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Many star fund managers have begun to buy high-quality, high-dividend stocks in Hong Kong stocks. Indeed, many high-quality companies listed on the Hong Kong stock market have low valuations, with a price-earnings ratio of less than 10 times, and these companies also have good dividends. However, just because of the investment habits of Hong Kong stock investors, the valuations of some high-quality stocks have been underestimated for a long time. If mainland investors can buy these high-quality stocks through the Hong Kong Stock Connect, it may be a good investment choice.

Investors in each market have different habits. Some A-share investors like to chase daily price limits and speculate on small-cap stocks; some Hong Kong stock investors prefer stock index futures, and investment institutions are more willing to invest more funds and give higher valuations to large stocks.

Because of this, compared with the A-share market, Hong Kong stocks have seen large-cap stocks with lower valuations and small-cap stocks with even lower valuations. Many mainland companies listed on the Hong Kong stock market have very low price-to-earnings ratios and have strong long-term investment value, but because of poor liquidity, retail investors and institutional investors are unwilling to buy. Retail investors are more willing to make high-leverage investments in stock index futures, while institutional investors tend to be cautious in their operations. In the long run, the reasonable value of some high-quality stocks cannot be reflected.

Recently, the A-share market has shown a strong enthusiasm for high-yield assets, and the market effect has gradually spread to the Hong Kong stock market. Some fund managers have begun to discover the good investment value of some Hong Kong stocks, and funds that participate in Hong Kong stock investment have also achieved better investment results than funds that do not participate in Hong Kong stock investment. Therefore, more and more fund managers are now paying attention to high-quality companies in Hong Kong stocks. These stocks not only have a high safety margin, but also have a good investment cost-effectiveness.

For ordinary investors, they can also consider participating in the long-term investment of high-quality Hong Kong-listed companies. Investors who are able to buy Hong Kong-listed companies through the Hong Kong-Shenzhen Stock Connect can buy them directly, and investors who are unable to participate in the Hong Kong-Shenzhen Stock Connect can also invest in high-quality Hong Kong-listed companies indirectly through public funds. After all, these low-PE stocks with good dividends are in a clear value trough.

In fact, it is now quite convenient for investors to invest in Hong Kong stocks, and many high-quality companies in Hong Kong stocks are worth buying and holding for a long time. In particular, those blue chip stocks with stable performance and strong cash dividend ability are more worthy of attention.

Although the trading hours, trading habits, and listing and delisting rules of the Hong Kong stock market and the Shanghai and Shenzhen stock exchanges are different, the logic and concept of value investing are the same. On the basis of selecting high-quality stocks, investors can broaden their investment channels and obtain more investment opportunities.

It should be noted that Hong Kong stocks place more emphasis on value investment. If investors really buy Hong Kong stocks, they cannot always think about buying today and selling tomorrow. The main reason for buying high-quality Hong Kong stocks is that the valuations of these listed companies are relatively low, and the cash dividend yield is higher. Investors still need to buy and hold for a long time to obtain stable investment returns. These stocks cannot be hyped as theme stocks. The turnover rate of Hong Kong stocks is much lower than that of the Shanghai and Shenzhen stock markets. Compared with the A-share market, it is more difficult to make money by speculating on individual stocks in Hong Kong stocks.

Beijing Business Daily commentator Zhou Kejing