红利风向标 | 岁末年初风格或呈“价值搭台,成长唱戏”，慢牛格局下红利底仓配置价值凸显

Core Viewpoint - The market is expected to exhibit a "value plays, growth sings" characteristic from December to January, with large-cap, low-valuation, and cyclical styles likely to dominate due to year-end policy expectations and asset allocation preferences [5][10]. Group 1: Market Trends - The market style is generally balanced during the year-end and beginning of the year, favoring large-cap and low-valuation stocks [10]. - There is an expectation for increased policy support for economic growth as the year ends, aiming for a strong start to the new year [10]. - Major institutional investors are likely to prefer large-cap and dividend-paying assets during this period, making dividend assets suitable for core portfolio allocation [10]. Group 2: Fund Performance - The performance of various ETFs tracking dividend indices shows mixed results, with some indices experiencing positive growth while others face declines [3][4][8]. - The A500 Dividend Low Volatility ETF has shown a near-term performance of -1.30% over the past year, while the Hong Kong Stock Connect Dividend Low Volatility ETF has a one-year increase of 24.43% [3][8]. - The historical performance of dividend indices from 2019 to 2024 indicates varying annual growth rates, with some years showing significant increases, such as 23.12% in 2021 and 27.49% in 2024 for the 800 Dividend Low Volatility Index [11].