Seng China Enterprises Dividend Index reached 7.90%, significantly higher than the 5.56% yield of the CSI Dividend Index. The price-to-book (PB) ratio is 0.62, and the price-to-earnings (PE) ratio is 6.79 [2] - Since the beginning of 2021, the total return of the full return index has been 114%, outperforming the Hang Seng full return index by 113% [2] - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, with state-owned enterprises showing strong willingness and capability for dividend distribution [2] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Enterprises Dividend Index and aims to reflect the performance of high-dividend securities listed in Hong Kong with major shareholders being mainland state-owned enterprises [3] - The ETF is the first in the market to combine attributes of Hong Kong stocks, state-owned enterprises, and dividends [3] - The ETF had a scale of CNY 1.4856 billion and a weekly trading volume of CNY 1.012 billion [4] Top Holdings in the Dividend Index - The top ten weighted stocks in the Hang Seng China Enterprises Dividend Index include: - China COSCO Shipping (4.7% weight, 12-month dividend yield of 13.0%) - Orient Overseas International (4.5% weight, 12-month dividend yield of 11.4%) - New China Life Insurance (3.6% weight, 12-month dividend yield of 3.9%) - China National Offshore Oil (2.8% weight, 12-month dividend yield of 7.8%) [5]

Market Overview and Key Insights - The Hong Kong stock market saw gains last week, with the Hang Seng China Enterprises Index rising by 4.43% and the Hang Seng Index increasing by 0.75% [1] - The healthcare and materials sectors led the gains, while consumer and information technology sectors lagged [1] - There was a shift in capital flow, with passive foreign capital turning into inflows, and significant net inflows from southbound trading [1] Central State-Owned Enterprises (SOEs) Buyback and Dividend Trends - As of June 12, 2023, 65 central state-owned enterprises (SOEs) implemented buybacks totaling 8.672 billion yuan, while 53 companies saw shareholder increases amounting to 7.39 billion yuan, leading to a combined total of 16.062 billion yuan [2] - The dividend yield for the Hang Seng China Enterprises Index stands at 8.17%, significantly higher than the 5.62% yield of the CSI Dividend Index, with a price-to-book (PB) ratio of 0.62 and a price-to-earnings (PE) ratio of 6.77 [2] - The total return of the Hang Seng China Enterprises Index has reached 116% since early 2021, outperforming the Hang Seng Total Return Index by 113% [2] Investment Opportunities in High Dividend Strategies - The current low interest rate environment and weak economic recovery favor dividend strategies, with strong dividend willingness and capability among central SOEs [2] - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF tracks the Hang Seng China Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with central SOEs as major shareholders [2] ETF Performance and Characteristics - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF (513920) is the first ETF in the market combining the attributes of Hong Kong stocks, central SOEs, and high dividends [3] - The fund has a net asset value of 1.4995 and a scale of 3.242 billion yuan, with a weekly trading volume of 1.041 billion yuan [4] Sector-Specific Dividend Yields - Notable companies with high dividend yields include: - COSCO Shipping Holdings (4.5% yield, industrial sector) [5] - Orient Overseas International (4.5% yield, industrial sector) [5] - New China Life Insurance (3.5% yield, financial sector) [5] - China National Petroleum (3.1% yield, energy sector) [5]

Market Overview and Key Insights - The Hong Kong stock market showed divergence last week, with the dividend sector continuing to lead gains, as the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index rose by 0.25%, while the Hang Seng Index fell by 1.11% and the Hang Seng Tech Index dropped by 1.43% [1] - Southbound capital inflows continued to expand, averaging a net inflow of HKD 5.6 billion per day, totaling approximately HKD 28.1 billion, compared to a net outflow of about HKD 19 billion the previous week [1] - The insurance capital long-term investment pilot program is accelerating, with an announcement to further expand the pilot scope and approve an additional HKD 60 billion, bringing the total approved amount to HKD 222 billion [1][2] Insurance Capital and Dividend Stocks - Under the new accounting standards, insurance capital is increasingly inclined to allocate to high-dividend stocks, as dividends can be recognized in profit while market value fluctuations do not impact current profits, thus stabilizing earnings [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index is 7.91%, significantly higher than the 6.33% of the CSI Dividend Index, with a price-to-book ratio of 0.6 and a price-to-earnings ratio of 6.46 [2] - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, with state-owned enterprises showing strong willingness and capability to distribute dividends [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with state-owned enterprises as major shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends, providing investors with opportunities to capitalize on the valuation reshaping of state-owned enterprises [3] ETF Performance - The top ten weighted stocks in the Hang Seng China Central State-Owned Enterprises Dividend Index include major banks and insurance companies, with Citic Bank and China People's Insurance Group each holding a weight of 4.0% [5] - The performance of these stocks over the past 12 months shows varying total returns, with Citic Bank at 8.0% and China People's Insurance Group at 4.7% [5]

Market Overview and Key Insights - The Hong Kong stock market experienced a broad-based rally last week, with the Hang Seng Index rising by 2.31% and the Hang Seng Technology Index increasing by 2.03% [1] - The financial and industrial sectors led the gains, while the utilities sector saw a decline [1] - Foreign capital inflows expanded, with a net inflow of $900 million into overseas Chinese stocks, compared to a previous week's inflow of $250 million [1] - Southbound capital recorded a net outflow of approximately $8 billion, a decrease from the previous week's inflow of about $6.78 billion [1] Monetary Policy and Investment Strategy - The continuation of a low-interest-rate environment due to recent monetary easing measures is expected to benefit high-dividend strategies [2] - The recent financial policy announcements aim to enhance long-term liquidity supply, which is favorable for dividend-paying stocks [2] - Insurance capital is accelerating its market entry, which is likely to support dividend strategies [2] Central State-Owned Enterprises (SOEs) and Dividend Potential - Central SOEs are accelerating share buybacks and increases, which may enhance shareholder returns [2] - The dividend yield of the Hang Seng Central SOE Dividend Index is 8.04%, significantly higher than the 6.37% yield of the CSI Dividend Index [2] - The price-to-book (PB) ratio stands at 0.59, and the price-to-earnings (PE) ratio is 6.35, indicating attractive valuation levels [2] - The total return of the index has reached 97% since early 2021, outperforming the Hang Seng Total Return Index by the same margin [2] ETF Overview - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF (code: 513920) tracks the Hang Seng Central SOE Dividend Index, focusing on high-dividend securities listed in Hong Kong with major shareholders being mainland central enterprises [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central SOEs, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central SOE Dividend ETF had a scale of 34.34 billion and a weekly trading volume of 9.83 billion [5] - The top ten weighted stocks in the index include major financial institutions, with dividend yields ranging from 2.6% to 8.8% [6]