中信证券港股投资建议:红利配置需兼顾筹码韧性与盈利验证

智通财经
Sep 06
【中信证券港股投资建议:红利配置需兼顾筹码韧性与盈利验证】中信证券研报指出,全球长端利率继续上行,港股高股息相对海外无风险资产的收益率优势有所收窄,配置上应进一步考察现金流稳定性、盈利确定性和分红可持续性,并关注南向持仓占比较高、外资边际定价权相对较低的细分方向。建议优先关注银行、煤炭、物业管理和燃气,其中银行的中报盈利、近期预期修正和筹码结构相对稳健,煤炭兼具盈利增长与预期上修,物业管理和燃气则具备较好的股息保护。石油石化、海运和交通运输可作为阶段性配置方向,但需关注地缘风险及周期波动;电信和公用事业的高股息与筹码结构有助于缓解外围利率冲击,但当前盈利预期偏弱,更适合作为防御性配置。内需相关红利行业仍需等待基本面企稳。

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