Core Viewpoint - The investment strategy of "Stable + Sustainable" is becoming a key theme for the year amid increasing market volatility and uncertainty, suggesting that a "Dividend +" strategy, which combines defensiveness and yield elasticity, may be a core choice for ordinary investors [1] Group 1: Investment Strategy - The "Dividend +" strategy evolves beyond traditional high-dividend frameworks to a comprehensive system that includes high dividends, low valuations, quality earnings, and value recovery, allowing for both offensive and defensive positioning in volatile markets [1] - Three ETFs under E Fund provide a complete "Dividend +" allocation tool, focusing on high-dividend, stable dividend-paying leading companies, with a notable emphasis on banking, coal, and transportation sectors [1] Group 2: Fund Performance - The E Fund National Value 100 ETF focuses on uncovering undervalued profit opportunities, with a high representation in financial and industrial sectors, suitable for capturing rebound trends after market stabilization [2] - The E Fund National Free Cash Flow ETF targets high-quality earnings, tracking the National Free Cash Flow Index, with a core advantage of a 12.4% return on equity, leaning towards technology growth and manufacturing sectors, and has recently outperformed the market [2] Group 3: Historical Data - From 2013 to present, the annualized return of the National Value 100 Index is 18.3%, the National Free Cash Flow Index is 19.0%, and the China Securities Dividend Index is 11.3%, all outperforming mainstream broad-based indices with higher Sharpe ratios, indicating better historical long-term returns for similar risk levels [2]

风险提示：基金有风险，投资需谨慎。 来源：易方达基金 易方达国证价值100ETF联接基金（A/C：025497/025498）专注捕捉市场修复机会，作为市场唯一跟踪 国证价值100指数的ETF联接基金，聚焦低估值、高盈利的价值标的，在震荡反弹行情中具备更强弹 性。 易方达国证自由现金流ETF联接基金（A/C：024566/024567）牢牢把握高质量盈利主线，以12.4%的净 资产收益率为核心优势，聚焦盈利真实、现金流健康的优质企业，在震荡市中更受资金认可，为策略提 供长期成长动力。 三者搭配，形成了"防守+修复+成长"的完整闭环：下跌有支撑、反弹有弹性、长期有收益，真正做到 进可攻、退可守。既不用在波动中频繁操作，也不必担心踏空与被套，让投资在震荡市场中更稳、更从 容。 当下市场让不少投资者陷入两难：追涨怕高位被套，持币空仓又怕踏空行情，单一持仓波动大、拿不 住，成为普遍痛点。面对这样的市场环境，兼具防御性与进攻弹性的"红利+"策略，正是震荡市里既实 用、又稳健的配置答案。 震荡市的核心需求，是稳得住、有弹性、不踏空，而易方达三只"红利+"ETF联接基金恰好形成一套完 整的攻防策略，适配震荡格局： 易方达中 ...

"红利+"不是"一刀切"的策略，不同风险偏好的投资者，可以结合自身需求，通过搭配易方达中证红利 ETF联接基金（A/C/Y：009051/009052/022925）、易方达国证价值100ETF联接基金（A/C： 025497/025498）、易方达国证自由现金流ETF联接基金（A/C：024566/024567）构建不同的配置方案， 例如： 稳健型投资者可考虑以易方达中证红利ETF联接基金（A/C/Y：009051/009052/022925）为核心，其低估 值、高股息的特征，能提供稳定现金流，回撤控制更优，是策略的"压舱石"。 风险提示：基金有风险，投资需谨慎。 来源：易方达基金 基金频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 平衡型投资者可考虑同时配置易方达中证红利ETF联接基金（A/C/Y：009051/009052/022925）和易方达 国证价值100ETF联接基金（A/C：025497/025498），红利锚定高股息资产，价值则提供安全边际，稳 健把握市场修复机会。 成长型投资者可考虑重点配置易方达国证自由现金流ETF联接基金（A/C：024566/024567），高净资产 收益率 ...

