光大证券指出，红利板块投资逻辑正从风格驱动转向个股驱动。尽管板块整体吸引力随相对景气优势弱 化而有所下降，但部分高质量标的仍将持续吸引特定风格资金流入。年初以来红利股频遭保险与AMC 举牌，资金逻辑值得关注，表明中长期资金对高股息板块的配置力度进一步提升。高股息板块年初以来 分化显著，银行板块成亮点，而部分高股息行业面临景气下行风险。整体来看，红利板块或逐步从整体 风格逻辑转向个股精选逻辑。 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特征、分 红稳定性良好且兼具规模与流动性的股票作为成分股，主要覆盖金融、能源、工业等传统行业领域，集 中体现价值投资策略下稳健收益与长期分红的特性。 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 ...

Group 1 - The core viewpoint is that high dividend strategies yield returns from both capital gains and dividend income, focusing on mature lifecycle companies with strong profitability and cash flow [1] - Companies that adopt high dividend strategies typically exhibit limited investment returns, low revenue and net profit growth, but have strong earnings resilience and significantly higher ROE [1] - The dividend itself is an important pathway to enhance ROE, creating a positive cycle of "stable earnings - continuous dividends - improved ROE" that supports the high success rate of this strategy [1] Group 2 - The Hong Kong-listed dividend state-owned enterprise ETF (510720) has achieved monthly dividends since its launch, maintaining a continuous dividend distribution for 16 months, making it a rare monthly dividend ETF in the market [1] - Investors without stock accounts can consider the Guotai Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiating Link A (021701) and 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]

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]

值得注意的是，红利国企ETF（510720）在上市后的每个月都做到了分红，已连续分红12个月，是市场 上少有的每月践行分红的ETF基金。 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：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 鼓励保险公司加大入市力度，红利国企ETF（510720）涨超0.6%，机构表示低波红利行业获长线资金青 睐。 消息面，金融监管总局局长李云泽表示，充分发挥保险资金作为耐心资本和长期资本的作用，加大入市 稳市力度，下一步将推出三条措施支持稳定和活跃资本市场。一是扩大保险资金长期投资的试点范围， 为市场注入更多增量资金；二是调整偿付能力的监管规则，将股票投资的风险因子进一步调降10%，鼓 励保险公司加大入市力度；三是推动长周期的考核机制，促进长钱长投。 广发 ...