更新红利20组合：调整之后，红利板块重回配置区

Core Insights - The report indicates that the dividend sector in A-shares has experienced continuous adjustments, with the CSI Dividend Index declining by 2.5% year-to-date, while the overall dividend yield has increased from 5.04% to 6.30% [3] - The report highlights a significant internal structural differentiation within the dividend sector, with certain industries like banks, liquor, and dairy seeing valuation increases, while others like coal and education have seen valuation declines, thus improving their cost-effectiveness [3] - The report suggests that the core logic of dividends remains solid, and after adjustments, the sector has returned to a favorable allocation range, with limited upward space for risk-free interest rates anticipated [3][4] A-Share Strategy - The report notes that the dividend premium of A-shares compared to H-shares has narrowed significantly, with the A-share dividend premium dropping from 54% at the beginning of the year to 44% by March 13, and the market capitalization-weighted premium falling from 48% to 33% [3] - The report emphasizes the potential for increased long-term capital inflow into the dividend sector, with insurance funds approved for long-term stock investments totaling 162 billion yuan [3][8] - A list of 20 selected A-share dividend stocks is provided, highlighting their market capitalization, historical dividend yield, and expected dividend yield [10] H-Share Strategy - The report includes a list of 20 selected H-share dividend stocks, detailing their market capitalization, price-to-earnings ratio, and dividend yield, indicating a comparative analysis with A-shares [11] - The report notes that the dividend yields of H-shares are generally competitive, with some stocks showing significant discounts compared to their A-share counterparts [11]