Core Viewpoint - Hong Kong stocks experienced a slight decline, with the Hang Seng Index down 0.38% and the Hang Seng Tech Index down 0.69%, while the dividend sector showed resilience with gains in certain central enterprise stocks [1][2] Group 1: Market Performance - The Hang Seng Index fell by 0.38% and the Hang Seng Tech Index decreased by 0.69% on November 19 [1] - The Central Enterprise Dividend Index (931233.CSI) rose by 0.42%, with notable increases in stocks such as China People's Insurance Group (over 3%) and China Petroleum & Chemical Corporation (nearly 3%) [1] - The National Central Enterprise Dividend ETF (159281) recorded a trading volume of 52.05 million yuan with a real-time premium rate of 0.27% [1] Group 2: Fund Flows - As of November 18, the Central Enterprise Dividend ETF has seen net inflows for seven consecutive trading days, with a net inflow rate of 27.80% over the last five trading days, leading among similar products [1][2] - The Southbound funds have recorded net inflows in 19 out of the last 20 trading days, totaling over 120 billion HKD [2] Group 3: ETF Characteristics - The Central Enterprise Dividend ETF closely tracks the Central Enterprise Dividend Index, which selects stable dividend-paying central enterprises with high dividend yields [2] - The Tech ETF (159128) tracks the Tech Index and includes stocks eligible for trading under the Shanghai-Hong Kong Stock Connect, allowing for T+0 trading without QDII quota restrictions [2] Group 4: Analyst Insights - Dongwu Securities indicated that the Hong Kong market is likely to experience short-term fluctuations, but the current position presents long-term investment attractiveness [3]

Group 1 - The Hong Kong stock market indices opened lower, with both technology and dividend sectors declining [1] - The Hong Kong Stock Connect Technology Index fell over 1%, while stocks like Kingsoft Cloud rose over 6% [1] - The Tianhong Hong Kong Stock Connect Technology ETF (159128) saw a net inflow of 39.8 million yuan over two days, reaching historical highs in both shares and scale [1] Group 2 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index dropped over 0.7%, with companies like Sinopec and China National Offshore Oil Corporation showing gains [1] - The Tianhong Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) recorded a net inflow of 40.5 million yuan over five days, also achieving historical highs in net inflow days [1] - Tianhong Fund highlighted that the Central State-Owned Enterprises Dividend Index includes high dividend yield companies, benefiting from policy advantages and market characteristics [2] Group 3 - Recent fluctuations in the Hong Kong stock market are attributed to external volatility and investor profit-taking behavior [2] - Despite the market's current state, there are expectations for upward adjustments in external liquidity, suggesting potential investment opportunities [2] - A "barbell strategy" is recommended for asset allocation, focusing on technology and non-ferrous metals for growth, while emphasizing dividends and turnaround stocks for defense [2]

Market Overview - The market experienced fluctuations on November 14, with the Shanghai Composite Index briefly turning positive, while the ChiNext Index fell over 2% during the session [1] - By the midday close, the Shanghai Composite Index decreased by 0.16%, the Shenzhen Component Index fell by 1.1%, and the ChiNext Index dropped by 1.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.23 trillion yuan, a decrease of 25.7 billion yuan compared to the previous trading day [1] ETF Performance - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) recorded a trading volume exceeding 16 million yuan, with a turnover rate of 7.12%, indicating active trading [1] - This ETF attracted over 16 million yuan in net inflows over three consecutive trading days from November 11 to 13 [1] - The Dividend Low Volatility ETF Tianhong (159549) saw a real-time net subscription of 30 million units, with 17 out of the last 20 days experiencing net inflows, totaling over 400 million yuan [1] Investment Trends - The Hong Kong Stock Connect Central Enterprise Dividend ETF closely tracks the Central Enterprise Dividend Index, focusing on sectors with stable cash flows such as finance, energy, public utilities, and transportation [1] - The Dividend Low Volatility ETF tracks the CSI Low Volatility 100 Index, which selects 100 stocks from the A-share market based on liquidity, continuous dividends, high dividend yields, and low volatility [1] Southbound Capital Flow - As of November 12, southbound capital's cumulative net purchases of Hong Kong stocks surpassed 50 billion Hong Kong dollars, marking a historic milestone [2] - On November 12, southbound capital net inflow into Hong Kong stocks was 4.286 billion Hong Kong dollars, marking the 16th consecutive trading day of net buying [2] - The total net inflow of southbound capital into Hong Kong stocks for the year reached 1.31 trillion Hong Kong dollars, reflecting a significant increase in mainland investors' enthusiasm for the Hong Kong market [2] Banking Sector Insights - According to Galaxy Securities, while the banking sector's performance in Q3 was temporarily affected by non-interest income, the overall scale remains stable, supporting earnings [2] - The net interest income is expected to improve further, with a stable trend in interest margins and a recovery in middle-income [2] - Long-term perspectives indicate that dividend stocks hold greater allocation value in low-interest-rate environments, with excess returns from dividend stocks negatively correlated with government bond yields [2]

Group 1 - The bank ETF Tianhong (515290) has seen a year-to-date share growth rate of 39.92%, with the latest scale at 6.291 billion and circulating shares at 4.145 billion [1] - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) has experienced net inflows for two consecutive trading days, indicating strong investor interest [1] - The performance of the dividend sector, including banks, has been strong, with major banks like Agricultural Bank of China showing significant stock price increases [2] Group 2 - The six major state-owned banks reported double growth in revenue and net profit for the first three quarters of the year, with net profits for major banks ranging from 699.94 million to 2,699.08 million, reflecting a year-on-year growth of 0.33% to 3.03% [2] - The banking sector's performance is supported by stable growth in scale, improved net interest income, and a recovery in non-interest income, with asset quality remaining stable [3] - The policy environment is conducive to optimizing bank credit structures and protecting interest margins, which enhances the growth potential for non-interest income [3]

