当市场风格切换，红利资产往往这样走

Core Viewpoint - The recent extreme performance of small-cap growth stocks, driven by sectors like AI applications, electric grids, and semiconductors, has led to a historical divergence between large-cap value stocks and small-cap growth stocks, indicating a potential market reversal [1] Historical Review of Style Divergence - Historical analysis shows that after reaching extreme divergence, value stocks typically experience a "value recovery" within a month, with significant excess returns for dividend indices [3][5] - In previous instances of style divergence peaks, the average excess returns of dividend indices relative to the CSI 300 were 4.95%, 6.95%, 1.26%, and 9.47% in January 2014, May 2015, December 2015, and December 2021 respectively [4] Recent Market Signals - Recent regulatory measures have cooled down overheated speculative trading, signaling a shift towards a performance-driven "slow bull" market, which may pressure growth stocks and lead to a return to value stocks [6] - There has been a notable inflow of funds into value sectors, particularly in non-ferrous metals and chemicals, indicating a recovery in dividend assets [6] Optimal Strategy in a Slow Bull Market - Dividend products, characterized by stable dividends and lower volatility, are essential for long-term investment portfolios, providing absolute returns and smoothing account fluctuations [7] - In anticipation of a "slow bull" market, a multi-factor dividend strategy is recommended, incorporating factors like low volatility and value, which can enhance both dividend income and capital gains [7]