红利风格择时周报（0224-0227）

Investment Rating - The report indicates a slight negative signal with a comprehensive factor value of -0.10 for the dividend style timing model during the period from February 24 to February 27, 2026, after two consecutive weeks of positive values [6][7]. Core Insights - The recent decline in U.S. Treasury yields has increased its suppressive effect on dividends, while market sentiment has improved, leading to a reduction in the excess performance of dividends. This combination resulted in a slight decrease in the model score to a negative value [6][7]. - The model's factor values are fluctuating around the zero axis, suggesting a potential key point for style switching that warrants ongoing observation [6][7]. - The overall strong momentum of dividends and relatively low market sentiment contributed positively to the dividend style, while the decline in U.S. Treasury yields and the recovery in industry prosperity had a negative impact [7]. Summary by Relevant Sections Model Latest Results - The comprehensive factor value for the dividend style timing model was -0.10 for the week of February 24 to February 27, 2026, down from 0.09 the previous week [6][7]. - The model indicates that fluctuations around the zero axis are normal and may indicate a critical point for style switching [6]. Factor Insights - The largest marginal change was attributed to the recent decline in U.S. Treasury yields, which has intensified its negative impact on dividends [7]. - The individual factor values as of February 27, 2026, include: - Non-manufacturing PMI for China: -0.13 - M2 YoY for China: 0.21 - 10-Year U.S. Treasury Yield: -0.49 - Relative net value of dividends: 0.54 - Dividend yield of CSI Dividend Index minus 10-Year Treasury Yield: 0.03 - Net financing purchases: -1.59 - Average industry prosperity: 1.12 [11].