炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日，A股三大指数大涨，截止午盘，港股通红利ETF广发（520900）涨幅0.65%，放量成交额 3994万元。数据显示，资金持续青睐港股通红利ETF广发（520900），从10月13日至11月21日，该ETF 已经连续6周获得净申购，流通规模从15.81亿元增至18.52亿元，规模增长率17.14%。 多重利好下的红利资产 市场人士指出，在当前震荡市场环境中，投资者寻求稳健回报的需求日益凸显。随着无风险利率持续下 行和市场波动，兼具高股息与低波动的红利策略展现出独特配置价值。广发基金旗下港股通红利ETF广 发（520900）聚焦高股息国资央企资产，为投资者提供了一键布局港股优质红利资产的高效工具。 当前宏观环境为红利策略的有效性提供了逻辑支撑。Wind数据统计显示，2021年以来，我国10年期国 债收益率从3.2%降至2025年11月3日的1.75%，无风险利率创历史新低，资产荒格局凸显。高股息资产 提供的股息回报与持续走低的无风险利率形成显著剪刀差，构成难以替代的相对收益优势。 政策层面，新国九条等政策引导上市公司提升分红水 ...

Core Viewpoint - The Hong Kong dividend assets are experiencing a correction, but the trend of capital inflow continues, driven by the demand for high-dividend assets from insurance companies under new accounting standards [1][2]. Group 1: Market Performance - As of November 21, the Hong Kong Stock Connect Dividend ETF (520900) fell by 1.74% with a trading volume of 33.55 million yuan [1]. - Over the past 10 days, the net inflow into the ETF was 104 million yuan, and over the past 20 days, it was 150 million yuan, with the latest fund size reaching 1.881 billion yuan [1]. Group 2: Fund Inflows and Trends - From October 13 to November 14, the ETF has seen continuous growth in shares for five consecutive weeks, with the latest share count at 1.728 billion [1]. - The demand for high-dividend stocks is expected to increase significantly as insurance companies switch to new accounting standards by 2026, with an estimated annual allocation of 250 to 500 billion yuan for high-dividend assets by five A-share listed insurance companies by 2027 [1]. Group 3: Investment Characteristics - The Hong Kong dividend assets exhibit a "defensive" characteristic in volatile markets, with a focus on high-dividend state-owned enterprises [2]. - The ETF tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, which emphasizes high-dividend state-owned enterprises, with the top three sectors being oil and petrochemicals (29.7%), telecommunications (21.2%), and transportation (13.5%) [2]. Group 4: Fund Details - The Hong Kong Stock Connect Dividend ETF (520900) was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [3]. - The current fund managers are Huo Huaming and Lv Xin, with returns of 12.68% and 26.76% respectively during their management periods [3]. Group 5: Top Holdings - The top holdings of the ETF include China Petroleum (10.86%), China Mobile (10.32%), and China Shenhua (9.70%), with significant market values for each [4]. - Investors focused on sustainable dividends and quality earnings can consider the ETF for a balanced exposure to high-dividend stocks in the Hong Kong market [4].

