Core Viewpoint - The Hong Kong High Dividend ETF (159302) experienced a slight decline of 0.31% on January 7, with a trading volume of 17.1082 million yuan, indicating a stable but cautious market environment [1] Group 1: Fund Performance - The fund's total shares increased by 1.5 million, bringing the total to 121 million shares, with a notable increase of 23 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 155 million yuan [1] - Since its inception on August 23, 2024, the fund has achieved a return of 28.11%, while the return over the past month has been -5.84% [1] Group 2: Management and Benchmark - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - The performance benchmark for the fund is the China Securities Hong Kong Stock Connect High Dividend Investment Index Return (adjusted for valuation exchange rates) [1]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a positive performance with a year-to-date increase in scale despite a slight decrease in shares outstanding, indicating strong investor interest in high dividend yielding assets [1][2]. Group 1: Fund Performance - As of December 15, the Hong Kong High Dividend ETF (159302) closed up 0.38% with a trading volume of 13.0572 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Liquidity - As of December 12, the latest share count for the fund was 10.3 million shares, with a total size of 136 million yuan [1]. - Compared to December 31, 2024, the fund's shares decreased by 5.06%, while its size increased by 12.53% [1]. - Over the last 20 trading days, the cumulative trading amount was 351 million yuan, with an average daily trading amount of 17.5693 million yuan [1]. - Year-to-date, the cumulative trading amount reached 3.056 billion yuan, with an average daily trading amount of 13.23 million yuan [1]. Group 3: Fund Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 31.65% during his tenure [2]. - Major holdings include COSCO Shipping Holdings (7.63%), Yancoal Australia (5.59%), and Orient Overseas International (5.05%), among others, with significant positions in various sectors [2].

Group 1 - The Hong Kong High Dividend ETF (159302) closed down 0.66% on December 3, with a trading volume of 19.36 million yuan [1] - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 2, 2024, the latest share count for the ETF was 95.7976 million shares, with a total size of 130 million yuan [1] Group 2 - The ETF's share count decreased by 11.95% and its size increased by 7.95% compared to December 31, 2024 [1] - Over the last 20 trading days, the ETF had a cumulative trading amount of 354 million yuan, with an average daily trading amount of 17.71 million yuan [1] - Year-to-date, the ETF has a cumulative trading amount of 2.914 billion yuan, with an average daily trading amount of 13.07 million yuan [1] Group 3 - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 36.18% during the management period [2] - The ETF's top holdings include COSCO Shipping Holdings, Yancoal Australia, and China Petroleum, with respective holding percentages of 7.63%, 5.59%, and 3.55% [2] - The total market value of the top holdings includes 8.59 million yuan for COSCO Shipping Holdings and 6.29 million yuan for Yancoal Australia [2]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has experienced a decline in both share count and scale in 2024, indicating potential challenges in attracting investor interest and maintaining liquidity [1][2]. Group 1: Fund Performance - As of November 21, 2024, the Hong Kong High Dividend ETF (159302) closed down 1.83% with a trading volume of 21.92 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Liquidity - As of November 20, 2024, the latest share count for the fund was 88.30 million shares, with a total scale of 121 million yuan [1]. - The fund's share count has decreased by 18.84% and its scale has decreased by 0.13% since December 31, 2024 [1]. - Over the past 20 trading days, the cumulative trading amount was 377 million yuan, with an average daily trading amount of 18.87 million yuan [1]. Group 3: Fund Management and Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 39.30% during his tenure [2]. - The top holdings of the fund include COSCO Shipping Holdings (7.63%), Yancoal Australia (5.59%), and Orient Overseas International (5.05%), among others, with significant positions in major companies [2].

Core Insights - The Hong Kong High Dividend ETF (159302) closed down 1.41% on November 14, with a trading volume of 14.26 million yuan [1] - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 13, 2024, the fund's latest share count was 83.30 million, with a total size of 118 million yuan, reflecting a 23.44% decrease in shares and a 2.57% decrease in size since December 31, 2024 [1] Fund Performance - The current fund manager, Zhang Yichi, has managed the fund since its inception, achieving a return of 41.98% during his tenure [2] - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1] Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a trading volume of 338 million yuan, with an average daily trading amount of 16.92 million yuan [1] - Year-to-date, the ETF has seen a total trading volume of 2.693 billion yuan, averaging 12.82 million yuan per day over 210 trading days [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (7.63% holding) - Yancoal Australia (5.59% holding) - Seaspan Corporation (5.05% holding) - Guotai Junan Securities (4.31% holding) - Orient Overseas International (4.00% holding) - Minsheng Bank (3.86% holding) - CITIC Bank (3.61% holding) - China Petroleum & Chemical Corporation (3.55% holding) - China Shenhua Energy (3.47% holding) - China Pacific Insurance (3.44% holding) [2]

