Core Insights - Both A-shares and H-shares are driven by long-term competitiveness, sustained profitability, and reduced systemic risks, which are essential for stock pricing [1] - A significant re-rating cycle is currently underway for both A-shares and H-shares, presenting an opportunity for investors to capitalize on the value re-evaluation in Chinese stocks [1] Group 1: Investment Opportunities - The Hong Kong stock market offers unique opportunities in sectors that are distinctive and sensitive to interest rate changes, such as the innovative drug sector [1] - The H-share market includes numerous biotech and innovative drug companies that are scarce in the A-share market, providing unique allocation opportunities for investors [1] - The innovative drug sector benefits from global R&D advancements and domestic policy support, maintaining strong market interest [1] Group 2: Dividend Assets - H-shares feature dividend assets primarily in traditional high-dividend sectors like finance and energy, which exhibit stable profitability and sustainable dividend policies [1] - These dividend assets demonstrate strong resistance to market volatility, making them attractive for investors [1] - The potential for a decline in U.S. Treasury yields enhances the re-rating space for Hong Kong dividend assets [1] Group 3: Portfolio Strategy - Incorporating both A-shares and H-shares into an investment portfolio allows for a more comprehensive capture of the benefits from China's economic growth and structural transformation [2] - The opportunity structures in A-shares and H-shares differ, and their market rhythms may not synchronize, necessitating a long-term perspective for effective allocation [2]
安联基金程彧:把握中国股票价值重估机遇 A股、H股宜双线配置
Zheng Quan Ri Bao Wang·2025-08-22 11:10