CICC said in a report that Hong Kong bank stocks with low valuations and high dividends may have become a safe haven under recent market fluctuations. The bank believes that the recent volatility in the overseas Chinese stock market is mainly due to the uncertainty of domestic policies. In addition, repeated mutated virus epidemics may also be one of the reasons, in this context, capital outflows out of the growth sector.

The bank saw that the performance of Bank of China's H shares was relatively stable yesterday. Foreign Exchange Control (0005.HK), Standard Chartered (2888.HK) and China Construction Bank (0939.HK) are now valued at 0.6,0.4 and 0.5 times the forecast price-to-book ratio for this year, all near the standard deviation of less than 1 times the historical average, corresponding to the dividend yield.They were 5.5%, 3.5% and 7.4% respectively.

In terms of fundamentals, CICC's performance of local banks in Hong Kong may improve moderately with the repair of the epidemic, and short-term spreads are still under pressure, while there is room for upward growth in the medium to long term, meaning that the marginal upward fundamentals of Hong Kong banks are superimposed on the current low valuation level. become the choice of some risk aversion funds, investors are advised to pay attention to.

In terms of internal bank shares, the bank believes that the valuation of 1398.HK H shares and CCB H shares has fully reflected investors' worries, while the bank is firmly optimistic about the H shares of China Merchants Bank (3968.HK).