风险提示："中证国有企业红利指数(000824)由中证指数有限公司（"中证"）编制和计算，其所有权归属 中证及/或其指定的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任 何明示或暗示的担保，不因标的指数的任何延迟、缺失或错误对任何人承担责任（无论是否存在过 失）。中证对于跟踪标的指数的产品不作任何担保、背书、销售或推广，中证不承担与此相关的任何责 任。"本基金为被动投资的交易型开放式指数基金，主要采用完全复制策略，跟踪标的指数市场表现， 具有与标的指数所表征的市场相似的风险收益特征。投资者投资于本基金面临标的指数回报与相应市场 平均回报偏离、标的指数波动、跟踪误差控制未达约定目标、标的指数变更、指数编制机构停止服务、 成份股停牌或退市等潜在风险。本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投 资、兑付责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利，也不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构 成对本基金业绩表现的预示和保证。投资者在投资基金前应认真阅读基金合同、招募说明书和基金产品 资料 ...

Core Viewpoint - The performance of the dividend strategy is highlighted as particularly strong in a volatile market, driven by the certainty premium of high dividend assets [1]. Group 1: Market Performance - As of February 26, 2026, the CSI State-Owned Enterprises Dividend Index rose by 0.21%, with notable increases in stocks such as CITIC Special Steel (+2.68%) and Shaanxi GuoDian (+1.60%) [1]. - The National Enterprise Dividend ETF (159515) increased by 0.34% [1]. Group 2: Investment Strategy - Longjiang Securities emphasizes that the current macroeconomic environment, characterized by a downward shift in growth and declining interest rates, enhances the value of stable cash-returning assets [1]. - The pursuit of certainty in investment styles is expected to continue, maintaining the focus on the allocation value of dividend assets [1]. Group 3: Index Composition - The CSI State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high dividend yield securities among state-owned enterprises [1]. - As of January 30, 2026, the top ten weighted stocks in the index accounted for 16.61% of the total index weight, including companies like COSCO Shipping and Shanxi Coking Coal [2].

东方证券指出，低位周期中具备红利吸引力的板块值得关注，宏观层面看，目前正处于PPI持续下行的 触底期，从市场预期角度看，PPI和行业盈利正处在低位回升的节点。在反内卷背景下有政策变化的行 业内，关注供给出清且有盈利弹性的板块，重点关注其中红利吸引力提升的板块。（文中所列示的行业 仅供参考，不预示本基金未来表现，不作为投资收益保证，也不构成对具体行业的投资建议） 国企红利ETF紧密跟踪中证国有企业红利指数，从国有企业中选取现金股息率高、分红比较稳定且有一 定规模及流动性的100只上市公司证券作为指数样本，反映国有企业中高股息率证券的整体表现。 据Wind数据显示，截至2026年1月30日，中证国有企业红利指数前十大权重股分别为中远海控、潞安环 能、西部矿业、山煤国际、恒源煤电、平煤股份、山西焦煤、兖矿能源、陕西煤业、华阳股份，前十大 权重股合计占比16.61%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况 不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场 有风险，投资需谨慎） 2026年2月11日早盘，截至11:05，中证国有企业红利指数上涨0.2 ...

Group 1 - The core viewpoint of the articles emphasizes the performance of high-dividend sectors, particularly state-owned enterprises, in the current market environment, with a focus on the potential for structural shifts in investment strategies towards companies with stable dividends and growth potential [1][2]. - The China Securities State-Owned Enterprises Dividend Index has shown a positive trend, with notable increases in constituent stocks such as Cai Bai Co., Ltd. rising by 10.02% and Zhonglian Heavy Industry by 4.05% as of February 3, 2026 [1]. - The report from Huatai Securities indicates that the risk appetite in January continued to decline, but high-dividend sectors, especially in oil, coal, and steel, performed better than in December, suggesting a marginal recovery in the allocation value of high-dividend stocks [1]. Group 2 - Guojin Securities suggests that the dividend strategy for 2026 should focus on structural shifts, moving from historical dividend ratios to identifying companies with fundamental resilience and potential for increased future dividends [2]. - The resource and traditional manufacturing sectors are highlighted as having the broadest benefits from dividend strategies, driven by factors such as overseas AI investments, manufacturing recovery, and resource protectionism in emerging markets [2]. - The China Securities State-Owned Enterprises Dividend ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, selecting 100 listed companies with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2][3].

