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69.23%，近一个月回 报为-5.40%。 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。 12月17日，港股通央企红利ETF（513920）涨0.56%，成交额2.60亿元。当日份额增加400.00万份，最新 份额为37.21亿份，近20个交易日份额增加3.76亿份。最新资产净值计算值为59.86亿元。 ...

Market Overview and Key Insights - The Hang Seng China Central State-Owned Enterprises Dividend Index increased by 1.81%, while the Hang Seng Index rose by 1.18% and the Hang Seng Technology Index by 1.16% last week [1] - In the A-share market, the CSI State-Owned Enterprises Dividend Index grew by 0.42%, and the CSI 300 Index increased by 1.28% [1] - On December 5, 2025, the National Financial Regulatory Administration announced adjustments to the risk factors for insurance companies, reducing the risk factor for stocks held over three years in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index from 0.3 to 0.27, and for ordinary shares listed on the Sci-Tech Innovation Board held over two years from 0.4 to 0.36 [1][7] Impact of Risk Factor Adjustment - The reduction in risk factors is expected to release approximately 100 billion yuan in capital [7] - According to Shenwan Hongyuan's estimates, the released minimum capital scale under different scenarios is projected to be 141 billion, 457 billion, and 554 billion yuan [7] - If the solvency adequacy ratio remains unchanged, the potential increase in stock investment scale could be 514 billion, 1,669 billion, and 2,015 billion yuan respectively [7] Long-term Investment Trends - The policy adjustment is seen as a marginal impact, with the potential for a larger influx of long-term insurance funds into equity markets [2] - As of Q3 2025, the proportion of insurance capital allocated to stocks and funds has significantly increased to 15.5% [2] - The "long money long investment" policy measures are expected to further enhance the scale of long-term funds entering the market, reinforcing the capital market's stabilizing role [2] Preference for Dividend Stocks - Insurance capital is likely to favor dividend stocks, which are characterized by stable performance, strong cash flow, and consistent high dividends [8] - The adjustment in risk factors for dividend stocks is seen as official recognition of their investment value, likely strengthening insurance capital's allocation towards dividend strategies [8] - The Hang Seng China Central State-Owned Enterprises Dividend Index has a dividend yield of 6.63%, compared to 4.39% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.64 and a price-to-earnings (PE) ratio of 7.25 [8] ETF Product Overview - The Hang Seng China Central State-Owned Enterprises Dividend ETF (513920) is the first ETF in the market with triple attributes of Hong Kong stocks, central enterprises, and dividends, tracking the Hang Seng China Central State-Owned Enterprises Dividend Index [9] - The product has a net value of 1.6780 and a scale of 62.67 billion yuan, with a weekly trading volume of 15.61 billion yuan [10] - The National Enterprises Dividend ETF (561060) tracks the CSI National Enterprises Dividend Index, selecting 100 stocks from state-owned enterprises with high dividend yields and stable dividends [10]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) has shown a positive performance with a 1.10% increase in value and significant growth in shares traded and net asset value since its inception [1] Group 1: Fund Performance - The ETF's latest net asset value is 5.66 billion yuan [1] - Since its establishment on December 20, 2023, the fund has achieved a return of 74.18% [1] - Over the past month, the fund has recorded a return of 1.07% [1] Group 2: Trading Activity - On November 25, the ETF's trading volume reached 362 million yuan [1] - The number of shares increased by 44 million, bringing the total shares to 3.419 billion [1] - In the last 20 trading days, the ETF's shares have increased by 734 million [1] Group 3: Management and Benchmark - The fund is managed by Huaan Fund Management Co., Ltd. [1] - The performance benchmark for the ETF is the Hang Seng Stock Connect China Central State-Owned Enterprises Dividend Index, adjusted for exchange rates [1]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) experienced a slight decline of 0.06% on November 13, with a trading volume of 384 million yuan, indicating active market participation [1] Group 1: Fund Performance - The ETF's share increased by 66 million to a total of 3.262 billion shares, with a notable increase of 857 million shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 5.627 billion yuan [1] - Since its inception on December 20, 2023, the fund has achieved a return of 81.50%, with a monthly return of 9.12% [1] Group 2: Management and Benchmark - The ETF is managed by Huaan Fund Management Co., Ltd., with the fund manager being Ni Bin [1] - The performance benchmark for the ETF is the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index return (adjusted for exchange rates) [1]

Core Points - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) experienced a decline of 0.19% on October 14, with a trading volume of 480 million yuan [1] - The fund's shares increased by 84 million to a total of 2.219 billion shares, with a total increase of 125 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 3.533 billion yuan [1] - The performance benchmark for the ETF is the Hang Seng Hong Kong 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 Ni Bin as the fund manager [1] - Since its establishment on December 20, 2023, the fund has achieved a return of 65.48%, while the return over the past month is -2.17% [1]

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points, indicating a focus on protecting employment despite rising inflation concerns [1][2][3] Monetary Policy Decision - The Federal Reserve's decision to cut rates to a range of 4.0%-4.25% reflects a balance towards employment protection, with a forecast of two more rate cuts within the year [1][2] - The voting on this decision saw only one dissenting vote, advocating for a larger cut of 50 basis points [2] Economic Outlook - The Federal Reserve anticipates that the current rate cut will effectively boost economic growth and employment, suggesting a limited scope for future "preventive rate cuts" [3] - GDP forecasts for 2025-2027 have been revised upwards, while unemployment rate predictions for 2026 and 2027 have been adjusted downwards by 0.1% [4][5] - Inflation predictions remain largely unchanged, with only a slight upward revision of 0.2% for the PCE in 2026 [6] Chairman Powell's Remarks - Chairman Powell characterized the rate cut as a "risk management" decision, emphasizing that future cuts will depend on upcoming economic data [7] - He noted that while the unemployment rate is still low, it has begun to rise, and job growth is slowing, attributing some of this to immigration policies [7] - Powell also mentioned that the impact of tariffs on inflation is diminishing, and service inflation is easing, reducing the risk of sustained high inflation [7] Market Expectations - The dot plot indicates two more rate cuts this year, with only one additional cut expected in 2026 [8] - Market expectations align with the Fed's guidance, anticipating a total of 125 basis points in cuts over the next two years [10] Asset Allocation Recommendations - Investment in gold ETFs is suggested as a favorable option due to the low opportunity cost of holding gold in a declining interest rate environment [12][14] - The Hong Kong stock market, particularly technology stocks, is expected to benefit from overseas rate cuts, attracting both domestic and foreign capital [17][19] - The ChiNext 50 ETF is highlighted for its potential due to a favorable funding environment and strong fundamentals, with a projected net profit growth of 13.88% year-on-year in Q2 2025 [20][22][23] - The Hong Kong Central Enterprises Dividend ETF is noted for its high dividend yield of 5.9% in a low-interest-rate environment [24][26]

Core Points - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) experienced a decline of 1.12% on August 26, with a trading volume of 120 million yuan [1] - The fund's shares increased by 500,000, bringing the total shares to 2.144 billion, with a total increase of 19 million shares over the past 20 trading days [1] - The latest net asset value of the fund is 3.383 billion yuan [1] - The performance benchmark for the ETF is the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index return (adjusted for exchange rates) [1] - Managed by Huaan Fund Management Co., Ltd., the fund manager is Ni Bin, and since its establishment on December 20, 2023, it has returned 63.98%, while the return over the past month is -0.30% [1]