Institution: Certainty of High Dividends from Central SOEs Highlights, China Central SOE Dividend ETF GF (560700) Rises 0.88% Intraday

NewTimeSpace News: As of 14:44 on January 20, 2026, the CSI Guoxin Central SOE Shareholder Return Index (932039) surged 1.01%. Its constituent stocks included Luxi Chemical (up 8.51%), Beijing New Building Materials Group (up 5.58%), Poly Development (up 4.47%), as well as Inner Mongolia Huadian and Sinoma International, which followed the upward trend. China Central SOE Dividend ETF GF (560700) rose 0.88% to RMB1.14. Over a longer period, as of January 19, 2026, the ETF had gained 1.25% cumulatively in the past two weeks. (The stocks listed above are only index constituents and do not constitute specific recommendations.)

In terms of liquidity, the intraday turnover rate of China Central SOE Dividend ETF GF was 6.04% with a trading volume of RMB27.2972 million. Over a longer period, as of January 19, the average daily trading volume of the ETF in the past year was RMB18.0299 million, ranking first among comparable funds.

As of January 19, the net value of China Central SOE Dividend ETF GF had risen 40.22% in the past two years, ranking first among comparable funds. In terms of profitability, as of January 19, 2026, since its establishment, the ETF has achieved a maximum monthly return of 16.16%, the longest consecutive monthly gain period of 5 months with a cumulative increase of 15.03%, a ratio of rising to falling months of 16:15, an average monthly return of 3.64% in rising months, an annual profit percentage of 100.00%, and a 100.00% profit probability for a 2-year holding period. As of January 19, 2026, the ETF's annualized excess return over the benchmark in the past year was 4.90%, ranking 1st out of 3 comparable funds.

As of January 16, 2026, the Sharpe ratio of China Central SOE Dividend ETF GF in the past year was 1.30, ranking 1st out of 3 comparable funds, with the highest return under the same risk level.

In terms of drawdown, as of January 19, 2026, the ETF's maximum drawdown since the beginning of the year was 1.24%, with a relative benchmark drawdown of 0.01%, the smallest among comparable funds.

In terms of fees, the ETF's management fee rate is 0.50% and the custodian fee rate is 0.05%, the lowest among comparable funds.

China Central SOE Dividend ETF GF closely tracks the CSI Guoxin Central SOE Shareholder Return Index. Customized by Guoxin Investment Co., Ltd., this index mainly selects 50 listed company securities under the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) with a high ratio of total cash dividends or repurchases to total market capitalization as index samples, aiming to reflect the overall performance of listed companies themed around central SOE shareholder returns.

Data shows that as of December 31, 2025, the top 10 constituent stocks by weight of the CSI Guoxin Central SOE Shareholder Return Index (932039) were COSCO Shipping Holdings, China Shenhua Energy, COFCO Sugar Industry, PetroChina, Sinopec, CNOOC, Sinotrans, China Merchants Bank, Baoshan Iron & Steel, and Sichuan Meifeng, accounting for a total of 32.51% of the index weight. (The stocks listed above are only index constituents and do not constitute specific recommendations.)

SINOLINK SECURITIES stated that since 2020, the overall dividend scale of A-shares has continued to soar. Central SOE listed companies have accumulated dividends exceeding RMB4.4 trillion in the past four years, accounting for about 50% of the total A-share dividends for a long time. During the strong regulatory period of 2024-2025, the number of companies with two or more dividends per year has surged from less than 200 before the epidemic to more than 870, showing a significant trend of regularized and institutionalized dividends. At the same time, the decline in capital expenditures and the improvement in operating cash flow have led to the systematic release of "free cash flow dividends" in mature industries, which, combined with policy assessments, have formed a superimposed effect, providing a certain supply for stable high dividends.

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