On June 25, 2026, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) announced the 2025 special assessment results for the central state-owned enterprises' (SOEs) "Science and Technology Reform Demonstration Action" and "Double Hundred Action." Multiple SOEs achieved their best historical performance, with a number of SOE-controlled listed companies standing out with "benchmark" ratings. This marks another significant signal that the benefits of SOE reform are accelerating their release into the capital market, following the official nationwide implementation phase of the Plan for Further Deepening State-owned Assets and State-owned Enterprise Reform (2026–2029) on June 23.
Against this backdrop, the market's first SOE dividend-themed ETF—the Huatai-PineBridge CSI Central-SOE Dividend ETF (561580)—has recently attracted concentrated capital inflows. Exchange data shows that as of June 29, 2026, this ETF has cumulatively attracted 15.21 billion yuan in net inflows year-to-date, becoming the only product among SOE dividend-themed ETFs across the market with net inflows exceeding 100 million yuan during the same period. The sustained influx of funds has propelled its fund share count and fund size to 2.041 billion shares and 22.67 billion yuan, respectively, representing year-to-date growth of 149% and 122%.
Wind data indicates that, supported by the dual screening logic of "high dividend yield + 100% SOE attributes," the CSI Central-SOE Dividend Index tracked by the Huatai-PineBridge CSI Central-SOE Dividend ETF (561580) has seen its trailing twelve-month dividend yield climb to 5.13%. The spread over the ten-year government bond yield of 1.72% is a substantial 3.41%, higher than during 90.61% of the period since the index's launch (July 20, 2012). Against the backdrop of a persistent low-interest-rate environment, a dividend yield exceeding 5% may hold strong appeal for capital.
From an industry trend perspective, the deepening of a new round of state-owned enterprise reform is driving central SOEs to shift from "scale expansion" to "value creation." The inclusion of market value management in performance assessments and requirements for optimizing shareholder returns are expected to continuously enhance the dividend payout levels of SOEs. Concurrently, the constituent stocks of the CSI Central-SOE Dividend Index, which the Huatai-PineBridge CSI Central-SOE Dividend ETF (561580) closely tracks, reported a net profit growth rate as high as 5.11% for the first quarter of 2026. The improvement in value creation capabilities may further solidify the product's medium-to-long-term allocation value.
The Huatai-PineBridge CSI Central-SOE Dividend ETF (561580) and its feeder funds (Class A 020466 / Class C 020467) track the CSI Central-SOE Dividend Index, which aggregates 50 high-quality, high-dividend central SOEs, with a 100% SOE concentration. Relying on stringent dividend screening rules, the index selects 50 securities with high cash dividend yields, relatively stable dividend payouts, and certain scale and liquidity as its sample, aiming to help capture the long-term returns generated by SOE dividends and growth.
Huatai-PineBridge Fund boasts over 19 years of index investment experience and has built a comprehensive "dividend family" of strategies covering both A-shares and H-shares. Among these, the Huatai-PineBridge CSI Dividend ETF (510880) is the first dividend-themed index fund in the A-share market, with 416,700 holder accounts as of the end of 2025, making it the only dividend-themed ETF in the entire market with over 400,000 holder accounts at that time. The Huatai-PineBridge CSI Low Volatility Dividend ETF (512890) is the first and currently the only dividend low-volatility themed ETF in the A-share market exceeding 30 billion yuan in size, with its feeder fund holding over 1.4 million accounts. The Huatai-PineBridge CSI Central-SOE Dividend ETF (561580) is the first dual-themed ETF in the A-share market combining "central SOE" and "dividend" strategies. The Huatai-PineBridge SZ-HK Stock Connect Dividend ETF (513530) and the Huatai-PineBridge SZ-HK Stock Connect Low Volatility Dividend ETF (520890) focus on high-dividend assets in the Hong Kong market. The former utilizes a QDII structure, offering certain advantages regarding Hong Kong dividend tax, while the latter incorporates a low-volatility factor, potentially enhancing its defensive attributes in the more volatile Hong Kong market.
Comments