Core Viewpoint - The announcement details the third dividend distribution for the Guotai CSI Hong Kong Stock Connect High Dividend ETF Fund for the year 2025, with specific dates and amounts outlined for investors [1]. Summary by Relevant Sections Dividend Distribution Details - The dividend distribution base date is set for August 8, 2025, with the following distribution plan: - Guotai CSI Hong Kong Stock Connect High Dividend ETF Initiated Link A (Code: 022274) has a net asset value of 1.19 yuan, distributing 0.02 yuan per 10 shares - Guotai CSI Hong Kong Stock Connect High Dividend ETF Initiated Link C (Code: 022275) also has a net asset value of 1.19 yuan, distributing 0.02 yuan per 10 shares [1]. Eligibility and Payment Dates - The dividend recipients are all fund shareholders registered with the registration agency as of the equity registration date, which is August 14, 2025. The cash dividend payment date is August 15, 2025 [1]. Reinvestment Option - Investors opting for the dividend reinvestment will have their dividends calculated based on the fund's net asset value after the ex-dividend date of August 14, 2025. The reinvested shares will be credited to their fund accounts on August 15, 2025, and can be queried or redeemed starting August 18, 2025 [1]. Tax Implications - According to the Ministry of Finance and the State Administration of Taxation, income derived from fund profit distributions is temporarily exempt from individual income tax and corporate income tax for both individual and institutional investors [1]. Fees - The fund will not charge any fees for the dividend distribution [1].

没有股票账户的投资者可关注国泰中证港股通高股息投资ETF发起联接A（022274），国泰中证港股通 高股息投资ETF发起联接C（022275）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 8月12日，红利港股ETF（159331）收红。 西部证券指出，港股通高股息板块在当前流动性宽松环境下具备长期配置价值。银行盈利预计保持稳 健，继续保持现有分红水平，高股息特性有望持续吸引场内外低成本资金；同时，在非标投资收益下滑 背景下，高股息资产成为资金重要配置方向。此外，反内卷政策推动部分行业供给侧改革，焦炭、普钢 等中游材料板块通过产能治理有望改善盈利水平，其高股息属性进一步凸显。中长期建议配置"硬通 货"（黄金/银行/资源/公用/反内卷）组合，这类资产兼具逆周期防御属性与稳定分红特征。 红利港股ETF（159331）跟踪 ...

Core Viewpoint - The Hong Kong Stock Connect high dividend sector offers defensive allocation value in the current market environment, particularly suitable for investors seeking stable cash flow [1] Group 1: Market Environment - The expectation of economic recovery in mainland China and the continued downtrend in interest rates enhance the attractiveness of high dividend strategies [1] - Traditional high dividend industries such as energy, telecommunications, and public utilities exhibit strong earnings stability, with Hong Kong stock valuations being more cost-effective compared to similar A-share counterparts [1] Group 2: Investment Opportunities - Certain financial sectors under the Hong Kong Stock Connect mechanism show significantly higher dividend yields than the domestic market, coupled with ongoing demand for southbound allocation from mainland funds due to RMB exchange rate fluctuations [1] - The Hong Kong Stock Connect High Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects quality securities with high dividend characteristics from the Hong Kong Stock Connect universe [1] - The index is composed of leading companies in mature industries such as finance and energy, demonstrating sustained stable profitability and cash flow performance [1] Group 3: Investment Products - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link C (022275) [1]

Group 1 - The overall profitability of the Hong Kong stock market is relatively strong, and current valuations remain low, indicating high long-term cost-effectiveness for allocation [1] - The Hang Seng Index has recently surpassed previous highs, and with ongoing domestic policies aimed at stabilizing growth, the Hong Kong stock market may continue to experience upward fluctuations [1] - It is recommended to focus on high dividend low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, as high dividend strategies can serve as a stable income base [1] Group 2 - The Hong Kong Dividend ETF (159331) has distributed dividends for 12 consecutive months since its launch, and investors are encouraged to evaluate its monthly dividend performance [1] - For investors without stock accounts, options include the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

