把握现金流ETF（159399）、红利国企ETF（510720）布局机会

Core Viewpoint - The trend of high dividend assets has gained increasing attention from investors since the market downturn in 2021 and 2022, with a significant rise in dividend payouts and policies encouraging companies to enhance shareholder returns [1][2]. Group 1: Dividend Trends - The dividend payout ratio in A-shares has gradually increased from approximately 39% in 2020 to 46.84% in 2024, indicating a growing commitment from companies to return profits to shareholders [1]. - The total dividend scale for A-shares in the fiscal year 2024 is projected to exceed 2.4 trillion yuan [1]. - Many A-share companies, including state-owned banks that previously did not issue interim dividends, are starting to implement interim dividends to distribute operational results to investors [1]. Group 2: Policy and Market Dynamics - Recent regulatory measures, such as the new market value management rules, require major index-weighted stocks to manage their market value through dividends and buybacks, especially during periods of market downturns [2]. - The number of share buybacks has increased significantly over the past two years, particularly cancellation buybacks, which directly benefit shareholders [2]. - The macroeconomic environment suggests a likely downward trend in risk-free interest rates, which may enhance the attractiveness of high dividend assets in the A-share market [2]. Group 3: Investment Strategies - High dividend and high cash flow assets are becoming central to investment strategies, with specific ETFs like the Cash Flow ETF (159399) focusing on high dividend potential stocks and the Dividend State-Owned Enterprise ETF (510720) emphasizing stable dividend yields [3]. - The current market is experiencing valuation adjustments, and long-term investors are encouraged to adopt a balanced allocation strategy to align with the market outlook for 2026 [3].