证券研究报告·策略报告·策略深度报告 策略深度报告 20251230 布局高息央企，静候红利风起——景顺长城 中证国新港股通央企红利 ETF 投资价值分 析 [Table_Summary] ◼ 长期价值：看好港股红利的底仓配置价值 1）配置视角：红利资产防御价值凸显。今年以来（截至 12 月 26 日，后 同），港股红利资产在市场波动中展现出极佳韧性，收益回撤比高达 2.4 倍。 2）政策视角：政策推动红利资产吸引力提升。2024 年至今，A 股上市公 司分红力度明显加大，政策支持为红利资产注入长期估值重塑动能。 3）资金视角：险资等长钱配置需求有望持续释放。险资为代表的中长期资 金基于负债端久期匹配与收益稳定的需求，将为红利资产带来长期稳定的 资金流入。 4）红利资产内部：港股>A 股：港股恒生高股息指数的股息率为 6.7%，经 税后的实际收益水平仍优于 A 股同类资产。央企>国企>民企：恒生中国央 企指数近 3 年股息率维持在 5%以上，股息吸引力高于国企、民企。 ◼ 中期机遇：明年下半年红利风格超额收益有望再起 ◼ 国新港股通央企红利价值投资分析 2025 年 12 月 30 日 证券分析师 陈刚 1） ...

流动性方面，截止12月15日，港股央企红利50ETF（520990）近20个交易日累计成交金额33.68亿元， 日均成交金额1.68亿元；今年以来，231个交易日，累计成交金额310.98亿元，日均成交金额1.35亿元。 港股央企红利50ETF（520990）现任基金经理为龚丽丽、汪洋。龚丽丽自2024年7月25日管理（或拟管 理）该基金，任职期内收益20.71%；汪洋自2025年7月15日管理（或拟管理）该基金，任职期内收益 6.80%。 最新定期报告显示，港股央企红利50ETF（520990）重仓股包括中国石油股份、中国移动、中国神华、 中国海洋石油、中远海控、中国石油化工股份、中国电信、中国联通、中煤能源、华润置地，持仓占比 如下。 港股央企红利50ETF（520990）成立于2024年6月26日，基金全称为景顺长城中证国新港股通央企红利 交易型开放式指数证券投资基金，基金简称为景顺长城中证国新港股通央企红利ETF。该基金管理费率 每年0.50%，托管费率每年0.10%。港股央企红利50ETF（520990）业绩比较基准为中证国新港股通央企 红利指数收益率(使用估值汇率折算)。 风险提示：市场有风险，投 ...

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) experienced a decline of 1.48% in its closing price on November 21, with a trading volume of 240 million yuan [1]. Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10%. Its performance benchmark is the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index [1]. - As of November 20, 2024, the fund's total shares stood at 5.432 billion, with a total size of 5.851 billion yuan. Compared to December 31, 2024, the shares increased by 45.00% and the size increased by 67.11% [1]. Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 4.083 billion yuan, with an average daily trading amount of 204 million yuan. Year-to-date, the cumulative trading amount reached 28.654 billion yuan, averaging 133 million yuan per day [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang. Gong Lili has managed the fund since July 25, 2024, achieving a return of 26.19%, while Wang Yang has been managing it since July 15, 2025, with a return of 11.64% [2]. Top Holdings - The ETF's top holdings include: - China Petroleum & Chemical Corporation (10.88%, 72.578 million shares, 469 million yuan) - China Mobile Limited (10.33%, 5.7745 million shares, 445 million yuan) - China Shenhua Energy Company (9.72%, 12.334 million shares, 419 million yuan) - CNOOC Limited (9.54%, 23.656 million shares, 411 million yuan) - COSCO Shipping Holdings (8.43%, 32.8845 million shares, 364 million yuan) - China Petroleum & Chemical Corporation (7.42%, 86.486 million shares, 320 million yuan) - China Telecom Corporation (4.54%, 40.39 million shares, 196 million yuan) - China Unicom (3.45%, 18.39 million shares, 149 million yuan) - China Coal Energy Company (2.59%, 13.165 million shares, 112 million yuan) - China Resources Land (2.23%, 3.4625 million shares, 9.607 million yuan) [3].

