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！ 1月28日，高股息板块爆发，港股通红利ETF广发（520900）放量上涨3.37%，成交额1.34亿元。十大重 仓股全部上涨，中国电信涨超6%，中国联通、中国海洋石油、中国石油股份等涨幅超5%。 四季度给持有人赚4831.26万元，2025年全年该基金利润为2.28亿元 近期，港股通红利ETF广发（520900）四季报出炉，数据显示，报告期初份额15.92亿份，期末份额 18.75亿份，即四季度份额增加2.83亿份，增长率17.78%。 利润方面，2025年四季度港股通红利ETF广发（520900）利润为4831.26万元，2025年全年该基金利润 为2.28亿元。 | 主要财务指标 | 报告期 | | --- | --- | | | (2025年10月1日-2025年12月 | | | 31日) | | 1.本期已实现收益 | 14,853,340.38 | | 2.本期利润 | 48,312,552.91 | | 3.加权平均基金份额本期利润 | 0.0280 | | 4.期末基金资产净值 | 1,944,244,411.55 | ...

1月26日，港股通红利ETF广发（520900）走强，截止发稿涨幅1.54%。近期港股通红利ETF广发 （520900）四季报披露，数据显示，2025年四季度港股通红利ETF广发（520900）利润为4831.26万 元，2025年全年该基金利润为2.28亿元。国金证券建议搭建"科技&资源&红利"三维结构。其中，红利 包括金融板块作为战略底仓，可增强防御性并持续提供股息回报。2026下半年若有海外降息停止、地缘 事件等干扰因素，或可动态再平衡组合权重以控制风险，或提高红利资产占比以发挥其稳定性优势。财 信证券指出，当前经济内生动能偏弱，零售信贷仍待修复，支持性货币政策基调不变，货币宽松仍是大 方向，预计低利率环境仍具备确定性。无风险利率低位及资产荒背景下，红利配置价值仍为底色，低估 值、高股息投资标的具备长期逻辑。港股通红利ETF广发（520900）及其场外联接（022719/022720） 为投资者提供了一键布局港股红利资产的便捷入口，让稳健收益与长期价值兼得。 ...

1月22日，A股三大指数探底回升全线上涨，截止收盘，港股通红利ETF广发（520900）涨1.55%，成交 额8586万元。浙商证券表示，以红利板块为代表的权重股目前估值仍处于历史较低水平，这既反映了人 民币升值带来的资产重估潜力，也体现了其在经济结构转型过程中盈利稳定性的防御价值。国金证券认 为，港股红利板块可作为长期战略底仓，可增强防御性并持续提供股息回报。方向建议关注低估值央国 企，非银等。2026上半年长端利率低位震荡结合海外宽松延续，南向资金与险资等长线资金持续增配， 港股红利相对A股的股息优势仍在，具备估值回升与稳定现金回报的双重基础。港股通红利ETF广发 （520900）及其场外联接（022719/022720）为投资者提供了一键布局港股红利资产的便捷入口，让稳 健收益与长期价值兼得。 ...

Group 1 - The core viewpoint of the article highlights the performance of the Hong Kong Stock Connect Dividend ETF managed by GF Fund Management, which saw a slight increase of 0.78% on January 9, with a trading volume of 65.7485 million yuan [1] - The fund's total shares decreased by 7.5 million, bringing the latest total to 1.866 billion shares, with a reduction of 16 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.946 billion yuan [1] Group 2 - 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 establishment on June 26, 2024, the fund has returned 6.93%, while its return over the past month has been -1.46% [1] - The fund is managed by GF Fund Management Company, with fund managers being Huo Huaming and Lü Xin [1]

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF managed by GF Fund Management experienced a decline of 0.87% on December 29, with a trading volume of 98.86 million yuan, indicating a reduction in shares and a slight decrease in recent performance [1] Group 1: Fund Performance - The latest net asset value of the GF Hong Kong Stock Connect Dividend ETF is 1.979 billion yuan [1] - Since its inception on June 26, 2024, the fund has achieved a return of 6.16% [1] - Over the past month, the fund has reported a return of -3.29% [1] Group 2: Share and Trading Activity - On December 29, the fund's shares decreased by 1 million, bringing the total shares to 1.912 billion [1] - In the last 20 trading days, the fund's shares have increased by 17.8 million [1] - The fund's performance benchmark is the China Securities National New Hong Kong Stock Connect Central Enterprise Dividend Index [1]

Core Viewpoint - The article highlights the increasing attractiveness of dividend assets in the current volatile market, emphasizing the benefits of the Guangfa Hong Kong Stock Connect Dividend ETF (520900) as a tool for investors seeking stable returns [2][4]. Group 1: Market Environment - The A-share market experienced a significant rise, with the Guangfa Hong Kong Stock Connect Dividend ETF (520900) showing a 0.65% increase and a trading volume of 39.94 million yuan as of November 25 [1]. - From October 13 to November 21, the ETF saw continuous net subscriptions for six weeks, with its circulating scale increasing from 1.581 billion yuan to 1.852 billion yuan, representing a growth rate of 17.14% [1]. Group 2: Dividend Strategy - The current macroeconomic environment supports the effectiveness of dividend strategies, with the 10-year government bond yield dropping from 3.2% in 2021 to 1.75% as of November 3, 2025, marking a historical low for risk-free rates [2]. - The anticipated annual dividend amount for A-shares in 2024 is projected to reach a record high of 2.34 trillion yuan, driven by policies encouraging companies to enhance dividend payouts [2]. Group 3: Investment Opportunities - The Hong Kong market benefits from both domestic economic fundamentals and global capital flows, with an AH premium rate of 120.12, indicating significant value for dividend stocks [3]. - The year-end period is seen as an optimal time for reallocating to dividend strategies, as institutional investors often adjust their portfolios to secure annual returns [3]. Group 4: ETF Details - The Guangfa Hong Kong Stock Connect Dividend ETF (520900) was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [6]. - The ETF tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, focusing on high-dividend state-owned enterprises, with the top three sectors being oil and petrochemicals (29.7%), telecommunications (21.2%), and transportation (13.5%) [7].

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]