中证港股通非银ETF投资价值分析：政策托底与红利护航下的配置机遇

www.chinastock.com.cn 駩⯟煝疵䫟⼴ 騟ⲏ䖪꭛騣婞倁劅⻑溸╚㎼ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻 侓瞬䩬䍐┱绞⯈䫞薨┬溸ꏕ翞勨ꆱ ——╚駩艧ꄽ긌ꧼ ETF 䫌鰑⚃⡽⮕卥 2025 䌑 06 劓 15 傽 呦䖦間掾 l 艧ꄽ긌ꧼ䭰俚1㕈续⟥䛉♣焺 931024.CSI2017 䌑 11 劓 6 傽⹿䉘㕈傽 2014 䌑 11 劓 14 傽㕈掾 3000 掾ն2䧯⮕艧ꄑ⺆♈艧ꄽ駩⯟╚ꄑ⺆긌ꧼ鉿ꓭ鄌全뀨劅㝃 50 㵶⪫⺶䓝⯼ 34 ⺢帏漺受ꯟյ駩⯟յ㝃⩧ꓭ鄌瞏鉿╃ն3罒⯜做䑑ꓠ氠蔦氮嵤ꄽ䉗⡽Ⲏ勶嬓⶯䌑騫俠呤续ն l 鉿╃⹴䉗⡽⮕䉘鉿╃全锢臔撌◟受ꯟյ㝃⩧ꓭ鄌⾕駩⯟瞏긌ꧼꓭ鄌呦䖦뀖意ն駩⯟˼鉿╃劔 14 㵶受ꯟ˼鉿╃ 9 㵶㝃⩧ꓭ鄌鉿╃ 8 㵶䨼㐌分䐷⹿յ尸鿕纳ⲏ⾕鿞⚂䐷⹿鉿╃⻄劔  㵶ն䉗⡽1000 ☳⹴♨┪䉗⡽䧯⮕艧 12 ⺢♨눥☆儅䨿յ⹵ꊝ受ꯟ瞏봅㝧╬♣銩㸰◟ 100 ☳䉗⡽䧯⮕艧 5 ⺢100-599 ☳瞏ⶔꭊ⮕䉘潸㸉性⴦600-699 ☳ⶔꭊ傱䧯⮕艧ն l ╃缥㸉嬠蔦  䌑♨缺䨗蔸  䌑  劓  傽艧ꄽ긌ꧼ䭰俚箕駉侅漩椚 .%ն㶄㕈䭰俚┱艧ꄽ  溸 .%㕈续䭦䌐兇詇둛◟䚔气䭰俚溸 .%ն⻎稝䭰俚汻⛽◟艧ꄽ⫐㐌ꓭ鄌䭰俚 .%ն l 㲳鉿╃㕈勔긖1侓瞬㸍⻔蔦  䌑  劓  傽ꓭ鄌佻䭦缋嵴둛鯵ꓪ⹿㺥┞䴗㲳侓瞬⮃⺬♨缺漳硅ꌄꬾ䭦缩䲀⮃┞笡⮬甯鰑续䉗㐙溸侓瞬䲃类╬긌ꧼ升㑊⮱ꅐ◗劔⯈溸侓瞬楒㘷ն受ꯟ鉿╃㐃⛽⯈椚楒㘷┬勶漩鰑分ꏕ翞嬠❛溸䳀둛㸞兇詇侊ㄌ䫌鰑侅漩椚⺖Ⲏ受鰆侅⪝䭦缩㎈凈䊎缺溸閕埛侞䍎뀔駉㸞䊎Ⲙ受ꯟ鉿╃俠匀漥⯈寊䌐䳀ⶬն杅⯋儱㐃漳硅ꌄꬾ믈Ⲥ╚ꪍ劻鰑ꓭ⪝䉗溸侓瞬佻䭦┬ꯟ鰑ꄽꁩ⚳勶漩鰑分ꏕ翞缏卐劔労㵄⻓䫌鰑侅漩溸甯婢㙨ꪍ♈脯䲀Ⲙ鉿╃漥⯈뀔劻䭦缩⻔㟲ն駩⯟鉿╃㐃䫌鉿յ缋绦յ⟥氠瞏⚿缛╃ⲏ缏卐䙎㎈凈溸䊎Ⲙ┬⺖Ⲏ䉗㐙嵛鳢䍳䳀ⶬ䊎缺溸蔦觝╃ⲏ勨⚷駩⯟鉿╃俠匀漥⯈寊䌐劔労㵄⻓甯婢䳀ⶬն l ⪾㜜┪巹疿ꭊ1䉗㐙⸉⺮俚䰕兇獏艧┱耘⩧䭰俚⹴耘⡺⯈椚⼯⻓兇詇鯬潸⪸⪸笡脯갫濫耘㎼缋嵴兇⻓泹鿞ꃥ骮耘⩧⹴耘⡺⯈椚劔労鱂䒙ꂘ㸞╬艧⛓⡽⟶㜩⮱ꅐ劔⯈匜⚂ն㎼⫐閗閤4 劓侓岖㹾⚷駖⾕㎼假ⲋ侓瞬銩䘒性ꓤ侒⮃僻燛溸甯鰑续䉗㐙⟥⺵侓瞬佻䭦ⲇ䍳Ⲏ㝕㸞╬艧⚕╃漥⯈侊ㄌ䳀❵劔ⲇ佻临ն2⛓⡽䨗蔸 2025 䌑 6 劓 11 傽艧ꄽ긌ꧼ䭰俚䉗⬥椚0.99 ⠩㜘◟ 10 䌑 66.46%⮕⛻掾ն┯鳉 1 ⠩䉗⬥椚㴼⚃僻兇⛽⛓ꗞ◟긌ꧼ鉿╃㕈续긖绪䛔艧ꄽ긌ꧼ䭰俚溸⛓⡽┱⫐㐃⚃⡽⢟瑠⪾㜜⟶㜩愗ⲇն3漥⯈2025յ2026 ⹴ 2027 䌑溸嬓艧侅漩뀔嵱⮕⯋╬ 5.09 ⩧յ5.64 ⩧ 6.44 ⩧⪾㜜鿲点溸漥⯈⟶㜩茤ⲇն4艧䛉䨗蔸 2025 䌑 6 劓 11 傽艧ꄽ긌ꧼ䭰俚艧䛉椚ꁒ 3.18%脯⻎劻⫐㐌긌ꧼꓭ鄌䭰俚艧䛉椚☹ 1.95%ն㐃⛽⯈椚楒㘷┬艧ꄽ긌ꧼ䭰俚㐃绞⯈㺲䙎┪⪾㜜痓⮃⚳ⲹն l 䌦⹿╚駩艧ꄽ긌ꧼ鉿ꓭ鄌╭뀨 ETF騍㕈ꓭ儱潨⯼⪢䉗㐙め┞┞⺢鴋鶅╚駩艧ꄽ긌ꧼ鉿ꓭ鄌全뀨䭰俚溸 ETF 分⿣ն氮䌦⹿㕈ꓭ⹿鉿䧯皒◟ 2023 䌑11 劓 10 傽䌔◟䓝劓 27 傽婞䑑┪䉗☆儅氮羻㎼䌳⾕剺┿㴔═⛻㕈ꓭ缋槏⪴⻎硅槏ն分⿣䳀❵ A 稝020500⾕ C 稝020501═璀臅䱹㕈ꓭꄑ䭃ն䨗蔸 2025 䌑 