透视红利投资：低利率时代的“资产避风港”与配置价值

Core Viewpoint - The era of high returns is fading, leading to a significant "asset shortage" as investors seek stable investment opportunities amidst declining interest rates and low yields on traditional assets [1]. Group 1: Importance of Dividend Stocks - Dividend stocks are gaining attention not just for their high yields, but due to three fundamental reasons [2]. Group 2: Financial Calculations - The current low-risk interest rate environment (around 1.7%) makes dividend yields of 5%-6% attractive, creating a significant yield spread that positions dividend stocks as valuable assets [3]. Group 3: Insurance Demand - Insurance companies are increasingly purchasing dividend stocks due to the IFRS 9 accounting standard, which allows them to classify high-dividend, low-volatility stocks as special assets, thus stabilizing their profit reports while benefiting from dividend income [4][5]. Group 4: Policy Changes - New regulations, referred to as the "National Nine Articles," are pressuring companies to increase dividend payouts, improving the quality and quantity of dividend stocks available in the market [7][8]. Group 5: Constructing a Balanced Dividend Portfolio - A balanced approach to dividend investing is recommended, consisting of three types of dividend assets: offensive (CITIC Dividend), defensive (low-volatility dividend), and enhancing (Hong Kong dividend stocks) to mitigate risks and enhance returns [10][11]. Group 6: Long-term Investment Strategy - Dividend stocks are characterized by lower volatility and are suitable for long-term investment strategies, providing a steady cash flow during prolonged low-interest periods [12][14].