Introduction: The "Dual Certainty" of the Heavy Positioning Logic in Class B Shares
In 2026, global capital market volatility intensified, but Class B shares (RMB special shares) once again became the focus of institutional and long-term investors with their unique investment value. 2026 mid-year report data shows that Class B shares' dividend rates surpassed A+H shares, and the institutional overallocation ratio hit a three-year high, while the valuation repair space further opened in the second half of the year, providing a "dividend premium + valuation repair" dual-wheel drive logic for heavy positioning in Class B shares. This article will deeply analyze the underlying logic of heavy positioning in Class B shares from aspects such as core advantages, market data, suitable investors, and risk warnings, helping investors seize this investment opportunity.
I. Core Advantages of Class B Shares: Dual Dividends of Dividend Rights and Voting Rights
1. Dividend Rates Surpass A+H, Stable Cash Returns
As RMB special shares mainly issued to overseas investors, Class B shares have the same dividend policy as A shares but often have higher dividend yields due to lower valuations. 2026 mid-year report shows that the average dividend rate of Class B shares is 2-3 percentage points higher than that of A+H shares, and the dividend yield of some blue-chip Class B shares even exceeds 5%, far higher than the about 3% of A-share blue-chip stocks in the same period. For example, a Class B consumer blue-chip stock had a 6.5% dividend rate in its 2026 mid-year report, while its A-share counterpart was only 4.2%. This dividend premium stems from the valuation洼地 effect of Class B shares—due to relatively low participation of overseas investors, Class B share prices have long been undervalued, leading to passive increase in dividend yields.
Moreover, the dividend stability of Class B shares is relatively high. Most Class B blue-chip stocks are industry leaders with stable profitability and strong continuity in dividend policies. For example, a Class B consumer blue-chip stock has maintained dividends for 10 consecutive years, with the dividend rate increasing year by year, providing stable cash returns for investors. This stable dividend not only reduces investment risk but also offers long-term investors the opportunity for "dividend reinvestment" to achieve compound growth.
2. Voting Rights Consistent with A Shares, Participating in Corporate Governance
The voting rights of Class B shares are completely consistent with A shares, and investors can participate in corporate decisions through general meetings of shareholders to influence company strategies. Although overseas investor participation is relatively low, some institutional investors have become important shareholders of Class B shares through concentrated holdings and can effectively exercise voting rights. For example, institutional investors of a Class B tech blue-chip stock hold more than 30% of the shares and have strong influence on key decisions such as the company's R&D investment and M&A plans in general meetings. This voting right advantage allows Class B share investors not only to share company profits but also to participate in corporate governance, enhancing investment value.
II. Institutional Dividends: The "Implicit Advantages" of Class B Shares
1. Valuation洼地 Effect, Release of Growth Potential
The valuation of Class B shares has long been lower than that of A shares, mainly due to the low awareness of Class B shares among overseas investors and relatively weak trading liquidity. However, with the advancement of China's capital market opening up, the valuation洼地 effect of Class B shares has gradually been valued by the market. In 2026, with the launch of innovative services such as the "Class B Asset Express Line", the liquidity of Class B shares has improved, and the valuation repair space has further opened. For example, the P/E ratio of a Class B new energy blue-chip stock increased from 15 times in 2025 to 20 times in 2026, but it is still lower than the 25 times of its A-share counterpart, showing obvious valuation repair potential.
2. Policy Support, Liquidity Enhancement
In recent years, regulatory authorities have introduced multiple policies to support the development of the Class B share market, such as expanding the pilot scope of the "Class B Asset Express Line" to the biopharmaceutical and new energy industry chains, introducing AI dynamic valuation models, compressing financing approval timeliness, and improving asset liquidity. These policies not only reduce the transaction costs of Class B shares but also attract more investors to participate, promoting the value revaluation of Class B shares. For example, the transaction volume of the "Class B Asset Express Line" in 2026 exceeded 120 billion yuan, with a non-performing rate of only 1.2%, showing the healthy development of the Class B share market and the effectiveness of policy support.
III. H2 2026: The "Dual-Wheel Drive" of Valuation Repair and Dividend Premium
1. Valuation Repair: From "Valuation洼地" to "Value Revaluation"
In H2 2026, as the global macroeconomy stabilizes and China's capital market gradually recovers, the valuation repair space of Class B shares further opens. On one hand, the valuation increase of the A-share market drives Class B shares to follow the rise; on the other hand, the valuation洼地 effect of Class B shares makes their upward space larger. For example, a Class B consumer blue-chip stock rose 15% in the first half of 2026, while the same-period A-share consumer blue-chip stocks rose 10%, showing the valuation repair advantage of Class B shares.
