As Chinese high-growth stocks like tech come under pressure from new regulation , Bernstein analysts have picked a group of stocks that offer regular payouts in the form of dividends. This high-yield trade has also historically outperformed both growth and value stocks, the analysts said in a July 12 report. Here are five of their picks of Chinese stocks with "sustained dividend growth or free cash flow growth for 5 out of the past 7 years": Kunlun Energy Of the 10 Chinese stocks that made Bernstein's high-yield screen, Kunlun Energy is the only one the firm has rated outperform. The Hong Kong-listed utilities company is a subsidiary of Chinese energy giant PetroChina. Kunlun Energy operates in the exploration and production of crude oil and natural gas in China, Kazakhstan, Oman, Peru, Thailand and Azerbaijan. Dividend yield : 4%, according to Bernstein. Guangzhou Auto Group Guangzhou Auto Group , known as GAC, is a state-owned automaker that's the partner of Honda, Toyota and Fiat Chrysler in China. GAC also has its own line of passenger cars, and a spun-off new energy vehicle brand called Aion. The Aion S was the fifth best-selling new energy vehicle in China during the first half of this year, just two spots below Tesla's Model 3 and Model Y, according to the China Passenger Car Association. Dividend yield : 4%, according to Bernstein, which has a market perform rating on GAC's Hong Kong-traded shares. China Resources Gas Group China Resources Gas Group's operating locations include 14 provincial capitals across the country, according to the gas distribution company's latest annual report. The group is a subsidiary of Chinese state-owned conglomerate China Resources. In 2020, CR Gas generated 55.86 billion Hong Kong dollars ($7.19 billion) in revenue, with a profit of 6.71 billion Hong Kong dollars. The majority of the company's income came from sales and distribution of gas fuel and related products. Dividend yield : 2%, according to Bernstein, which has a market perform rating on the stock. China Resources Cement As another subsidiary of the Chinese state-owned conglomerate China Resources, this cement company primarily operates in the southern part of the country, including the semi-autonomous regions of Hong Kong and Macao. CR Cement reported profit of 9.03 billion Hong Kong dollars in 2020. Dividend yield : 7%, according to Bernstein. Hengan International Group Founded in 1985, Hengan International is based in Fujian province and primarily manufactures women's sanitary napkins, baby diapers, and household tissues. The company reported profit of 4.61 billion yuan ($720 million) for 2020. Dividend yield : 6%, according to Bernstein. Note that companies can suspend or cut dividends. The Bernstein analysts said that longer term investors should still hold high-growth stocks in China since the category has still dominated historically. — CNBC's Michael Bloom contributed to this report.
People look at the construction site of Wufengshan Yangtze river bridge, the world's first high-speed rail suspension bridge, on November 13, 2019 in Zhenjiang, Jiangsu Province of China.
Chen Gang | Visual China Group | Getty Images
As Chinese high-growth stocks like tech come under pressure from new regulation, Bernstein analysts have picked a group of stocks that offer regular payouts in the form of dividends.