投资进化论丨在科技成长大热的当下，还有必要关注红利资产吗？

Core Viewpoint - The article discusses the resurgence of interest in dividend assets amid market volatility, suggesting that they can serve as a stabilizing component in investment portfolios, especially as technology growth stocks face pressure after significant gains [1][2][3]. Market Performance - Technology growth stocks have shown strong performance this year, while dividend value assets have lagged behind, leading to the perception of a "small year" for dividend assets [1]. - As of November 17, the ChiNext Index and the STAR 50 have declined by 4.11% and 9.45% respectively in the fourth quarter, while the CSI Dividend All-Return Index has increased by 5.37% during the same period [2]. Reasons for Renewed Interest in Dividend Assets - The first reason for the renewed focus on dividend assets is the high valuation of technology growth stocks, which has led to profit-taking and increased market volatility [3]. - The second reason is the growing trend of mid-term dividends among listed companies, with 1,035 companies announcing mid-term dividends totaling 735.69 billion yuan, surpassing last year's figures [3]. Long-term Investment Perspective - Investing in dividend assets requires a long-term perspective, as they are still subject to short-term price fluctuations typical of equity assets [4]. - Compared to the high volatility of technology growth indices, dividend indices exhibit more stable performance, with a generally lower degree of fluctuation over the past five years [4]. Historical Performance of Dividend Indices - Over the past decade, dividend indices have shown commendable performance, with annualized returns ranging from 8% to 11%, and annualized volatility generally lower than that of the CSI 300 All-Return Index [7][9]. - The "Smart High Dividend All-Return Index" has achieved an annualized return of 10.92% with a Sharpe ratio of 0.65, indicating strong relative performance [7][9]. Supporting Factors for Dividend Assets - The macroeconomic environment is favorable for dividend assets, with major economies entering a rate-cutting cycle and China's 10-year government bond yield around 1.8%, enhancing the appeal of dividend assets due to their higher dividend yields [10]. - Policy support for dividend distribution has been consistent, fostering a market atmosphere conducive to long-term and value investing [11]. - Insurance capital has significantly increased its allocation to dividend assets this year, reflecting a recognition of their value [12]. Conclusion - Overall, dividend assets are worth attention for both short-term resilience and long-term returns, making them suitable for inclusion in investment portfolios [13]. - For conservative investors, quality dividend index funds can be considered as core assets for long-term holding, while aggressive investors may benefit from diversifying their portfolios with dividend assets to reduce overall volatility [14].