Group 1 - The core viewpoint emphasizes the importance of dividend assets that provide stable cash flow and defensive resilience in a low interest rate environment, particularly for ordinary investors seeking to navigate market fluctuations [1] Group 2 - Dividend indices are not merely single stock selections but a sophisticated toolbox that caters to diverse investment needs, with various indices in the A-share market focusing on different aspects and complementing each other [2] - The CSI Dividend Index is recognized as the benchmark for A-share dividend investment, selecting companies with stable dividends over the past three years and high dividend yields, comprising 100 quality stocks willing to share profits with shareholders [2] - The CSI Dividend Low Volatility Index combines high dividend characteristics with low volatility, resulting in better performance stability, while the CSI Dividend Value Index focuses on undervalued, fundamentally solid high dividend stocks to enhance valuation safety [2] - Data shows that the annualized volatility of the CSI Dividend Low Volatility Index over the past year is 11.34%, lower than that of the other two indices, and the rolling P/E ratio of the CSI Dividend Value Index is 7.73 times, lower than the other indices [2] Group 3 - The newly launched CSI A500 Dividend Low Volatility Index in 2025 achieves a dual breakthrough by focusing on quality leading companies while expanding industry coverage, significantly increasing weights in sectors like pharmaceuticals, oil and gas, and public utilities compared to previous indices [3] Group 4 - The Hong Kong dividend indices, influenced by market liquidity and dividend tax rules, generally exhibit higher dividend yields, with two core indices complementing A-share indices: the CSI Hong Kong Stock Connect High Dividend Investment Index focuses on high dividend characteristics, while the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index combines high dividends with low volatility [6] - In a low interest rate environment, relying solely on deposits may not meet the rigid cash flow needs of daily expenses or support long-term asset appreciation, making dividend indices with stable dividends and solid fundamentals a suitable choice for ordinary investors [6] Group 5 - The "Dividend+" strategy aims to enhance the quality and sustainability of dividends by focusing on companies with stable profitability and ample free cash flow, ensuring that investors can anchor their returns more on long-term value [8] - The National Value 100 Index targets undervalued, high-margin quality stocks, while the National Free Cash Flow Index captures "cash cow" companies with sustainable cash flow generation capabilities [8] Group 6 - E Fund has diversified its dividend product line, offering four differentiated investment solutions tailored to various investor needs [10] - For investors seeking regular cash flow, E Fund offers ETFs with different dividend schedules, allowing for monthly dividends [11] - For those focused on long-term compounding value, the E Fund Dividend ETF, which tracks the CSI Dividend Index and has a scale exceeding 100 billion, provides opportunities for reinvestment of annual dividends [12] - Investors looking to enhance long-term returns can consider high-growth indices while maintaining a solid dividend base, balancing stability and potential returns [13] - For investors pursuing lower volatility and more stable performance on a high dividend basis, E Fund offers specific ETFs, while those seeking stronger valuation safety can consider value-focused ETFs [14]

Group 1 - The core viewpoint is that the "Dividend+" strategy is a short-term stable allocation approach and is the preferred choice for the first wave of returning consumer funds [1] - As high-end consumption and certain mass-market products show signs of recovery, the market is expected to gradually refocus on the consumer sector [1] - Due to the prolonged bottom consolidation period and significant divergence in consumer sentiment, the current "Dividend+" strategy represents the path of least resistance [1] Group 2 - The Dividend National Enterprise ETF (510720) tracks the National Dividend Index (000151), which selects high-quality companies with significant and stable dividend records from the Shanghai Stock Exchange [1] - The index includes high-dividend sectors such as banking, coal, and transportation, reflecting the overall performance of high-dividend listed companies [1] - The index provides a reference for investors seeking stable returns through a cash dividend yield and liquidity screening mechanism [1]

Core Viewpoint - Dividend assets have become a stable mainstay in the equity market since 2022, providing steady cash flow and reasonable valuations, and are expected to maintain long-term allocation value despite a shift towards growth styles by 2025 [3][4]. Group 1: Changes in Dividend Asset Allocation Value - The allocation value of dividend stocks has not weakened but rather complements growth sectors due to a diverse market style and active structural opportunities [4]. - Dividend assets provide a stable foundation for investment portfolios, optimizing risk-return structures and enhancing long-term compounding returns [4][5]. Group 2: Long-term Performance and Demand for Dividend Assets - The demand for dividend assets is expected to rise as companies increase their dividend payout ratios following a peak in capital expenditures, supported by ample liquidity in the market [5]. - The market is transitioning to a "dividend+" era, where dividend assets will show significant differentiation based on specific industry and company conditions [5][6]. Group 3: Strategies for Achieving Flexibility and Excess Returns - A balanced approach combining "core-satellite" strategies with cash-rich, stable-profit assets is recommended to adapt to market rotations [6]. - Value investment should not be narrowly defined; it should include identifying quality businesses at reasonable or low prices while adapting to market and fundamental changes [6][7]. Group 4: Value Investment in a Rotating Market - A deep value investment philosophy should guide the entire investment process, distinguishing between "value" and "price" based on ROE, cash flow, and governance [7][9]. - A diversified and balanced portfolio strategy is essential to manage high market volatility and avoid excessive risk exposure to individual stocks or sectors [7][8]. Group 5: Identifying Truly Undervalued Stocks - The selection of stocks should consider both willingness and ability to distribute dividends, focusing on governance and free cash flow [9][10]. - Long-term competitive strength and cash generation capabilities are critical in distinguishing between genuinely undervalued stocks and those that merely appear cheap [10]. Group 6: Investment Opportunities in the Current Market - Future investment opportunities in cyclical dividend assets are anticipated, particularly in sectors like coal, engineering machinery, and consumer goods, as they recover from low profitability [11]. - The focus should also be on stable cash flow sectors such as utilities, highways, and essential consumption, alongside opportunities driven by new policies and external demand [11][12]. Group 7: Evaluating the "Dumbbell Strategy" of Small and Dividend Stocks - The combination of stable dividend assets and small-cap stocks can reduce portfolio volatility while providing both defensive and offensive characteristics [12][13]. - The economic recovery may impact dividend assets and small-cap stocks differently, necessitating a focus on dividend stability and cash flow resilience in the former, while emphasizing profitability and governance in the latter [13].

