| 交易代码 基金名称 | | 净值 | 规模(亿元) 周成交额(亿元) | | --- | --- | --- | --- | | 513920 | 华安港股通央企红利ETF | 1.6145 60.52 | 11.46 | 行情回顾及主要观点： 上周AH两地红利风格均占优。港股方面，上周恒生港股通中国央企红利指数下跌1.01%，恒生指数下 跌1.10%，恒生科技指数下跌2.82%。A股方面，上周中证国企红利指数上涨0.96%，沪深300下跌 0.15%。（数据来源：Wind，截至2025/12/19，均为对应全收益指数的收益率） 政策环境或仍持续利好红利策略。中央经济工作会议明确将继续实施适度宽松的货币政策和更加积极的 财政政策，通过降准降息保持流动性合理充裕，并推动投资回稳与经济复苏。在此低利率与宽货币环境 下，高股息资产的配置价值凸显，配置型资金有望持续增配红利板块；同时该板块涵盖众多顺周期行 业，不仅受益于财政发力带动的需求回暖，也有望在"反内卷"等政策推动的行业供需再平衡过程中迎来 盈利改善。 国企改革不断深化，经营效率有望提升。《国有企业改革深化提升行动方案（2023—2025 年）》已进 入收 ...

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market is becoming a value investment area due to policy support and valuation advantages, leading to accelerated fund layouts and increased ETF subscriptions [1][3] Group 2 - Multiple public funds have announced early closure of their fundraising periods, with some funds shortening the period to as little as three days to quickly enter the market [1][2] - New funds are not only raising quickly but are also building positions aggressively, with significant portions of their assets already allocated to equities [2] Group 3 - There has been a strong inflow of funds into Hong Kong-themed ETFs, with a total net subscription amounting to 654.56 billion yuan since November [3] - Several Hong Kong-themed ETFs have reached record high share volumes, with the total scale of these ETFs reaching 7485.21 billion yuan, significantly higher than the projected 3000 billion yuan by the end of 2024 [3]

Market Overview and Key Insights - The Hong Kong dividend sector experienced a decline last week, but with a smaller drop compared to the overall market: the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index fell by 4.07%, while the Hang Seng Index dropped by 5.09% and the Hang Seng Tech Index decreased by 7.18% [1] - In Q3 2025, insurance capital continued to increase its allocation to equity assets, with the proportion of equity investments rising significantly to 15.5%, nearing the historical high of 16.1% recorded in mid-2015 [1] - The increase in equity allocation by insurance capital reflects the policy requirement for "long money, long investment," with an optimized assessment mechanism encouraging better alignment of asset-liability structures [1] Insurance Capital Trends - Insurance capital's funding characteristics align well with the low volatility and high dividend nature of the dividend sector, making it a primary focus for increased allocation [1] - In Q3 2025, insurance capital's net purchases in the banking sector amounted to approximately 57.35 billion [1] - The pace of insurance capital's stake acquisitions in listed companies has accelerated, with 30 instances this year, surpassing the total for 2020 and 2024, and 25 of these being in Hong Kong stocks [1] Future Outlook - Insurance capital is expected to be a significant source of incremental funds in the stock market, particularly favoring the dividend sector due to the low interest rate environment and weak economic recovery [2] - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index stands at 5.81%, compared to 4.32% for the CSI Dividend Index, with a price-to-book ratio of 0.64 and a price-to-earnings ratio of 7.23 [2] - The total return index has achieved a cumulative return of 146% since early 2021, outperforming the Hang Seng Total Return Index by 136% [2] ETF Overview - The Huaan Hong Kong Stock Connect China 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 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 [3] Recent ETF Performance - The Huaan Hong Kong Stock Connect China Central State-Owned Enterprises Dividend ETF had a net asset value of 1.6320 billion and a scale of 5.51 billion, with a weekly trading volume of 1.462 billion [4] - The top ten weighted stocks in the index have shown varying performance, with notable declines in several stocks over the past week [5]

Core Insights - Continuous inflow of funds into dividend-themed ETFs, with several ETFs reaching historical highs in share volume [1] - High dividend companies exhibit multiple quality characteristics, including stable profitability, solid fundamentals, ample cash flow, and lower volatility [1] - The relative advantage of high dividends is expected to become more pronounced as long-term interest rates continue to trend downward, leading to increased allocation of institutional funds into the dividend sector [1] Fund Inflows - As of November 17, the net subscription amount for dividend-themed ETFs reached 8.228 billion [1] - Notable ETFs such as Morgan Stanley Hong Kong Dividend Index ETF, Huatai-PB Low Volatility Dividend ETF, and China Asset Management Hong Kong Stock Connect Central Enterprise Dividend ETF each had net subscriptions exceeding 900 million [1] - The share volumes of these ETFs have reached new highs since their inception due to the sustained inflow of funds [1] Characteristics of High Dividend Companies - High dividend companies are characterized by stable earnings, strong fundamentals, and robust cash flow [1] - These companies typically have mature business models, stable industry structures, and strong competitive advantages [1] - There is a focus on shareholder returns, which enhances their attractiveness to investors [1]

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 Enterprises Dividend Total Return Index rising by 1.11%, while the Hang Seng Index fell by 3.96% and the Hang Seng Technology Index dropped by 7.98% [1] - The utility sector led the gains among Hang Seng's primary industries, while the information technology sector experienced the largest decline [1] Investment Perspective - The previous fluctuations in the dividend style may have reached a sufficient correction, making the current investment value more attractive, with capital likely to shift towards Hong Kong dividend stocks [1] - The ongoing U.S.-China tensions may cause short-term market disturbances, and the growth sector has accumulated significant gains, leading to potential profit-taking and capital reallocation [1] - Compared to the growth sector, Hong Kong dividends have shown notable stagnation and even some decline over the past two months, highlighting a more favorable valuation [1] Policy Perspective - Policy support has enhanced the attractiveness of dividend assets, with A-share companies increasing their dividend payouts significantly in 2024, injecting long-term valuation reformation momentum into dividend assets [1] - New regulations on bond value-added tax may indirectly benefit dividend-type assets [1] Funding Perspective - The demand for long-term capital allocation, particularly from insurance funds, is expected to continue, providing stable inflows into dividend assets despite potential shifts in trading capital towards growth sectors [1] Dividend Yield and Valuation - The Hang Seng Hong Kong Stock Connect China Central Enterprises Dividend Index boasts a dividend yield of 6.02% compared to 4.42% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.61 and a price-to-earnings (PE) ratio of 6.81 [2] - Since the beginning of 2021, the total return index has achieved a cumulative return of 138%, outperforming the Hang Seng Total Return Index by 128% [2] ETF Overview - The Huaan Hong Kong Stock Connect Central Enterprises Dividend ETF (code: 513920) tracks the Hang Seng Hong Kong Stock Connect China Central 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, central enterprises, and dividends, providing investors with opportunities to capitalize on the valuation reformation of central enterprises [3] Recent Performance of ETF - The performance of the Huaan Hong Kong Stock Connect Central Enterprises Dividend ETF (513920) was noted last week [4] Top Holdings Performance - The top ten weighted stocks in the Hang Seng Hong Kong Stock Connect Central Enterprises Dividend Index showed 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]