红利风格择时周报（0202-0206）

Investment Rating - The report indicates a positive shift in the dividend style timing model, with a composite factor value of 0.09, signaling a potential market style switch towards dividends [1][6]. Core Insights - The composite factor value increased from -0.08 in the previous week (January 26 to January 30, 2026) to 0.09, suggesting a recovery and a positive signal for dividend style investments [1][6]. - The momentum factor's contribution turned positive, and the downward trend in U.S. Treasury yields has significantly weakened, reducing pressure on dividend stocks [7]. - Market sentiment has cooled, contributing positively to the dividend style, with multiple factors working together to shift the score from negative to positive [7]. Summary by Sections Model Latest Results - The report updates the results of the dividend style timing model for the week of February 2 to February 6, 2026, showing a composite factor value of 0.09, which is a positive change from the previous week's -0.08 [6][7]. Factor Contributions - The report details various factors influencing the dividend style: - Non-manufacturing PMI for services in China: -0.13 - M2 YoY growth in China: 0.21 - U.S. 10-year Treasury yield: -0.24 - Relative net value of dividends: 0.92 - Dividend yield relative to 10-year government bond yield: 0.22 - Net financing purchases: -1.62 - Industry average prosperity: 0.77 [11].