Dividend Contribution Analysis of China AMC Asia High Dividend Equity ETF (3145.HK)

1. Core Conclusion

As of February 20, 2026, the China AMC Asia High Dividend Equity ETF (3145.HK) achieved a year-to-date total return of 15.46%, significantly outperforming the market benchmark. This excellent performance was mainly driven by the strong leadership of the energy sector and contributions from individual stocks in key markets such as China, South Korea, and Thailand. Among them, the energy sector contributed 7.15% to the return, while the Chinese market contributed 5.82%, serving as the core engine driving the ETF's excess returns.

Sector-wise: Energy Sector Strongly Leads, Financial Sector Provides Solid Support

From the industry sector perspective, the energy sector is the primary source of returns for the China AMC Asia High Dividend Equity ETF (3145.HK), contributing 7.15% to the return, accounting for nearly half of the total. This robust performance was mainly driven by leading stocks like COSCO SHP SG ( $COSCO SHIP ENGY (01138.HK)$ ), Sinopec, and Yanzhou Energy Group Co., Ltd. ( $YANKUANG ENERGY (01171.HK)$ ). These companies benefited from the global energy price recovery and stable dividend policies, bringing significant return contributions of 3.69%, 0.32%, and 0.94% respectively to the ETF during the period from January 1, 2026, to February 20, 2026.

The financial sector ranked second with a return contribution of 3.79%, becoming an important stabilizer for the ETF’s earnings. Notable performers in the financial sector included Thailand’s Kasikornbank (KTB.TB), Malaysia’s Malayan Banking (MAY.MK), and South Korea’s DB Insurance (005830.KP). DB Insurance (005830.KP Equity) contributed 0.88% to the ETF’s returns with a year-to-date return of up to 47% in 2026, while Kasikornbank (KTB.TB Equity) contributed 0.67%, collectively supporting the steady performance of the financial sector.

Additionally, the communication services, industrials, and materials sectors also provided positive returns, contributing 1.05%, 0.90%, and 0.79%, respectively. In contrast, the real estate and utilities sectors slightly dragged down overall returns due to poor performance by some individual stocks.

Country-wise: Chinese Market Dominates, South Korea and Thailand Perform Well

From the country perspective, although the China AMC Asia High Dividend Equity ETF (3145.HK) does not hold A-shares for tax reasons, Hong Kong-listed mainland China-based companies were the main contributors, delivering a return of 5.82%. In addition to the aforementioned energy stocks, consumer material stocks like China Hongqiao Group Limited ( $CHINAHONGQIAO (01378.HK)$ ) also performed well. China Hongqiao ( $CHINAHONGQIAO (01378.HK)$ With a 12% return year-to-date in 2026, it contributed 0.42%, forming a diversified income source for the China market.

The Thai market followed closely with a return contribution of 1.94%, primarily driven by strong performances from Krung Thai Bank (KTB.TB), TMBThanachart Bank (TTB.TB) in the financial sector, and PTT Exploration and Production Public Company Limited (PTTEP.TB) in the energy sector, which contributed 0.67%, 0.38%, and 0.45% respectively, highlighting the value of Thailand’s energy market.

The Korean market contributed a return of 1.82%, mainly propelled by SK Telecom (017670.KP) and DB Insurance (005830.KP). Both companies achieved year-to-date returns as high as 51% and 47% respectively, contributing 0.95% and 0.88%, becoming the twin engines of the Korean market.

Hong Kong's real estate sector also performed strongly, providing robust support to the overall return of the China AMC Asia High Dividend ETF (3145.HK). Specifically, Henderson Land Development Co., Ltd. (12.HK) delivered a year-to-date return of 20%, with a weight of 2.10%, contributing 0.41% to the ETF's return; Hang Lung Properties Limited (101.HK) posted a year-to-date return of 16%, contributing 0.38% to the ETF. Combined, these two Hong Kong real estate stocks contributed a total return of 0.79%, demonstrating the strong performance and investment value of Hong Kong's real estate sector in the current market environment.

IV. Stock Level: Leading Stocks Drive Performance, High Dividend Strategy Shows Significant Results

At the stock level, the outstanding performance of leading stocks was key to the excess returns of the China AMC Asia High Dividend ETF (3145.HK). COSCO SHP SG ( $COSCO SHIP ENGY (01138.HK)$ ) became the largest contributor to the ETF’s returns with a weight of 4.07% and a year-to-date return of 91%, contributing 3.69% in return, accounting for more than a quarter of the ETF’s total return. Sinopec and Yanzhou Coal Mining Company ( $YANKUANG ENERGY (01171.HK)$ ) followed, contributing 0.32% and 0.94% in return respectively.

In the financial sector, DB Insurance (005830.KP) and SK Telecom (017670.KP) became standout stocks in the Korean market with high returns of 47% and 51%, collectively contributing nearly 2% in returns.

Southeast Asian financial stocks such as Kasikornbank (KTB.TB) and Malayan Banking (MAY.MK) provided steady returns to the ETF based on their solid performance and stable dividend policies.

These standout stocks generally feature high dividends, low volatility, and robust fundamentals, perfectly aligning with the investment strategy of China AMC Asia High Dividend ETF ($ChinaAMC Asia High Dividend ETF (03145.HK)$ ), proving the effectiveness of this strategy in the current market environment.