Group 1 - The core viewpoint of the article emphasizes the shift in policy focus from supply-side optimization to improving supply-demand dynamics, which is expected to enhance the competitive environment in various industries and positively impact employment, wages, and prices [1] - The central political bureau meeting proposed a dual approach of expanding domestic demand and implementing industrial policies to stimulate effective demand through consumption and investment, aiming to help the economy emerge from a deflationary cycle [1] - Fiscal policy is focused on the implementation of existing measures, while monetary policy aims to lower financing costs to prevent idle capital and effectively inject liquidity into the real economy [1] Group 2 - The capital market's clear positioning is expected to enhance its attractiveness and inclusiveness, supporting a stable recovery and improving asset prices, which will further expand domestic demand [1] - The policies are expected to support the high dividend sector in the Hong Kong stock market, as improvements in the economic fundamentals and increased market risk appetite will lead to a better overall market environment [1] - The Hong Kong Stock Connect High Dividend Index (930914) tracks securities with high dividend yields and stable payout records, primarily covering traditional high-dividend sectors such as finance and real estate [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 基金收益分配原则为：1、本基金的收益分配方式为现金分红；2、基金管理人可每月对基金相对业绩比 较基准的超额收益率以及基金的可供分配利润进行评价，收益评价日核定的基金净值增长率超过业绩比 较基准同期增长率或者基金可供分配利润金额大于零时，基金管理人可进行收益分配；3、当基金收益 分配根据基金相对业绩比较基准的超额收益率决定时，基于本基金的特点，本基金收益分配无需以弥补 亏损为前提，收益分配后基金份额净值有可能低于面值；当基金收益分配根据基金可供分配利润金额决 定时，本基金收益分配后基金份额净值不能低于面值，即基金收益分配基准日的基金份额净值减去每单 位基金份额收益分配金额后不能低于面值；4、在符合上述基金分红条件的前提下，本基金可每月进行 收益分配。评价时间、分配时间、分配方案及每次基金收益分配数额等内 ...

红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从符合港股通资格的证券中筛 选股息收益率较高的成分股，重点覆盖金融、地产等价值型行业，旨在反映高股息策略下港股通标的的 整体表现，为投资者提供稳定的股息收益导向型投资工具。 没有股票账户的投资者可关注国泰中证港股通高股息投资ETF发起联接A（022274），国泰中证港股通 高股息投资ETF发起联接C（022275）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 国泰海通指出，港股通高股息板块在当前市场环境下具备防御性配置价值，尤其看好传媒行业中的垂直 细分领域龙头。尽管存在新兴IP商业化不及预期等风险，但高股息标的在行业景气度分化背景下，盈利 稳定性和分红优势仍凸显吸引力。 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 中信建投证券指出，参考日本低利率、低增长环境下的股市表现，高股息相关行业仍有中长期绝对收益 配置价值，可持续关注港股相关高股息行业。在当前宏观经济温和、流动性宽松的背景下，港股通高股 息板块因其稳定的现金流和分红特性，具备较强的防御属性，适合中长期配置。 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从港股通机制可投资的标的中 筛选具有稳定分红特征且股息率较高的上市公司证券作为指数样本，行业配置以金融、地产等传统领域 为主，旨在反映高股息策略下港股优质资产的整体表现。 没有股票账户的投资者可关注国泰中证港股通高股息投资ETF发起联接A（022274），国泰中证港股通 高股息投资ETF发起联接C（022275）。 ...

根据wind数据，红利港股ETF（159331）今日盘中净流入200万份，资金积极布局港股红利资产。 值得关注的是，红利港股ETF（159331）自上市以来已经连续12个月进行分红，关注可月月评估分红的 红利港股ETF（159331）。 根据基金公告，红利港股ETF（159331）官宣本月分红0.3%，权益登记日为8月5日，现金红利发放日为 8月8日。 华创证券指出，港股通高股息行业在通胀尚未回归的背景下，凭借稳定的自由现金流创造能力，保障了 分红能力及股东回报。自由现金流充沛的企业既能延续分红表现，又可通过资本开支转化为ROE抬升， 兼具防御性与成长性。具体来看，银行、港口、公路等传统行业因盈利和分红稳健，在低利率环境下配 置价值凸显；工业金属受益于去库存和需求复苏支撑；电信运营商则因存量项目进入收获期，自由现金 流加速释放，叠加行业渗透率提升，成为稀缺的"成长型现金流"标的。此外，港股较A股估值更低，外 资占比更高，在美元走弱背景下更易吸引国际资本配置，进一步强化其高股息资产的吸引力。 注：本月分红0.3%指每份分红0.004元/基准日单位净值1.3464的比例。指数/基金短期涨跌幅及历史表现 仅供分析参 ...

华泰证券指出，香港市场承担着企业出海、资金回流和人民币国际化三大职责，政策支持巩固其国际金 融中心地位。港股通高股息板块中，南向资金成交占比已达40%，中资定价权显著提升。AH溢价长期 中枢低于25%，美元走弱驱动溢价周期性收敛，年内有望降至26%或更低。企业盈利持续改善，MSCI 中国指数EPS连续三年上升，为港股表现提供基本面支撑。行业层面，煤炭、水泥等周期品景气度或 因"反内卷"提速加速筑底；社会服务、纺织服装、航空机场等板块处于估值不高且高景气阶段。港股科 技板块作为内外资共识的核心资产，具备超越周期的增长性，当前估值处于低位，修复空间较大。 没有股票账户的投资者可关注国泰中证港股通高股息投资ETF发起联接A（022274），国泰中证港股通 高股息投资ETF发起联接C（022275）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 红利港 ...