Core Viewpoint - The article discusses the significant increase in the valuation of dividend indices following the annual report updates, attributing this rise to the use of static price-to-earnings (PE) ratios by the China Securities Index, which contrasts with the rolling PE ratios used by other platforms [3][10]. Valuation Changes of Dividend Indices - The valuation of various dividend indices has seen notable changes, with the PE ratios increasing significantly post-annual report updates. For instance, the Dividend Index's PE rose from 7.19 to 8.71, marking a 21.14% increase, while the dividend yield remained stable at 7.10% [7]. - The China Securities Dividend Index also experienced a PE increase of 22.46%, from 7.88 to 9.65, with a slight decrease in dividend yield [7]. - The low-volatility dividend indices showed a lower increase in PE ratios, indicating a more stable valuation compared to single-factor dividend indices [8]. Industry and Sample Performance - The analysis of the China Securities Dividend Index reveals that 58 out of 100 sample companies experienced a decline in profit year-on-year, with an average profit drop of 12.99% [16][17]. - Revenue performance was similarly affected, with 60% of the sample companies reporting a decline in revenue, averaging a decrease of 3.89% [17]. - Industries facing profit declines include coal, transportation, steel, media, and construction materials, while banking and public utilities showed stable profit growth [19][20]. Conclusion on Dividend Indices - The overall valuation increase in dividend indices is primarily driven by the decline in profits among key sectors like coal and steel, leading to a significant rise in PE ratios. Despite this, the indices maintain a stable profit outlook, suggesting that investors can hold onto these indices without excessive concern [20][21].

Core Viewpoint - The China Securities Major Consumer Dividend Index has shown a slight increase of 0.08%, indicating a stable performance in the consumer sector despite recent fluctuations in the broader market [1]. Group 1: Index Performance - The China Securities Major Consumer Dividend Index has increased by 4.17% over the past month, but has decreased by 4.25% over the last three months and is down 2.97% year-to-date [2]. - The index is designed to reflect the overall performance of high dividend yield securities in the major consumer sector, calculated using a dividend yield weighting method [2]. Group 2: Index Composition - The top ten weighted stocks in the index include: Shuanghui Development (5.44%), COFCO Sugar (4.55%), Meihua Biological Technology (3.92%), Yili Group (3.4%), and others, with a total of 10 companies listed [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (51.40%) and the Shanghai Stock Exchange (48.60%) [2]. - The index exclusively comprises stocks from the major consumer sector, with a 100% allocation [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted annually, with the adjustment occurring on the next trading day after the second Friday of December [3]. - A buffer zone is established for sample selection, allowing certain stocks to be exempt from strict criteria if they meet specific cash dividend yield and trading volume conditions [3]. - The weight factors are adjusted in line with the sample changes, and temporary adjustments can occur under special circumstances [3].