今年跑出的“宝藏款”红利策略

Group 1 - The core strategy of "Central Enterprises + Dividends" is gaining attention as a reliable investment approach amid increasing market volatility [1][2] - The China Securities Central Enterprises Dividend Total Return Index has shown a remarkable increase of 11.08% this year, significantly outperforming the China Securities Dividend Total Return Index, which only rose by 4.07% [2][37] - The combination of high dividend yields and 100% central enterprise attributes makes this index particularly attractive in the current low-interest-rate environment [6][42] Group 2 - Central enterprises are crucial to China's economic stability and are primarily concentrated in traditional industries, which are characterized by mature business models and stable competition [11][48] - The average return on equity (ROE) and net profit levels of the central enterprises in the dividend index have consistently exceeded those of the overall A-share market, indicating strong profitability and risk resilience [14][51] - In the first half of 2025, the total cash dividends from the central enterprises in the index reached 392.3 billion yuan, accounting for 57% of the total cash dividends in the A-share market [18][55] Group 3 - The current low-interest-rate environment, with the 10-year government bond yield at a historical low of 1.85%, enhances the attractiveness of the central enterprises dividend index, which has a dividend yield of 4.06% [23][59] - Recent policies from the State-owned Assets Supervision and Administration Commission (SASAC) are aimed at improving dividend distribution and enhancing shareholder returns, making it a priority for central enterprises [27][63] - The valuation of central enterprises is currently at a historical low, with the China Securities Central Enterprises Index having a price-to-earnings ratio of 12.33 and a price-to-book ratio of 1.16, indicating potential for value re-evaluation [31][66]