作者】：摩根斯丹利
【文件格式】：pdf
   【页数】：6p   8p
【研究报告内容摘要】
Investment conclusion: It is rebalancing time for ourChina A-share Dividend Top Dogs. We’re moving 3stocks out of the screen and bringing in 3 stocks (Exhibit1). Top Dogs for Hong Kong listed China stocks andHong Kong local stocks remain unchanged because weonly rebalance them every two and four months, i.e.,they will be rebalanced in July and August, respectively.
Dividend Top Dogs have worked well since April(Exhibits 2 to 4). Top Dogs for Hong Kong listed Chinaequities have beaten HSCEI and HSCCI by 10.8 and 9.3pct points, respectively, since April. Top Dogs for HongKong local equities went up 1.5% and outperformed theMSCI Hong Kong by 8.9 pct points. Dogs for ChinaA-share beat CSI300 by 6.2pct points, though the dogscorrected by -18% due to the poor performance of thebanking stocks which were negatively affected by thetightening in the China property market (Exhibits 5).
Updated ‘dividend top dogs’ are listed on the righthand table on this page. We update them monthly forA-shares, bi-monthly for Hong Kong listed China stocks,and every four months for Hong Kong local stocks.


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