Group 1 - A-shares showed mixed performance on November 4, with the Shanghai Composite Index turning positive [1] - The Tianhong Bank ETF (515290) rose by 1.83%, with a peak increase of 1.9% during the trading session, and a trading volume of 227 million yuan [1] - Among the constituent stocks, Xiamen Bank increased by over 5%, while several other banks including Shanghai Bank, CITIC Bank, and China Merchants Bank saw gains exceeding 2% [1] Group 2 - The Tianhong Central State-Owned Enterprise Dividend ETF (159281) in the Hong Kong market rose by 0.49%, with a trading volume exceeding 28 million yuan [1] - The ETF tracks the Central State-Owned Enterprise Dividend Index, focusing on sectors with stable cash flows such as finance and energy, making it attractive during a declining interest rate cycle [1] - The first batch of four foreign banks in Shanghai has successfully connected to the national small and micro enterprise credit information sharing platform, with a second batch expected by October 2025 [2] Group 3 - The People's Bank of China has renewed a bilateral currency swap agreement with the Bank of Korea, with a scale of 400 billion yuan / 70 trillion won, valid for five years [2] - Core revenue for listed banks improved in Q3 2025, with a slight slowdown in growth rate and a narrowing decline in interest margins, while asset quality remained stable [2] - Market style shifted in Q3 2025, with bank stock holdings dropping to historical lows, yet the core revenue capacity of the banking sector showed enhancement [2]

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.19% on October 30, with a trading volume of 67.65 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 29, the fund's latest share count was 224 million shares, with a total size of 230 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.13 billion yuan, with an average daily trading amount of 56.48 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.56% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Group 1 - The three major indices collectively declined on October 17, while the banking sector rose against the trend, with the China Securities Bank Index increasing by 0.17% [1] - Among the constituent stocks of the bank index, Qingdao Bank and Xiamen Bank rose over 2%, while Jiangyin Bank, Zhangjiagang Bank, and China Construction Bank increased by over 1% [1] - The Agricultural Bank of China has been approved to acquire Zhejiang Yongkang Nongyin Village Bank and establish three branches, marking its second approval for "village to branch" reform this year [2] Group 2 - The Agricultural Bank of China aims to provide over 5 trillion yuan in financing to various manufacturing entities over the next three years to support new industrialization [1] - The People's Bank of China reported that the social financing scale stock was 437.08 trillion yuan as of September 2025, reflecting a year-on-year growth of 8.7% [2] - Citic Securities indicated that the fourth quarter of 2025 may be a key time for bottom-fishing in dividend stocks, with current pessimistic expectations already reflected in the fundamentals [3]

Group 1 - The A-share market showed a rebound on October 16, with the banking sector performing well, as evidenced by the Tianhong Bank ETF (515290) rising by 0.34% and reaching an intraday increase of nearly 0.90%, marking a six-day winning streak [1] - The Tianhong Bank ETF attracted over 110 million yuan in inflows yesterday and has accumulated over 550 million yuan in the past five trading days, indicating strong investor interest [1] - Key stocks within the banking ETF, such as Suzhou Bank, Shanghai Pudong Development Bank, Chongqing Bank, CITIC Bank, and China Construction Bank, saw gains exceeding 1% [1] Group 2 - The Tianhong Central Enterprise Dividend ETF (159281) closely tracks the Central Enterprise Dividend Index (931233), which selects stable dividend-paying central enterprises within the Hong Kong Stock Connect, reflecting the overall performance of high-dividend central enterprises [2] - Market analysts noted a "seesaw effect" between the banking sector and the A-share average price index over the past decade, suggesting that as the A-share index trends downward, banking stocks tend to perform better [2] - According to a report from CITIC Securities, the fourth quarter of 2025 may present a key opportunity for bottom-fishing in dividend stocks, as current pessimistic expectations may have been fully priced in [2] Group 3 - Zhongtai Securities reported that insurance capital is increasingly entering the equity market, with a growing preference for banking stocks due to their high dividend yields [3] - It is anticipated that insurance capital will further increase its holdings in bank stocks in the future, given the current policy and interest rate environment [3]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 1.73% on October 15, with a trading volume of 78.84 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 14, the fund had a total of 336 million shares and a total size of 331 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.084 billion yuan, with an average daily trading amount of 54.22 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -1.76% during the management period [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Group 1 - The banking sector is experiencing increased activity, with the Tianhong Bank ETF (515290) rising by 0.72% and achieving a trading volume exceeding 700 million yuan, indicating strong investor interest [1] - As of September 26, 2025, 25 banks have announced or plan to implement interim dividends, an increase of 2 banks from 2024, with an average interim dividend rate of 25.9% [2] - The People's Bank of China has maintained a moderately accommodative monetary policy, emphasizing the importance of policy implementation to stabilize the economy, which is expected to support the banking sector's dividend distribution [2] Group 2 - Bank stocks are highlighted for their strong advantages in high dividend yield segments, particularly in a low interest rate environment, making them attractive for investors seeking stable returns [3] - The banking sector is noted for its low valuation compared to other high dividend sectors like coal and oil, providing a higher margin of safety for investors [3] - The stability and consistent dividend payouts from banks align well with the needs of conservative investors, reinforcing the appeal of bank stocks in the current market [3]