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]

Market Performance - The Hang Seng High Dividend Yield Index increased by 0.45%, with notable gains from China Coal Energy (+5.71%) and Orient Overseas International (+2.52%) [3] - The Hong Kong Dividend ETF (513690) rose by 0.64%, marking a three-day consecutive increase, with a latest price of 1.09 CNY [3] - The CSI Dividend Index fell by 0.01%, with Shannxi Coal and Chemical Industries leading the gainers at +2.98% [5] - The Hong Kong Dividend ETF (515890) increased by 0.34%, with a latest price of 1.48 CNY [5] - The Large Cap Growth ETF (159203) rose by 0.61%, with a latest price of 1.32 CNY [5] Liquidity and Trading Volume - The Hong Kong Dividend ETF (513690) had a turnover rate of 2.78% and a trading volume of 154 million CNY [3] - The Large Cap Growth ETF had a turnover rate of 9.79% and a trading volume of 1.5182 million CNY [7] - The Hong Kong Dividend ETF (515890) recorded a trading volume of 11.5241 million CNY [5] Economic Indicators - In September 2025, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, while the Producer Price Index (PPI) fell by 2.3% [8] - New social financing in September was 3.5 trillion CNY, with a year-on-year growth rate of 8.7% [8] - M2 growth rate decreased to 8.4%, while M1 growth rate increased to 7.2% [9] Investment Insights - High dividend strategies are viewed as a balanced approach in the current Hong Kong market environment, with a shift from offshore to onshore market dynamics [9] - The fourth quarter of 2025 may present a key opportunity for bottom-fishing in dividend stocks, as pessimistic expectations may have been fully priced in [9] - The Hong Kong Dividend ETF closely tracks the Hang Seng High Dividend Yield Index, which reflects the performance of high dividend securities available through the Hong Kong Stock Connect [13] Fund Performance - The latest size of the Hong Kong Dividend ETF (513690) reached 5.451 billion CNY, with a record high of 5.044 billion shares [11][12] - The fund has seen continuous net inflows over the past four days, totaling 80.9743 million CNY [12]

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]