Guotai Haitong CSI Hong Kong Stock Connect High Dividend QDII Annual Report Analysis: Class C Shares Surge by 218.64%, Net Assets Increase by 182.60%

Key Financial Metrics: Net Profit of 2.49M? Net asset value growth rate beats the benchmark**

Main Accounting Data: Net Assets Scale Doubles

From the effective date of the fund contract on January 14, 2025 to December 31, 2025, the Guotai Haitong CSI HK Stock Connect High Dividend Investment Index Initiation (QDII) recorded a net profit of 2,487,860.53 yuan. Of this, the profit for the period attributable to Class A shares was 913,288.10 yuan, and that attributable to Class C shares was 1,574,572.43 yuan. Total net assets at the end of the period were 28,285,704.76 yuan, up 182.60% from 10,009,000.00 yuan at the beginning of the period, with the scale achieving a doubling.

Net Asset Value Performance: Both A/C Classes Outperform the Performance Benchmark

During the reporting period, the net asset value growth rate for Class A shares was 17.53%, and for Class C shares was 17.28%, both higher than the benchmark return rate of 16.05%. The excess returns were 1.48% and 1.23%, respectively. In terms of stage performance, over the past six months, the net asset value growth for the Class A/C shares was 3.53%/3.40%, outperforming the benchmark by 2.66%, indicating that the index tracking effect is strong.

Investment Operations: High-Dividend Strategy Works Well—Hong Kong Stock Market Contributes Significantly

Investment Strategy: Fully Replicate the Index and Use the Full QDII Quota

The fund adopts a full replication method to track the CSI HK Stock Connect High Dividend Investment Index, investing in Hong Kong stocks through the QDII quota to enjoy dividend tax advantages. Hong Kong stocks performed strongly in 2025: the Hang Seng Index rose 27.77% for the year, the Hang Seng Tech Index increased by 23.45%, and net inflows from southbound capital exceeded 1.4 trillion Hong Kong dollars for the year, reaching a historic high. By sector, the materials industry led with a 161.34% increase, healthcare rose 57.24%, and high-dividend sectors such as financials and energy showed stable performance.

Stock Investment Returns: 14k? Profit from Price Spreads; Dividend Income of 1.4198 Million

During the reporting period, the fund’s total stock investment income was 2,954,100.19 yuan, including income from buying-and-selling stock price spreads of 1,534,293.99 yuan and dividend income of 1,419,806.20 yuan. Trading expenses were 126,861.33 yuan, accounting for 0.14% of the total stock transaction amount (total stock transaction amount 90,533,017.48 yuan).

Major Holdings and Sector Allocation: Financials and Energy Account for Over 50%

At the end of the period, the fair value of stock investments was 26,589,208.17 yuan, accounting for 94.00% of the fund’s net asset value. The top three holdings were Cosco Shipping Holdings (5.55%), Far East Horizon? (4.52%), and China Minsheng Banking Corp. (3.91%). By sector, financials accounted for 34.45%, energy for 16.48%, and industrial for 20.61%. Combined, these three sectors accounted for 71.54%, aligning with the high-dividend strategy positioning.

Fees and Trading: Management Fee of 106.5 Thousand; Related-Party Brokerage Commission Share 100%

Management Fee and Custody Fee: Rate Compliance, Stable Expenses

During the reporting period, the fund should pay the management fee of 106,542.07 yuan (annual fee rate 0.5%), the custody fee of 21,308.50 yuan (annual fee rate 0.1%), and the sales service fee of 16,530.24 yuan (Class C annual fee rate 0.25%). The accrual of fees complies with the provisions of the fund contract.

Trading Unit and Commission: All Trading Done by a Related Broker

The fund conducts all stock trades through the trading unit of Guotai Junan Securities (Hong Kong), with a transaction amount of 90,533,017.48 yuan and commissions paid of 27,160.93 yuan, accounting for 100% of the total commissions for the period. At the end of the period, the custodian, China Merchants Bank, and the overseas asset custodian, HSBC Bank, had deposit balances of 428,242.74 yuan and 1,465,646.42 yuan, respectively. Interest income during the period was 6,551.91 yuan and 2,048.38 yuan.

Shares and Unitholders: Class C Shares Surge 218.64%—Institutions Hold More Than Half

Changes in Shares: Total Scale Up 140.78%—Net Subscriptions for Class C Exceed 1.53M

During the reporting period, total subscription shares were 89,771,511.27 shares, total redemption shares were 75,679,699.95 shares, and net subscriptions were 14,091,811.32 shares. Of this, Class C shares increased from 5 million shares to 15.9321 million shares, with a growth rate of 218.64%; Class A shares increased from 106.5k shares to 8.1688 million shares, with a growth rate of 63.08%.

Unitholder Structure: Institutions Account for 50.49%—The Manager Holds 41.53%

At the end of the period, there were 3,616 total unitholders, with 6,665.05 shares held on average per household. Institutional investors held 12,168,430.94 shares, accounting for 50.49%; individual investors held 11,932,380.38 shares, accounting for 49.51%. It is noteworthy that the fund manager’s own capital holdings were 10,009,000.00 shares, accounting for 41.53% of the total shares, presenting a liquidity risk arising from an excessively high concentration of holdings by a single institution.

Risks and Outlook: Scarcity of Dividend Assets Becomes Prominent—Be Wary of the Risk of Large Redemptions

Manager’s Outlook: 2026 Hong Kong Stock Earnings Improve—Dividend Assets Continue to Benefit

The manager believes that in 2026, China’s economic fundamentals will improve slightly, the interest-rate-cut cycle in the U.S. Federal Reserve will continue, and expectations for Hong Kong stock earnings growth will rebound. Capital expenditure in the technology industry will translate into earnings, with higher earnings growth rates expected for the internet, discretionary consumption, and healthcare sectors. In a low interest-rate environment, high-dividend assets, due to strengthened policy support for cash dividends and their long-duration attribute, will see their scarcity highlighted. Long-term funds such as insurers and pension funds entering the market will further boost demand.

Risk Warning: Excessive Position Concentration by a Single Institution—Need to Watch Concentration of Related-Party Transactions

The fund has two key risk points: first, a single institution (the manager) holds 41.53% of the shares; if a large-scale redemption occurs, it may trigger a liquidity crisis. Second, all stock trades are conducted through the related party Guotai Junan Securities (Hong Kong), with commissions accounting for 100%, so investors should be alert to the risk of improper benefit transfer. Investors need to pay attention to share stability and trading transparency.

Conclusion: Early Indications of the Effectiveness of the High-Dividend Strategy—Long-Term Allocation Value Coexists with Risks

In its first year since inception, the Guotai Haitong CSI HK Stock Connect High Dividend QDII achieved net asset value growth of more than 17%, outperforming the benchmark. Class C shares attracted a large amount of capital inflows due to advantages from lower subscription fees. The fund tightly tracks the high-dividend index, and its allocation to sectors such as financials and energy meets the strategy positioning. During the 2025 rebound in Hong Kong stocks, it gained significant returns. Looking ahead to 2026, Hong Kong dividend assets have long-term allocation value supported by both policy and capital, but investors should be wary of liquidity risk from single unitholders and issues related to concentration in related-party transactions. Investors can consider their own risk preferences and monitor fund scale changes and control of tracking error.

Disclaimer: The market involves risk; investment requires caution. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact [email protected].

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