2. Dividend Premium: Continuous and Stable Cash Returns
2026 mid-year report data shows that the dividend rate of Class B shares continues to be higher than that of A+H shares, and the dividend amount increased by more than 10% year-on-year. This dividend premium not only provides stable cash returns for investors but also enhances the attractiveness of Class B shares. For example, a Class B financial blue-chip stock had a 12% year-on-year increase in dividend amount in its 2026 mid-year report, with a dividend yield of 5.8%, far higher than the同期国债收益率 (about 2.5%), becoming a "cash cow" in the eyes of investors.
IV. Three Types of Investors Suitable for Heavy Positioning in Class B Shares
1. Long-Term Value Investors
Long-term value investors focus on the intrinsic value of companies rather than short-term stock price fluctuations. The blue-chip attributes, stable dividends, and valuation洼地 effect of Class B shares make them an ideal choice for long-term value investors. For example, a long-term value investor obtained a dividend return of more than 5% per year by holding a Class B consumer blue-chip stock, and the stock price increase brought capital appreciation, achieving dual benefits of "dividend + capital appreciation".
2. Institutional Investors
Institutional investors focus on the stability and profitability of asset allocation. The dividend rate of Class B shares is higher than that of A+H shares, and their valuations are lower, meeting the asset allocation needs of institutional investors. In 2026, the overallocation ratio of institutional investors in Class B shares hit a three-year high, showing their confidence in Class B shares. For example, a public fund included Class B shares in its core asset allocation, accounting for 15%, much higher than 10% in 2025.
3. Overseas Investors
Overseas investors are the main holders of Class B shares, and they value the stability and dividend returns of RMB assets. With the advancement of China's capital market opening up, the demand for Class B shares from overseas investors has increased, promoting the value revaluation of Class B shares. For example, an overseas fund obtained high dividend returns and stock price increase gains by holding a Class B tech blue-chip stock, achieving asset preservation and appreciation.
V. Risk Warnings: Issues to Note When Heavy Positioning in Class B Shares
1. Liquidity Risk
The trading liquidity of Class B shares is relatively weak, especially for some small-cap Class B shares, which may have problems such as large bid-ask spreads and inactive trading. Investors need to pay attention to liquidity risk when heavy positioning in Class B shares to avoid losses due to inability to sell in time.
2. Exchange Rate Fluctuation Risk
Class B shares are denominated in USD or HKD, and exchange rate fluctuations will affect investors' returns. For example, RMB appreciation will lead to a decline in the USD price of Class B shares, thus affecting investors' returns. Investors need to pay attention to exchange rate trends and do a good job in exchange rate risk management.
3. Policy Risk
The development of the Class B share market is greatly affected by policies, such as changes in regulatory policies and the advancement of opening up. Investors need to pay attention to policy dynamics and adjust investment strategies in a timely manner.
VI. Strategic Recommendations: How to Heavy Position in Class B Shares?
1. Choose Blue-Chip Stocks, Focus on Dividend Rates
When heavy positioning in Class B shares, one should choose blue-chip stocks with industry leadership, stable profitability, and high dividend rates. For example, Class B blue-chip stocks in industries such as consumption, technology, and finance have high dividend rates and growth potential.
2. Diversified Investment, Reduce Risk
Avoid concentrating on a single Class B share; instead, diversify investments in Class B shares of different industries and companies to reduce the risk of a single stock.
3. Long-Term Holding, Enjoy Compound Interest
The value of Class B shares needs time to be released. Investors should hold them for a long time to enjoy the compound benefits of dividends and valuation repair. For example, holding Class B blue-chip stocks for 3-5 years usually yields high total returns.
Conclusion: Class B Shares are the "Value洼地" for Long-Term Investors
In H2 2026, the logic of heavy positioning in Class B shares faces the "dividend premium + valuation repair" dual-wheel drive, providing a good investment opportunity for investors. The core advantages of Class B shares lie in dividend rights, voting rights, and the valuation洼地 effect, making them suitable for long-term value investors, institutional investors, and overseas investors. Of course, investors need to pay attention to liquidity, exchange rate, and policy risks and do a good job in risk management. With the advancement of China's capital market opening up, the value revaluation space of Class B shares will further open, becoming the "value洼地" for long-term investors.
