来源：新浪基金∞工作室 数据显示，11月25日，港股通央企红利ETF(159266)遭净赎回103.06万元，位居当日跨境ETF净流出排名 21/198。最新规模7.25亿元，前一日规模7.23亿元，当日资金净流出额占前一日规模的比例为0.14%。 近5日，港股通央企红利ETF(159266)遭净赎回207.16万元，位居跨境ETF净流出排名第24/198。近10 日，港股通央企红利ETF(159266)遭净赎回521.51万元，位居跨境ETF净流出排名第44/198。近20日，港 股通央企红利ETF(159266)遭净赎回3047.26万元，位居跨境ETF净流出排名第21/198。 港股通央企红利ETF（159266）成立于2025年7月23日，基金全称为永赢中证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%。港股通央企红利ETF（159266）跟踪标的指数为港股通央企红利（931233）。 规模方面，截止11月25日，港股通央企红利ETF（159266）最新份额为7.04亿份，最新规模为7.25亿 元。 风险提示：市场有 ...

来源：新浪基金∞工作室 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。 11月20日，港股通央企红利ETF（513920）跌0.30%，成交额2.69亿元。当日份额增加3100.00万份，最 新份额为33.76亿份，近20个交易日份额增加6.96亿份。最新资产净值计算值为56.45亿元。 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75.92%，近一个月回 报为3.79%。 ...

Core Viewpoint - The recent influx of funds into dividend-related ETFs indicates a strong long-term investment value in the dividend sector, particularly benefiting from the current "high cut low" market rotation trend [1][2] Group 1: Dividend Sector Investment Value - The Hong Kong dividend index has shown significant long-term excess returns, outperforming both the Hang Seng Index and the CSI Dividend Index, with a dividend yield of 5.80% as of November 10, compared to 4.22% for the CSI Dividend Index [1] - High-dividend companies typically possess stable profitability, solid fundamentals, ample cash flow, and lower volatility, making them attractive investment options [1] - The shift in investment paradigms from high growth to high quality aligns with the characteristics of dividend assets, which are becoming increasingly valuable in a weak economic recovery [2] Group 2: Characteristics of the Hang Seng Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index - The index exhibits a lower valuation, with a price-to-earnings (P/E) ratio of 7.5 and a price-to-book (P/B) ratio of 0.66, significantly lower than other indices and the overall Hong Kong market [3] - The index has demonstrated excellent volatility control, with an annualized volatility of 18.88%, lower than comparable indices, providing a strong defensive attribute [3] - The index has delivered impressive long-term returns, with a year-to-date increase of over 39%, outperforming similar high-dividend indices [4]

Core Points - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a decline of 0.19% on November 11, with a trading volume of 44.034 million yuan [1] - The fund's shares decreased by 4 million, bringing the total shares to 709 million, with a reduction of 77 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 753 million yuan [1] - The performance benchmark for the ETF is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, calculated based on valuation exchange rates [1] - The fund is managed by Yongying Fund Management Co., Ltd., with fund managers Liu Tingyu and Cai Leping [1] - Since its establishment on July 23, 2025, the fund has achieved a return of 6.22%, with a monthly return of 8.00% [1]

Group 1 - The China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index (931233) increased by 0.19%, with notable gains in China Nonferrous Mining (01258) up 3.48%, First Tractor Company (00038) up 2.85%, and Bank of China Hong Kong (02388) up 2.21% [1] - The energy sector holds significant weight in the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, with oil and gas equipment and services, along with oil and gas producers, accounting for over 10% combined, and the coal industry exceeding 4% [1] - The National Securities Free Cash Flow Index (980092) decreased by 0.03%, with stocks showing mixed performance; Dayang Electric (002249) led with an 8.57% increase, followed by Hengdian East Magnetic (002056) up 5.46% and Taiji Industry (600667) up 5.42% [1] Group 2 - International crude oil prices surged significantly, with WTI crude oil for December delivery rising by $3.29 per barrel, or 5.62%, to $61.79 per barrel, and Brent crude oil for December delivery increasing by $3.40 per barrel, or 5.43%, to $65.99 per barrel [2] - Geopolitical risks are expected to have a diminishing marginal impact in the medium to long term, with market dynamics returning to fundamentals; however, international production pressure remains a key factor influencing oil price trends [2] - Recent sanctions on Russian oil companies and geopolitical rumors regarding Venezuela have driven oil prices higher, with Brent crude returning to $65, reflecting a cumulative increase of over $5 [2]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a 1.32% increase in value on October 15, with a trading volume of 18.8271 million yuan, indicating positive market sentiment towards the ETF [1] Group 1: Fund Performance - The ETF's latest share count decreased by 5 million, bringing the total to 781 million shares, while the share count increased by 511 million over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 780 million yuan [1] - Since its inception on July 23, 2025, the fund has returned -0.10%, with a one-month return of -1.23% [1] Group 2: Management and Benchmark - The ETF is managed by Yongying Fund Management Co., Ltd., with Liu Tingyu as the fund manager [1] - The performance benchmark for the ETF is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted according to the valuation exchange rate [1]

