港股上半年回报最稳定的行业

Group 1: Market Overview - The core viewpoint of the article is that the direction of southbound funds significantly influences market performance, with a focus on dividend assets in the second quarter [1][3] - In the first quarter, internet stocks saw a recovery in valuation driven by deepseek, while in the second quarter, the focus shifted to high-yield dividend assets due to tariff uncertainties [1][3] - Southbound funds have shown a net inflow of over 720 billion HKD into Hong Kong stocks in the first half of the year, with expectations of reaching 1 trillion HKD for the entire year [3][9] Group 2: Sector Performance - In the first half of the year, southbound funds net inflow into the financial sector was approximately 180 billion HKD, while telecommunications and utilities saw inflows of about 40 billion HKD and 30 billion HKD, respectively [3][4] - The total net inflow into dividend-related assets is estimated to be around 250 to 300 billion HKD [3][4] - Insurance institutions have been significant buyers, with 19 instances of stake increases, primarily in bank stocks, accounting for 64% of the total market value of their purchases [4][10] Group 3: Investment Strategy - The investment logic for insurance institutions to increase holdings in Hong Kong dividend assets is based on the declining risk-free interest rates and the oversupply of liquidity in the market [7][10] - The anticipated decline in interest rates is expected to favor dividend assets, as the dynamic dividend yield of major banks like ICBC is significantly higher than the market's risk-free return [10][12] - The policy environment is supportive of insurance funds increasing equity allocations, allowing for a higher percentage of equity investments [12]