红利品种，为何容易出现低估？｜第423期精品课程

Core Viewpoint - The dividend index has shown long-term outperformance compared to the market with lower volatility, yet it is often undervalued as an investment opportunity [3][4][34]. Group 1: Performance and Volatility - The dividend index has consistently outperformed the broader market, with a historical annualized return of 13.03% from November 14, 2014, to January 13, 2026, compared to 6.96% for the broader index [5][7]. - The maximum drawdown for the dividend index was -33.19%, significantly less than the broader index's -55.78% [7]. - The volatility of the dividend index typically ranges from 60% to 70% of the broader market's volatility [5]. Group 2: Investment Strategy - The dividend index is characterized by a value investment style, which has proven effective in the A-share market, yielding significant excess returns [4]. - Investors are advised to buy into dividend index funds during undervalued phases to mitigate holding period volatility and enhance future valuation upside [14][34]. - The primary sources of returns for dividend index funds include valuation, earnings, and dividends [8]. Group 3: Market Conditions Impacting Performance - The dividend index may underperform during periods of high bond yields, as seen in 2024 when U.S. bond yields reached 4%-4.5%, making dividend yields less attractive [8]. - In a growth style bull market, funds tend to flow towards growth stocks, which can suppress the performance of value-oriented dividend stocks [11][12]. - Historical data shows that from 2023 onwards, the dividend index underperformed the broader market [9]. Group 4: Valuation and Dividend Yield - Investing in dividend index funds during undervalued phases can lead to higher dividend yields, as lower stock prices result in higher dividend yields [22][24]. - The comparison of dividend yields to long-term bond yields indicates that, as of January 2026, the dividend index's yield was significantly higher than the yield on 10-year government bonds [24][25]. - The dividend index is designed to periodically adjust its holdings, favoring stocks with lower valuations, which aligns with a buy-low, sell-high strategy [28][30].