2026年1月30日早盘，截至09:58，中证国有企业红利指数上涨0.09%，成分股菜百股份上涨4.41%，恒源 煤电上涨3.70%，中信特钢上涨3.21%，厦门象屿上涨2.39%，中信银行上涨2.08%。国企红利 ETF(159515)盘中涨超1%，现涨0.34%。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。 过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发 生变化，投资需谨慎） 消息方面，近期布伦特原油从60美元附近强势反弹至65美元之上，伴随地缘不确定性加剧，市场持续对 多个前沿的短期供应不确定性进行定价。供给方面，最近的北极寒流导致上周末美国原油日产量减少高 达200万桶，二叠纪盆地受灾最重，油井、集输系统和地面设备冻结或关停。此外，寒潮来临、电厂日 耗水平拉升，电厂库存去化，煤炭现货价格相对平稳，秦皇岛山西产Q5500动力煤价格止跌企稳，近几 日稳定在685元/吨。供给方面，随着春节临近，煤矿将陆续开始放假，短期煤炭供给较难放量。中期维 度，今年产能核增退出与内蒙古灾害治理项目政策有望逐步推出，煤炭供给有减量空间，具体需等待政 策落地情况，如果超出 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the State-Owned Enterprise (SOE) Dividend Index, with significant increases in constituent stocks such as Western Mining and China National Offshore Oil Corporation [1] - The SOE Dividend ETF (159515) has shown a 0.78% increase, with a weekly cumulative rise of 1.41% as of January 23, 2026 [1] - The liquidity of the SOE Dividend ETF is noted, with an intraday turnover of 3.65% and a transaction volume of 1.87 million yuan, alongside a monthly average transaction volume of 2.98 million yuan [1] Group 2 - According to Everbright Securities, the copper supply and demand remain tight, with processing fees hitting a historical low of -50 USD/ton, indicating high procurement tension for copper concentrate [2] - The expected fixed asset investment by the State Grid during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% year-on-year increase, which will significantly boost copper demand for power system construction [2] - Guojin Securities reports that the cargo throughput at Tangshan Port is expected to reach 242 million tons in 2025, a 4.1% year-on-year increase, emphasizing the pivotal role of state-owned ports in the energy resource supply system [2] Group 3 - The top ten weighted stocks in the SOE Dividend Index as of December 31, 2025, include COSCO Shipping Holdings, Shanxi Coal International, and others, collectively accounting for 15.63% of the index [3] - The SOE Dividend ETF closely tracks the SOE Dividend Index, selecting 100 listed companies with high and stable cash dividend rates, reflecting the overall performance of high-dividend securities among state-owned enterprises [2][3]

Group 1 - The core viewpoint of the news highlights the performance and significance of the state-owned enterprise dividend sector, particularly the fluctuation of the China Securities State-Owned Enterprise Dividend Index and the trading activity of the State-Owned Enterprise Dividend ETF [1][2] - The State-Owned Enterprise Dividend ETF has seen a notable increase in scale and shares over the past three months, with a growth of 716.87 million yuan in scale and 660.00 million shares [1][3] - The ETF closely tracks the China Securities State-Owned Enterprise Dividend Index, which selects 100 listed companies with high cash dividend yields and stable dividends from state-owned enterprises, reflecting the overall performance of high dividend yield securities [3] Group 2 - In the context of economic restructuring and industrial upgrading, state-owned enterprises are leveraging their financial strength and technological capabilities to lead in emerging industries and traditional industry transformations, particularly in new energy, high-end manufacturing, and digital economy sectors [2] - The new "National Nine Articles" policy encourages listed companies to enhance shareholder returns, resulting in a record high in the number and amount of cash dividends, providing a solid foundation for long-term investment in dividend ETFs [2] - The dividend strategy is gaining popularity among investors due to its bond-like attributes, especially in a low-interest-rate environment, making it a more attractive investment option [3]

Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.08% as of December 25, 2025, with notable gains in constituent stocks such as Xiamen International Trade (up 4.44%) and Luxi Chemical (up 3.30%) [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.26%, reflecting a growing interest in dividend-paying assets amid a favorable monetary policy environment [1][2] Market Performance - The trading volume for the National State-Owned Enterprises Dividend ETF reached 2.91% turnover with a transaction value of 1.489 million yuan, and the average daily trading volume over the past week was 4.2193 million yuan [1] - The latest scale of the National State-Owned Enterprises Dividend ETF stands at 51.0433 million yuan, with a total of 44.7866 million shares [1] Policy and Economic Environment - The People's Bank of China has reiterated its commitment to maintaining a moderately loose monetary policy, which is expected to positively influence market sentiment [1] - The decline in the risk-free interest rate is expected to enhance the attractiveness of dividend assets, supported by ongoing policy improvements aimed at strengthening the quality and market capitalization management of listed companies [2] Investment Outlook - According to Kaiyuan Securities, the performance of dividend stocks is anticipated to outperform in 2026 compared to 2025, driven by improved relative valuations, easing pressure on cyclical earnings, and a shift in funding preferences towards high-dividend assets [2] - The National State-Owned Enterprises Dividend Index reflects the overall performance of high-dividend securities selected from state-owned enterprises, focusing on those with stable dividends and significant liquidity [2][3]

Core Viewpoint - The news highlights the performance of the China Securities State-Owned Enterprises Dividend Index and the related ETF, indicating a positive trend in the market driven by government policies and stable coal supply and demand dynamics. Group 1: Index Performance - As of December 18, 2025, the China Securities State-Owned Enterprises Dividend Index increased by 0.65%, with notable gains from stocks such as Yanzhou Coal Mining (up 2.65%) and Shandong Publishing (up 2.41%) [1] - The National State-Owned Enterprises Dividend ETF (159515) rose by 0.53% during the same period [1] Group 2: Trading and Liquidity - The average daily trading volume of the National State-Owned Enterprises Dividend ETF reached 3.136 million yuan over the past week [1] - The ETF's scale grew by 2.7392 million yuan over the last two weeks, indicating significant growth [1] - The number of shares for the ETF increased by 3.6 million shares in the same timeframe [1] Group 3: Coal Market Dynamics - The national coal policy for 2025 focuses on supply assurance and quality improvement, with measures to enhance supply resilience and promote technological upgrades in coal and power sectors [1][2] - Domestic coal production growth is expected to slow, with a projected 10% decrease in imports due to policy and cost factors [2] - The demand for electricity is anticipated to remain stable, with a 7.3% year-on-year increase in power generation in October [2] Group 4: Investment Insights - According to a report by招商证券, the combination of supply assurance and price stability, along with controlled production and quality improvements, is expected to support a stable coal market [2] - The investment focus for the sector can be considered from both dividend and cyclical perspectives [2] - The China Securities State-Owned Enterprises Dividend Index tracks 100 listed companies with high and stable cash dividend yields, reflecting the overall performance of high-dividend securities in state-owned enterprises [2]

Group 1 - The core viewpoint of the news is that the State-owned Enterprise Dividend Index has shown positive performance, with significant increases in specific constituent stocks, indicating a favorable environment for dividend-paying stocks [1][2]. - As of December 15, 2025, the State-owned Enterprise Dividend Index rose by 0.56%, with notable stock performances including COFCO Sugar rising by 9.99% and Shanxi Coal International by 4.00% [1]. - The State-owned Enterprise Dividend ETF (159515) also experienced an increase of 0.53%, reflecting strong investor interest in dividend-paying assets [1][2]. Group 2 - The liquidity of the State-owned Enterprise Dividend ETF has improved, with an average daily transaction volume of 2.7164 million yuan over the past month and a weekly scale growth of 2.3717 million yuan [1]. - The ETF's share count increased by 3 million shares in the past week, indicating a significant uptick in investor participation [1]. - The State-owned Enterprise Dividend Index is designed to reflect the performance of 100 listed companies with high cash dividend yields and stable dividend policies, which are selected from state-owned enterprises [2]. Group 3 - The report highlights that dividend assets are attractive in a low-interest-rate environment, appealing to risk-averse investors seeking stable returns [2]. - The manufacturing PMI showed a slight recovery to 49.2% in November, indicating improvements in both production and demand, which supports the overall economic stability [2]. - The top ten weighted stocks in the State-owned Enterprise Dividend Index account for 16.99% of the index, with companies like COSCO Shipping and Jizhong Energy among the leaders [2][4].