2026年投资展望来临：风格回归，高股息策略迎来配置良机！

Core Viewpoint - The article emphasizes the potential for a style reversal in the A-share market, particularly highlighting the investment value of dividend assets in 2026 after a year of underperformance in 2025 [3][5][7]. Market Performance Overview - In 2025, the A-share market was driven by emerging industries such as AI, semiconductors, and high-end manufacturing, with the CSI 2000 index rising over 30% [3]. - Gold prices reached historical highs, with spot gold rising over 1.7% on December 22 [4]. - Dividend assets underperformed in the tech-driven market of 2025, with the dividend low volatility index showing the lowest performance [5][6]. Dividend Asset Investment Value Analysis - Despite a lackluster performance in 2025, dividend assets are expected to have room for growth in 2026 due to temporary pricing deviations caused by extreme market style divergence [7]. - Over the past decade, dividend strategies have shown unique defensive value and potential for excess returns, outperforming the CSI 300 index on average [7][8]. - The introduction of the new "National Nine Articles" policy in 2024 aims to enhance shareholder returns, providing a solid institutional guarantee for dividend strategies [9][10]. Policy Impact on Dividend Ecosystem - The new policy is expected to systematically improve the willingness, ability, and sustainability of overall dividend payouts in the A-share market, driving a continuous value discovery process [9][10]. - As of November 28, 2025, the overall dividend rate in the A-share market reached 34.6%, indicating an increase in dividend willingness and capability [10]. Investment Strategies in Dividend Assets - The article suggests using ETFs to invest in dividend assets, with the E Fund Dividend ETF (515180.SH) being a representative product that tracks the CSI Dividend Index [15][21]. - The CSI Dividend Index includes 100 stocks with high cash dividend yields and stable dividends, focusing on traditional value sectors such as banking and manufacturing [16][21]. - The article also highlights the performance of various dividend ETFs, noting that the E Fund Dividend ETF has consistently paid dividends over the past six years, averaging around 0.5% annually [19][21]. Low Volatility Dividend ETFs - The article discusses the Low Volatility Dividend ETF (512890.SH), which tracks the CSI Low Volatility Dividend Index, selecting stocks with high dividends and low price volatility [22][23]. - This index has a significant allocation to the banking sector, emphasizing the "high dividend + low volatility" characteristic [23]. Sector-Specific Dividend ETFs - The article mentions sector-specific ETFs, such as the Coal ETF (515220.SH), which focuses on high-dividend sectors like coal and energy, showing strong historical performance [31]. - These sector ETFs are noted for their higher volatility and are suitable for investors with a deeper understanding of the industry [32]. Conclusion - The article concludes that while dividend strategies have inherent limitations and external risks, they serve as a defensive asset in complex market environments, providing a stable foundation for long-term investment portfolios [35].