港股流动性直追A股！南向资金持续增配红利资产

Core Viewpoint - The article highlights the significant inflow of southbound capital into the Hong Kong stock market, particularly focusing on the banking sector, which has led to improved liquidity and a narrowing of the liquidity gap between Hong Kong and A-shares [1][4][5]. Group 1: Southbound Capital Inflow - Southbound capital has accumulated a net inflow of nearly 730 billion HKD in the first half of the year, marking the highest level for the same period historically [4]. - The continuous inflow of southbound capital has a profound impact on the liquidity and valuation system of the Hong Kong stock market [4]. - The liquidity of the Hong Kong stock market is catching up with that of A-shares, with trading volumes significantly increasing [5]. Group 2: Valuation and Dividend Assets - The AH premium index for Hong Kong and Shanghai stocks fell to 126.91 points on June 12, the lowest since June 2020, indicating a significant decline in the AH premium [6]. - The banking sector has been a major contributor to the decline in AH premium, with banks contributing 6.3 percentage points to the decrease [6]. - The current dividend yield of H-shares is higher than that of A-shares, with 14 H-share banks having valuations lower than their A-share counterparts, presenting a "higher dividend, lower valuation" scenario [8]. Group 3: Investment Trends - The banking sector has become a core allocation direction for southbound capital, with major banks like China Construction Bank and Industrial and Commercial Bank of China seeing significant increases in investment [8]. - Insurance funds have been significant buyers of bank stocks, with 9 out of 19 total stakes taken in banks occurring in the Hong Kong market [9]. - The current yield spread between bank stocks and the 10-year government bond yield remains above 3.5%, indicating that the core logic for the continuation of bank stock performance is still intact [10].