兴业证券指出，行业配置方面坚持"景气成长+红利"策略，配置高股息资产以持续获得稳定的现金回 报。反内卷政策有助于提高利润率和ROE，企业利润率对股票市场收益至关重要。在境内股市日益机构 化的背景下，市场更关注盈利与股东回报，而非短暂的收益弹性。参考日本经验，净利润率的扩张能显 著推动股价回报。此外，政策对高内卷行业出台供给侧优化措施，缓解低价竞争，推动光伏、电池、化 工等传统行业利润修复，这些板块现金流改善、分红率提升，与成长资产形成互补，为投资者带来周期 稳定和现金收益机会。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从沪市中精选分红能力强、记录稳 定的优质企业，覆盖银行、煤炭及交运等高股息行业。指数侧重于选取具有高现金股息率和良好流动性 的证券，以体现稳健的价值投资风格。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选 ...

源达信息指出，红利资产由于其稳定的高股息和低估值属性，在低利率环境下，对风险偏好较低的资金 有吸引力。在当前经济景气水平总体平稳的背景下，11月制造业PMI小幅回升至49.2%，产需两端改 善、小微企业景气显著回升，高技术制造业持续扩张。政策端聚焦新型城镇化与城乡融合，释放内需潜 力，同时资本市场改革深化，吸引长期资金。红利资产在低利率环境下具备配置价值，其稳定的高股息 特性对追求稳健收益的资金具有较强吸引力。 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，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映 ...

Core Insights - The pricing drivers for dividend sectors are shifting from a focus on low valuations to improvements in fundamental expectations [1] - Consumer-oriented dividends, such as food and beverages, home appliances, and textiles, are expected to benefit from this trend [1] - The profitability recovery in the midstream manufacturing sector will take time, but the trend of overseas manufacturing investment remains unchanged [1] Group 1: Industry Trends - The continuous decline of PPIRM-PPI is expected to gradually restore profitability for midstream manufacturing companies, which will in turn improve the fundamentals of consumer-oriented dividend sectors [1] - The dividend state-owned enterprise ETF (510720) tracks the Shangguo Dividend Index (000151), which selects stocks with high cash dividend yields and stable dividends from the Shanghai market [1] - The index primarily focuses on traditional industries such as finance and energy, reflecting the overall performance of high-dividend stocks in the Shanghai market [1] Group 2: Investment Opportunities - Investors without stock accounts can consider the Guotai Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Link C (021702) [1]

Group 1 - The core viewpoint is that the pricing drivers for dividend sectors are shifting from low volatility attributes to improvements in fundamental expectations, particularly benefiting consumer dividends such as food and beverages, home appliances, and textiles and apparel [1] - The current macroeconomic environment is in a "de-involution" transition phase, indicating that corporate profit bottoms have been reached, and the continuous decline in PPIRM-PPI suggests a recovery in midstream manufacturing profits, which will gradually restore overall demand [1] - In this context, the price elasticity of dividend assets may strengthen as fundamental expectations improve, especially in sectors with profit improvement potential in the consumer domain [1] Group 2 - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects 50 stocks from the Shanghai market that have high cash dividend yields, stable dividends, and certain scale and liquidity [1] - The index constituents mainly cover traditional high-dividend sectors such as finance, energy, and industry, reflecting the investment characteristics of seeking stable returns [1] - Investors without stock accounts can consider the GT Fund's Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiated Link A (021701) and Link C (021702) [1]

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] - Since the beginning of the year, dividend stocks have frequently been targeted by insurance companies and AMCs, indicating a growing allocation of medium to long-term funds towards high dividend sectors [1] - Long-term focus should be on high-quality individual stocks with stable dividend rates and ROE characteristics, which will continue to attract fund allocation [1] Group 2 - The dividend state-owned enterprise ETF (510720) tracks the State-Owned Enterprise Dividend Index (000151), which selects 30 stocks from state-owned enterprises listed on the Shanghai Stock Exchange that have high cash dividend yields, stable dividends, and certain scale and liquidity [1] - The index is weighted by dividend yield and emphasizes sectors such as finance and energy [1] - Investors without stock accounts can consider the GT Fund's linked ETFs for state-owned enterprise dividends, specifically GT SSE State-Owned Enterprise Dividend ETF Initiated Link A (021701) and GT SSE State-Owned Enterprise Dividend ETF Initiated Link C (021702) [1]

