According to the CITIC Securities Research Report, for Hong Kong stocks, judging from the two rounds of the Fed's interest rate hike cycles from 2016 to 2018 and 2022 to 2023, southbound capital as a whole showed phased characteristics of continuous net inflows in the first half of interest rate hikes and a marked slowdown in the second half; the trend of the central price of the US dollar against the RMB also showed a high degree of synchronicity with the flow of southbound capital inflows. The recommendation for the dividend strategy for Hong Kong stocks is maintained, but as risk-free interest rates continue to rise overseas, the relative yield advantage of high dividends on Hong Kong stocks has narrowed. In terms of allocation, cash flow stability, profit certainty, and dividend sustainability should be further examined, and attention should be paid to the segmentation direction where southbound holdings are relatively high and marginal pricing power for foreign capital is relatively low.

According to the CITIC Securities Research Report, for Hong Kong stocks, judging from the two rounds of the Fed's interest rate hike cycles from 2016 to 2018 and 2022 to 2023, southbound capital as a whole showed phased characteristics of continuous net inflows in the first half of interest rate hikes and a marked slowdown in the second half; the trend of the central price of the US dollar against the RMB also showed a high degree of synchronicity with the flow of southbound capital inflows. The recommendation for the dividend strategy for Hong Kong stocks is maintained, but as risk-free interest rates continue to rise overseas, the relative yield advantage of high dividends on Hong Kong stocks has narrowed. In terms of allocation, cash flow stability, profit certainty, and dividend sustainability should be further examined, and attention should be paid to the segmentation direction where southbound holdings are relatively high and marginal pricing power for foreign capital is relatively low.