红利风格择时周报（0302-0306）

Investment Rating - The report indicates a negative investment rating for the dividend style timing model, with a composite factor value of -0.38 for the week of March 2 to March 6, 2026, down from -0.10 the previous week, and no bullish signal was issued [1][5]. Core Insights - The primary marginal change affecting the model is the recent decline in U.S. Treasury yields, which has intensified its suppressive effect on dividends. Market sentiment has shown some recovery, contributing negatively to dividend excess, while other variable changes remain minor. Overall, the combination of these factors results in a negative score [8][11]. Summary by Relevant Sections - Model Latest Results: The composite factor value for the dividend style timing model is -0.38 for the week of March 2 to March 6, 2026, indicating a continued negative trend compared to the previous week's value of -0.10, with no bullish signal generated [5][11]. - Factor Analysis: The analysis shows that the largest marginal change is attributed to the recent decline in U.S. Treasury yields, which has a growing suppressive effect on dividends. Additionally, the recovery in industry sentiment has negatively impacted dividends. The overall score remains negative due to the interplay of these factors [8][11]. - Individual Factor Values: The report provides specific factor values as of March 6, 2026, including: - Non-manufacturing PMI for China: 0.14 - M2 YoY for China: 0.31 - U.S. 10-Year Treasury Yield: -0.70 - Relative net value of dividends: 0.76 - Dividend yield relative to 10-year government bond yield: -0.11 - Net financing purchases: 0.26 - Average industry sentiment: 0.97 [11].