[CITIC Securities Hong Kong Stock Investment Recommendation: Dividend allocation needs to take into account chip resilience and profit verification] On September 6, CITIC Securities Research Report pointed out that global long-term interest rates continue to rise, and the yield advantage of high dividends of Hong Kong stocks relative to overseas risk-free assets has narrowed. In terms of allocation, cash flow stability, profit certainty and dividend sustainability should be further examined, and attention should be paid to the subdivision direction with a high proportion of southbound positions and relatively low marginal pricing power of foreign capital. It is recommended to give priority to banks, coal, property management and gas. Among them, the bank's interim profit, recent forecast revision and chip structure are relatively stable. Coal has both profit growth and forecast upward revision, and property management and gas have better dividend protection. Petroleum and petrochemicals, shipping and transportation can be used as phased allocation directions, but attention needs to be paid to geopolitical risks and cyclical fluctuations; high dividends and chip structures in telecommunications and public utilities can help mitigate the impact of external interest rates, but current profit expectations are weak and are more suitable as defensive allocations. Dividend industries related to domestic demand still need to wait for fundamentals to stabilize.