6 劓 12 傽騍㕈ꓭ嵤ꄽ閕埛䉂ꁒ 25.81 ☳⩧ն䐮駖⪸峜䌦⹿╚駩艧ꄽ긌ꧼ鉿ꓭ鄌全뀨 ETF♣焺513750.OFն l 낊ꯟ䳀獏嶯㜾ꮴ䛉┯燛㴼낊ꯟ杅组册假侓瞬┯燛㴼낊ꯟ㐌罔㎌筷䪑Ⲙ낊ꯟ䉗㐙䝠缦┯甯㴼낊ꯟ㎼⫐侓瞬訒㐌侞卸┯⹴뀔劻낊ꯟն ⮕卥䉞 匤鱪 (010-8092-7696 *yangchao_yj@chinastock.com.cn ⮕卥䉞溫駘罒焺S0130522030004 潸⪸煝疵 2025-06-10:甯㴼䉕嚤䗼䫌鰑㺥労 2025-05-29┪䉗⪫⺶䌔鯺ꓨ缀ꁹ匡〘◲假⺈ 2025-05-21⛽⯈椚僓♣姚嵌鰑分ꏕ翞⼅獏 2025-05-12⪸瓭罏⾕⟥⺵┬〘◲升㑊劔労⺇漩 2025-05-08耘臅⥈ 5 劓駖䛉⚷駖掾駬䫟⼴㐃ꄽ芤┱銻ꃹ뀔劻▇ꭊ耘臅⥈㠁✇䪹䭃 2025-05-07⪸ꨴ僓ꭊ虹掾溸⹿䉘⚷┞䴗㲳ꓭ鄌侓瞬甯䉗㐙甯뀔劻 2025-05-05䌑䫟⾕┞㳌䫟劔〘◲☗掾 2025-05-04◩┞⢏劻◜⚂唯槏⹴䉗㐙㺥労 2025-04-254 劓╚㝠侓岖㹾⚷駖闌騣䭦缩甯㴼⾕嵛鳢鰑续䉗㐙臔撌〘◲做긖 2025-04-24⪫Ⳬ㕈ꓭ┞㳌䍳䭦♎ꓤ侒〘◲⟥⺵ 2025-04-08╚㎼曬䌐⬮㕈ꓭ埭疿⮃┿䳀䮵䉗㐙⟥䖦 2025-04-08寤ꓭ⪝䉗㑏㴼澚㝃 2025-04-06艧 2025 䌑◝㳌䍳䫌鰑㺥労♈⛓⡽⟶㜩⯒漥⯈⩽⻓ 2025-04-03㸉瞏⪸瓭⬐⮄䉗㐙ꏕ翞뀔劻 2025-04-032025 䌑◝㳌䍳 A 艧䫌鰑㺥労낊呬⮘䰄㐭銝ꏕ翞 2025-03-23艧䉗㐙 2025 䌑♨匡鉿䝠䬏闌 2025-03-23╅ⶬ锟訒呦䖦⢏駦劔〘◲ 2025-03-20耘臅⥈ 3 劓駖䛉⚷駖掾駬耘臅⥈䭶┬罥銩⭀ꅌꨴ3 劓⬑駖㠁✇ꓨ㗛鰑分㴼⚃ꆒꀀ 2025-03-17վ䳀䮵巆鰆┺뀉鉿Ⲙ做呿տ闌騣巆鰆愗ⲇꓤ侒䭰䑜䫌鰑做⻔ 騟ⲏ䖪꭛騣婞倁劅⻑溸╚㎼ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻ն 1 潨䓡 Catalog ┞յ 艧ꄽ긌ꧼꓭ鄌⚃⡽⮕卥 ..................................................................................................................  ┞ 㴥間缋嵴䓺ⲹ .................................................................................................................................  ◝ 㕈勔⟥䛉 .......................................................................................................................................  ┩ 䉗⡽勶ꓨ .......................................................................................................................................  ㎃ ⛓⡽寊䌐 ...................