【广发策略】价投视角看香港互认基金投资机遇

Group 1 - The Asia-Pacific market particularly favors high dividend yields due to limited earnings growth and low valuations in East Asian economies, where increasing dividends and buybacks are essential for maintaining high and stable ROE [1][6] - In the current macroeconomic environment, value assets that can provide stable returns are becoming increasingly important, as they tend to exhibit higher and more stable dividend levels [2][11] - Hong Kong stocks are naturally more suitable for high dividend investments, with a higher proportion of high dividend sectors such as banking (21.6%) and energy (8.1%) compared to other Chinese assets [3][25] Group 2 - The experience from the Japanese market shows that after a slowdown in growth, dividend assets can yield sustained excess returns, with lower timing requirements except during significant tech industry booms [3][29] - The investment opportunities in Hong Kong mutual funds are broader than those in the Hong Kong Stock Connect, allowing for investment in global markets with fewer restrictions [3][29] - The trend of increasing cash returns among Hong Kong tech core assets indicates a shift towards a more balanced high dividend strategy across sectors, rather than being limited to traditional cyclical industries [3][33] Group 3 - Taiwan's stock market has maintained high dividend yields, particularly among leading manufacturing companies, supported by a strong semiconductor industry and favorable policy adjustments [36][37] - The Taiwanese stock market has shown a 9.5% annualized return from 2015 to 2024, with a significant portion of its market capitalization concentrated in advanced manufacturing sectors [36][38] - Despite the overall market's rising trend, the dividend yield of Taiwan's weighted index has not significantly increased, indicating stable dividend policies among leading companies [38]