Core Viewpoint - The global economy is undergoing a structural transformation, with dividend stocks demonstrating strong defensive characteristics and allocation value in a volatile market [1] Group 1: Global Dividend Performance - The MSCI Global Dividend Index has risen by 19.00% this year, indicating a strong performance of dividend assets globally amid fluctuating interest rate expectations [1] - In contrast, the domestic A-share market has seen mixed performance in dividend assets, with the CSI Dividend Index hitting a year-low in early April before rebounding [1] - Hong Kong dividend assets have shown even stronger performance, with several indices reaching historical highs, driven by lower valuations and attractive dividend yields [1] Group 2: Investment Strategy - The investment strategy of the Fidelity Global Dividend Plus Fund and the Fidelity Asia Pacific Dividend Fund focuses on a high-quality stock portfolio aimed at providing sustainable dividend streams, combined with an active management strategy using covered call options to enhance income [3] - The goal is to achieve a dividend yield of approximately 5-6% while managing risk effectively and seeking long-term capital appreciation [3] Group 3: Market Insights - Concerns regarding high dividend yields accompanied by falling stock prices in the A-share market reflect market apprehensions about company fundamentals, necessitating careful assessment of sustainability [4] - The current investment focus is on Europe and Asia, with a relative underweight in the U.S. market due to higher overall valuations and a concentration of growth in a few tech giants [5] - The investment approach emphasizes defensive sectors with stable cash flows, while also exploring opportunities in cyclical industries through service providers [7] Group 4: Shareholder Returns - The trend of encouraging companies in markets like China to enhance shareholder returns through dividends or buybacks is viewed positively, as it can improve market attractiveness and valuation [8] - The assessment of dividend policies is part of a broader evaluation of company fundamentals, including business quality, balance sheet health, and governance [8][9]