Zhitong Finance APP learned that Everbright Securities released a Hong Kong stock strategy report saying that the performance of the Hang Seng high dividend yield index is inversely related to the actual interest rate, and its performance is better than that of Treasury bonds in most time periods. During the period when the real interest rate is down, the return on capital declines, the premium rate of dividends of high-dividend assets increases, and the allocation value of high-dividend assets relative to other assets is highlighted, and there is a greater chance of obtaining excess returns. At the same time, the dividend yield of the Hang Seng high dividend sector has been higher than the yield of treasury bonds for a long time, and its earning ability is also significantly higher than that of treasury bonds. From the perspective of Merrill Lynch clock, the Hang Seng high dividend yield index is expected to achieve good performance in the future.
Everbright Securities refers to the Merrill Lynch clock and studies the returns of high dividend strategies in different economic environments. Historically, high dividend strategies usually perform well during the stagflation period and the recovery period. At present, the country is in a transitional period from "like stagflation" to recovery. High dividend strategies may be a good investment choice in the future.
The valuation of the high dividend sector is at a historical low, the dividend yield is at a historical high, and the high dividend sector has better returns under the low price-earnings ratio, the low price-to-book ratio, and the high dividend yield is good. By calculating the investment winning rate under different quarters of the price-to-earnings ratio, price-to-book ratio, and dividend yield, and the ability to hold the return under different periods, the current high dividend strategy has better potential future returns under the conditions of low price-to-earnings ratio, low price-to-book ratio, and high dividend yield.
As the "stable growth" policy is intensifying, China's domestic economy has stabilized and domestic monetary policy remains loose. Everbright Securities expects that the low valuation level of Hong Kong stocks is expected to be repaired, and the high dividend yield index is expected to rise with the Hong Kong stock market. At the same time, from the bottom up, real estate, banking and other industries with relatively concentrated high dividends are also expected to recover, which will also support the high dividend strategy.
High dividend portfolio yield has a certain relationship with dividend yield, dividend stability, market value, turnover rate, weighting method, position adjustment method, etc., but the combination construction process must take into account actual trading needs. Everbright Securities uses the Hong Kong Stock Connect as an asset pool and uses a method similar to the Hang Seng High Dividend Rate Index to build a portfolio. The latest target is as follows:
Overall, the yield of the new portfolio is significantly higher than the performance of the Hang Seng High Dividend Rate Index.
The views in this article are derived from the research report released by Everbright Securities. The authors are analysts Zhang Yusheng and Gong Jian. The views in the article do not represent the views of Zhitong Finance. Zhitong Finance Editor: Wenwen.
