Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) experienced a slight increase of 0.30% on September 26, with a trading volume of 92.48 million yuan, indicating a stable interest in the fund despite recent fluctuations in share volume [1] Fund Performance - The ETF's latest share count increased by 18 million to a total of 4.352 billion shares, although it has seen a reduction of 189 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 4.284 billion yuan [1] - Since its inception on June 26, 2024, the fund has returned 1.82%, while its return over the past month has been -3.36% [1] Management Information - The fund is managed by Invesco Great Wall Fund Management Co., Ltd., with fund managers Gong Lili and Wang Yang overseeing its operations [1]

Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) experienced a slight decline of 0.19% on August 18, with a trading volume of 246 million yuan, indicating a decrease in investor interest and participation [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Central State-Owned Enterprises Dividend 50 ETF is 4.837 billion yuan [1] - Since its inception on June 26, 2024, the fund has achieved a return of 5.24% [1] - Over the past month, the fund's return has been 4.33% [1] Group 2: Fund Management - The fund is managed by Invesco Great Wall Fund Management Co., Ltd. [1] - The fund managers are Gong Lili and Wang Yang [1] Group 3: Fund Size and Activity - The fund's shares decreased by 67 million shares on the reporting day, bringing the total shares to 4.754 billion [1] - Over the last 20 trading days, the fund's shares have decreased by 511 million shares [1]

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 August 12, 2024, the fund's total shares stood at 4.876 billion, with a total size of 5.001 billion yuan [1]. - Year-to-date, the fund's shares have increased by 30.16%, and its size has grown by 42.84% compared to December 31, 2024 [1]. Liquidity Analysis - Over the past 20 trading days, the ETF has accumulated a total trading volume of 4.043 billion yuan, averaging 202 million yuan per day [1]. - Since the beginning of the year, the total trading volume has reached 18.551 billion yuan over 149 trading days, averaging 125 million yuan per day [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with returns of 18.71% and 5.11% respectively during their management periods [2]. Top Holdings - The ETF's major holdings include: - China Mobile: 10.83% of the portfolio - China Petroleum: 10.55% - COSCO Shipping: 9.66% - CNOOC: 9.03% - China Shenhua: 8.09% - Sinopec: 7.66% - China Telecom: 4.85% - China Unicom: 3.68% - China Merchants Bank: 2.63% - China Coal Energy: 2.57% [2][3].

Group 1 - The Hong Kong Central State-Owned Enterprises Dividend 50 ETF (520990) experienced a decline of 0.80% on August 1, with a trading volume of 264 million yuan [1] - The fund's shares decreased by 17 million, bringing the total shares to 5.302 billion, with an increase of 460 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 5.235 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Central State-Owned Enterprises Dividend 50 ETF is the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted using the valuation exchange rate [1] - The fund is managed by Invesco Great Wall Fund Management Co., Ltd., with fund managers Gong Lili and Wang Yang [1] - Since its establishment on June 26, 2024, the fund has achieved a return of 2.13%, with a monthly return of 5.12% [1]

Market Overview - The three major indices in the A-share market collectively rose, with the Shanghai Composite Index increasing by 0.62%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.61% [1][4] - Several infrastructure ETFs saw significant gains, including the Infrastructure ETF (516950.SH) which rose by 6.99%, and the Infrastructure ETF (159619.SZ) which increased by 6.44% [1][11] ETF Performance - The A500 ETF market experienced a significant shift, with the net asset scale of the top 10 A500 ETFs decreasing from 10 to 9, and the China A500 ETF (560610.SH) shrinking from 12.45 billion to 8.734 billion [2] - Central Huijin Investment increased its holdings in major broad-based ETFs by over 200 billion in Q2, indicating a strong commitment to stabilizing the capital market [3] Sector Performance - In the sector performance, coal, building materials, and construction decoration sectors ranked highest, with daily increases of 6.18%, 4.49%, and 3.38% respectively [6] - Over the past five trading days, the building materials, coal, and steel sectors also showed strong performance, with increases of 11.46%, 9.15%, and 7.68% respectively [6] ETF Categories - Among different ETF categories, strategy ETFs performed the best with an average increase of 1.56%, while bond ETFs had the worst performance with an average decrease of 0.04% [9] - The top-performing ETFs included the Coal ETF (515220.SH) with an increase of 8.25%, the Building Materials ETF (159787.SZ) with 7.91%, and the Infrastructure ETF (516950.SH) with 6.99% [12][11] Trading Volume - The top three ETFs by trading volume were the CSI 300 ETF (510300.SH) with a trading volume of 4.517 billion, the STAR 50 ETF (588000.SH) with 4.086 billion, and the A500 ETF (512050.SH) with 4.057 billion [14][15]

Group 1 - The overall performance of the Hong Kong stock market showed a "V" shape trend, with significant gains in high-speed rail, infrastructure, and hydropower concept stocks [1] - The Hong Kong Central State-Owned Enterprises Dividend ETF (520990) experienced a rise of over 2% in the afternoon session, closing up 1.80%, marking a potential three-day winning streak [1] - Major stocks such as China Communications Construction surged over 8%, while China Railway Construction and China CRRC increased by over 6%, and other companies like China National Offshore Oil and COSCO Shipping also saw gains of over 5% [1] Group 2 - According to Wind data, the Hong Kong Central State-Owned Enterprises Dividend ETF (520990) has seen net inflows for three consecutive trading days, accumulating over 400 million yuan in net inflows for the month [1] - Tianfeng Securities noted a recovery trend in the second-quarter orders of central state-owned enterprises, with China Railway's Q2 order growth rate at 20.08% year-on-year and China Nuclear Engineering's H1 order growth at 13.72% [1] - The positive order and funding indicators suggest an optimistic outlook for the acceleration of physical work volume in the near future [1]

Core Viewpoint - The attractiveness of high-yield assets in the low-interest-rate environment is highlighted, with some Hong Kong Stock Connect high dividend indices showing yields exceeding 8% [1][5]. Group 1: Market Trends - The Hong Kong stock market has shown resilience, achieving four consecutive weeks of gains since early April, following a period of volatility [3]. - As of May 15, 2023, the total net inflow into Hong Kong dividend-themed ETFs has exceeded 11 billion yuan, with a total scale approaching 46.2 billion yuan, marking a growth of over 40% compared to the end of 2022 [3][4]. - The Morgan Fund's Hong Kong dividend index ETF has seen a net inflow of 3.767 billion yuan this year, becoming the first ETF in this category to exceed 10 billion yuan in scale, nearly doubling since the end of last year [3]. Group 2: Performance Metrics - The Hong Kong Stock Connect high dividend index has risen by 16.63% over the past year, significantly outperforming the China Securities Dividend Index, which fell by 2.37% [6]. - As of May 15, 2023, the latest dividend yield for the Hang Seng Hong Kong Stock Connect high dividend low volatility index is 8.31%, while the overall Hong Kong Stock Connect high dividend index yields 8.08% [6]. Group 3: Investment Strategy - The "technology + dividend" strategy is suggested as a superior asset allocation approach, balancing the volatility of tech assets with the stability of dividend-paying stocks [8]. - The low valuation and high dividend yield of Hong Kong dividend assets present a dual opportunity for undervaluation recovery and high dividend returns [8]. - The composition of the China Securities Hong Kong Stock Connect high dividend index is primarily large-cap stocks, with a significant proportion of state-owned enterprises, indicating that its performance will largely depend on the recovery of the domestic economy [8].