港股流动性直追A股！南向资金持续增配红利资产

Core Viewpoint - The continuous inflow of southbound funds has significantly improved the liquidity of the Hong Kong stock market, leading to a narrowing liquidity gap between Hong Kong and A-shares, with the banking sector being a major contributor to the decline in AH premium rates [1][2][3]. Group 1: Southbound Fund Inflows - Southbound funds have 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 [2][3]. - The inflow of southbound funds has had a profound impact on the liquidity and valuation system of the Hong Kong stock market, with trading volumes and turnover rates approaching those of A-shares [2][3]. Group 2: Banking Sector Performance - The banking sector has become a core allocation direction for southbound funds, with significant net inflows contributing to the overall market performance [4][5]. - The AH premium rate for banking stocks has decreased from a peak of 60% at the beginning of 2024 to 25% as of June 27, indicating a substantial decline [4][5]. - H-shares of banks currently offer higher dividend yields compared to A-shares, with 14 H-share banks being valued lower than their A-share counterparts, reflecting a "higher yield, lower valuation" phenomenon [4][5]. Group 3: Investment Strategies - The current environment of low interest rates and asset scarcity has made high-dividend banking stocks attractive, particularly those still trading at a discount [4][6]. - The difference between bank dividend yields and the 10-year government bond yield remains above 3.5%, suggesting that the core logic for the continuation of the banking stock rally has not been significantly disrupted [6].