红利国企ETF（510720）涨超2%，近10日资金净流入近2亿元，资金积极布局，红利风格有望延续

Core Viewpoint - The performance of dividend stocks is expected to outperform in 2026 compared to 2025, based on three main dimensions: valuation attractiveness, earnings recovery, and increased capital allocation towards high-dividend assets [1] Valuation Dimension - The relative valuation of dividends versus growth stocks is at a low level, specifically at the 28.2 percentile since 2016, indicating an attractive entry point for investors [1] Earnings Dimension - A-share earnings are projected to reach a bottom by the end of 2025 or early 2026, with the pressure on cyclical stock earnings expected to ease [1] Capital Dimension - Incremental capital from sources such as insurance, fixed income, and bank wealth management is anticipated to increase its allocation to equities, favoring high-dividend assets with strong absolute return characteristics [1] ETF Overview - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend capable and stable dividend-paying companies across sectors like banking, coal, and transportation, focusing on traditional high-dividend areas [1] Investment Strategy - The index employs a rigorous assessment of constituent stocks based on dividend yield and sustainability, utilizing a cross-industry diversification strategy to effectively control investment risks and reflect the overall market performance of high-dividend companies [1] Dividend Performance - According to the fund announcement, the Dividend State-Owned Enterprise ETF has been able to assess dividends monthly and has successfully distributed dividends every month since its listing, achieving a continuous dividend distribution for 21 months [1]