红利国企ETF（510720）近5日涨超2.4亿元，红利风格在2026年表现可期

Group 1 - The core viewpoint is that the dividend style is expected to perform better in 2026 compared to 2025, driven by three main dimensions: valuation attractiveness, earnings recovery, and increased capital allocation towards high-dividend assets [1] - The relative valuation of dividends versus growth is at a low level, specifically at the 28.2 percentile since 2016, indicating potential for attractive returns [1] - A recovery in A-share earnings is anticipated to reach its bottom by the end of 2025 or early 2026, which may alleviate the pressure on cyclical earnings [1] Group 2 - The Hong Kong Dividend ETF (510720) tracks the Shanghai Dividend Index (000151), which selects high-dividend capable and stable dividend-paying companies across sectors like banking, coal, and transportation [2] - The index employs a rigorous assessment of constituent stocks' dividend yield and sustainability, utilizing a cross-industry diversification strategy to effectively manage investment risks [2] - The Hong Kong Dividend ETF has consistently distributed dividends for 21 consecutive months since its listing, with monthly evaluations of dividends [2]