红利风向标 | 三大指数集体收涨，小盘红利风格或更攻守兼备

Core Viewpoint - The market is anticipating a favorable cross-year trend for 2026, driven by various positive catalysts such as annual reports, policies, interest rates, and market sentiment, establishing the investment theme for the year ahead [5][10]. Group 1: Market Performance - Historical data indicates that the A-share market typically performs well during the cross-year phase, often benefiting from multiple positive catalysts [5][10]. - The recent performance of various indices shows fluctuations, with the Hong Kong low-volatility dividend index experiencing a 25.7% increase over the past year, while the Shanghai Composite Index has seen a 15.44% increase [3][8]. Group 2: Investment Strategies - Institutions generally believe that dividend strategies remain a high-certainty allocation direction for the current phase, with small-cap dividend stocks potentially offering stronger price elasticity and valuation advantages compared to large-cap dividend assets [5][10]. - The report highlights the importance of dividend distribution mechanisms, noting that funds will distribute earnings when the excess return rate exceeds 0.5% [10][11]. Group 3: Fund Performance - The performance of various ETFs tracking dividend indices shows varied results, with the A500 low-volatility dividend ETF showing a 1.74% increase over the past year [3][9]. - The cash flow ETF, which excludes financial and real estate sectors, has shown an 8.32% increase over the past year, indicating strong performance among large-cap blue-chip stocks [4][9].