Group 1 - The Hong Kong stock market showed mixed performance as of July 17, 2025, with sectors such as pharmaceuticals, defense, and automotive leading gains, while materials and metals faced declines [1] - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 187 million yuan on the same day, with a total size of 11.807 billion yuan and an increase of over 5.8 billion yuan this year [1] - The S&P Hong Kong Low Volatility Dividend Index achieved a 26.87% increase over the past year, significantly outperforming the CSI Dividend Index and the CSI Low Volatility Dividend Index, which rose by 4.97% and 12.16% respectively [1] Group 2 - Swire Properties saw significant gains, reflecting a potential development wave in high-quality housing driven by central government policies [2] - Financial institutions are expected to see a revaluation of stable dividend assets, with bank stocks meeting long-term dividend asset requirements due to their stability and low volatility [2] - Morgan Asset Management is focusing on providing investment opportunities in high-quality assets through its "Dividend Toolbox" series, which offers diversified dividend investment solutions across A-shares, Hong Kong stocks, and Asian markets [2]

Group 1 - The Hong Kong stock market indices experienced a decline as of June 30, 2025, with sectors such as textile services and defense showing gains, while banking and consumer discretionary sectors faced losses [1] - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 445 million yuan on June 30, 2025, with an average daily trading volume of 293 million yuan for June, representing a growth of approximately 28.5% compared to the previous month [2] - The S&P Hong Kong Low Volatility Dividend Index (SPAHLVCP.SPI) saw a significant increase of 22.05% over the past year, outperforming the CSI Dividend Index (-1.12%) and the CSI Low Volatility Dividend Index (5.51%) [2] Group 2 - Bosideng reported a revenue of approximately 25.902 billion yuan for the fiscal year 2024/25, marking an 11.6% year-on-year increase, with net profit rising by 14.3% to about 3.514 billion yuan, achieving record highs for eight consecutive years [3] - The People's Bank of China suggested increasing the intensity of monetary policy adjustments to maintain ample liquidity and encourage financial institutions to boost credit supply during its second-quarter meeting [3] - Morgan Asset Management launched an international "Dividend Toolbox" series of preferred funds aimed at providing Chinese investors with diversified dividend investment solutions across A-shares, Hong Kong stocks, and Asian markets [4]

Market Performance - As of May 21, 2025, Hong Kong's three major indices collectively rose, with sectors such as electrical equipment, non-ferrous metals, and textiles leading the gains, while household goods and food & beverage sectors saw declines [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index achieved a three-day consecutive rise, reaching a nearly five-year high during intraday trading [1] ETF Insights - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 310 million yuan on May 21, 2025, with a total size of 10.578 billion yuan and 7.583 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - Including the off-market index fund, the total size of Morgan's products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index exceeds 12.8 billion yuan [1] Performance Comparison - The S&P Hong Kong Stock Connect Low Volatility Dividend Index posted a 12.88% increase over the past year, significantly outperforming the CSI Dividend Index at -3.96% and the CSI Low Volatility Dividend Index at 0.76% [1] Policy and Market Outlook - The People's Bank of China continues to increase gold reserves, enhancing market confidence and sustaining a global trend of central bank gold purchases, indicating a bullish outlook for gold in the medium to long term [2] - A recent meeting led by the central bank governor emphasized the implementation of a moderately loose monetary policy to support effective financing for the real economy, focusing on technology innovation, consumption, and stabilizing foreign trade [2] Investment Strategies - Under the influence of policy, the market is expected to further focus on high-dividend state-owned enterprises in Hong Kong, with an increasing emphasis on investor returns and improved dividend systems [2] - Morgan Asset Management has launched an international "Dividend Toolbox" series of funds, providing diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Fund Highlights - The Morgan Free Cash Flow ETF (563900) closely tracks the CSI Free Cash Flow Index, focusing on high cash flow quality "cash cow" enterprises [3] - The Morgan Dividend Select Equity Fund aims to exceed benchmark returns by utilizing a quantitative stock selection model based on the CSI Dividend Index [3] - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, having won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] Additional Fund Information - The Morgan CSI A50 ETF (560350) emphasizes core A-share assets and incorporates a quarterly mandatory dividend mechanism, with nearly 100 million yuan in cumulative dividends for 2024 [3] - The Morgan CSI A500 ETF (560530) targets quality A-share assets and has introduced a quarterly dividend mechanism, also being one of the first index funds included in personal pension plans [4] Investment Philosophy - Morgan Asset Management is committed to identifying relatively "certain" quality asset investment opportunities in the new normal of interest rates, leveraging global market insights and research capabilities to enhance client experience and satisfaction [5]

Group 1 - The Hong Kong Dividend Index ETF (513630) has seen continuous net inflows for five days, indicating strong institutional interest in dividend assets [1] - As of March 21, 2025, the ETF's latest scale reached 9.488 billion yuan with 7.117 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - The ETF has attracted a total net inflow of 350 million yuan over the past five days, with a peak single-day inflow of 170 million yuan [1] Group 2 - Over 120 A-share listed companies announced cash dividend plans alongside their 2024 annual reports, with 13 companies offering dividend yields exceeding 3% [2] - Despite a cooling trend in dividend asset markets, the stable profitability and low valuation of these assets provide a safety margin, suggesting a favorable time for repositioning in the dividend sector [2] - Morgan Asset Management has launched a series of international "Dividend Toolbox" funds, offering diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Group 3 - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, excluding Japan, and has won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] - The Morgan CSI A50 ETF targets core A-share assets and has implemented a quarterly mandatory dividend mechanism, accumulating nearly 100 million yuan in dividends for 2024 [3] - The Morgan CSI A500 ETF also features a quarterly dividend mechanism and is among the first index funds included in personal pension plans, providing more investment options for individual pension investors [3] Group 4 - In the context of a new normal in interest rates, Morgan Asset Management aims to identify relatively "certain" quality asset investment opportunities, leveraging its global market insights and research capabilities [4]