港股通央企红利ETF（513920）业绩比较基准为恒生港股通中国央企红利指数收益率(经汇率调整)，管 理人为华安基金管理有限公司，基金经理为倪斌，成立（2023-12-20）以来回报为63.26%，近一个月回 报为-0.63%。 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 9月23日，港股通央企红利ETF（513920）跌0.57%，成交额1.72亿元。当日份额减少400.00万份，最新 份额为21.63亿份，近20个交易日份额增加1900.00万份。最新资产净值计算值为33.98亿元。 ...

港股通央企红利ETF（159266）业绩比较基准为中证港股通央企红利指数收益率(按照估值汇率折算)， 管理人为永赢基金管理有限公司，基金经理为刘庭宇，成立（2025-07-23）以来回报为-0.68%，近一个 月回报为-0.99%。 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 9月18日，港股通央企红利ETF（159266）跌1.89%，成交额3499.21万元。当日份额增加1300.00万份， 最新份额为7.83亿份，近20个交易日份额增加4.84亿份。最新资产净值计算值为7.77亿元。 ...

来源：新浪基金∞工作室 9月11日，港股通央企红利ETF（513920）涨0.49%，成交额1.87亿元。当日份额增加2650.00万份，最新 份额为21.63亿份，近20个交易日份额减少1050.00万份。最新资产净值计算值为35.05亿元。 港股通央企红利ETF（513920）业绩比较基准为恒生港股通中国央企红利指数收益率(经汇率调整)，管 理人为华安基金管理有限公司，基金经理为倪斌，成立（2023-12-20）以来回报为68.45%，近一个月回 报为3.68%。 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。 ...

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a decline of 0.50% on August 19, with a trading volume of 16.33 million yuan [1] Group 1: Fund Performance - The fund's latest share count increased by 1 million shares, bringing the total to 315 million shares [1] - The latest net asset value of the fund is 315 million yuan [1] - Since its establishment on July 23, 2025, the fund has achieved a return of 0.09% [1] Group 2: Management and Benchmark - The fund is managed by Yongying Fund Management Co., Ltd., with Liu Tingyu as the fund manager [1] - The performance benchmark for the fund is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted for valuation exchange rates [1]

Group 1 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920.SH) experienced a decline of 0.51% on August 11, 2025, with a net outflow of main funds (transactions over 1 million yuan) amounting to 10.1163 million yuan, ranking first in the market [1] - Over the past three days, the fund has seen a continuous outflow of main funds totaling 34.6177 million yuan, also ranking first in the market [1] - The latest trading volume for the fund was 82.1367 million shares, with the latest transaction amount dropping below 130 million yuan, resulting in a decline of 35 positions in the overall market ranking compared to the previous trading day [1] Group 2 - The fund has two off-market connection classes: Class A (020866) and Class C (020867) [1]

Group 1 - Six stock ETFs have released listing announcements, with varying stock positions: 博时恒生港股通创新药精选ETF at 0.00%, 港股通央企红利ETF at 19.79%, 广发上证科创板100ETF at 27.75%, 国泰上证科创板创新药ETF at 24.20%, 华安国证航天航空行业ETF at 19.93%, and 南方中证机器人ETF at 12.58% [1] - Since July, a total of 28 stock ETFs have announced listings, with an average position of 19.04%. The highest position is held by 汇添富国证通用航空产业ETF at 42.30% [1][2] - ETF listings must meet the position requirements specified in the fund contract, and if the position is low, it will be completed before the official listing [1] Group 2 - The average number of shares raised for the newly announced ETFs since July is 4.67 million, with the largest being 广发恒生港股通科技主题ETF at 13.41 million shares [2] - Institutional investors hold an average of 12.15% of the shares, with the highest being 汇添富国证港股通消费主题ETF at 85.50% [2] - The newly established stock ETFs have varying positions during the construction period, with 南方中证机器人ETF at 12.58%, 博时恒生港股通创新药精选ETF at 0.00%, and 广发上证科创板100ETF at 27.75% [3]

