CITIC Securities released a research report saying that since the end of July, treasury bond yields in developed overseas markets have generally soared. It is believed that they can be mainly summarized as three major factors: 1) rising inflation expectations; 2) rising sovereign credit concerns; 3) the market's repricing of the monetary policy path of developed market central banks. In the short term, rising interest rates will still suppress overvalued, long-term equity assets, and reinforce concerns about Hyperscaler's return on capital expenditure. In contrast, the widening gap between China and the US is expected to ease the upward pressure on the RMB and increase the willingness of southbound capital to allocate high-dividend assets to Hong Kong stocks. It is recommended to continue to focus on dividend directions such as banking, utilities, telecommunications, and property management.

CITIC Securities released a research report saying that since the end of July, treasury bond yields in developed overseas markets have generally soared. It is believed that they can be mainly summarized as three major factors: 1) rising inflation expectations; 2) rising sovereign credit concerns; 3) the market's repricing of the monetary policy path of developed market central banks. In the short term, rising interest rates will still suppress overvalued, long-term equity assets, and reinforce concerns about Hyperscaler's return on capital expenditure. In contrast, the widening gap between China and the US is expected to ease the upward pressure on the RMB and increase the willingness of southbound capital to allocate high-dividend assets to Hong Kong stocks. It is recommended to continue to focus on dividend directions such as banking, utilities, telecommunications, and property management.