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興業證券:北水對港股「低波紅利」資產定價權提升 建議配置能源、電訊、高速公路等國企龍頭
興業證券發表報告表示,2022年初以來,該行持續推薦港股低波紅利資產,2023年恆生高股息率股息累計指數獲得不錯的相對收益。站在當前時點,該行為港股「低波紅利」(低波動及高股息)資產仍具有配置性價比。 近年來,配置型中資在一定程度上面臨「資產荒」,特別是內地公募基金公司的固收部門、保險、銀行理財子等機構對於高質量、有效資產的配置需求非常強烈,深度價值高股息的優質港股具備長期配置吸引力。2023年,南下 資金淨買入港股約2,895億元人民幣,其中以前十大活躍個股口徑統計的南向資金前十大淨流入標的中,「低波紅利」資產佔4席,分別為中移動(00941.HK)、中海油(00883.HK)、中電信(00728.HK)、神華(01088.HK)。 南下資金逐步取得低「波紅利」港股的定價權。相較於2023年初,2024年初以電信營運商、銀行、能源為代表的港股「低波紅利」資產的港股通持股比例有所上升。 興業證券指,中長期來看,相對複雜的國內外環境中,能夠提供穩定的高股息的資產難能可貴。低波紅利資產是未來配置中國權益資產的重要投資策略之一。該行建議投資者立足長期、嚴格以「低波紅利、類可轉債」策略配置能源(石油、煤炭)(建議關注中海油、神華、兗礦(01171.HK)及首鋼資源(00639.HK)、電信營運商(推薦中移動)、公用事業(關注華潤燃氣(01193.HK)、昆侖能源(00135.HK)及潤電(00836.HK)、光大環境(00257.HK)、北控水務(00371.HK)、粵投(00270.HK))、金融、高速公路(包括安徽皖通(00995.HK)、深高速(00548.HK)、寧滬高速(00177.HK)、滬杭甬(00576.HK)、越秀交通基建(01052.HK))等領域的央國企龍頭。
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