经济回升信号还不明显，为何风险偏好回升明显？红利反弹是暂时的吗？

Group 1 - The current market exhibits seemingly contradictory phenomena: weak economic data but a rebound in risk appetite and dividends, raising questions about the sustainability of this trend [1] - Historical downturns with internal industry cycles have limited overall impact, but when combined with balance sheet contractions, the effects can be more severe and prolonged [1] - Recent targeted policies, including large-scale debt restructuring and fiscal measures to stabilize consumption and capital markets, have helped mitigate potential "balance sheet recession" risks [1] Group 2 - Investors recognize that the worst periods are being supported by policy measures, leading to a decrease in systemic risk and a recovery in risk appetite, indicating a new trend rather than a temporary rebound [2] - The appeal of dividend assets during economic downturns as safe havens is shifting, with a re-evaluation of stable high-dividend assets driven by both risk reduction and value reassessment [2] - Current policies aimed at economic recovery and cash flow stabilization enhance the sustainability of cash flows behind dividend-paying companies [2]