三季度以来险资举牌上市公司较去年进一步提速，并且举牌港股高股息的占比大幅提升。截至目前险资 今年举牌上市公司30次，已超过2020年和2024年全年举牌数，其中港股举牌数25次，并且三季度以来的 13次举牌中，11次为港股。行业分布来看，银行、非银、公用事业、交通运输为主要举牌行业，均为港 股高股息板块。 往后看，保险资金将是股市中的重要增量资金，把握险资配置方向对于投资的重要性愈发突显。在长债 收益率跌至历史低位的背景下，险资增量资金有望更多流向红利板块，红利策略中长期的资金面向好。 行情回顾及主要观点： 港股红利板块上周随大盘下跌，但跌幅更小：恒生港股通中国央企红利全收益指数下跌4.07%，恒生指 数下跌5.09%，恒生科技指数下跌7.18%。恒生一级行业中，电讯业与公用事业跌幅较小，原材料、医 疗保健业领跌。（数据来源：Wind，截至2025/11/21） 25年三季度险资继续加大权益资产配置规模，权益资产配置比例大幅上升接近历史新高。25Q3险资资 产配置中，股票和基金的投资比例大幅升至15.5%，已十分接近2015年上半年16.1%的历史最高水平。 险资增配权益体现了"长钱长投"的政策要求，并且险资 ...

Market Overview and Key Insights - The Hong Kong dividend sector continued to rise last week, with the Hang Seng China Enterprises Dividend Total Return Index increasing by 1.33%, the Hang Seng Index by 0.97%, and the Hang Seng Tech Index by 0.24% [1] - In the context of high previous gains in the tech growth sector, some funds may seek to lock in profits towards the end of the year, benefiting the dividend style [1] - The U.S. Federal Reserve's recent decision to cut interest rates by 25 basis points to a range of 3.75%-4.0% and to stop balance sheet reduction is expected to maintain global liquidity [1] Fund and Investment Strategy - The Hong Kong stock market is likely to see a return of overseas funds due to the Fed's rate cut cycle, as the performance of the Hang Seng Index is negatively correlated with the U.S. dollar index and U.S. Treasury yields [2] - The dividend yield of the Hang Seng China Enterprises Dividend Index is 5.83%, significantly higher than the 4.28% of the CSI Dividend Index, with a price-to-book ratio of 0.63 and a price-to-earnings ratio of 7.16 [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 ability 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 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 [3] Top Holdings Performance - The top ten weighted stocks in the ETF include China Nonferrous Mining (4.9% weight, -5.2% weekly change), COSCO Shipping Energy (4.6% weight, +0.5% weekly change), and China Petroleum & Chemical Corporation (3.1% weight, +3.4% weekly change) [4]

Market Overview and Key Insights - The Hong Kong dividend sector saw a counter-trend increase last week, with the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index rising by 1.08%, while the Hang Seng Index fell by 3.11% and the Hang Seng Tech Index dropped by 5.48% [1] - The utility and energy sectors led the gains, while consumer discretionary and healthcare sectors lagged [1] - The previous volatility in the dividend style may have been sufficiently corrected, making current valuations attractive for investment [1] Policy Support and Banking Sector Outlook - Under supportive monetary policy, the banking sector in Hong Kong is expected to see fundamental improvements, with a stabilization in interest margin decline leading to better net interest income growth [2] - Policies aimed at local debt management, stabilizing real estate, and reducing internal competition have significantly alleviated extreme risks in bank loans, which is beneficial for reducing non-performing asset pressure [2] Dividend Yield and Valuation of Central State-Owned Enterprises - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index is 6.10%, compared to 4.62% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.59 and a price-to-earnings (PE) ratio of 6.67 [2] - Since the beginning of 2021, the total return index has accumulated a return of 136%, outperforming the Hang Seng Total Return Index by 121% [2] Future Market Outlook - The low interest rate environment during the domestic interest rate cut cycle and the weak economic recovery are favorable for dividend strategies [2] - The willingness and ability of central state-owned enterprises to distribute dividends are strong, enhancing the investment value of the Hong Kong Stock Connect central state-owned enterprise dividends [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with central state-owned enterprises as the largest shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central state-owned enterprises, and dividends [3] Recent Performance of the ETF - The top ten weighted stocks in the Hang Seng Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index have shown varied performance, with notable dividend yields and weekly price changes [6]

