主动增强型红利策略：优选景气赛道，挖掘红利Alpha

Group 1 - The report emphasizes a balanced high dividend and high payout strategy by combining dividend yield and payout ratio factors to identify investment opportunities [4][12][19] - High dividend sectors include banking, coal, and oil & petrochemicals, which are characterized by low valuations and stable returns, presenting good allocation opportunities as state-owned enterprises enhance market value management [4][19] - High payout sectors focus on consumer industries such as textiles, food and beverage, and light manufacturing, which exhibit high payout ratios and good growth potential, benefiting from stable free cash flow and active capital markets under current growth policies [4][19] Group 2 - The stock selection criteria involve identifying stocks with sustainable dividend strategies, setting minimum dividend yield requirements, and utilizing a scoring system based on payout ratio, dividend yield, growth, and valuation [5][20][23] - The backtesting results indicate a cumulative return of 194.19% over five years, with an annualized return of 24.15%, significantly outperforming the dividend quality index by 125.07% [5][28][30] Group 3 - The industry weight adjustment strategy includes monitoring key indicators such as net interest margin and non-performing loan ratios in the banking sector, while also considering risks affecting asset quality [6][41] - For the coal industry, the focus is on monitoring coal prices and consumption rates, with expectations of marginal improvement as summer electricity demand rises [6][41] - The oil and petrochemical sector is analyzed based on price differentials and supply-demand dynamics, with expectations of oversupply continuing into 2025 [6][41] Group 4 - Future optimization strategies include expanding industry selection beyond current sectors based on historical data, establishing differentiated evaluation logic for various industries, and incorporating operational quality indicators to enhance the sustainability of dividends [9][45][48]