红利国企ETF（510720）近20日资金净流入超8亿元，高股息资产配置价值引关注

Group 1 - The core viewpoint emphasizes a "growth and dividend" strategy in industry allocation, focusing on high dividend assets for stable cash returns [1] - The anti-involution policy is expected to improve profit margins and return on equity (ROE), which are crucial for stock market returns [1] - In the context of increasing institutionalization in the domestic stock market, there is a shift in focus towards profitability and shareholder returns rather than short-term earnings elasticity [1] Group 2 - The expansion of net profit margins can significantly drive stock price returns, as evidenced by Japan's experience [1] - Supply-side optimization measures for high-involution industries are expected to alleviate price competition, promoting profit recovery in traditional sectors such as photovoltaics, batteries, and chemicals [1] - The dividend-focused state-owned enterprise ETF (510720) tracks the national dividend index (000151), selecting high-dividend, stable enterprises from the Shanghai market, covering sectors like banking, coal, and transportation [1]