Group 1 - The core viewpoint indicates that the Hong Kong dividend sector has shown resilience, with the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index rising by 1.08% while the Hang Seng Index and Hang Seng Technology Index fell by 3.11% and 5.48% respectively [1][2] - The dividend style has experienced a significant correction, making it an attractive investment opportunity as the market shifts from growth stocks to dividend stocks, which have shown a notable lag in performance over the past two months [1][2] - Insurance capital is expected to be a significant source of incremental funds in the stock market, with the dividend sector being a key allocation direction due to its low volatility and high dividend yield characteristics [1][2] Group 2 - The banking sector within the Hong Kong dividend weight sector is anticipated to see fundamental improvements due to supportive monetary policies and stabilized interest margins, which will enhance net interest income growth [2] - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index is 6.10%, compared to 4.62% for the CSI Dividend Index, with a price-to-book ratio of 0.59 and a price-to-earnings ratio of 6.67 [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] Group 3 - The performance of the Hong Kong dividend assets has significantly outperformed mainstream broad-based indices in recent years, indicating a strong trend in favor of dividend strategies [8] - The top ten weighted stocks in the Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index include companies from various sectors, with notable dividend yields and recent performance metrics [25][23] - The recent performance of the Hong Kong Stock Connect China Central State-Owned Enterprises Dividend ETF shows a net value of 1.5934 and a scale of 33.94 billion, with a weekly trading volume of 3.84 billion [23]

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]

Market Overview and Key Insights - The Hong Kong stock market's dividend sector continued to rise last week, with the Hang Seng China Central Enterprises Dividend Total Return Index increasing by 0.31%, the Hang Seng Index rising by 2.84%, and the Hang Seng Tech Index climbing by 5.53% [1] - The pharmaceutical and consumer discretionary sectors led the gains, while the real estate and construction sectors lagged [1] - Southbound capital maintained a high net inflow, with foreign capital net inflow into Hong Kong stocks amounting to $0.98 million, compared to $10.23 million the previous week; southbound funds saw a net inflow of HK$215 billion [1] Infrastructure Development - The Yarlung Tsangpo River Century Project commenced on July 19, with a total investment of approximately ¥1.2 trillion, expected to have a significant impact on cyclical sectors [1] - This large-scale project, anticipated to last over 10 years, will drive substantial upgrades in related industries, including: - Civil engineering: Major tunneling and excavation work [1] - Machinery and high-end equipment: High demand for heavy construction machinery, large generator sets, and intelligent control systems [1] - Building materials: Significant consumption of bulk materials such as cement and steel [1] - Power grid construction: A robust transmission and distribution network is essential for power delivery [2] Investment Opportunities - The Hong Kong Central Enterprises Dividend ETF (513920) captures high-dividend central enterprises in Hong Kong, focusing on quality, high-dividend, and undervalued companies within cyclical sectors, presenting high allocation opportunities amid increased infrastructure investment and ongoing anti-involution efforts [2] - The dividend yield of the Hong Kong Central Enterprises Dividend Index is 5.81%, compared to 4.50% for the CSI Dividend Index, with a price-to-book ratio of 0.64 and a price-to-earnings ratio of 6.98; since early 2021, it has achieved a cumulative return of 124%, outperforming the Hang Seng Total Return Index by 116% [2] ETF Performance - The Hong Kong Central Enterprises Dividend ETF (513920) had a net asset value of ¥1.5198 billion, with a scale of ¥31.90 billion and a weekly trading volume of ¥8.32 billion [4] - The top ten weighted stocks in the index include: - COSCO Shipping Holdings (4.5% weight, 13.0% dividend yield, -0.3% weekly change) [5] - Orient Overseas International (4.4% weight, 11.3% dividend yield, 0.0% weekly change) [5] - New China Life Insurance (3.9% weight, 6.3% dividend yield, 1.0% weekly change) [5] - China National Offshore Oil Corporation (2.8% weight, 7.6% dividend yield, 1.1% weekly change) [5]

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]