非银金融行业资产管理产业链跟踪八：除了低波，如何优化多元资产中的红利策略

Investment Rating - The report maintains the investment rating for the asset management industry, particularly focusing on dividend strategies and their optimization [1]. Core Insights - The report emphasizes that besides low volatility factors, dividend quality, potential, and growth are also significant directions worth attention in the domestic market. The low volatility dividend strategy has a substantial product scale, with related products amounting to 35.379 billion yuan, accounting for 34% of the total dividend fund scale as of June 2024 [1][7]. - The report suggests that a diversified investment strategy across regions and factors may optimize dividend investment strategies, with global allocations showing excess returns in markets like Japan and the US [1][7]. Summary by Sections 1. Alternative Approaches Beyond Low Volatility - The report identifies dividend quality, potential, and growth as key areas of focus in the domestic market, alongside low volatility strategies. The Smart Beta strategy related to low volatility has a product scale of 35.379 billion yuan, representing 33.96% of the total dividend fund scale [1][7]. 2. Profitability Constraints from Business Models - Profitability, as measured by ROE, shows a concentration in the financial and consumer sectors. The banking sector leads with an average ROE of 13.35% from 2014 to 2023, while non-bank financials have an ROE of 6.95%, about half that of banks [11][12]. 3. Dividend Potential Dependent on Business Models and Intent - The report notes that the ranking of retained earnings among key industries has fluctuated significantly over the past decade. Industries like banking and non-bank financials have shown variability in their retained earnings, impacting their dividend potential [15][16]. 4. Dividend Growth Reliant on Industry Stability - The report highlights that cash dividend growth rates are leading in manufacturing and cyclical industries, with the economic cycle being a crucial variable. Industries like telecommunications and renewable energy have shown high compound growth rates in dividends, while resource sectors like coal and metals have seen significant increases in dividends during favorable market conditions [18]. 5. Underlying Industry Preferences from Different Strategy Factors - The report discusses how different strategy factors lead to varying underlying industry preferences. The quality factor focuses on profitability, while the potential factor emphasizes future dividend capacity, leading to a concentration in non-bank financials and consumer sectors [2][10].