baccaratmaison| Stabilizing dividends and superimposing policies are good dividend assets are expected to "last long"

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◎ reporter Yan Xiaofei

Since the beginning of the year, the performance of dividend assets has been a surprise and has once again become the focus area for sellers to tap new investment opportunities. From the perspective of the medium-term strategy meeting of securities firms, many research institutes have set up discussion sessions on dividend assets, and securities research institutes have specially issued in-depth research reports, focusing on the reasons for the sharp rise of dividend stocks and whether the dividend stock market can continue.

"stable Cash flow" supports A-share Price

Institutional personages generally believe that the recent "hot" market of dividend stocks reflects investors' pursuit of enterprises'"stable cash flow".

China International Capital Corporation believes that the essence of Chinese dividend shares is a stable cash flow premium. In general, enterprises that have the ability and willingness to increase the dividend ratio often have a stable free cash flow as a support. Under the new macro paradigm, the world starts a new round of breaking away from reality synchronously, and assets that can generate stable cash flow around the world will open room for revaluation. In China, companies with resilient rigid demand, tapping demand through going out to sea or intensive farming, and creating demand through high-quality supplies such as new quality productivity will enjoy a higher premium.

Yan Xiang, chief economist at Huafu Securities, said that this round of dividend asset market reflects the market's pursuit of certainty in the bottom range of earnings growth, which is reflected in the "stable (high) dividend premium" on dividend assets. The attributes of undervalued dividend assets, high dividend and stable dividend are the deep logical support for the long-term effectiveness of the dividend strategy.

Guoyuan Securities Metalworking product team is expected to continue to improve the willingness of corporate dividends as one of the important driving forces for the rise of dividend stocks. According to the team's analysis, in recent years, the growth rate of investment in some domestic industries has slowed, corporate capital expenditure has shrunk, and the overall dividend ratio of A-shares has increased. In particular, the free cash flow of A-shares has remained high since 2020, and the proportion of cash assets has reached a new high.

Multiple benefits to boost Hong Kong dividend stocks

Taking advantage of the recent strong rise in Hong Kong stocks, the ETF of Hong Kong stocks with high dividends and high dividend assets has attracted wide attention from investors. By the end of May 24, the dividend index of Hong Kong stocks, ETF, had risen more than 12% since April.

Looking forward to the future, Huatai Securities believes that Hong Kong stock dividend assets may continue to show allocation value. The agency said that in the current domestic economic restructuring and overseas inflation resilience, overseas liquidity inflationary inflection point is still facing uncertainty, Hong Kong stock dividend assets are expected to remain strong. In addition, the market capitalization management demands of state-owned central enterprises and the dynamic dividend rate are expected to increase, which will jointly benefit the dividend assets of Hong Kong stocks.

In terms of specific plates, Huatai Securities is optimistic about Hong Kong stocks of operators. The agency's communications team said that since 2023, the telecom operator sector has shown steady growth, high dividends and low stock price volatility, making it a high-quality choice for high-dividend strategies. At present, EPS (earnings per share, a measure of corporate profitability), dividend tax, dividend ratio and other factors are expected to show a positive trend, which is expected to promote the allocation value of Hong Kong shares of operators.

Can dividend stocks grow red?

How long can dividend stocks be "red"? In the view of industry insiders, multiple policies will continue to benefit dividend assets, and the sector is expected to usher in long-term valuation reshaping, especially in industries with stable cash returns.

Ping an Securities believes that as the new "National Nine articles" promotes the transformation of the capital market to an investment market, the follow-up incremental policies in the medium-and long-term funds to enter the market and enhance the inherent stability of the market can still be expected, and the dividend strategy is expected to spread further.

Guoxin Securities is also optimistic about the future performance of dividend assets and believes that this sector will usher in a long-term valuation reshaping. The agency said that with reference to overseas experience, the dividend yield center of listed companies increased significantly after the Japanese market clarified the dividend policy in 2005. Its "dividend" industry is mainly divided into two categories: one is the traditional high dividend sector, which significantly outperforms the dividend yield, which is mapped to A shares mainly in the direction of electric power, operators, coal, banks and so on.BaccaratmaisonThe other is the consumer potentially high dividend sector with moderate overall dividend level but large internal differentiation, which is mapped to A shares mainly in the direction of home appliances, some popular products, clothing and home textiles, etc.