来源：小基快跑 01 一直以来，指数受到各种称赞。 其中一个重要原因在于指数定期调整成分股，相当于一种内生淘汰机制，使得指数的成分股可以优胜劣 汰，确保了指数的活力与健康。 不管上市公司如何起落沉浮，指数长期而言生生不息、不断前进。 西格尔在写《投资者的未来》（The Future for Investors）之前，也一直认为简单直接地复制指数的投资 策略，就是最好的积累财富的方法。 直到西格尔在书中做了一个测算： 标普500指数1957年3月1日正式发布，初始成分股有500只。 截止2003年12月31日，标普500指数在这46年零10个月中，更新过917只（次）成分股，平均每年20只 （次）。 令人惊讶的是，拿着初始的那500只股票，收益率要比不断更新的标普500指数更高。 新进入指数的公司质地更优良，无论是利润还是市值都比老公司增长得更快，但是进入指数时价格可能 已经不便宜了，后期的上涨空间或许有限。 这个道理不难明白。 "市值规模大"和"成交活跃"是不少指数选取成分股考量的重要因素，上市公司经过一轮上涨，市值扩 大，符合指数成分股标准，得以进入指数。 具体来看： 如果在1957年3月1日按照市值权重买 ...

Report Industry Investment Rating - The report does not explicitly state the industry investment rating. Report's Core View - In the low - interest and high - volatility market environment, dividend investment is popular. The China Securities Chengtong Central Enterprise Dividend Index has significant advantages, and the Rongtong China Securities Chengtong Central Enterprise Dividend ETF provides an efficient tool for investors to invest in high - quality central enterprise dividend assets [2][4]. Summary According to Relevant Catalogs 1. Dividend Investment - A Long - Term Winning Strategy across A - Share Style Rotations 1.1 Long - term Allocation Value of Dividend Assets - Dividend investment focuses on stable cash - flow and profit growth of companies. In the context of China's low - interest environment and style rotations, dividend assets have more prominent allocation advantages compared to bonds. As of 2025, the dividend yield of the CSI Dividend Index is over 4.3%, higher than the 10 - year Treasury bond yield [7]. 1.2 "Offensive and Defensive" Attributes of Dividend Investment - Dividend investment offers both long - term allocation value from dividends and relatively stable capital gains. It shows strong anti - decline and defensive capabilities in bear markets and can also benefit from economic upswings. From 2005 - 2024, high - dividend indices led the market in 9 years, and from 2015 to the present, the CSI Dividend Index has outperformed the Shanghai Composite Index [9]. 1.3 Allocation Value of the "Dividend + Fixed - Income" Portfolio - The "dividend + fixed - income" portfolio is a cost - effective strategy in a low - interest environment. It can enhance the overall return and reduce volatility. The correlation between the CSI Dividend Index and the 10 - year Treasury bond rate from 2015 to now is - 0.5 [13]. 2. How to Choose a Dividend Index 2.1 Comparison of Dividend Index Compilation Methods - Dividend index compilation mainly involves sample selection and index calculation. Traditional dividend indices use historical dividend yields, which have limitations. The China Securities Chengtong Central Enterprise Dividend Index is the first in the A - share market to use the expected dividend yield for stock selection and weighting, considering both dividend willingness and ability [16]. 2.2 Analysis of the Return Characteristics of Different Dividend Indices - Different dividend indices have different risk - return characteristics. From 2017 - 2025, the China Securities Chengtong Central Enterprise Dividend Index has high returns, a high Sharpe ratio, and low drawdowns. It has outperformed indices like the CSI 300, CSI Dividend Index, and CSI Central Enterprise Dividend Index by about 20 percentage points in cumulative returns and nearly 2 percentage points in annualized returns [19][28]. 3. Rongtong China Securities Chengtong Central Enterprise Dividend ETF: A New Choice for Dividend Investment 3.1 Policy - Driven Valuation Repair of Central Enterprise Dividends - Central enterprises are important pillars of the national economy with high stability. Their valuations are currently low but have great potential for repair. Policies such as the improvement of the central enterprise assessment system and market - value management policies are driving the valuation increase [31][33][35]. 3.2 Advantages of the China Securities Chengtong Central Enterprise Dividend Index - The index has four features: it uses the expected dividend yield, focuses on mid - large - cap high - dividend cyclical stocks, does not include bank stocks, and has high dividends and low valuations. As of August 2025, its dividend yield is 4.38%, higher than the central enterprise and A - share averages [36][38][40]. 3.3 High Returns, High Sharpe Ratio, and Low Drawdowns of the Chengtong Central Enterprise Dividend Index - Since 2017, the index has achieved a cumulative return of 56.02% and an annualized return of 5.41%. Considering dividends, the cumulative return is 113.16%. It has better risk - return characteristics compared to other indices [43]. 3.4 Investment Strategy and Applicable Scenarios of the Rongtong China Securities Chengtong Central Enterprise Dividend ETF - The fund is a fully passive index fund using the full - replication method. It is suitable for long - term allocation by pension funds, insurance funds, and conservative investors. It also offers tactical allocation opportunities and can be used as a defensive asset in a volatile market. As of August 2025, its management and custody fees are lower than most similar products [45][46][47].