来源：新浪基金∞工作室 规模方面，截止2月10日，港股通红利低波ETF华泰柏瑞（520890）最新份额为8300.80万份，最新规模 为1.27亿元。回顾2025年12月31日，港股通红利低波ETF华泰柏瑞（520890）份额为9500.80万份，规模 为1.35亿元。即该基金今年以来份额减少12.63%，规模减少6.16%。 流动性方面，截止2月11日，港股通红利低波ETF华泰柏瑞（520890）近20个交易日累计成交金额5.95亿 元，日均成交金额2972.58万元；今年以来，28个交易日，累计成交金额7.75亿元，日均成交金额 2767.73万元。 港股通红利低波ETF华泰柏瑞（520890）现任基金经理为李茜。李茜自2024年9月4日管理（或拟管理） 该基金，任职期内收益52.12%。 最新定期报告显示，港股通红利低波ETF华泰柏瑞（520890）重仓股包括首钢资源、兖矿能源、兖煤澳 大利亚、恒生银行、VTECH HOLDINGS、深圳国际、工商银行、远东宏信、中国光大银行、中煤能 源，持仓占比如下。 2月11日，港红利（520890）收盘涨0.99%，成交额3723.64万元。 股票代码股票名称持仓 ...

流动性方面，截止2月9日，港股通红利低波ETF华泰柏瑞（520890）近20个交易日累计成交金额5.69亿 元，日均成交金额2844.36万元；今年以来，26个交易日，累计成交金额7.14亿元，日均成交金额 2745.25万元。 港股通红利低波ETF华泰柏瑞（520890）现任基金经理为李茜。李茜自2024年9月4日管理（或拟管理） 该基金，任职期内收益49.36%。 2月9日，港红利（520890）收盘涨0.67%，成交额4135.03万元。 港股通红利低波ETF华泰柏瑞（520890）成立于2024年9月4日，基金全称为华泰柏瑞恒生港股通高股息 低波动交易型开放式指数证券投资基金，基金简称为港红利。该基金管理费率每年0.50%，托管费率每 年0.10%。港股通红利低波ETF华泰柏瑞（520890）业绩比较基准为恒生港股通高股息低波动指数收益 率(使用估值汇率折算)。 规模方面，截止2月6日，港股通红利低波ETF华泰柏瑞（520890）最新份额为8300.80万份，最新规模 为1.26亿元。回顾2025年12月31日，港股通红利低波ETF华泰柏瑞（520890）份额为9500.80万份，规模 为1.35亿元 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has shown a slight increase in share price and has experienced a decrease in both share count and total assets year-to-date [1][2] Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 1.17% increase on February 3, with a trading volume of 49.7189 million yuan [1] - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1] - As of February 2, the fund's latest share count was 89.508 million, with a total asset size of 132 million yuan, reflecting a 5.79% decrease in shares and a 2.66% decrease in total assets since December 31, 2025 [1] Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund was 441 million yuan, with an average daily trading amount of 22.0277 million yuan [1] - In the year-to-date, the fund has recorded a cumulative trading amount of 508 million yuan over 22 trading days, averaging 23.0898 million yuan daily [1] Group 3: Fund Holdings - The current fund manager, Li Qian, has managed the fund since September 4, 2024, achieving a return of 49.36% during her tenure [2] - Major holdings in the fund include Shougang Resources (3.77%), Yancoal Australia (2.68%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2]

| 笔克远东(00752) | 2.900 | 2.960 | 1.37% | | --- | --- | --- | --- | | 东吴水泥(00695) | 9.580 | 9.990 | 1.32% | | 天虹国际集团(02678) | 5.720 | 5.720 | 1.24% | | 渣打集团(02888) | 204.200 | 204.400 | 1.19% | | 明梁控股(08152) | 0.088 | 0.088 | 1.15% | | 电能实业(00006) | 61.750 | 62.100 | 1.14% | | 太古股份公司Ａ(00019) | 77.550 | 77.600 | 1.11% | | 湾区发展(00737) | 1.900 | 1.920 | 1.05% | | 春城热力(01853) | 2.000 | 2.000 | 1.01% | | 硬蛋创新(00400) | 4.050 | 4.100 | 0.99% | | 健康１６０(02656) | 87.050 | 88.400 | 0.91% | | Ａ南方人民币(03122) | 189.800 | 18 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 深圳國際控股有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00152 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | 本月底法 ...

