Group 1 - The China Securities Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 stable dividend-paying stocks controlled by central enterprises, with a one-year dividend yield of 6.67%, surpassing the 10-year government bond yield of 4.83% as of December 12 [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 6.11%, also higher than the 10-year government bond yield of 4.26% as of December 12 [1] - The Non-S&P Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - The Bank of Communications announced a dividend of RMB 0.1563 per share, with an ex-dividend date of December 17, 2025, and a payment date of January 28, 2026 [2] - The Bank of Communications is a constituent of the China Securities Central State-Owned Enterprises Dividend Index (931233.CSI), the Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI), and the Non-S&P Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) [2]

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]

本篇我们将视角转向中资公募机构。作为香港资本市场的重要参与者，中资公募基金机构近年来发展迅 速，依托母公司强大的投研能力、跨境业务协同机制以及离岸人民币市场的独特优势，逐步构建起具有 本土化深度与国际化广度兼备的竞争力。 香港处理着全球约80%的人民币支付业务，是最大的人民币离岸中心。中资公募机构凭借这一区位优 势，结合QFII、RQFII、沪深港通、债券通、跨境理财通等政策工具，形成了"境内—香港"资金、客户 与资产的高效双向流动机制，打造出低成本、高效率的跨境一体化平台。 以下，我们选取六家在香港市场具有代表性的中资公募机构，从产品体系、投资策略、业务特色、适用 场景等维度进行系统梳理，以供投资者参考。 一、中银国际资管（BOCI AM） 关键词：银行系、全币种、港股通医药冠军 生态位：香港最大银行系资管，人民币清算量市占率35%，母公司中银香港坐拥200万零售户口。 产品线：80余只公募，货—债—股—多资产"闭环"，人民币、美元、港元三币种一键切换。 年度黑马：中银港股通医药混合发起A，2025年以来收益+102%，同类第一，规模从年初4亿飙至87亿 港元。 在之前文章中，我们系统梳理了九家具有代表性的 ...

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]