行情回顾及主要观点： 雅鲁藏布江世纪工程开工，有望激励顺周期板块。7月19日，总投资约1.2万亿元的雅鲁藏布江下游水电 工程在西藏林芝正式开工。这项世纪工程体量巨大、周期长（预计超10年），更深远的影响在于其强大 的产业链带动效应。作为国家级超级工程，雅鲁藏布江水电开发涉及极其复杂的施工和技术挑战，将强 力驱动相关产业升级： · 土建工程： 大规模截弯取直、隧洞挖掘是核心。 · 机械与高端装备： 重型施工机械、大型发电机组及智能控制系统需求巨大。 · 建材与材料： 水泥、钢材等大宗建材消耗量惊人。 · 电网建设： 电力外送需要强大的输配电网络支撑。 港股通央企红利ETF（513920）一指捕捉港股高股息央企，其成分股中不乏建筑工程、石油天然气、煤 炭、电力等顺周期板块，且优选这些顺周期板块中的优质高分红、低估值公司，在当前基建投资发力、 反内卷持续推进的背景之下，具备较高的配置机遇。 港股央企红利的股息率更高、估值更低。恒生港股通中国央企红利指数股息率达5.81%（vs中证红利 4.50%），PB为0.64，PE为6.98。其全收益指数自2021年初以来累计收益124%，相对恒生全收益指数超 额收益116%。 ...

Investment Rating - The report maintains an "Increase" rating for the financial products sector [1]. Core Insights - The report emphasizes the importance of structural changes in the market, indicating that a turning point in market trends may be approaching [5][17]. - The overall market performance for the week of July 7 to July 11, 2025, showed positive returns across most indices, but rapid rotation among stocks suggests a preference for holding rather than chasing hot stocks [17][20]. - The macro model for July scored -5, indicating a potential dominance of large-cap value stocks, while the overall market may experience adjustments [24]. - The technical timing model indicates a high risk level for the market, suggesting that while the trend remains positive, the relative position may be too high [17][21]. Summary by Sections A-share Market Overview (July 7 - July 11, 2025) - Major broad indices showed varied performance, with the top three being the Wind Micro-Pan Daily Equal Weight Index (2.99%), CSI 1000 (2.36%), and the ChiNext Index (2.36%) [10]. - Style indices also varied, with small-cap value (2.71%) and small-cap growth (2.31%) leading, while large-cap value (-0.18%) lagged [11]. - Among the Shenwan first-level industry indices, real estate (6.12%), steel (4.41%), and non-bank financials (3.96%) performed best, while coal (-1.08%) and banks (-1.00%) underperformed [15]. A-share Market Outlook (July 14 - July 18, 2025) - The report suggests a focus on structural changes, with a potential turning point in market trends [17]. - The macro model indicates that the market may experience adjustments, with a focus on performance post-earnings announcements [17][24]. - The report recommends a balanced ETF allocation strategy, anticipating a relatively volatile market with ongoing structural opportunities [65][66]. Fund Allocation Recommendations - The report advocates for a balanced ETF allocation strategy, emphasizing the importance of selecting funds with a minimum one-year establishment and a fund size exceeding 100 million [65][66].

Market Overview and Key Insights - The Hong Kong stock market showed divergence last week, with the dividend sector continuing to lead gains, as the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index rose by 0.25%, while the Hang Seng Index fell by 1.11% and the Hang Seng Tech Index dropped by 1.43% [1] - Southbound capital inflows continued to expand, averaging a net inflow of HKD 5.6 billion per day, totaling approximately HKD 28.1 billion, compared to a net outflow of about HKD 19 billion the previous week [1] - The insurance capital long-term investment pilot program is accelerating, with an announcement to further expand the pilot scope and approve an additional HKD 60 billion, bringing the total approved amount to HKD 222 billion [1][2] Insurance Capital and Dividend Stocks - Under the new accounting standards, insurance capital is increasingly inclined to allocate to high-dividend stocks, as dividends can be recognized in profit while market value fluctuations do not impact current profits, thus stabilizing earnings [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index is 7.91%, significantly higher than the 6.33% of the CSI Dividend Index, with a price-to-book ratio of 0.6 and a price-to-earnings ratio of 6.46 [2] - The low interest rate environment and weak economic recovery in China are favorable for dividend strategies, with state-owned enterprises showing strong willingness and capability to distribute dividends [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with state-owned enterprises as major shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends, providing investors with opportunities to capitalize on the valuation reshaping of state-owned enterprises [3] ETF Performance - The top ten weighted stocks in the Hang Seng China Central State-Owned Enterprises Dividend Index include major banks and insurance companies, with Citic Bank and China People's Insurance Group each holding a weight of 4.0% [5] - The performance of these stocks over the past 12 months shows varying total returns, with Citic Bank at 8.0% and China People's Insurance Group at 4.7% [5]

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].