当慢牛遇见结构市：如何应对2025年的盈利困境

Group 1 - The core viewpoint of the articles highlights a disparity between perceived market performance and actual investor returns, indicating that many investors are experiencing negative returns despite a general market uptrend [1] - The trading data shows that the peak trading volume occurred in the third quarter, reaching 138 trillion yuan, which is close to the total of 160 trillion yuan in the first half of the year, suggesting that significant capital entered the market during high heat periods [1] - The consumer sector has shown negative growth throughout the year, emphasizing the harsh reality that following market trends often leads to losses for investors [1] Group 2 - A shift from "bull-bear thinking" to "rhythm thinking" is necessary, as the market is characterized by rapid rotation of hot stocks and volatile trading patterns [2] - The proposed strategy of "dividends as a shield, technology as a spear" has been validated, indicating that while holding dividend funds is stable, it lacks sufficient elasticity compared to technology stocks, which are more volatile [3] - The China Securities Dividend Quality ETF (159209) has demonstrated unique advantages, with a dividend yield of 3.88% providing downside protection and a return on equity (ROE) of 23.55% offering upside potential [3] Group 3 - Looking ahead to 2026, the rotation between dividends and technology will remain a key market theme, with the China Securities Dividend Quality ETF recommended as a core holding for balancing defensive and offensive strategies [5] - The current market has entered a phase of differentiation, making broad market rallies unlikely, thus necessitating more refined allocation strategies [5] - In this structural market, selecting the right tools is more important than timing, and balanced allocation is more prudent than taking excessive risks [5]