Core Insights - The central viewpoint of the article indicates that the central bank's third-quarter monetary policy report suggests a policy combination of "stable total volume and structural strength," which implies a need to moderately lower expectations for significant short-term monetary policy easing, leading to a relatively calm period for policies, data, and external environments in the near term, with the market likely to continue fluctuating [1][2][5] Monetary Policy - The central bank emphasizes a scientific approach to financial total indicators, aligning social financing scale and money supply growth with nominal economic growth, while acknowledging that a slightly lower loan growth rate is reasonable [2] - The report highlights the ongoing transformation of the monetary policy adjustment framework, focusing more on price-based regulation and enhancing the linkage between interest rate adjustments on banks' assets and liabilities, thereby supporting banks in stabilizing net interest margins and broadening the counter-cyclical adjustment space for monetary policy [2] Market Performance - As of November 11, 2025, the Hang Seng Tech Total Return Index has seen a cumulative increase of 33.88% this year, while the defensive Hang Seng High Dividend Index has outperformed the tech index, with a cumulative increase of 33.07% [3][5] - The maximum drawdown for the Hang Seng High Dividend Index is only 13.56%, compared to a maximum drawdown of 30.5% for the Hang Seng Tech Index, indicating a significantly better holding experience for high dividend stocks [3][5] Investment Strategy - Given the negative correlation observed between the Hang Seng Tech and high dividend stocks since October, investors in tech stocks may consider maintaining a focus on dividend stocks to reduce portfolio volatility [3][5] - The article suggests that in the context of the global AI investment phase and the high valuations in the stock market, dividend assets may continue to outperform tech stocks for a period [5]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a slight increase in its closing price, with a notable decrease in both its share count and total size since the beginning of the year [1][2]. Group 1: Fund Performance - The Hong Kong High Dividend ETF (159302) closed at a gain of 0.15% on October 21, with a trading volume of 8.2798 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of October 20, 2024, the fund's latest share count was 84.7976 million, and its total size was 112 million yuan, reflecting a decrease of 22.06% in share count and 7.17% in total size since December 31, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF was 21.8 million yuan, with an average daily trading amount of 10.8783 million yuan [1]. - Since the beginning of the year, the ETF has recorded a cumulative trading amount of 2.371 billion yuan over 192 trading days, averaging 12.348 million yuan per day [1]. Group 3: Fund Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 30.94% during his tenure [2]. - Major holdings in the ETF include China COSCO Shipping, Yancoal Australia, and China National Offshore Oil, with respective holding percentages of 8.68%, 6.17%, and 3.19% [2].

Core Insights - The Hong Kong High Dividend ETF (159302) closed up 1.30% on October 16, with a trading volume of 14.12 million yuan [1] - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 15, 2024, the fund's latest share count was 84.80 million, with a total size of 111 million yuan, reflecting a decrease of 22.06% in shares and 8.55% in size since December 31, 2024 [1] Fund Performance - The current fund manager, Zhang Yichi, has managed the fund since its inception, achieving a return of 28.93% during his tenure [2] - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index [1] Holdings Overview - Major holdings in the fund include: - COSCO Shipping Holdings (8.68% of holdings) - Yancoal Australia (6.17%) - Seaspan Corporation (4.28%) - Orient Overseas International (4.23%) - Minsheng Bank (4.22%) - CITIC Bank (4.07%) - China Petroleum (3.41%) - Guotai Junan Securities (3.41%) - Agricultural Bank of China (3.30%) - CNOOC (3.19%) [2]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2]. Fund Overview - The Hong Kong High Dividend ETF (159302) was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 10, 2024, the fund's latest share count is 87.8 million, and the total asset size is 117 million yuan [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index return (adjusted for valuation exchange rate) [1]. Performance Metrics - Year-to-date, the fund has seen a 19.30% decrease in share count and a 3.14% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount is 217 million yuan, with an average daily trading amount of 10.84 million yuan [1]. - Since the beginning of the year, the cumulative trading amount over 170 trading days is 2.135 billion yuan, with an average daily trading amount of 12.56 million yuan [1]. Fund Management - The current fund managers are Li Yixuan and Zhang Yichi, both managing the fund since its inception, with a return of 33.32% during their tenure [2]. Top Holdings - The top holdings of the fund include: - COSCO Shipping Holdings: 8.68% of the portfolio - Yancoal Australia: 6.17% - Seaspan Corporation: 4.28% - Orient Overseas International: 4.23% - Minsheng Bank: 4.22% - CITIC Bank: 4.07% - China Petroleum: 3.41% - Guotai Junan: 3.41% - Agricultural Bank of China: 3.30% - CNOOC: 3.19% [2][3].

Core Viewpoint - The Hong Kong stock market is currently experiencing a key phase of performance verification and policy negotiation, with a focus on high dividend stocks as a favorable investment opportunity due to their absolute and relative returns [1][2]. Group 1: Market Performance - The Hong Kong high dividend ETF (159302) tracked an index that rose 0.11% today, with real-time trading volume exceeding 11 million [1]. - On March 24, 2025, the Hong Kong market showed narrow fluctuations, with high dividend stocks outperforming the technology sector [1]. - Notable performers among high dividend stocks included COSCO Shipping Holdings and China Shenhua Energy, both rising over 2%, while several banks and investment firms saw increases of over 1% [1]. Group 2: Investment Value - The high dividend sector is recognized for its stability and attractiveness across different market environments, particularly as it begins to attract risk-averse capital amid increasing uncertainties in overseas markets [2]. - Historical data indicates that the high dividend sector typically outperforms other sectors from mid-February to the end of April, providing additional confidence for investors [2]. - The current macroeconomic environment, including the impact of declining interest rates on insurance capital investment returns, enhances the valuation advantage of high dividend stocks, which offer stable cash flows and protection during market volatility [2]. Group 3: Product Focus - The Hong Kong high dividend ETF (159302) focuses on high dividend leading stocks within the Hong Kong Stock Connect, primarily concentrated in the financial and energy sectors [1]. - The ETF is currently trading at a discount of 0.65%, highlighting its cost-effectiveness in the market [1]. - Expectations of a dividend tax reform related to the Hong Kong Stock Connect may further benefit high dividend assets, as the premium of AH shares continues to rise [1].