低利率环境持续，长钱配置红利动力有望增强

Group 1 - The core viewpoint of the news is that the cash dividends of the CSI Dividend Index constituents, particularly China Merchants Bank, are increasing, with a proposed cash dividend of 1.013 yuan per share for 2025, totaling approximately 25.548 billion yuan, representing a cash dividend ratio of 35.02% [1] - The total cash dividends of the CSI Dividend Index have been growing for six consecutive years since 2018, with 2024 marking a record high in both the number of dividend-paying companies (100) and the total dividend amount (922 billion yuan) [1][19] - As of 2025, 51 companies within the CSI Dividend Index have reported dividends totaling around 409.7 billion yuan [1][19] Group 2 - The CSI Dividend Index has a current dividend yield of 5.12%, significantly higher than the 10-year government bond yield of 1.84%, indicating a favorable environment for dividend-paying stocks amid a low interest rate backdrop [2][11] - The market outlook for 2026 suggests a "slow bull" rather than a "sharp peak," with a potential shift from "valuation bull" to "institutional bull," and a balanced style that may favor dividend stocks [2][22] - The low interest rate environment is expected to drive long-term capital, such as insurance and bank wealth management, towards equity investments, particularly in stable dividend assets [2][22]