＜Research＞Haitong Int'l: H-/ A-shrs Valuation at Historical Lows; HK Stocks Have Greater Advantages on Style Shift

　　The current market style began to shift from dividends to new quality productivity, Haitong International released a research report saying.

　　When the market bottoms out and style preference improves, growth-oriented new quality productive forces, particularly technology, high-end manufacturing and innovative pharmaceuticals, will replace defensive dividend stocks and become the mainstream of the market.

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　　The style shift is a reletively long process, in which there will be a decline in the indexes and style fluctuation, until the new style began to sustain, Haitong International said. The style will lead the market for three years.

　　The valuation of H-shares and A-shares were at historical lows, Haitong International added. Hong Kong stocks with high market capitalization are basically internet or high-dividend stocks.

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