红利国企ETF（510720）盘中回调，近5日资金净流入超1亿元，市场关注红利策略延续性

Core Viewpoint - The performance of dividend strategies is expected to improve in 2026 compared to 2025, driven by three main factors: valuation attractiveness, anticipated earnings recovery, and increased allocation of incremental funds towards high-dividend assets [1]. Group 1: Market Performance - On January 16, the Dividend State-Owned Enterprise ETF (510720) fell over 1%, but saw a net inflow of over 100 million yuan in the past five days, indicating market interest in dividend strategies [1]. Group 2: Valuation and Earnings - The relative valuation of dividends compared to growth stocks is at a low level, specifically at the 28.2 percentile since 2016, making it an attractive investment option [1]. - A recovery in A-share earnings is expected to reach its bottom by the end of 2025 or early 2026, with easing pressure on the profitability of cyclical stocks [1]. Group 3: Fund Allocation - Incremental funds from insurance, fixed income, and bank wealth management are expected to increase their allocation to equities, particularly favoring high-dividend assets with strong absolute return characteristics [1]. Group 4: ETF Overview - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Enterprise Dividend Index (000151), which selects high-dividend capable companies with stable dividend records across sectors like banking, coal, and transportation [1]. - The index employs a rigorous assessment of constituent stocks' dividend yields and sustainability, utilizing a cross-industry diversification strategy to effectively manage investment risks [1]. - The ETF has consistently distributed dividends monthly since its listing, achieving 21 consecutive months of dividends [1].