交通银行：每股人民币0.1563元；除净日：2025-12-17，派息日期：2026-01-28；恒生行业：银行；是 中证港股通央企红利指数（931233.CSI）的成分股，是恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，是标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票；截 至12月12日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.26%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF（159118）是跟踪该指数综合费率最低的一只ETF。 中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月12日，该指数近1年股息率是6.67%，高于同期10 年期国债收益率4.83%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标 ...

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 10, which is higher than the 10-year government bond yield of 4.88% [1] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 10, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals (601607) announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 6, 2026 [2] - Shanghai Pharmaceuticals is not a component of the China Securities Central Enterprises Dividend Index (931233.CSI), the Hang Seng High Dividend Yield Index (HSMCHYI.HI), or the Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) [2]

Core Viewpoint - The market is almost certain that the Federal Reserve will cut interest rates in December with a 95% probability, but there are concerns that this cut may be a "hawkish cut," indicating that future rate cuts may not be as favorable [1] Group 1: Market Reactions - The potential "hawkish cut" may lead to a weaker-than-expected rebound in the Hong Kong stock market, with increased market volatility anticipated [1] - Investors are seeking a "safe haven" amid this uncertain environment, with the Hong Kong Central Enterprises Dividend ETF (513910) being viewed as such a refuge [1] Group 2: ETF Characteristics - The index tracked by the ETF has a high dividend yield of 6.65% over the past year, providing a "dividend safety cushion" that can offer some buffer against market fluctuations [1] - The ETF has achieved an average daily trading volume exceeding 300 million yuan from November 9 to December 8, ranking first among similar products that combine "Hong Kong stocks," "central enterprises," and "dividend" concepts [1] Group 3: Investment Logic - The combination of high liquidity and strong consensus around the ETF indicates that it is not a niche product but rather a mainstream "safe haven" asset [1] - Investors are positioning themselves to avoid external volatility while still aiming to earn stable "interest" through high dividends, which this ETF effectively addresses [1]

截至2025年12月5日11:30，中证港股通央企红利指数(931233)下跌0.67%。成分股方面涨跌互现，中国有 色矿业(01258)领涨2.37%，中化化肥(00297)上涨0.64%，中国中车(01766)上涨0.49%；农业银行(01288) 领跌3.59%，招商局港口(00144)下跌2.88%，中国电信(00728)下跌2.32%。 跟踪该指数的规模最大的港股央企红利ETF（513910）盘中换手2.88%，成交1.47亿元！拉长时间看， 截至12月4日，港股央企红利ETF近1周日均成交4.2亿元！为何成交如此火爆？ 中泰证券分析认为，三季度以来国内经济边际走弱，与此同时"资金盛"与"资产荒"的矛盾依然存在，港 股央企红利分红的稳定性使得资产存在底仓配置的需求。此外，国内"反内卷"政策持续推进，港股央企 红利成分股广泛分布于资源与公共服务等行业，宏观价格逐渐回暖的环境下，有望在盈利端驱动资产估 值回升。 通过对比近年来两地央企、国企和民企的股息率水平（近12个月），能发现：两地股息率都存在央企> 国企>民企的现象，其中央企股息率基本都能超过基准。数据显示，港股央企红利ETF（513910）跟踪 ...

目前，港股央企普遍具有估值较低、股息率较高的特点，在央企业绩改善与强化股东回报的政策导向 下，估值提升和股息长虹或可期待。在当前宏观环境下，这类资产已成为具备政策护城河与持续现金回 报配置价值的优质选择。 数据显示，截至12月3日，中证港股通央企红利指数近1年股息率是6.40%，高于同期10年期国债收益率 4.55%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的，其近一个月成交火爆，日均 成交额高达2.85亿元，是该赛道首位。 近日，国资委召开国有企业对标世界一流企业价值创造行动推进会，总结回顾价值创造行动开展以来取 得的工作成效，突出功能价值主题，对下一阶段工作进行动员部署。会议强调，各中央企业、地方国有 企业要突出功能价值，围绕战略安全、产业引领、国计民生、综合带动4个方面，深化价值创造行动， 切实做好加强组织领导、助力世界一流、开展专项评价、强化跟踪指导等工作。 市场分析认为，随着国有企业对标世界一流企业价值创造行动的深入推进，央企提升核心竞争力并加快 产业升级也将随之深入，央企的盈利稳健性与分红能力有望获得系统性增强。这一战略定调为相关企业 奠定了长期增长基础。 ...

港股央企红利ETF（513910）业绩比较基准为经估值汇率调整后的中证港股通央企红利指数收益率，管 理人为华夏基金管理有限公司，基金经理为鲁亚运，成立（2024-02-07）以来回报为65.78%，近一个月 回报为0.84%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 12月3日，港股央企红利ETF（513910）跌0.72%，成交额3.47亿元。当日份额增加1900.00万份，最新份 额为30.85亿份，近20个交易日份额增加5.02亿份。最新资产净值计算值为51.15亿元。 ...

