Xin Lang Cai Jing·2025-09-20 05:01Core Viewpoint - Dividend assets are characterized by stable performance and sustainable cash flow, providing investors with consistent high dividend returns, making them attractive investment opportunities [1] Group 1: Dividend Asset Characteristics - Dividend assets offer higher dividend yield levels, sustainable cash flow, robust financial structures, and maintenance capital expenditures [1] - The average cash dividend payout ratio for Hong Kong stocks from 2017 to 2024 is 44%, significantly higher than the 36% for A-shares [1] - The dividend yield of the Hang Seng Composite Index is 2.9%, compared to 1.9% for the Wind All A-Share Index [1] Group 2: Valuation and Sector Distribution - The valuation levels of dividend assets in Hong Kong are relatively lower, with the Hang Seng High Dividend Yield Index PE and PB at 7.2 times and 0.6 times, respectively, compared to 7.9 times and 0.8 times for the CSI Dividend Total Return Index [1] - The proportion of high dividend assets in Hong Kong is higher, with a more diverse industry distribution, while A-shares predominantly feature high dividend assets in sectors like banking and petrochemicals [1]