红利国企ETF（510720）涨超0.6%，近20日净流入超7.7亿元，红利风格在2026年或将延续

Group 1 - The core viewpoint is that the dividend style is expected to perform better in 2026 compared to 2025, driven by three main dimensions: valuation attractiveness, anticipated earnings recovery, and increased allocation of incremental funds towards high-dividend assets [1] - The relative valuation of dividends compared to growth is at a low level, specifically at the 28.2 percentile since 2016, indicating an attractive investment opportunity [1] - A recovery in A-share earnings is anticipated to reach its bottom by the end of 2025 or early 2026, with easing pressure on cyclical profits [1] Group 2 - The Hongli State-owned Enterprise ETF (510720) tracks the Shangguo Dividend Index (000151), which selects high-dividend capable and stable dividend record companies across sectors like banking, coal, and transportation [2] - The index employs a strict evaluation of constituent stocks based on dividend yield and sustainability, utilizing a cross-industry diversification strategy to effectively manage investment risks [2] - The Hongli State-owned Enterprise ETF has consistently distributed dividends for 20 consecutive months since its listing, with monthly assessments of dividends [2]