40日收益差逼近-9%，红利板块配置价值或逐步凸显，中证红利ETF（515080）早盘持续溢价

Core Viewpoint - The A-share market is experiencing a rally driven by growth sectors like semiconductors, with the Shanghai Composite Index nearing 3,800 points, marking a ten-year high, while the CSI Dividend Index shows a decline due to a "seesaw effect" in capital flow [1] Group 1: Market Performance - As of August 21, the difference in 40-day returns between the CSI Dividend Total Return Index and the Wind All A Index was -8.70%, approaching its lowest point of the year, indicating potential value in dividend assets [1] - The CSI Dividend ETF (515080) saw a decline of 0.69% at midday, yet it continued to trade at a premium, with nearly 90 million yuan in capital inflow over the past five days [3] Group 2: Dividend Trends - By August 21, 160 listed companies had announced mid-term dividend plans for 2025, with 23 announcements made on the evening of August 20, including major constituents of the CSI Dividend Index like Shuanghui Development and Sinopec [5] - The trend of dividend announcements reflects the financial health and core competitiveness of companies, particularly in stable cash flow sectors such as food and beverage, coal, steel, and petrochemicals [5] Group 3: Investment Strategy - Analysts suggest that the market may continue a slow bull trend, with dividend stocks serving as a stable base in a low-interest-rate environment, while new sectors could be targeted for growth [5] - If the market shows signs of overheating, it is advised to take profits, while a deterioration in trading structure may warrant a shift back to dividend and other low-position stocks [5]