Today (2024 2 20), A-shares collectively opened lower, and high-dividend assets continued to be strong. Coal stocks rose intraday, Shanmei International (600546) rose more than 5%, Hengyuan Coal Power (600971), Yankuang Energy rose more than 4%, Jinkong Coal, Antai Group, Yunmei Energy (600792) and so on.
In terms of related ETFs, the dividend ETF Bosera (515890) closely tracks the CSI Dividend Index, and it went against the market today**, up 060%, with a turnover of more than 32 million yuan, up more than 8% this year.
Hang Seng High Dividend ETF (513690) rose 152%, with a turnover of more than 76 million. The Hang Seng High Dividend ETF (513690) closely tracks the Hang Seng Stock Connect Hong Kong High Dividend Yield Index, and the index constituents have strong dividend paying ability and stronger ability to resist risks.
Since 2024, high-dividend assets have shown a strong trend, with coal, banking, and home appliance indices bucking the market**, and high-dividend sectors such as non-bank financials, petroleum and petrochemicals, and utilities outperforming the market. From a longer-term perspective, the long-term bullish characteristics of high-dividend assets are obvious, and the dividend index has outperformed for several consecutive years**.
Yinhe** said that (1) the current domestic economy is still in the period of real estate destocking, new and old kinetic energy conversion, the slope of economic repair is slow, and the certainty of high-dividend assets is strong, which is expected to continue to attract the attention of investors. (2) Monetary policy is expected to remain moderately accommodative, there is still some room for RRR and interest rate cuts, and high-dividend assets have higher cost performance during the downward interest rate period due to the characteristics of "debt-like". (3) With the continuous encouragement of dividend orientation of listed companies, the improvement of the cash dividend governance mechanism, and the marginal improvement of A-share profitability in the context of economic recovery, the willingness of enterprises to pay dividends is expected to increase, driving the continuous improvement of cash dividends. (4) After the recent period, the current valuation of high-dividend assets is still at a historically low level, with a high margin of safety.
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