广发中证智选高股息策略ETF（159207）：聚焦高息资产，把握低风险下高确定性

Group 1 - The core viewpoint of the report emphasizes the investment value of high-dividend strategies, particularly through the Guangfa CSI Select High Dividend Strategy ETF (159207), which focuses on high-yield assets while maintaining low risk and high certainty [4][10][11] - The CSI Select High Dividend Strategy Index selects 50 companies with a history of continuous dividends and high cash dividend proposals, achieving an annualized return of 13.37% from December 31, 2005, to June 11, 2025, outperforming major indices like CSI 500 and CSI 300 [4][10][51] - The report highlights the ongoing policy support for increasing cash dividends among listed companies, which is expected to benefit high-dividend strategies [8][33][34] Group 2 - The report discusses the effectiveness of high-dividend strategies, noting that they provide strong liquidity and stable returns for investors, while also reflecting the operational health of companies [19] - In a low-interest-rate environment, high-dividend products become more attractive, with the 10-year government bond yield declining significantly, enhancing the appeal of high-dividend assets [20][23] - The CSI Select High Dividend Strategy Index has shown lower volatility compared to broad market indices, indicating its defensive characteristics during market fluctuations [54]