明泽投资马科伟：2026年高股息策略应注重筛选“高质量股息”

Core Viewpoint - The high dividend strategy is expected to remain effective in 2026 as a "ballast" in a potentially declining risk-free interest rate environment, with a shift towards selecting "high-quality dividends" rather than merely defensive assets [1] Group 1: Macroeconomic and Microeconomic Analysis - The macroeconomic foundation for the popularity of high dividend assets is the low interest rate environment, while the microeconomic logic is based on their stable cash flows [1] - The key to the high dividend strategy in the coming year will be the ability to discern the sustainability of dividends [1] Group 2: Investment Strategy - Investors should focus on whether the source of dividends is derived from sustainable and stable cash flows generated by core business operations, and rigorously assess the profitability models and financial health [1] - The strategy should not be limited to traditional sectors like banking but should actively seek assets that combine growth potential with high-quality dividend capabilities, termed "growth-oriented high-quality high dividend assets," which will be crucial for achieving excess returns through this strategy in 2026 [1]