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Core Viewpoint - The article discusses the growing popularity of dividend assets in the investment market, emphasizing the importance of understanding the timing and selection of dividend indices for optimal investment strategies [4]. Group 1: Dividend Investment Challenges - Despite the popularity of dividend investments, they are not without challenges, as historical performance shows that dividend strategies do not always outperform the market [5]. - From 2015 to the present, the CSI Dividend Index has underperformed the CSI 800 Index in three years, with significant underperformance of nearly 20% in 2019, 2020, and 2025 [5][8]. - The selection of dividend indices is complex, with numerous options available, making it difficult for investors to choose the right one [9][10]. Group 2: Constructing a "Permanent" Dividend Portfolio - Given the difficulty in predicting the best timing for dividend index investments and selecting the perfect index, a more pragmatic approach is to create a balanced "permanent" dividend portfolio using a mix of representative indices [13]. - The four main categories of dividend indices identified are A-share high dividend, Hong Kong high dividend, free cash flow, and dividend quality, with specific indices suggested for each category [13][14]. - The article highlights that the CSI Dividend Index and the Hang Seng High Dividend Low Volatility Index are classic defensive indices, while the CSI 800 Cash Flow and CSI Dividend Quality indices have growth attributes [14][15]. Group 3: Performance and Correlation Analysis - The performance of the four dividend indices shows varying degrees of correlation, with most maintaining around 50% correlation, suggesting that a diversified approach could yield better results [15][16]. - An equal-weighted allocation of these indices has historically provided better investment experiences compared to holding individual indices, particularly during growth market phases [18]. - The equal-weighted combination has shown advantages in specific years, outperforming individual indices during periods of market volatility [18]. Group 4: Final Thoughts - For ordinary investors, a simpler approach of equal-weighted allocation among selected dividend indices is recommended, as it reduces decision-making complexity while maintaining long-term return potential [19]. - The combination of classic defensive and growth-oriented indices forms a "barbell strategy" that balances risk and return across different market conditions [19]. - Cost considerations, such as low fees and regular dividends, are crucial for long-term holding experiences, enhancing the overall investment strategy [20].