Group 1 - The core viewpoint is that after valuation adjustments, the dividend sector now offers strong attractiveness due to its high dividend yield, especially in a declining interest rate environment [1] - The investment strategy should focus more on defensiveness, certainty, and cost-effectiveness amid decreasing market risk appetite and increasing structural differentiation [1] - The Red Chip ETF (510720) tracks the National Dividend Index (000151), which selects 30 securities with high and stable dividend records controlled by state institutions, emphasizing sectors like finance, energy, and industry [1] Group 2 - The National Dividend Index uses a dividend yield-weighted method to reflect the market performance of state-owned enterprises with strong profitability and good financial conditions [1] - 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 dividend sector has become increasingly attractive due to valuation adjustments, with a strong dividend yield amid declining market risk appetite and increasing structural differentiation [1] Group 1: Market Environment - The decline in market risk preference necessitates a more defensive, certain, and cost-effective investment strategy [1] - A significant meeting in July emphasized the promotion of a unified national market and governance of disorderly competition, indicating that "anti-involution" may become a long-term policy focus, providing a stable policy environment for the dividend sector [1] Group 2: Industry Analysis - The manufacturing PMI has dropped to 49.3%, reflecting weak demand, while the high dividend characteristics of dividend assets highlight their defensive value in a weak economic cycle [1] Group 3: Investment Products - The dividend state-owned enterprise ETF (510720) tracks the State-owned Dividend Index (000151), which selects 30 state-owned enterprises with high dividend characteristics from the Shanghai and Shenzhen markets, covering multiple industries with strong profitability and stable dividend records [1] - The index is designed to favor mature industry enterprises with ample cash flow and stable operations, reflecting the value investment characteristics of high-dividend state-owned listed companies [1] - Investors without stock accounts may consider the Cathay SZSE State-owned Enterprise Dividend ETF Initiator Link A (021701) and Link C (021702) [1]

Group 1 - The core viewpoint emphasizes the rising uncertainty in the current market environment, suggesting that high dividend stocks should still be prioritized, although the turning point for global demand and domestic "real estate + infrastructure" has not yet arrived [1] - Stable dividend-paying stocks, such as banks and public utilities, are favored over cyclical dividend stocks in the current investment landscape [1] - The Hongguo Dividend ETF (510720) tracks the Hongguo Dividend Index (000151), which selects stocks with high dividend characteristics to reflect the overall performance of companies with strong dividend capabilities [1] Group 2 - The Hongguo Dividend Index includes component stocks from various industries, focusing on companies that consistently provide stable dividends, showcasing a conservative value investment style [1] - Investors without stock accounts can consider the Guotai Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiated Link A (021701) and Link C (021702) as alternative investment options [1]

Group 1 - The core viewpoint emphasizes the importance of high dividends amidst rising uncertainty in the global market, suggesting that stable dividend stocks (such as banks and public utilities) are preferable to cyclical dividend stocks [1] - The Hongguo Dividend ETF (510720) tracks the Hongguo Dividend Index (000151), which selects stocks with high dividend characteristics across various industries, aiming to reflect the overall performance of stable dividend-paying companies [1] - The Hongguo Dividend Index focuses on companies' profitability and dividend stability, typically comprising cash-rich and mature listed companies, leaning towards value investment [1] Group 2 - Investors without stock accounts can consider the Guotai SSE State-Owned Enterprise Dividend ETF Initiated Link A (021701) and Guotai SSE State-Owned Enterprise Dividend ETF Initiated Link C (021702) [1]

Group 1 - The article highlights the investment opportunity in the Dividend State-Owned Enterprises ETF (510720), emphasizing the valuation advantages and high dividend characteristics of the dividend sector [1] - Under the current market conditions, with a shift in risk appetite and funds moving from bonds to equity assets, dividend assets are gaining attention due to their stable cash flow and defensive attributes [1] - The Dividend State-Owned Enterprises ETF tracks the Shangguo Dividend Index (000151), which selects stocks with high dividend characteristics from domestic listed companies, covering multiple industry sectors [1] Group 2 - The Shangguo Dividend Index focuses on companies with stable earnings, good cash flow, and sustainable dividend capabilities, reflecting a value-oriented investment style [1] - Investors without stock accounts can consider the Guotai SSE State-Owned Enterprises Dividend ETF Initiated Link A (021701) and Link C (021702) [1]