Group 1 - The core viewpoint of the articles highlights that the A-share financing balance has officially surpassed 2 trillion yuan, reaching a nearly 10-year high as of August 11, 2023 [1][2] - The last time the A-share financing balance exceeded 2 trillion yuan was on May 20, 2015, during a "fast bull" market when the Shanghai Composite Index was approaching the 4500-point mark [1] - The previous surge in financing balance from 1 trillion yuan to 2 trillion yuan occurred within 100 trading days, coinciding with a rapid rise in the Shanghai Composite Index [1] Group 2 - The current increase in A-share financing balance to over 2 trillion yuan has been characterized by a longer period of "energy accumulation," indicating a more stable leverage level compared to previous years [2] - Following the peak in 2015, the financing balance dropped to around 700 billion yuan, with a subsequent rise to over 1.7 trillion yuan in 2021 before declining again [2] - As of August 11, 2023, the financing balance accounts for 2.29% of the A-share circulating market value, significantly lower than the historical peak of 4.72% [2]

Core Viewpoint - The article discusses the performance of dividend assets compared to growth assets in different market phases, highlighting the potential risks of dividend assets under certain market conditions, particularly during bull markets [4][26]. Market Phases Analysis - From 2014 to present, dividend assets have shown low volatility and steady growth, while growth assets like the ChiNext have experienced more dramatic fluctuations [6]. - In the early bull market phase (2014-2015), the dividend index rose by 177%, but growth stocks outperformed with a 194% increase in the ChiNext index [8]. - During the 2015 stock market crash, the dividend index fell by 44%, similar to the declines in the CSI 300 and ChiNext indices [11]. - In the structural bull market phase (2016-2017), the dividend index increased by 44%, matching the CSI 300, while the ChiNext index only rose by 6% [14]. - In the bear market of 2018, the dividend index decreased by 25%, but it had the smallest decline compared to other indices [17]. - From 2019 to 2021, the dividend index only increased by 24%, significantly lagging behind the ChiNext's 170% rise [19]. - During the adjustment period (2021-2022), the dividend index fell by 4%, outperforming the CSI 300 and ChiNext indices [21]. - In the current oscillation phase (2022-2024), the dividend index has risen by 4%, while other indices have declined [23]. - Looking ahead to the potential explosive phase starting in Q4 2024, the dividend index is expected to lag behind growth styles due to a lack of valuation elasticity [25]. Investment Strategy Insights - The article concludes that while dividend assets may underperform in bull markets driven by risk appetite, they can perform well in structural bull markets where both valuation and earnings recover [26]. - Historical market trends indicate that a balanced asset allocation is essential for navigating different market environments and achieving sustainable returns [27].