2024年7月资产配置报告：耐心为上，重视港股红利性价比

Core Insights - The report emphasizes the importance of patience in investment strategies, particularly focusing on the value of Hong Kong stocks with high dividend yields [1][88]. - It suggests that the current market environment requires a cautious approach, with a focus on defensive and low-volatility stocks, while waiting for positive signals from upcoming policy reforms [88]. Market Review - In June 2024, the A-share market experienced a downward trend, with industry performance differences narrowing, indicating a challenging environment for generating excess returns [20][40]. - The report notes that the overall economic recovery in China is slowing, with domestic consumption and credit demand weakening, while external demand pressures may increase in the second half of the year [93][97]. Economic Environment and Policy Impact - The report highlights that the domestic economy is facing challenges, with production and export strength being offset by a slowdown in internal demand [7][97]. - It points out that the effectiveness of recent real estate policy optimizations is still under observation, particularly whether these effects can spread to other regions [12][104]. Asset Allocation Outlook - The report advocates for a diversified asset allocation strategy to mitigate risks associated with market uncertainties, suggesting investments in gold, Hong Kong stocks, and overseas assets [88][94]. - It recommends a focus on sectors such as utilities, banking, and coal, which may offer better value during market adjustments [109]. Industry Performance - The report indicates that defensive sectors, including coal, real estate, and agriculture, performed relatively well in June 2024, while sectors like media, technology, and finance faced significant declines [49][51]. - It also notes that the valuation levels across various industries have declined, with many indices falling into lower quartiles, suggesting a potential for value investment opportunities [43][49].