. Sector characteristics: The "dumbbell" strategy is effective, with two clues: stable returns and new growth points
In our report at the end of last year, we recommended the adoption of a "dumbbell" structure that combines both offense and defense, and suggested allocating longterm dividend capabilities, highend technology upgrades, and overseas expansion of midrange advantageous industries. This has been effective this year. Looking at the whole year, the leading sectors such as electronics +., media +., petroleum and petrochemicals +., and banks +. are at the two ends of growth and dividends under the "dumbbell" structure, while home appliances +. and others that benefited from going overseas and subsidy logic also ranked among the top in terms of growth.
Looking at it in different stages: During the market correctio sweden phone number list n and consolidation stage, dividend sectors that can provide stable returns, such as petroleum, petrochemicals, and communications, will outperform; During the market rebound stage, sectors and growth stocks that directly benefit from policy support will outperform. At the end of April, the market rebounded, and a combination of real estate policies drove the real estate chain up. Hang Seng Technology outperformed the Hang Seng Index, and the excess returns of the Hang Seng High Dividend Yield Index declined. At the end of September, the market rebounded, and policies encouraged the private sector to increase leverage, stimulating real estate and consumption. The real estate chain, consumer sector, and growth stocks achieved excess returns.