红利风格择时周报（0126-0130）

Investment Rating - The report indicates a cautious increase in investment rating for the dividend style, suggesting a potential style switch as the comprehensive factor value approaches the critical point [1][6]. Core Insights - The comprehensive factor value for the dividend style timing model was -0.08 for the week of January 26 to January 30, 2026, a significant recovery from -0.57 in the previous week, indicating a need to monitor potential style shifts [1][6]. - A substantial decrease in net financing contributed positively to the dividend, while the downward trend in U.S. Treasury yields has lessened its suppression on dividends. The momentum factor showed notable improvement, leading to better performance in dividends [1][7]. - Despite the positive contributions from market sentiment and the stock-bond valuation factor, the downward trend in U.S. Treasury yields and improvements in industry prosperity remain significant negative contributors, creating a counterbalance that brings the comprehensive factor value close to zero [1][7]. Summary by Sections - Model Latest Results: The comprehensive factor value for the dividend style timing model was updated to -0.08 for the week of January 26 to January 30, 2026, showing a notable recovery from the previous week's value of -0.57, indicating a potential style switch [1][6]. - Factor Contributions: The report highlights that net financing has decreased significantly, providing a positive contribution to dividends. The ongoing decline in U.S. Treasury yields has reduced its negative impact, while the momentum factor has improved, leading to better dividend performance [1][7].