Group 1 - The Hong Kong stock market indices have performed relatively well since 2025, with the Hang Seng Index increasing by 25.51%, the Hang Seng Technology Index by 22.89%, and the Hang Seng China Enterprises Index by 23.98% from the beginning of 2025 to July 30, 2025 [3][17]. - The improvement in liquidity in the Hong Kong market is significantly driven by the increase in southbound capital, which has seen a total trading volume of 14.63 trillion RMB, a year-on-year increase of 220.41% [3][21]. - The valuation of Hong Kong stocks remains attractive, with the Hang Seng Index, Hang Seng Technology Index, and Hang Seng China Enterprises Index having TTM P/E ratios of 11.49, 22.24, and 10.49 respectively, which are lower compared to the CSI 300 Index [3][31]. Group 2 - The "Dividend +" strategy is based on the high dividend yield and low valuation advantages of Hong Kong stocks, particularly state-owned enterprises, which generally have higher dividend rates [3][46]. - The "Dividend + Stability" strategy focuses on selecting stocks with high dividend yields and stable earnings, with criteria including a TTM dividend yield greater than 4.5% and a market capitalization of over 30 billion RMB [3][55]. - The "Dividend + Economic Recovery" strategy targets investment opportunities in the power sector, which is currently experiencing a recovery due to stable coal prices and increasing electricity demand [3][59]. Group 3 - The power industry is in a recovery phase, with coal prices stabilizing and electricity demand increasing, which enhances the profitability of power companies [3][60][64]. - The implementation of a two-part electricity pricing mechanism starting in 2024 is expected to support the profitability of coal power companies by allowing them to recover fixed costs [3][64]. - The renewable energy sector is also expected to benefit from improved cash flow and reduced accounts receivable, which will enhance dividend capabilities [3][70][71].

Dividend Performance - In 2024, the total cash dividends for all A-share companies reached CNY 1.94 trillion, with a growth rate of 13.90% compared to 2023, and approximately 73.80% of listed companies distributed cash dividends[18][19]. - The overall dividend payout ratio for A-shares in 2024 was 37.70%, slightly lower than the 39.10% observed in the Hong Kong market[19]. Market Trends - Nearly 74% of listed companies are engaging in cash dividends, significantly expanding the concept and selection range of dividend stocks[18]. - The differentiation within dividend assets is expected to continue and intensify, challenging the traditional selection paradigm based on a dividend yield threshold of 4% or 5%[18]. Investment Strategies - The report highlights the emergence of various "dividend+" strategies that combine dividend selection with other investment criteria to address the sustainability of dividends and capture potential high-yield stocks[23][31]. - The insurance sector is anticipated to increase its allocation to dividend assets, with companies like New China Life and China Life expected to raise their OCI (Other Comprehensive Income) allocation by approximately 4% to 5% in their 2024 semi-annual reports[23]. Sector Analysis - The report identifies that industries such as insurance, food and beverage, and home appliances have announced higher average dividends per share compared to 2023, indicating strong performance in these sectors[23]. - The consumer discretionary sector is leading the market, with significant outperformance noted in the healthcare sector against industry benchmarks[8][23]. Risk Considerations - The report emphasizes that historical data does not guarantee future performance, and investors should be cautious of the ongoing market volatility and sector-specific risks[8].