关注红利国企ETF（510720）投资机会，市场关注红利板块估值优势及高股息特性。 国泰海通指出，在当前市场风险偏好持续上修、资金从债券向权益资产转移的背景下，红利资产因其稳 定的现金流和防御属性受到关注。虽然融资需求与信贷供给仍不平衡，但无风险利率持续下降的环境 下，部分投资者开始重新平衡资产配置，红利板块的估值优势及高股息特性可能吸引配置需求。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从国内上市企业中筛选出具有高分 红特征的股票作为指数样本，覆盖多个行业领域。上国红利指数重点关注稳定收益、良好现金流及持续 分红能力的企业，整体投资风格偏向价值型，旨在反映高分红上市公司证券的综合表现。 没有股票账户的投资者可关注国泰上证国有企业红利ETF发起联接A（021701），国泰上证国有企业红 利ETF发起联接C（021702）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品， ...

Group 1 - The investment logic in the dividend sector is shifting from style-driven to stock-driven, with high-quality stocks continuing to attract specific style funds [1] - Traditional high-dividend industries such as building materials, coal, and steel have recently seen significant price increases of 8.2%, 8.0%, and 7.7% respectively, indicating a phase of capital focus on dividend attributes [1] - The dividend state-owned enterprise ETF (510720) tracks the State Dividend Index (000151), which selects listed companies with stable dividend capabilities, focusing on high dividend yields and continuity of dividends [1] Group 2 - Investors without stock accounts can consider the GTJA SSE State-Owned Enterprise Dividend ETF Initiated Link A (021701) and GTJA SSE State-Owned Enterprise Dividend ETF Initiated Link C (021702) [1]

Core Viewpoint - The initiation of 1.2 trillion yuan hydropower projects is expected to drive the valuation recovery of infrastructure stocks, particularly benefiting undervalued, high-dividend leading construction companies [1] Group 1: Industry Overview - The construction industry faced pressure in Q1 due to weaker-than-expected resumption of work, but Q2 is anticipated to see a boost in demand from accelerated issuance of special bonds and funding for "two heavy" projects, with over 300 billion yuan allocated in the third batch [1] - It is expected that investment will stabilize and gradually increase in the second half of the year, leading to improved quarterly performance for the sector [1] - As the industry enters a phase of stock management, the concentration of leading companies continues to rise, with the top 8 state-owned construction enterprises' market share in revenue expected to increase by 6.6 percentage points to 28.2% by Q1 2025 compared to 2022, and new order market share rising by 17.4 percentage points to 58.4% [1] Group 2: Policy and Financial Outlook - Policy measures are being implemented to promote debt resolution and payment clearance, alongside an optimization of dividend policies for state-owned construction enterprises, which is expected to enhance long-term dividend ratios [1] - The value of dividends is becoming increasingly prominent in the industry [1] Group 3: Investment Products - The Hongguo Dividend ETF (510720) tracks the Shangguo Dividend Index (000151), which selects stocks with high dividend characteristics to reflect the overall performance of companies with strong dividend capabilities and ample cash flow [1] - The Shangguo Dividend Index includes companies across various industries, focusing on those that can maintain stable dividends, possess strong profitability, and have good financial conditions, with an overall emphasis on value investing [1]

Group 1 - The core viewpoint of the articles emphasizes the support for long-term investment policies, which has led to the outperformance of dividend state-owned enterprises, with the Dividend State-Owned Enterprise ETF (510720) rising over 0.5% [1] - Shanxi Securities indicates that policies are attracting incremental capital and fostering a "long money, long investment" policy system, aligning with the spirit of the 20th Central Committee's Third Plenary Session and the Central Economic Work Conference [1] - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects listed companies with high cash dividend yields and stable dividends, focusing on blue-chip enterprises with robust cash flow [1] Group 2 - The Dividend State-Owned Enterprise ETF (510720) has consistently paid dividends every month since its listing, achieving 12 consecutive months of dividends, making it a rare monthly dividend-paying ETF that may attract long-term investors [1] - Investors without stock accounts can consider the Guotai SSE State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Link C (021702) [2]