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown significant growth in both share volume and fund size in 2024, indicating strong investor interest and performance [1][2]. Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 18, 2024, the fund's total shares reached 5.43 billion, with a total size of 5.82 billion yuan [1]. - Year-to-date, the fund's shares have increased by 44.95%, and its size has grown by 66.17% [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a total trading volume of 3.91 billion yuan, averaging 195 million yuan per day [1]. - For the year, the ETF has recorded a total trading volume of 28.26 billion yuan over 213 trading days, averaging 133 million yuan per day [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with returns of 26.19% and 11.64% respectively during their management periods [2]. Top Holdings - The ETF's major holdings include: - China Petroleum & Chemical Corporation (10.88%) - China Mobile Limited (10.33%) - China Shenhua Energy Company (9.72%) - CNOOC Limited (9.54%) - COSCO Shipping Holdings (8.43%) - China Petroleum & Chemical Corporation (7.42%) - China Telecom Corporation (4.54%) - China Unicom (3.45%) - China Coal Energy Company (2.59%) - China Resources Land (2.23%) [2][3].

Core Viewpoint - The issuance and inflow of dividend funds are increasing, reflecting a preference for stable equity assets among investors, with dividend funds expected to serve as a key entry point for conservative capital into the equity market [2][3]. Group 1: Fund Issuance and Inflow - Since the beginning of the fourth quarter, the scale of dividend funds has increased by 8 billion yuan, with 14 new products established [2]. - As of November 12, there has been a net subscription of 7.05 billion units for ETFs with "dividend" in their names, with the combined scale reaching 106.05 billion yuan, an increase of over 8 billion yuan from the end of the third quarter [3]. Group 2: Investor Preferences - Investors with lower risk tolerance are attracted to dividend strategies that focus on stable cash flow and continuous dividends, which can lower the psychological barrier for participating in the equity market [3]. - The demand for dividend funds is rising as they transition from being a supplementary option for "fixed income+" funds to becoming core assets capable of independently achieving return objectives [4]. Group 3: Institutional Demand - Institutions such as insurance and pension funds find dividend funds appealing due to their ability to match cash flow needs and control risks, as they offer a compounding effect and counter-cyclical attributes [4]. - The recent performance of the dividend sector has been positive, with the CSI Dividend Index rising over 6% as of November 13, benefiting from increased defensive demand amid market volatility [4]. Group 4: Future Investment Strategies - Investors are advised to maintain a balanced allocation, focusing on sectors with stable price increases, such as coal and solar energy, while also considering dividend assets for hedging against market fluctuations [5].

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown significant growth in both share volume and fund size in 2024, indicating strong investor interest and performance [1][2]. Fund Overview - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 5, 2024, the fund's total shares reached 4.982 billion, with a total size of 5.261 billion yuan [1]. - Year-to-date, the fund's shares have increased by 32.99% and its size has grown by 50.25% [1]. Liquidity Analysis - Over the past 20 trading days, the ETF has accumulated a total trading volume of 2.843 billion yuan, averaging 142 million yuan per day [1]. - Since the beginning of the year, the total trading volume has reached 25.725 billion yuan, with an average daily trading volume of 126 million yuan [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with returns of 22.52% and 8.40% respectively during their management periods [2]. Top Holdings - The ETF's major holdings include: - China Petroleum & Chemical Corporation (10.88%, 469 million yuan) - China Mobile Limited (10.33%, 445 million yuan) - China Shenhua Energy Company (9.72%, 419 million yuan) - CNOOC Limited (9.54%, 411 million yuan) - COSCO Shipping Holdings (8.43%, 364 million yuan) [3].

