A/H Share Liquidity Pressures & Defensive Opportunities: Tech + Dividends as Key Hedges

A/H Market Liquidity Challenges

Both A股 and港股 grapple with liquidity pressures: A股 faces supply surplus from IPO expansions (e.g., 摩尔线程’s 80bn RMB IPO, STAR Market’s 2025 largest) and relaxed减持 rules.港股 is impacted by concentrated Chinese listings, offset by Southbound capital inflows exceeding 5trn HKD [6].

Defensive Strategy Insights

Profitable tech (AI firms with accelerating ROI) and high-dividend sectors (Hang Seng High Dividend Index) show resilience. Southbound capital adopts a "tech + dividend"哑铃 strategy, with turnover share rising to 23.6% [6].

Outlook

Fed rate-cut expectations cooling add short-term pressure on港股 tech, but fundamentals remain intact. Investors should prioritize defensive positions in quality tech and dividend stocks amid volatility.

References: [1], [2], [3], [4], [5], [6], [7], [8]