Huatai Securities says medium-term Hong Kong valuation repair is likely capped by global liquidity, so maintain low-volatility dividend stocks as core holdings but trim exposure to sectors where HK dividend yield edge vs A-shares may narrow or payout increases are difficult — notably banks and coal — and increase allocation to higher cost‑performance sectors such as utilities. Near term, further upside in the 10yr UST is limited and post-FOMC developments should ease market pressure; the firm re

Huatai Securities says medium-term Hong Kong valuation repair is likely capped by global liquidity, so maintain low-volatility dividend stocks as core holdings but trim exposure to sectors where HK dividend yield edge vs A-shares may narrow or payout increases are difficult — notably banks and coal — and increase allocation to higher cost‑performance sectors such as utilities. Near term, further upside in the 10yr UST is limited and post-FOMC developments should ease market pressure; the firm recommends holding innovative drug and CXO leaders that combine earnings delivery with market recognition. Previously flagged staples (beverages, dairy) have entered the right side of the fundamentals’ bottom but lack near-term catalysts; remain patient.