红利国企ETF（510720）飘红，近20日净流入超4.3亿元，红利风格在2026年的表现或可期

Core Viewpoint - The performance of the dividend-focused ETF (510720) is expected to improve in 2026 compared to 2025, driven by attractive relative valuations, anticipated earnings recovery, and increased allocation of funds towards high-dividend assets [1]. Group 1: Valuation Perspective - The relative valuation of dividends versus growth stocks is at a low level, specifically at the 28.2 percentile since 2016, indicating an attractive investment opportunity [1]. Group 2: Earnings Outlook - A recovery in A-share earnings is anticipated to reach its bottom by the end of 2025 or early 2026, with easing pressure on the profitability of cyclical sectors [1]. Group 3: Fund Flow Dynamics - Incremental capital from insurance, fixed income, and bank wealth management is expected to increase its allocation to equities, favoring high-dividend assets with strong absolute return characteristics [1]. Group 4: ETF Characteristics - The dividend-focused ETF tracks the Shangguo Dividend Index, which selects high-dividend and stable dividend-paying companies across sectors such as banking, coal, and transportation, focusing on traditional high-dividend areas [1]. - The ETF has consistently paid dividends for 21 consecutive months since its listing, with monthly assessments of dividend distributions [1].