未来一季度迎险资配置窗口，红利资产有望重获关注

Core Viewpoint - The recent adjustments in insurance company risk factors are expected to encourage long-term allocations in quality equity assets, particularly in dividend stocks, as institutional investors increase their equity asset allocations amid a supportive policy framework [1][25]. Group 1: Market Trends and Fund Flows - The China Securities Dividend ETF (515080) saw a net subscription of 59.78 million yuan yesterday, with a cumulative net subscription of 125 million yuan over the past three days [1]. - The insurance sector is anticipated to allocate 30% of new premiums to A-shares annually, with December to the first quarter being a traditional allocation window for insurance funds [25]. Group 2: Policy Implications - The recent notification from the Financial Regulatory Bureau regarding the adjustment of risk factors for insurance companies aligns with the trend of increasing investment in dividend stocks by insurance firms [2][25]. - The policy focus is on capital market and consumption policies, with an emphasis on stimulating domestic demand and supporting emerging industries [25]. Group 3: Dividend Stock Analysis - Huatai Securities estimates that the industry is currently under-allocated in dividend stocks by approximately 0.8 to 1.6 trillion yuan, which may be addressed in the next two to three years [2]. - The average dividend yield of the newly included stocks in the index is 4.15%, compared to 3.89% for those being removed, indicating a trend towards higher-yielding stocks [20]. Group 4: Performance Metrics - The latest PE ratio for the China Securities Dividend Index is 8.48 times, with a historical percentile of 98.43% over the past five years [14]. - The China Securities Dividend Total Return Index has shown a 40-day return difference of 1.54% relative to the Wind All A Index as of December 5 [8].