| 深圳国际(00152) | 9.020 | 9.130 | 2.24% | | --- | --- | --- | --- | | 中国海洋石油(00883) | 24.980 | 25.580 | 2.16% | | 中国中铁(00390) | 4.660 | 4.790 | 2.13% | | 六福集团(00590) | 33.000 | 34.500 | 2.13% | | 中国铝业(02600) | 15.030 | 15.550 | 2.10% | | 安硕恒生指数－Ｕ | 13.060 | 13.210 | 2.09% | | (09115) | | | | | 灵宝黄金(03330) | 25.280 | 26.900 | 2.05% | | 友邦保险－Ｒ(81299) | 80.800 | 80.800 | 2.02% | | 中国人寿(02628) | 35.520 | 35.960 | 1.99% | | 中国秦发(00866) | 4.180 | 4.220 | 1.93% | | 中国银行(03988) | 4.760 | 4.770 | 1.92% | | 中国平安(02318) ...

Investment Rating - The report assigns an "Overweight" rating to the highway industry [6]. Core Insights - The comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for years, with broad consensus on four key amendments. The anticipated policy optimization is expected to accelerate, with the amendment of the Highway Law serving as an important signal that could improve long-term returns in the industry [3][6]. - The demand for highway tolls is recovering, and the certainty of dividends remains prominent. The highway industry is experiencing a release of suppressed demand and expansion effects, driving significant growth in traffic volume and profitability. From the second half of 2024 to the first half of 2025, traffic volume in the highway industry is expected to remain under pressure, particularly with a year-on-year reduction in truck traffic, which contrasts with the steady growth trend in highway freight volume [6]. - The report highlights that highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth. The stability of the highway dividend policy and manageable capital expenditure pressures for expansion and reconstruction projects position the industry as a preferred choice for dividends in the transportation sector [6]. Summary by Sections Policy Revision - The "Regulations on the Management of Toll Roads" is the most important policy for the highway industry, originally enacted in 2004. It has effectively supported the rapid construction of China's highway network over the past forty years. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and accumulating debt risks [6]. - The Ministry of Transport has previously released draft amendments in 2013, 2015, and 2018, with the revision consistently appearing in annual legislative work plans. The report suggests that as a batch of highways approaches the end of their tolling period, policy optimization may accelerate [6]. - Key amendments include extending the operating period for new projects from 25 years to 30 years, allowing for extensions on reconstruction projects, introducing compensation mechanisms for reductions, and establishing a maintenance fee system based on the "user pays" principle [6]. Investment Recommendations - The report maintains an "Overweight" rating for the highway sector, suggesting that policy optimization may catalyze optimistic expectations. The industry faces reinvestment pressures due to limited operating years and ongoing business needs, making reinvestment a necessary choice. The report anticipates that policy optimization will systematically improve reinvestment risks and ensure reasonable returns on reinvestment [6]. - Recommended stocks include China Merchants Highway, Nanjing-Hangzhou Expressway, Anhui Wantuo Expressway, and Shenzhen International, with additional mentions of Sichuan Chengyu, Guangdong Expressway, Shandong Expressway, and Zhongyuan Expressway as related targets [6].

