红利风格择时周报（0209-0213）

Investment Rating - The report indicates a positive investment rating for the dividend style timing model, with a composite factor value of 0.09, signaling a positive trend for two consecutive weeks [1][6]. Core Insights - The dividend style has shown good recent performance, with the momentum factor maintaining a positive contribution. The downward trend in U.S. Treasury yields continues to weaken, reducing pressure on dividends. Market sentiment has cooled, contributing positively to the dividend style. Multiple factors are at play, maintaining a positive score [4][7]. Summary by Sections Model Latest Results - The composite factor value for the dividend style timing model for the week of February 9 to February 13, 2026, is 0.09, consistent with the previous week [6][11]. Factor Analysis - The individual indicators are close to the previous week, with the following key factors: - Non-manufacturing PMI for China: -0.13 - M2 YoY for China: 0.21 - 10-Year U.S. Treasury Yield: -0.23 - Relative net value of dividends: 0.89 - Dividend yield of CSI Dividend Index minus 10-Year Treasury yield: 0.17 - Net financing purchases: -1.86 - Average industry prosperity: 1.02 - These factors collectively contribute to the positive score [12].