红利指数盈利靠什么？三大收益来源全解析

Core Viewpoint - The article emphasizes the rapid development of dividend indices in China, driven by a low interest rate environment, and highlights the investment strategy of buying undervalued stocks and holding them for dividends [4][5]. Group 1: Dividend Index Performance - The historical performance of dividend indices, such as the CSI Dividend and the Hong Kong-Shenzhen Dividend Low Volatility Index, shows a "slow bull" market trend with annualized returns exceeding the average returns of the A-share market [6][8]. - From early 2020 to the present, the CSI Dividend Index has an annualized return of 9.1%, while the Hong Kong-Shenzhen Dividend Low Volatility Index has an annualized return of 11.31% [9][11]. - Dividend indices exhibit clear phases of performance, with underperformance during growth-style bull markets and relative stability during bear markets [12][14]. Group 2: Sources of Dividend Index Returns - The returns from dividend indices can be broken down into three main sources: earnings growth, valuation improvement, and dividend income [15][34]. - Earnings growth is a crucial long-term return source, as companies in dividend indices are typically established leaders in their industries with stable earnings [18][20]. - Valuation improvement occurs when stocks are bought at low price-to-earnings (P/E) and price-to-book (P/B) ratios, leading to potential gains as valuations normalize [22][24]. - Dividend income significantly contributes to overall returns, with dividends accounting for about one-third of the long-term returns of the Hong Kong-Shenzhen Dividend Low Volatility Index [30]. Group 3: Investment Strategy - The recommended investment strategy for dividend indices is to buy undervalued stocks and hold them to benefit from both capital appreciation and dividend income [39]. - The article also notes that the optimization of index rules over the past decade has improved long-term returns by excluding high-leverage or unstable dividend stocks [41].