资管一线｜联博基金朱良：分红率攀升将使中国股市具有长期可投资性

Core Viewpoint - International investment institutions are showing renewed interest in Chinese assets due to structural improvements in profitability and returns [1][4] Group 1: Investment Opportunities in Chinese Market - A-shares have a low correlation with other markets, providing a defensive investment option for global investors [1] - Long-duration assets are a focus for future investments, particularly companies with healthy cash flows and increasing dividend rates, as well as those with stable and high return on equity (ROE) [1][4] - The overall dividend rate of A-share companies is around 30%, indicating potential for further increases compared to other markets like Japan (50%), Singapore (60%), and Hong Kong (60%) [3] Group 2: Market Dynamics and Economic Resilience - The Chinese economy shows resilience due to its complete industrial chain and systematic advantages, which were validated during recent trade policy uncertainties [2] - The issuance of stock buyback policies is increasing, which could enhance ROE if companies reduce total shares outstanding [3][4] Group 3: Foreign Investment Sentiment - Foreign investors' attitudes towards Chinese assets have shifted positively, although it may take time for this to reflect in capital inflows [4] - China's capital market offers more opportunities for alpha returns compared to developed markets, where such opportunities are diminishing [4] Group 4: Currency and Global Market Trends - The dollar is expected to weaken, while the renminbi may appreciate moderately, increasing demand for renminbi-denominated assets [6] - The importance of the U.S. market may gradually decline, although this process will not be rapid [6] Group 5: U.S. Market Observations - The U.S. stock market is not showing cyclical sensitivity, with large tech stocks driving performance despite a declining dollar [7] - The second half of July is critical for assessing the impact of tariffs on corporate fundamentals through Q2 earnings reports [8]