Xin Lang Cai Jing·2025-09-20 05:07Core Viewpoint - The report from Guotai Junan suggests that Hong Kong dividend assets are currently more cost-effective compared to A-share dividend assets, making them more attractive for allocation as the year ends and begins [1] Short-term Outlook - In the short term, Hong Kong dividend assets are expected to outperform in relative returns amid market volatility, with a notable advantage in dividend yield and valuation compared to A-shares [1] - There is an anticipated increase in allocation demand for dividend asset sectors from insurance capital as the fourth quarter approaches, alongside a loosening of overseas liquidity [1] Long-term Perspective - The report highlights that the strengthening of dividend regulation policies, combined with a low interest rate environment, will drive long-term capital into Hong Kong dividend assets [1] - In a prolonged low interest rate era, long-term funds are likely to continue increasing their allocation to more certain Hong Kong dividend assets [1] - The deepening trend of company dividends, the demand for asset allocation in a low interest rate environment, and policy guidance for long-term capital entry into the market suggest that Hong Kong dividend assets have a long-term allocation value compared to A-shares [1]