投资进化论丨红利资产可以作为底仓品种长期配置吗？

Core Viewpoint - The dividend style has emerged as a market highlight, gaining renewed attention from investors despite a lackluster performance in the first three quarters of the year. Over a longer time frame of 5 to 10 years, dividend indices have outperformed many mainstream A-share broad indices [1][4]. Summary by Sections Dividend Asset Performance - Dividend indices have shown strong annualized returns over the past 5 and 10 years, outperforming several broad market indices [1][4]. - The annualized return for the dividend indices is calculated using total return indices, which better reflect the actual returns investors can achieve [4]. Reasons for Considering Dividend Assets as Core Holdings - Inherent Advantage in Yield Structure: Dividend assets generate returns from dividends, capital gains, and reinvestment, providing a dual income structure [5][6]. - Steady Growth: Companies that consistently pay dividends typically have strong profit growth and cash flow, leading to potential capital appreciation [7][8]. - Current Favorable Environment: With global economies entering a rate-cutting cycle and dividend yields of 4% to 6% compared to a 1.8% yield on 10-year government bonds, dividend assets are increasingly attractive [13]. Investment Strategy and Selection - Investors are advised to focus on companies with a strong dividend-paying history and robust cash flow to avoid "dividend traps" [14]. - The "Smart Select High Dividend Index" uses forward-looking metrics to identify companies with a strong willingness and ability to pay dividends, enhancing selection timeliness and sustainability [15]. Historical Performance of Dividend Indices - The "Smart Select High Dividend Total Return Index" has shown a cumulative increase of approximately 161% over the past 10 years, with an annualized return of 10.39%, outperforming traditional dividend indices [16]. Conclusion - Dividend assets have demonstrated solid historical returns and resilience against market downturns, making them suitable for conservative investors seeking stable returns. For aggressive investors, incorporating dividend assets into a diversified portfolio can help mitigate overall volatility [16].