According to the CITIC Securities Research Report, global long-term interest rates continue to rise, and the yield advantage of high dividends on Hong Kong stocks has narrowed compared to risk-free assets overseas. In terms of allocation, cash flow stability, profit certainty, and dividend sustainability should be further examined, and attention should be paid to the segment direction where southbound holdings are relatively high and marginal pricing power for foreign capital is relatively low. It is recommended that priority be given to banks, coal, property management, and gas. Among them, banks' interim profit reports, recent revisions to expectations, and a relatively stable chip structure. Coal has both profit growth and expected improvement, while property management and gas have good dividend protection. Petroleum and petrochemicals, shipping, and transportation can be used as phased allocation directions, but attention should be paid to geographical risks and cyclical fluctuations; the high dividend and chip structure of telecommunications and utilities can help mitigate the impact of peripheral interest rates, but current profit expectations are weak, making it more suitable as a defensive allocation. The domestic demand-related dividend industry still needs to wait for fundamentals to stabilize.

According to the CITIC Securities Research Report, global long-term interest rates continue to rise, and the yield advantage of high dividends on Hong Kong stocks has narrowed compared to risk-free assets overseas. In terms of allocation, cash flow stability, profit certainty, and dividend sustainability should be further examined, and attention should be paid to the segment direction where southbound holdings are relatively high and marginal pricing power for foreign capital is relatively low. It is recommended that priority be given to banks, coal, property management, and gas. Among them, banks' interim profit reports, recent revisions to expectations, and a relatively stable chip structure. Coal has both profit growth and expected improvement, while property management and gas have good dividend protection. Petroleum and petrochemicals, shipping, and transportation can be used as phased allocation directions, but attention should be paid to geographical risks and cyclical fluctuations; the high dividend and chip structure of telecommunications and utilities can help mitigate the impact of peripheral interest rates, but current profit expectations are weak, making it more suitable as a defensive allocation. The domestic demand-related dividend industry still needs to wait for fundamentals to stabilize.