红利风格回归？关注红利国企ETF（510720）

Core Viewpoint - The Red Chip State-Owned Enterprise ETF (510720) rose by 1.60% on November 3, indicating a strong performance in the dividend sector amidst market fluctuations [1]. Market Trends and Investment Sentiment - As the fourth quarter begins, there is a fluctuating sentiment towards technology growth, with increased market volatility and a retreat in equity risk appetite, leading investors to adopt a more cautious approach and shift from aggressive to defensive strategies [3]. - The dividend index has a high resource weight, making it sensitive to the leading performance of coal and oil sectors, which continue to show relative strength [3]. Long-term Investment Strategies - The period from 2024 to 2025 is expected to see a significant acceleration in insurance capital acquisitions, with a high proportion of investments in Hong Kong stocks and high-dividend assets, reflecting a preference for low-risk, high-dividend investments due to liability duration matching [3]. - The new "National Nine Articles" policy enhances cash dividend regulation and incentives, alongside the implementation of state-owned enterprise market value management requirements, strengthening the logic for long-term valuation reconstruction [3]. - In the short term, the dividend style configuration offers high cost-performance during market fluctuations, while in the long term, the new policies encourage listed companies to distribute dividends, which benefits state-owned enterprises by stabilizing dividend expectations and enhancing investor returns [3]. Investment Recommendations - The new "National Nine Articles" combined with the decline in risk-free yields indicates a high allocation value for dividend assets. Continuous monitoring of the Red Chip State-Owned Enterprise ETF (510720) and cash flow ETF (159399) is recommended for their monthly dividend assessments [3].