Core Viewpoint - The Hong Kong stock market has emerged as a "dark horse" leading global markets, with significant recovery since 2025, driven by valuation advantages, improved asset quality, continuous capital inflow, and market ecosystem reshaping [2][4]. Valuation and Investment Appeal - The Hong Kong stock market offers a notable valuation discount, with a current PE_TTM of 11.99, the lowest among major global indices, providing a substantial safety margin for future growth [4][6]. - The market has become a key observation point for China's new economic development, encompassing a complete AI industry chain and attracting high-quality A-share companies to list in Hong Kong [5][6]. Capital Inflow and Market Dynamics - Continuous inflow of "southbound funds" has redefined the pricing logic of the Hong Kong stock market, with net purchases reaching 1.38 trillion HKD by December 2, 2025, accounting for over 20% of trading volume [7][9]. - Long-term institutional investors, including insurance and public funds, now represent over 40% of southbound capital, enhancing market stability and investment value [9][10]. Market Activity and New Listings - The Hong Kong stock market has seen an average daily trading volume exceeding 200 billion HKD, doubling from the previous year, with 91 IPOs raising a total of 2590.65 million HKD [5][6]. - The new stock market has shown strong performance, with only 9 out of 48 new stocks declining on their debut, indicating robust investor confidence [5][6]. Future Outlook and Investment Strategies - The market is entering a value re-evaluation phase, with expectations of a second round of valuation recovery and performance resurgence in 2026, particularly in technology, healthcare, resources, consumer staples, and sectors benefiting from RMB appreciation [13][11]. - Index-based investment is highlighted as an efficient way for investors to participate in the Hong Kong market, with a diverse range of ETFs available to meet varying investor needs [11][12].

中证港股通央企红利指数从港股通范围内，选取中央企业实际控制的分红水平稳定且股息率较高的50只 上市公司股票进行打包；截至12月2日，该指数近1年股息率是5.77%，高于同期10年期国债收益率 3.92%；港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 市场分析认为，随着国资委明确"十五五"期间以"做强做优做大国有资本"为核心目标，推动央企提升核 心竞争力并加快产业升级，央企的盈利稳健性与分红能力有望获得系统性增强。这一战略定调为相关企 业奠定了长期增长基础。目前，港股央企普遍具有估值较低、股息率较高的特点，在央企业绩改善与强 化股东回报的政策导向下，估值提升和股息长虹或可期待。在当前宏观环境下，这类资产已成为具备政 策护城河与持续现金回报配置价值的优质选择。 近日，国务院国资委召开中央企业"十五五"规划编制专题座谈会，强调要深入学习贯彻中央精神，科学 谋划央企未来五年发展。国资委相关负责人指出，要把握做强做优做大国有资本的目标，着力推动央企 不断增强核心功能、提升核心竞争力，实现质的有效提升和量的合理增长，加快现代化产业体系和更多 世界一流企业。 ...

Core Viewpoint - The Hong Kong Central State-Owned Enterprises Dividend ETF (513910) has shown a positive performance with a 0.67% increase in value and a trading volume of 276 million yuan on November 25, indicating strong investor interest and market activity [1] Group 1: Fund Performance - The fund's latest net asset value is calculated at 4.673 billion yuan [1] - Since its inception on February 7, 2024, the fund has achieved a return of 64.70% [1] - Over the past month, the fund has recorded a return of 0.60% [1] Group 2: Fund Management - The fund is managed by Huaxia Fund Management Co., Ltd. [1] - The fund manager is Lu Yayun [1] Group 3: Fund Size and Activity - The fund's shares increased by 5 million on the reporting day, bringing the total shares to 2.837 billion [1] - In the last 20 trading days, the fund's shares have increased by 36.6 million [1]

Group 1 - The core concept of "Southbound Capital" refers to mainland investors using the Stock Connect mechanisms to invest in stocks listed on the Hong Kong Stock Exchange, serving as a key source of liquidity for the Hong Kong market [1] Group 2 - As of November 20, 2023, the cumulative net inflow of Southbound capital has exceeded HKD 1.36 trillion, representing a growth of over 68% compared to the total inflow of HKD 807.8 billion for the entire year of 2024, and is 1.7 times the net buying amount for 2024 [2] - The cumulative trading volume of Southbound capital has surpassed HKD 26.37 trillion, which is an increase of over 135% compared to the cumulative trading volume of HKD 11.22 billion for the entire year of 2024, making it 2.35 times the total for 2024 [2] - Since the launch of the Stock Connect, the cumulative net inflow has exceeded HKD 5 trillion, setting a historical record since the mechanism's inception [2] Group 3 - As of November 19, 2023, the top five sectors for Southbound capital holdings are: banking, retail, non-bank financials, pharmaceuticals, and media, with the banking sector receiving the most significant net buying across various time frames [3] - The monthly frequency of net buying in the banking sector accounts for 1.54% of the total market capitalization, indicating a substantial increase in investment in this sector [3] - Other sectors that have seen significant increases in investment over the past month include non-bank financials, real estate, oil and petrochemicals, and transportation [3] Group 4 - The primary drivers for the recent Southbound capital flows are institutional funds such as insurance capital and public funds, attracted by the high dividend yield of Hong Kong stocks (average yield of 5.57%) in a low-interest-rate environment [5] - The banking, non-bank financials, real estate, oil and petrochemicals, and transportation sectors have seen increased investment due to their valuation advantages, particularly in the context of Hong Kong's market being perceived as undervalued globally [6] - The price-to-book ratio (PB) of the Hong Kong banking sector is currently at 0.52, representing a discount of over 40% compared to similar sectors in A-shares, which attracts funds seeking value [6] Group 5 - For individual investors, participating directly in Hong Kong stocks may involve risks such as exchange rate fluctuations and differences in trading rules, making ETFs a preferable option for exposure [6] - Recent trends indicate that Southbound capital is increasingly focused on high-dividend, low-volatility ETFs, which cater to investors with moderate risk preferences [6] - The Hong Kong Central State-Owned Enterprises Dividend ETF and other similar products allow investors to benefit from the inflow of Southbound capital while diversifying their investment risks [6]