路港业务筑牢业绩基本盘，未来发展亦有看点：公司旗下高速及港口业务主要由深高速、南京西坝码头 等港口公司负责日常运营。公司收费公路及港口业务利润较为稳定，为公司盈利的基本盘，对公司利润 贡献中枢约为11 亿港元。 机构：财通证券 研究员：祝玉波 实控人为深圳市国资委，掌握湾区优质资产：深圳国际是直属深圳市国资委的交运资产管理平台，掌握 湾区优质资产。公司在发展过程中逐步建立了物流业务分部以及收费公路+大环保业务分部的业务线。 物流主业筑牢基本盘，REITs 出表及物流园转型升级打开利润弹性： 公司物流业务以物流园资产为核心载体，截至2025H1，公司在粤港澳大湾区、长三角等经济发达区域 运营物流园面积达671 万平方米。与此同时，公司以物流园资产REITs 出表及物流园转型升级持续贡献 利润：①截至2025H1，公司已有5 个项目完成REITs 出表，合计贡献归母净利润14.2 亿港元。②截至 2025H1，公司物流园转型升级业务共涉及3 个项目，分别为梅林关项目、前海项目以及华南物流园项 目。根据我们的测算，预计华南物流园项目的土地增值收益+后续售房收益有望为公司带来税后收益 136.5 亿元。 投资建议：公 ...

Investment Rating - The report assigns a "Buy" rating for Shenzhen International (00152) [2] Core Views - Shenzhen International is controlled by the Shenzhen State-owned Assets Supervision and Administration Commission and holds quality assets in the Greater Bay Area [8] - The logistics business serves as a solid foundation, with REITs spin-offs and logistics park upgrades opening up profit elasticity [8] - The toll road and port businesses provide stable profit contributions, with a central profit contribution of approximately HKD 1.1 billion [18] Summary by Relevant Sections 1. Control and Asset Management - Shenzhen International is a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on urban support development and operations [13][14] 2. Logistics Business Development - The logistics business is centered around logistics parks, with an operational area of 6.71 million square meters as of H1 2025, and a compound annual growth rate of 24.07% from 2014 to 2024 [23][24] - The company has completed the REITs spin-off for five projects, contributing a total of HKD 14.2 billion to net profit as of H1 2025 [8][38] - The logistics park projects are expected to generate significant land appreciation and development profits, with projected after-tax returns of HKD 136.5 billion from the South China logistics park project [60][62] 3. Toll Road and Port Business - The toll road and port operations are managed by subsidiaries, contributing a stable profit base with a net profit of HKD 4.9 billion in H1 2025 [65] - The company holds approximately 47.3% equity in Shenzhen Expressway, which operates 16 toll road projects with a total toll mileage of 613 kilometers [66] 4. Financial Projections - The company is projected to achieve revenues of HKD 17.06 billion, HKD 17.61 billion, and HKD 18.75 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 3.17 billion, HKD 3.47 billion, and HKD 3.53 billion [6][8]

Investment Rating - The report assigns a "Buy" rating for Shenzhen International (00152) [2] Core Views - Shenzhen International is controlled by the Shenzhen State-owned Assets Supervision and Administration Commission and holds quality assets in the Greater Bay Area [8] - The logistics business serves as a solid foundation, with REITs spin-offs and logistics park upgrades opening up profit elasticity [8] - The toll road and port businesses provide stable profit contributions, with a central profit contribution of approximately HKD 1.1 billion [18] Summary by Relevant Sections 1. Control and Asset Management - Shenzhen International is a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on urban support development and operations [13][14] 2. Logistics Business Development - The logistics business is centered around logistics parks, with an operational area of 6.71 million square meters as of H1 2025, and a compound annual growth rate of 24.07% from 2014 to 2024 [23][24] - The company has completed the REITs spin-off for five projects, contributing a total of HKD 14.2 billion to net profit as of H1 2025 [8][38] - The logistics park projects are expected to generate significant land appreciation and development profits, with projected after-tax returns of HKD 136.5 billion from the South China logistics park project [60][62] 3. Toll Road and Port Business - The toll road and port operations are managed by subsidiaries, contributing a stable profit base with a net profit of HKD 4.9 billion in H1 2025 [65] - The company holds approximately 47.3% equity in Shenzhen Expressway, which operates 16 toll road projects with a total toll mileage of 613 kilometers [66] 4. Financial Projections - The company is expected to achieve revenues of HKD 17.06 billion, HKD 17.61 billion, and HKD 18.75 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 3.17 billion, HKD 3.47 billion, and HKD 3.53 billion [6][8]