策略研究专题报告：如何配置红利资产

Group 1 - The report indicates that dividend assets have recently experienced a rapid "contraction," with only the banking sector performing well, while other dividend assets have shown mediocre results [13][15][27] - Historical analysis suggests that after each contraction of dividend assets and the overall market, there tends to be a short-term adjustment followed by a rebound; however, current valuation levels of dividend assets still have significant room for growth compared to historical peaks [13][15][37] - Two strategies are proposed for outperforming dividend assets: the first involves assessing market trends to select enhancement directions, favoring high dividend and high-quality stocks; the second suggests a mixed allocation strategy to navigate market cycles, recommending a combination of high dividend, low PB, and high profit growth [13][15][47][48] Group 2 - The market is gradually stabilizing, with a shift towards value stocks; small-cap value stocks and the CSI 2000 index have outperformed, while large-cap growth stocks have lagged [71] - Industry performance shows that environmental protection and biopharmaceutical sectors have excelled, while automotive and electric equipment sectors have underperformed [71][80] - Year-to-date, beauty and personal care, as well as automotive sectors, have shown strong performance, while coal and real estate sectors have lagged behind [71][80]