截至7月21日，沪深300自由现金流ETF摩根(563900)最新规模达4.29亿元，创成立以来新高。沪深300自 由现金流ETF摩根(563900)最新份额达4.01亿份，创近1月新高。 从资金净流入方面来看，沪深300自由现金流ETF摩根(563900)近12天获得连续资金净流入，合计"吸 金"2.89亿元。 截至2025年7月22日 14:00，沪深300自由现金流ETF摩根(563900)上涨1.40%， 冲击3连涨，盘中换手 8.84%，成交3825.98万元。跟踪指数沪深300自由现金流指数(932366)强势上涨1.46%，盘中点位创年内 新高，成分股海螺水泥(600585)上涨8.06%，三一重工(600031)上涨6.51%，中煤能源(601898)上涨 6.36%，陕西煤业(601225)，中国神华(601088)等个股跟涨。 近期，多家机构指出，当前A股市场估值水平仍处于历史低位，具备较强配置价值。招商证券在对中国 神华的首次覆盖报告中指出，煤炭行业供给端增速放缓，需求端受经济复苏带动用电增长，供需关系逐 步转向紧平衡，对动力煤价格形成支撑。同时，央企高分红趋势延续，中国神华2024年分 ...

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]