红利投资绕不开的股息率，到底是什么？

Group 1 - The core concept of dividend investing focuses on generating income through dividends rather than relying solely on capital gains from stock price increases, especially in volatile market conditions [1] - Dividend yield is a key metric for assessing the attractiveness of dividend-paying stocks, calculated as the total cash dividends divided by the total market value or as the dividend per share divided by the stock price [2][3] - High dividend payments do not necessarily equate to high dividend yields; the relationship depends on the stock price, which can affect the yield even if the dividend amount remains constant [4] Group 2 - Dividend yield serves as a critical threshold for selecting quality dividend investment targets, with strict criteria for inclusion in indices, ensuring that only companies with strong profitability and stable cash flows are considered [5] - The dividend yield of the low-volatility dividend index reached 4.08% as of November 6, 2025, indicating a higher yield compared to common broad-based indices in the A-share market [5][6] - Over a decade, the low-volatility dividend index has shown a cumulative price increase of 149.26%, with reinvested dividends contributing significantly to total returns, highlighting the importance of dividends in long-term investment strategies [8] Group 3 - The attractiveness of a dividend yield can be assessed relative to the risk-free rate, such as government bond yields, to determine if the current yield offers a favorable risk-reward profile [12] - As of November 6, 2025, the 10-year government bond yield was 1.81%, with a 2.28% difference between the low-volatility dividend index yield and the bond yield, suggesting a potentially attractive investment opportunity for long-term investors [12] - Dividend yield is crucial for long-term investment strategies, particularly for retirement planning, as it provides a stable and predictable income source while also serving as a buffer against market volatility [14]