红利风格择时周报（1208-1212） [Table_Authors] 郑雅斌(分析师) 本报告导读： 本周（20251208 至 20251212）红利风格择时模型综合因子值为-0.72，相对于上周 （20251201 至 20251205）的-0.65 略有下滑，仍保持小于 0，未发出正向信号。 投资要点： 金融工程 /[Table_Date] 2025.12.13 | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 梁誉耀(分析师) | | | 021-38038665 | | | liangyuyao@gtht.com | | 登记编号 | S0880524080003 | [Table_Report] 相关报告 绝对收益产品及策略周报（251201-251205） 2025.12.10 上周估值因子表现较好，本年中证 2000 指数增强 策略超额收益为 28.22% 2025.12.10 红利风格择时周报（1201-1205） 2025.12.08 风格 Smart beta ...

红利风格择时周报（1124-1128） [Table_Authors] 郑雅斌(分析师) 本报告导读： 本周（20251124 至 20251128）红利风格择时模型综合因子值为-0.69，相对于上周 （20251117 至 20251121）的-0.66 基本持平，仍保持小于 0，未发出正向信号。 投资要点： | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 梁誉耀(分析师) | | | 021-38038665 | | | liangyuyao@gtht.com | | 登记编号 | S0880524080003 | [Table_Report] 相关报告 量化择时和拥挤度预警周报（20251128） 2025.11.30 低频选股因子周报（2025.11.21-2025.11.28） 2025.11.29 权益黄金尽墨，全球资产 BL 模型 2 本周微录正 收益 2025.11.28 绝对收益产品及策略周报（251117-251121） 2025.11.27 上周价量因子表现较 ...

- The dividend timing model's comprehensive factor value for the week of November 10-14, 2025, is -0.88, showing an improvement compared to the previous week's value of -1.06, but still below 0, indicating no positive signal[6][4] - The dividend timing model includes sub-factors such as market sentiment trend factor and dividend momentum factor. This week, the market sentiment trend factor decreased, while the dividend momentum factor increased, both contributing positively to the dividend style. However, the downward trend in U.S. Treasury yields and the recovery in analyst industry sentiment continue to negatively impact the dividend scoring, with the negative contribution from U.S. Treasury yields slightly reduced[7][4] - Factor values for specific indicators as of November 14, 2025, include: - Non-manufacturing PMI (China): -0.12 (unchanged from previous weeks)[11] - M2 YoY (China): 0.83 (unchanged from previous weeks)[11] - 10-year U.S. Treasury yield: -1.51 (slightly improved from -1.55 last week)[11] - Dividend relative net value: 0.17 (improved from -0.37 last week)[11] - Dividend yield relative to 10-year Chinese bond yield: -0.40 (declined from -0.33 last week)[11] - Net financing purchases: -0.25 (declined from 0.85 last week)[11] - Industry average sentiment: 2.14 (slightly declined from 2.23 last week)[11]

Core Insights - The comprehensive factor value of the dividend style timing model for the week of October 27 to October 31, 2025, is -0.78, which is a decline from -0.63 in the previous week (October 20 to October 24, 2025), indicating that it remains below zero and has not generated a positive signal [1][6][7]. Model Results - The latest results show that the decline in U.S. Treasury yields and the recovery in analyst industry sentiment have contributed negatively to the dividend scoring. Additionally, the market sentiment has improved this week, but the positive contribution from the net financing factor to dividends has decreased [6][7]. Factor Analysis - The individual factor values as of October 31, 2025, include: - Non-manufacturing PMI for China: -0.12 - M2 YoY for China: 0.83 - U.S. 10-year Treasury yield: -1.40 - Relative net value of dividends: -0.27 - Dividend yield of the CSI dividend index minus 10-year government bond yield: -0.15 - Net financing: -1.32 - Average industry sentiment: 2.40 [12].