China’s Investors Favour Dividend-Paying Shares as Income Outpaces 10-Year Bond Returns - SCMP

China's investors are increasingly favouring dividend-paying equities, with dividend yields reportedly exceeding returns on the 10-year government bond. The shift points to a yield-seeking channel: when equity income offers a higher cash return than sovereign debt, capital rotates from fixed income toward high-payout stocks, compressing bond demand and supporting defensive equity sectors. Large-cap state-linked banks, utilities and energy companies, which typically carry stable payout histories, are the most exposed to this flow, while long-duration government bonds face downward price pressure as yields reprice relative to income alternatives. Traders should watch the next People's Bank of China liquidity operations and the monthly 10-year CGB yield movements, since a sustained decline in bond yields would reinforce the rotation, while any policy-driven rebound would narrow the yield gap.

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