GLONGHUI, Oct. 8 | Morgan Stanley released a research report saying that the tightening of global financial conditions is a key market reason driving the excellent performance of high-yield stocks. With the US real interest rate rising, it is estimated that quality dividend-paying themed stocks in the Asia-Pacific region/emerging markets will continue to outperform. The bank used quantitative models to select stocks with long-term resilience and business stability on the balance sheet, and reached agreement on fundamental analysis of the industry and stock analysts from the bottom up to select relevant stocks. Among them, Hong Kong stocks, including China Telecom Holdings, Hong Kong Telecom, and the Industrial and Commercial Bank, are all rated as “increase in holdings”.