“估值-股息”四象限看各行业位置【宏观视界第25期】

Core Viewpoint - The food and beverage industry has transitioned from a risk zone to a value zone, moving from a high valuation trap in 2021 to a low valuation and high dividend yield area, enhancing its investment attractiveness and safety margin [3]. Group 1: Industry Analysis - The banking industry is positioned in quadrant II, indicating a better risk-return profile and allocation value, while the food and beverage/power equipment sectors in quadrant IV require caution [3]. - The food and beverage sector has undergone a valuation digestion over four years, currently exhibiting a low valuation level at the 12.0% historical percentile and a relatively high dividend yield of 3.6% [3]. Group 2: Valuation and Dividend Yield - The "valuation-dividend" four-quadrant model indicates that industries with a dividend yield below the 50% historical percentile are more favorable for investment [4]. - As of the end of 2023, the banking sector's core dividend yield and valuation metrics are being analyzed against historical data to assess investment opportunities [4][7].