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF managed by GF Fund Management has shown a positive performance with a 2.07% increase in value on November 3, 2023, and a significant increase in shares issued despite a recent decline in the past 20 trading days [1] Group 1: Fund Performance - The GF Hong Kong Stock Connect Dividend ETF (520900) recorded a trading volume of 68.12 million yuan on November 3, 2023 [1] - The fund's total shares increased by 10 million to reach 1.613 billion shares, although it has seen a reduction of 29 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 1.734 billion yuan [1] Group 2: Benchmark and Returns - The performance benchmark for the GF Hong Kong Stock Connect Dividend ETF is the China Securities National State-Owned Enterprise Dividend Index return rate, adjusted for valuation [1] - Since its establishment on June 26, 2024, the fund has achieved a return of 9.21%, with a one-month return of 6.77% [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of dividend sectors such as oil and coal, which have driven related ETFs to rise against market trends, with the Hong Kong Stock Connect Dividend ETF (520900) gaining 1.33% on a single day and achieving over 14% returns year-to-date [1] - The Hong Kong Stock Connect Dividend ETF closely tracks the National State-owned Enterprises Dividend Index, which selects stable dividend-paying companies from the State-owned Assets Supervision and Administration Commission's list, reflecting the overall performance of high-dividend state-owned enterprises [1] - The National State-owned Enterprises Dividend Index focuses on traditional high-dividend and strong cyclical sectors, exhibiting significant value stock characteristics and defensive traits, with the top three industries being oil and petrochemicals, telecommunications, and transportation [1] Group 2 - According to Citic Securities, the fourth quarter of 2025 may be a critical time for bottom-fishing in dividend stocks to achieve excess returns, emphasizing the importance of valuation stabilization and the demand for steady allocation of incremental funds [2] - Long-term perspectives from Changjiang Securities indicate that dividend sectors hold greater allocation value during low interest rate periods, with excess returns of dividend assets showing a negative correlation with government bond yields, suggesting that the price potential for dividend assets is currently opening up [2]

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF managed by GF Fund Management has shown a positive performance with a recent increase in share price and trading volume, despite a decrease in shares over the past 20 trading days [1] Group 1: Fund Performance - The GF Hong Kong Stock Connect Dividend ETF (520900) rose by 0.95% on October 21, with a trading volume of 46.1164 million yuan [1] - The fund's total shares increased by 5 million, bringing the latest total to 1.576 billion shares, although it has seen a reduction of 116 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 1.657 billion yuan [1] Group 2: Benchmark and Returns - The performance benchmark for the GF Hong Kong Stock Connect Dividend ETF is the yield of the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, adjusted using the valuation exchange rate [1] - Since its inception on June 26, 2024, the fund has returned 6.76%, with a one-month return of 1.48% [1]

Group 1 - The core point of the article highlights the performance and recent trading activity of the Hong Kong Stock Connect Dividend ETF managed by GF Fund Management Co., Ltd. [1] - On September 2, the ETF (520900) experienced a decline of 0.39% with a trading volume of 90.57 million yuan [1] - The ETF's total shares decreased by 1.5 million, bringing the latest total to 1.738 billion shares, with a reduction of 19.8 million shares over the past 20 trading days [1] Group 2 - The latest net asset value of the ETF is calculated to be 1.779 billion yuan [1] - The performance benchmark for the ETF is the yield of the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] - Since its establishment on June 26, 2024, the ETF has returned 3.97%, with a one-month return of 1.66% [1]

Core Viewpoint - The performance of the GF CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900) has shown a decline in both share count and total assets in 2024, indicating potential liquidity concerns and investor sentiment shifts [1][2]. Fund Overview - The GF CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900) was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of August 18, 2024, the fund had a total of 1.85 billion yuan in assets and 1.783 billion shares outstanding, reflecting a decrease of 28.83% in shares and 20.24% in total assets since December 31, 2024 [1]. Liquidity Analysis - Over the past 20 trading days, the ETF has recorded a cumulative trading volume of 1.933 billion yuan, averaging 96.63 million yuan per day [1]. - Year-to-date, the ETF has seen a total trading volume of 15.865 billion yuan, with an average daily trading volume of 104 million yuan across 153 trading days [1]. Fund Management - The current fund managers are Huo Huaming and Lü Xin, with Huo managing the fund since June 26, 2024, achieving a return of 5.23%, while Lü has managed it since April 30, 2025, with a return of 18.36% [2]. Top Holdings - The ETF's major holdings include China Mobile (10.90%), China Petroleum (10.62%), COSCO Shipping Holdings (9.72%), CNOOC (9.09%), China Shenhua Energy (8.14%), Sinopec (7.71%), China Telecom (4.89%), China Unicom (3.71%), China Merchants Bank (2.64%), and China Coal Energy (2.59%) [2][3].