Latest Stock Selection Analysis for March - China AMC Asia High Dividend ETF (3145.HK)

Report Date: March 18, 2026

Summary

1. The quarterly rebalancing of the China AMC Asia High Dividend ETF for March 2026 was successfully completed, adding 13 new constituent stocks and removing 13, effectively maintaining the index's high dividend yield and quality ROE characteristics.

2. Newly added shares focus on companies with high estimated dividend yields (averaging about 6.8%) and robust ROE (averaging about 12.5%), particularly strengthening earnings momentum in Taiwan's technology and mainland China's power sectors.

3. Removed shares were primarily due to an average price increase of approximately 25% since November 1, 2025, leading to compressed estimated dividend yields, no longer meeting the index screening criteria, reflecting the discipline of regular rebalancing.

On March 16, 2026, we completed the quarterly rebalancing turnover for the Bloomberg Asia Pacific High Dividend 40 Index (the index tracked by 3145.HK). All adjustments took effect after the market close on March 20, 2026. This rebalancing aimed to maintain the core screening logic of 'high estimated dividend yield + high return on equity (ROE),' while ensuring diversified allocation across regions, industries, and currencies.

New Holdings

This index added 13 new constituent stocks, primarily considering their excellent estimated dividend yields, Q4 2025 earnings/EPS growth momentum, while also taking into account recent stock price performance. Key additions include the following four stocks:

• Taiwan-listed ASUS Computer (2357 TT): Estimated dividend yield of 6.15%, ROE of 16.57%, Q4 2025 EPS year-on-year growth of 626% (6.26 times). As a leading ** 3C product manufacturer focusing on motherboards, laptops, and cloud solutions, it demonstrates strong earnings momentum, meeting the index’s high-quality, high-dividend standards.

• Taiwan-listed Wintech Technology (3036 TT): Estimated dividend yield of 4.70%, ROE of 11.94%, Q4 2025 EPS year-on-year growth of 80%. A leading semiconductor distributor in Asia, connecting upstream chip suppliers with downstream customers, benefiting from AI and electronics demand recovery.

• Taiwan-listed WPG Holdings (3702 TT): Estimated dividend yield of 7.64%, ROE of 10.58%, Q4 2025 EPS year-on-year growth of 56%. The global leader in semiconductor component distribution, collaborating with over 250 suppliers such as Intel and TI, offering stable dividends and promising growth.

• Hong Kong stocks $CHINA RES POWER (00836.HK)$ : Estimated dividend yield of 5.72%, ROE of 13.16%, and Q4 2025 EPS growth of 48% year-over-year. A major independent power producer in China with an installed capacity exceeding 72GW, encompassing various types of power plants including coal gas, wind, and solar, providing stable cash flow and high dividend visibility.

The remaining newly added shares have an average estimated dividend yield of 6.8% and an ROE of approximately 12.5%, most showing positive earnings growth, further strengthening the portfolio’s income stability and quality.

Shares removed in this review

Thirteen constituent stocks were removed in this review, primarily due to significant price increases since November 1, 2025, which caused the estimated dividend yields to decline noticeably, no longer meeting index criteria. Typical examples include:

• $COSCO SHIP ENGY (01138.HK)$ : Since November 1, 2025, its stock price has risen by 71.2%, and the current estimated dividend yield is only 2.70% (a substantial compression from initial levels).

• Australian-listed Yanzhou Coal Australia (YAL AT): Stock price rose by 54.0% since November 1, 2025, reducing the dividend yield to 4.02%.

• $YANKUANG ENERGY (01171.HK)$ : The stock price has increased by 44.8% since November 1, 2025, lowering the dividend yield to 3.66%.

Other excluded shares saw an average price increase of about 25%, with currently estimated dividend yields generally compressed below 5%. Through regular rebalancing, the index ensures that the overall portfolio maintains high dividend and strong ROE characteristics, avoiding dilution of return potential due to price increases in individual stocks.

In a macro environment where the US enters a rate-cutting cycle and the dollar is expected to remain weak, the attractiveness of Asian high-dividend assets is further enhanced. The dividend yield ratio of emerging markets relative to developed markets remains nearly 1.4 standard deviations below the historical mean, offering significant valuation safety margins. 3145.HK, as the only monthly dividend-paying (target annualized 8%) Asian high-yield ETF in Hong Kong, perfectly captures this round of capital rotation opportunities, providing investors with a stable income source and long-term capital growth potential.

China AMC Asia High Dividend Equity ETF (3145 HK)

🎖️ The only ETF in Hong Kong that offers stable monthly dividends with a target dividend yield of 8%*

🎖️ Employs forward-looking expected dividend yield weighting + ROE quality screening

🎖️ Diversifies risk across countries, currencies, and industries

*Dividend yield is not guaranteed, and dividends may also be paid out of capital.

$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)$

Important information about the China AMC Asia High Dividend Equity ETF product

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.

Data source: China AMC (HK), Bloomberg; all fund data as of March 2026. Constituent stock rebalancing data from internal Excel model (estimated dividend yield based on Bloomberg BBG terminology).

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 is it intended as investment advice. It was not 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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