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港股“中特估”的相對優勢:估值更低,股息更高
來源:國泰君安證券研究
港股央國企相對A股央企具有低估值的優勢。 A股和港股走勢的差異擴大導致近期滬港AH溢價指數持續攀升。截至2023年5月7日,滬港AH股溢價指數爲148.45,處於10年以來的歷史高位。2023年來看,滬港AH溢價率於1月末達到底部,A股和港股走勢的背離隨後逐漸擴大。1月31日,AH溢價指數爲139.29,至4月末累計漲幅高達6.6%。
港股央國企相對A股央企具有高股息的優勢。 截至2023年5月,港股央國企近12個月的股息率平均值爲6.67%,高於A股央企股息率平均值3.38%;恆生指數股息率爲3.66%,高於上證指數股息率2.51%;在財政支出需求較大時,央國企更願意加大分紅力度。
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