Group 1 - The report highlights that the recovery of PPI is expected to drive the recovery of EPS, which will be a new catalyst for the bull market, with listed companies' performance likely to improve in the coming years [1][12][11] - The current market phase provides a rare opportunity for long-term investors to accumulate dividend value, as short-term performance pressures have led to lower valuations [2][17] - The report emphasizes the significant dividend yield and low valuation characteristics of the Guoxin Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, with a dividend yield of 5.9% compared to the overall Hong Kong market [3][25][26] Group 2 - The Guoxin Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index focuses on leading companies in the energy, communication, and coal sectors, which are characterized by high dividends and stable operations [4][28] - The long-term performance of the Guoxin Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index shows a cumulative return of 136% since early 2017, outperforming other indices [5][36] - The report indicates that the constituent stocks of the Guoxin Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index have demonstrated superior performance compared to the overall Hong Kong market, with a net profit growth rate significantly higher than the market average [6][42] Group 3 - The report introduces the Invesco Great Wall CSI Guoxin Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF, which aims to closely track the performance of the underlying index and provide investors with exposure to the dividend sector [7][49] - The fund is managed by Invesco Great Wall Fund Management Company, which has a substantial asset management scale and a team with extensive experience in the industry [50][52]

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown significant growth in both share volume and fund size in 2024, indicating strong investor interest and performance in the market [1][2]. Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of October 22, 2024, the fund's total shares stood at 4.792 billion, with a total size of 4.933 billion yuan [1]. - Year-to-date, the fund's shares have increased by 27.92%, and its size has grown by 40.89% compared to December 31, 2024 [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a total trading volume of 2.879 billion yuan, averaging 144 million yuan per day [1]. - Since the beginning of the year, the total trading volume has reached 24.485 billion yuan, with an average daily trading volume of 126 million yuan over 194 trading days [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing since July 25, 2024, achieving a return of 19.48%, while Wang has managed since July 15, 2025, with a return of 5.71% [2]. Top Holdings - The ETF's major holdings include China Mobile (10.83%), China Petroleum (10.55%), COSCO Shipping Holdings (9.66%), CNOOC (9.03%), China Shenhua Energy (8.09%), Sinopec (7.66%), China Telecom (4.85%), China Unicom (3.68%), China Merchants Bank (2.63%), and China Coal Energy (2.57%) [2][3].

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown positive performance with a closing increase of 0.79% and a trading volume of 1.44 billion yuan on October 15, 2024 [1] Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 14, 2024, the fund's total shares stood at 4.590 billion, with a total size of 4.591 billion yuan, reflecting a year-to-date increase of 22.53% in shares and 31.12% in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the cumulative trading amount reached 2.616 billion yuan, with an average daily trading amount of 131 million yuan [1] - Year-to-date, the cumulative trading amount for 188 trading days is 23.616 billion yuan, with an average daily trading amount of 126 million yuan [1] Fund Management - The current fund managers are Gong Lili and Wang Yang, with returns of 16.19% and 2.79% respectively during their management periods [2] Top Holdings - Major holdings include China Mobile (10.83%), China Petroleum (10.55%), COSCO Shipping Holdings (9.66%), and China National Offshore Oil Corporation (9.03%) among others, with their respective market values and share counts detailed [3]

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown a decline of 0.50% in its closing price on October 13, with a trading volume of 267 million yuan Group 1: Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 10, 2024, the fund's total shares stood at 4.412 billion, with a total size of 4.422 billion yuan, reflecting a year-to-date increase of 17.78% in shares and 26.30% in size compared to December 31, 2024 [1] Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount reached 2.478 billion yuan, with an average daily trading amount of 124 million yuan [1] - Since the beginning of the year, the cumulative trading amount over 186 trading days has been 23.255 billion yuan, with an average daily trading amount of 125 million yuan [1] Group 3: Fund Management and Performance - The current fund managers are Gong Lili and Wang Yang, with returns of 16.29% and 2.88% respectively during their management periods [2] - The fund's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with varying holding percentages [2][3] Group 4: Top Holdings Breakdown - China Mobile: 10.83% holding, 4.94 billion yuan market value [3] - China Petroleum: 10.55% holding, 4.81 billion yuan market value [3] - COSCO Shipping: 9.66% holding, 4.40 billion yuan market value [3] - CNOOC: 9.03% holding, 4.12 billion yuan market value [3] - China Shenhua: 8.09% holding, 3.69 billion yuan market value [3] - Sinopec: 7.66% holding, 3.49 billion yuan market value [3] - China Telecom: 4.85% holding, 2.21 billion yuan market value [3] - China Unicom: 3.68% holding, 1.68 billion yuan market value [3] - China Merchants Bank: 2.63% holding, 1.20 billion yuan market value [3] - China Coal Energy: 2.57% holding, 1.17 billion yuan market value [3]