Core Insights - The Hang Seng High Dividend Yield Index increased by 0.22% as of October 21, 2025, with notable gains from stocks like Bosideng (up 6.22%) and China Pacific Insurance (up 3.15%) [3] - The CSI Dividend Index fell by 0.38%, with Wujin Stainless Steel leading gains at 5.51% while Yanzhou Coal Mining led losses at 4.45% [6] - The A-share market opened slightly higher but faced a pullback, with major indices closing up but showing a bearish candlestick pattern [7] Market Performance - The Hang Seng High Dividend ETF (513690) rose by 0.45%, reaching a latest price of 1.11 CNY, with a 1-week cumulative increase of 3.09% [3] - The Dividend ETF (515890) decreased by 0.47%, with a latest price of 1.48 CNY and a 1-week cumulative increase of 1.78% [6] - The Large Cap Growth ETF (159203) surged by 1.94%, with a latest price of 1.31 CNY and a 3-month cumulative increase of 22.32% [6] Economic Data - The actual GDP growth for Q3 2025 was 4.8%, down from 5.2% in the previous quarter, indicating increased internal economic pressure [7] - Retail sales in September grew by 3%, a decrease from 3.4% previously, while fixed asset investment saw a decline of 0.5% year-on-year [9] Investment Trends - There is a noted calendar effect for dividend assets entering Q4, with significant excess returns observed in December, January, and April [8] - The market is currently experiencing a style shift, with a focus on "countermeasures + hedging" themes due to external uncertainties [8] Fund Performance - The latest scale of the Hang Seng High Dividend ETF reached 5.628 billion CNY, marking a one-year high, with a total of 5.134 billion shares outstanding [10] - The fund has seen continuous net inflows over the past week, with a peak single-day net inflow of 49.21 million CNY, totaling 180 million CNY in net inflows [10]

截至2025年10月16日 13:06，恒生港股通高股息率指数上涨0.45%，成分股中煤能源上涨5.71%，东方海外国际上涨2.52%，中远海控上涨2.49%，兖矿能源上 涨2.19%，中国宏桥上涨2.08%。港股红利ETF博时(513690)上涨0.64%， 冲击3连涨。最新价报1.09元。拉长时间看，截至2025年10月15日，港股红利ETF博 时近1周累计上涨1.97%。 流动性方面，港股红利ETF博时盘中换手2.78%，成交1.54亿元。拉长时间看，截至10月15日，港股红利ETF博时近1周日均成交2.64亿元。 流动性方面，大盘成长ETF盘中换手9.79%，成交151.82万元。拉长时间看，截至10月15日，大盘成长ETF近1年日均成交793.43万元。 【事件/资讯】 1、2025年10月15日，国家统计局公布了2025年9月份的通胀数据：9月份居民消费价格同比-0.3%，环比+0.1%；工业生产者出厂价格同比-2.3%，环比持平。 2、2025年10月15日，央行公布2025年9月金融统计数据：9月，社融新增3.5万亿，人民币贷款新增1.3万亿；9月末，社融规模存量同比增长8.7%，M2同比增 ...

Market Performance - The Hang Seng High Dividend Yield Index increased by 0.30% as of October 15, 2025, with notable gains from Wan Zhou International (up 2.72%) and China Ping An (up 2.64%) [3] - The Hong Kong Dividend ETF (博时, 513690) rose by 0.19%, reaching a latest price of 1.08 CNY, with a cumulative increase of 1.13% over the past week [3] - The CSI Dividend Index experienced a slight decline of 0.01%, with mixed performance among constituent stocks [5] - The Large Cap Growth ETF (159203) decreased by 0.39%, with a latest price of 1.29 CNY, but showed a cumulative increase of 2.54% over the past month [5] Liquidity and Trading Volume - The Hong Kong Dividend ETF had a turnover of 2.01% and a transaction volume of 1.09 billion CNY, with an average daily transaction volume of 2.66 billion CNY over the past week [3] - The Large Cap Growth ETF recorded a turnover of 4.49% and a transaction volume of 679,800 CNY, with an average daily transaction volume of 802.88 million CNY over the past year [7] Economic Insights - A recent meeting emphasized the need to expand domestic demand and strengthen the domestic circulation to create new growth points [8] - The upcoming important meeting in late October is a critical time for the 14th Five-Year Plan, focusing on self-sufficiency and expanding domestic consumption [9] Market Sentiment and Trading Logic - On Monday, the market opened lower but closed higher, driven by optimistic expectations regarding trade negotiations, contrasting with the more cautious sentiment observed on Tuesday [10][11] - The trading logic on Tuesday reflected a recognition of the complexities and potential duration of current trade conflicts, suggesting a more cautious approach to investment strategies [11] Fund Performance and Composition - The Hong Kong Dividend ETF (博时, 513690) has a latest scale of 5.362 billion CNY and a record high of 5.008 billion shares [13][14] - The ETF closely tracks the Hang Seng High Dividend Yield Index, which includes high dividend-paying stocks, with the top ten stocks accounting for 28.98% of the index [15] - The Large Cap Growth ETF tracks the National Large Cap Growth Index, with its top ten stocks representing 48.85% of the index [16]