V. Investment Insights and Outlook

China AMC Asia High Dividend ETF (3145.HK) tracks the Bloomberg Asia Pacific High Dividend 40 Index, which employs a rigorous and dynamic stock selection mechanism to consistently target stocks with both excellent performance and high dividend characteristics. The index is based on the Bloomberg Asia Pacific All Market Index as its parent index, first establishing market capitalization and liquidity thresholds to ensure that selected constituents have sufficient market representation and trading activity. Subsequently, the index requires that the dividend yield of candidate stocks must be unanimously estimated by at least three analysts, with the projected dividend yield not exceeding 20% to avoid the pitfall of unsustainable dividends.

On this basis, the index further screens for financial quality, eliminating stocks with higher financial risks, and sets upper limits on the weights of individual countries, industries, and stocks to achieve risk diversification. Ultimately, the index selects 40 eligible high-dividend stocks and weights them by dividend yield, conducting a semi-annual rebalancing and reconstitution to promptly include stocks with strong performance and stable dividends while excluding those that no longer meet the criteria.

The index will announce the results of its review this Wednesday (February 25), and investors can closely monitor this adjustment to understand the latest portfolio selections of China AMC Asia High Dividend ETF (3145.HK), thereby better capturing its potential to continuously provide stable dividends and superior returns.

Investment involves risks, including possible loss of principal. Past performance is not indicative of future results. Prior to investing in China AMC Asia High Dividend ETF (the “Fund”), investors should refer to the fund prospectus and carefully read through the risk factors. You should not rely solely on this material to make investment decisions. Please note:

• The Fund aims to provide investment performance that closely tracks the Bloomberg Asia Pacific High Dividend 40 Net Return Index (HKD) before fees and expenses.

• The Fund primarily invests in high-yield Asian stocks. High-dividend securities are subject to risks such as dividend reductions or cancellations, declines in security value, and lower-than-average price appreciation potential.

• Investments in Asian markets / emerging markets are more susceptible to adverse economic, political, policy, currency, liquidity, tax, legal, or regulatory events affecting Asian markets, or may face greater risks from political, tax, economic, currency, liquidity, and regulatory factors compared to investments in more developed markets.

• This fund faces industry concentration risk and risks associated with small- and mid-cap companies, hence the value of this fund may fluctuate significantly.

• This fund is exposed to new index risk, rebalancing period risk, and historical performance risk.

• The trading price of the Fund may differ significantly from its net asset value per unit, potentially trading at a notable premium or discount.

• The Fund faces tracking error risk.

• The Fund is exposed to risks related to financial derivatives, including counterparty/credit risk, liquidity risk, valuation risk, volatility risk, and over-the-counter (OTC) trading risk.

• The Fund is subject to foreign exchange risk.

• Listed and unlisted share classes follow different pricing and trading arrangements. Due to differing fees and costs, the net asset value per unit for each class may vary.

• Units of the listed class are traded at the current market price on the secondary market, while units of the non-listed class are sold through intermediaries based on the end-of-day net asset value. Non-listed class investors can redeem their units at net asset value, whereas secondary market investors of the listed class can only sell at the prevailing market price and may have to exit the Fund at a significant discount. Investors in the non-listed class may have advantages or disadvantages compared to those in the listed class.

• The Fund may, at its discretion, pay dividends out of its capital or effectively out of capital. Paying distributions out of capital or effectively out of capital amounts to returning or withdrawing part of an investor's original investment or any capital gains attributable to that original investment. Any such distribution may result in an immediate reduction in the Fund’s net asset value per unit.

$ChinaAMC Asia High Dividend ETF (03145.HK)$$SSE Composite Index (000001.SH)$$CSI 300 Index (000300.SH)$$NVIDIA (NVDA.US)$$Amazon (AMZN.US)$$Alphabet-C (GOOG.US)$$Meta Platforms (META.US)$$Tesla (TSLA.US)$$HSTECH (LIST91332.HK)$$Hang Seng Index (800000.HK)$$SSE 50 Index (000016.SH)$$CSI 300 Index (000300.SH)$$CSI 1000 Index (000852.SH)$$SSE Science and Technology Innovation Board 50 Index (000688.SH)$$ChinaAMC CSI 300 Index ETF (03188.HK)$$SSE Composite Index (000001.SH)$$XIAOMI-W (01810.HK)$$JD.com (JD.US)$$TENCENT (00700.HK)$$Shenzhen Component Index (399001.SZ)$$Kweichow Moutai (600519.SH)$$Contemporary Amperex Technology (300750.SZ)$$PING AN (02318.HK)$$Alibaba (BABA.US)$$ICBC (01398.HK)$$CHINA MOBILE (00941.HK)$$ABC (01288.HK)$$Midea Group Co., Ltd (000333.SZ)$

Data source: China AMC (HK) Limited, Bloomberg; data as of February 20, 2026.

Investment involves risks, including possible loss of principal. Past performance is not indicative of future fund returns. This document is for your reference only and does not constitute an offer or solicitation for the purchase or sale of any securities or funds, nor does it constitute any investment advice, nor is it prepared for any such offer. The publisher of this material is China AMC (HK) Limited. This material has not been reviewed by the Securities and Futures Commission of Hong Kong.

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