从成分股行业分布来看，该指数主要分布于煤炭、机械、交通运输、纺织服装、银行等行业。指数权重 分布较为均衡，从中信一级分类来看，当前指数19.14%的权重聚焦于煤炭产业，10.11%的权重聚焦于 机械行业，前十大成分股合计权重为27.39%，集中度整体较低。其细分领域主要涉及动力煤、炼焦 煤、矿山冶金机械、家具、城商行、中成药等。近期煤炭行业供需优化带来明显回升，得益于此，智选 高股息指数近一年股息率超6%，成立以来年化回报19.8%，表现优于中证红利、红利低波等同类指数。 今年3月27日，广发基金成立了广发中证智选高股息策略ETF（159207），自成立以来至11月6日的累计 回报为16.77%，在红利主题指数中遥遥领先。为助力场外投资者便捷参与红利投资，11月17日起，广 发基金将在方正证券、广发基金直销等渠道推出广发中证智选高股息策略ETF联接基金（A类：025682 C类：025683），为更多偏好稳健策略的投资者提供低门槛、便捷化的配置工具。 民生证券分析称，在低利率环境中，红利资产因其较高的股息收益率和稳健特性，成为长期配置优选标 的。近年来，无风险收益率持续下降，大行1年期存款挂牌利率已降至1%以 ...

Group 1 - The core viewpoint of the report emphasizes the investment value of high-dividend strategies, particularly through the Guangfa CSI Select High Dividend Strategy ETF (159207), which focuses on high-yield assets while maintaining low risk and high certainty [4][10][11] - The CSI Select High Dividend Strategy Index selects 50 companies with a history of continuous dividends and high cash dividend proposals, achieving an annualized return of 13.37% from December 31, 2005, to June 11, 2025, outperforming major indices like CSI 500 and CSI 300 [4][10][51] - The report highlights the ongoing policy support for increasing cash dividends among listed companies, which is expected to benefit high-dividend strategies [8][33][34] Group 2 - The report discusses the effectiveness of high-dividend strategies, noting that they provide strong liquidity and stable returns for investors, while also reflecting the operational health of companies [19] - In a low-interest-rate environment, high-dividend products become more attractive, with the 10-year government bond yield declining significantly, enhancing the appeal of high-dividend assets [20][23] - The CSI Select High Dividend Strategy Index has shown lower volatility compared to broad market indices, indicating its defensive characteristics during market fluctuations [54]