红利风格择时周报-20251116

• The dividend timing model's comprehensive factor value for the week of November 10-14, 2025, is -0.88, showing an improvement compared to the previous week's value of -1.06, but still below 0, indicating no positive signal[6][4] - The dividend timing model includes sub-factors such as market sentiment trend factor and dividend momentum factor. This week, the market sentiment trend factor decreased, while the dividend momentum factor increased, both contributing positively to the dividend style. However, the downward trend in U.S. Treasury yields and the recovery in analyst industry sentiment continue to negatively impact the dividend scoring, with the negative contribution from U.S. Treasury yields slightly reduced[7][4] - Factor values for specific indicators as of November 14, 2025, include: - Non-manufacturing PMI (China): -0.12 (unchanged from previous weeks)[11] - M2 YoY (China): 0.83 (unchanged from previous weeks)[11] - 10-year U.S. Treasury yield: -1.51 (slightly improved from -1.55 last week)[11] - Dividend relative net value: 0.17 (improved from -0.37 last week)[11] - Dividend yield relative to 10-year Chinese bond yield: -0.40 (declined from -0.33 last week)[11] - Net financing purchases: -0.25 (declined from 0.85 last week)[11] - Industry average sentiment: 2.14 (slightly declined from 2.23 last week)[11]