Market Overview and Key Insights - The Hong Kong dividend sector saw a counter-trend increase last week, with the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index rising by 1.08%, while the Hang Seng Index fell by 3.11% and the Hang Seng Tech Index dropped by 5.48% [1] - The utility and energy sectors led the gains, while consumer discretionary and healthcare sectors lagged [1] - The previous volatility in the dividend style may have been sufficiently corrected, making current valuations attractive for investment [1] Policy Support and Banking Sector Outlook - Under supportive monetary policy, the banking sector in Hong Kong is expected to see fundamental improvements, with a stabilization in interest margin decline leading to better net interest income growth [2] - Policies aimed at local debt management, stabilizing real estate, and reducing internal competition have significantly alleviated extreme risks in bank loans, which is beneficial for reducing non-performing asset pressure [2] Dividend Yield and Valuation of Central State-Owned Enterprises - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index is 6.10%, compared to 4.62% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.59 and a price-to-earnings (PE) ratio of 6.67 [2] - Since the beginning of 2021, the total return index has accumulated a return of 136%, outperforming the Hang Seng Total Return Index by 121% [2] Future Market Outlook - The low interest rate environment during the domestic interest rate cut cycle and the weak economic recovery are favorable for dividend strategies [2] - The willingness and ability of central state-owned enterprises to distribute dividends are strong, enhancing the investment value of the Hong Kong Stock Connect central state-owned enterprise dividends [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with central state-owned enterprises as the largest shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central state-owned enterprises, and dividends [3] Recent Performance of the ETF - The top ten weighted stocks in the Hang Seng Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index have shown varied performance, with notable dividend yields and weekly price changes [6]

Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF (513920) experienced a decline of 0.57% on September 23, with a trading volume of 172 million yuan, indicating a slight decrease in investor interest [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Stock Connect Central Enterprise Dividend ETF is 3.398 billion yuan [1] - Since its inception on December 20, 2023, the fund has achieved a return of 63.26% [1] - Over the past month, the fund has recorded a return of -0.63% [1] Group 2: Fund Management - The fund is managed by Huaan Fund Management Co., Ltd., with Ni Bin as the fund manager [1] - The performance benchmark for the fund is the Hang Seng Hong Kong Stock Connect China Central Enterprise Dividend Index return (adjusted for exchange rates) [1] Group 3: Fund Size and Activity - The fund's shares decreased by 4 million, bringing the total shares to 2.163 billion [1] - In the last 20 trading days, the fund's shares increased by 19 million [1]

Group 1 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a decline of 1.89% on September 18, with a trading volume of 34.99 million yuan [1] - The fund's shares increased by 13 million to a total of 783 million shares, with a total increase of 484 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 777 million yuan [1] Group 2 - The performance benchmark for the ETF is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted for valuation exchange rates [1] - The fund is managed by Yongying Fund Management Co., Ltd., with Liu Tingyu as the fund manager [1] - Since its establishment on July 23, 2025, the fund has returned -0.68%, with a one-month return of -0.99% [1]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) has shown a positive performance with a 0.49% increase in value on September 11, 2023, and a significant return since its inception [1] Group 1: Fund Performance - The ETF's trading volume reached 187 million yuan on the same day, with an increase of 26.5 million shares, bringing the total shares to 2.163 billion [1] - Over the past 20 trading days, the ETF's shares have decreased by 10.5 million [1] - The latest net asset value of the ETF is calculated at 3.505 billion yuan [1] Group 2: Benchmark and Management - The performance benchmark for the ETF is the Hang Seng Stock Connect China Central State-Owned Enterprises Dividend Index return (adjusted for exchange rates) [1] - The fund is managed by Huaan Fund Management Co., Ltd., with the fund manager being Ni Bin [1] - Since its establishment on December 20, 2023, the ETF has achieved a return of 68.45%, with a monthly return of 3.68% [1]