博时基金周龙：优质红利资产依然是重点布局方向

Core Viewpoint - High-quality dividend assets remain a key focus for investment, driven by the increasing demand for stable returns from investors [1] Group 1: Stock Selection Logic - The core of stock selection for dividend assets is the assessment of the stability of a company's free cash flow, which is essential for sustainable dividends [1][2] - Three main aspects are considered when evaluating the stability of free cash flow: 1. Demand sustainability and stickiness in the industry, avoiding sectors with long-term decline [2] 2. Favorable competitive landscape, preferring companies with competitive advantages such as exclusive operating rights and cost advantages [2] 3. Companies that have passed their capital expenditure peak and are entering a phase of generating free cash flow [2] Group 2: Industry Focus - Dividend assets are primarily found in sectors such as public utilities, large financials, and consumer goods, with specific examples including water, electricity, and waste management [2] - Industries like water and telecommunications are highlighted for their stable operating models, while sectors like thermal power and urban gas are noted for their profit volatility due to price and capital expenditure influences [2] Group 3: Advantages of Dividend Assets - Dividend assets have shown strong performance, with market risk appetite increasing, yet they continue to demonstrate investment value [3] - High dividends provide a dual risk buffer, indicating strong business models and governance, while low valuations correspond to lower volatility [3][4] - Dividend-paying companies typically exhibit stable earnings and lower valuation volatility, making them suitable for core portfolio allocation [4] Group 4: Market Characteristics - The number of high-dividend candidates in the market is limited and stable, often comprising mature companies that are easier for investors to evaluate [5] - Industries like high-end liquor and white goods have stable competitive landscapes, with leading companies maintaining strong positions [5]