红利风格择时周报（0302-0306）-20260309

• The dividend timing model was constructed in the report "Dividend Style Timing Scheme" on October 16, 2025[5] - The latest composite factor value of the dividend timing model for the week of 20260302 to 20260306 is -0.38, which remains negative and has declined compared to the previous week's value of -0.10[1][5] - The composite factor value reflects multiple influences, including the recent decline in US Treasury yields, which has strengthened its suppressive effect on dividends, and the recovery of market sentiment, which has negatively contributed to dividend excess returns[3][8] - The sub-factors of the model include variables such as China's non-manufacturing PMI (service sector), China's M2 year-on-year growth, US 10-year Treasury yield, relative net value of dividends, dividend yield spread over 10-year Chinese Treasury yield, net financing purchases, and industry average prosperity[11] - Factor values for 20260306 are as follows: China's non-manufacturing PMI (service sector) at 0.14, China's M2 year-on-year growth at 0.31, US 10-year Treasury yield at -0.70, relative net value of dividends at 0.76, dividend yield spread over 10-year Chinese Treasury yield at -0.11, net financing purchases at 0.26, and industry average prosperity at 0.97[11]