红利风格择时周报（1124-1128）-20251201

Group 1 - The core point of the report indicates that the comprehensive factor value of the dividend style timing model for the week of November 24 to November 28, 2025, is -0.69, which is relatively stable compared to -0.66 from the previous week, remaining below 0 and not issuing a positive signal [1][6]. - The marginal changes in various factors this week are minimal compared to last week, with the slight decrease in the comprehensive factor attributed to weaker excess performance of dividends and reduced positive contribution from the momentum factor [9][12]. - The main negative contributions to the dividend scoring are due to the downward trend in U.S. Treasury yields and the recovery in industry analyst sentiment, while market sentiment and the dividend momentum factor provide positive contributions [9][12]. Group 2 - The report includes a detailed breakdown of the latest factor values as of November 28, 2025, showing various indicators such as the non-manufacturing PMI for services at -0.12, M2 year-on-year growth at 0.83, and the 10-year U.S. Treasury yield at -1.32 [12]. - The report highlights that the financing net purchase factor is at -1.38, indicating a significant negative sentiment in financing activities, while the industry average sentiment is at 2.07, reflecting a stable outlook [12].