Core Insights - The article discusses the evolution of dividend investing in the A-share market, highlighting the "Dividend+" product line from E Fund, which represents a three-tiered approach to dividend investment [1] Group 1: Dividend Investment Strategies - E Fund's "Dividend+" strategy transitions from a defensive "ballast" to a value-reassessed "scarce asset," and finally to a "growth dividend" driven by profit quality [1] - The E Fund CSI Dividend ETF Fund (A/C/Y: 009051/009052/022925) tracks the CSI Dividend Index, focusing on high-dividend sectors like banking and coal, with a dividend yield of 4.8%, serving as a "shock absorber" for investment volatility [1] - The E Fund National Value 100 ETF Fund (A/C: 025497/025498) tracks the National Value 100 Index, emphasizing undervalued value stocks, featuring a 4.8% dividend yield and a 10.6% return on equity, embodying both "dividend + value" [1] - The E Fund National Free Cash Flow ETF Fund (A/C: 024566/024567) follows the National Free Cash Flow Index, using "free cash flow" as a core selection criterion, which is essential for sustainable dividends and future expansion [1] Group 2: Essence of "Dividend+" - The essence of "Dividend+" lies in combining high dividends with considerations of profit quality and valuation safety margins, focusing on long-term value returns and enhancing the defensive and offensive capabilities of dividend investing [1]

Core Viewpoint - The investment strategy of "Stable + Sustainable" is becoming a key theme for the year amid increasing market volatility and uncertainty, suggesting that a "Dividend +" strategy, which combines defensiveness and yield elasticity, may be a core choice for ordinary investors [1] Group 1: Investment Strategy - The "Dividend +" strategy evolves beyond traditional high-dividend frameworks to a comprehensive system that includes high dividends, low valuations, quality earnings, and value recovery, allowing for both offensive and defensive positioning in volatile markets [1] - Three ETFs under E Fund provide a complete "Dividend +" allocation tool, focusing on high-dividend, stable dividend-paying leading companies, with a notable emphasis on banking, coal, and transportation sectors [1] Group 2: Fund Performance - The E Fund National Value 100 ETF focuses on uncovering undervalued profit opportunities, with a high representation in financial and industrial sectors, suitable for capturing rebound trends after market stabilization [2] - The E Fund National Free Cash Flow ETF targets high-quality earnings, tracking the National Free Cash Flow Index, with a core advantage of a 12.4% return on equity, leaning towards technology growth and manufacturing sectors, and has recently outperformed the market [2] Group 3: Historical Data - From 2013 to present, the annualized return of the National Value 100 Index is 18.3%, the National Free Cash Flow Index is 19.0%, and the China Securities Dividend Index is 11.3%, all outperforming mainstream broad-based indices with higher Sharpe ratios, indicating better historical long-term returns for similar risk levels [2]

Group 1 - The core viewpoint of the article emphasizes the advantages of E Fund's "Dividend+" index fund product line, which leads in index investment logic and features three main advantages [1] Group 2 - Advantage 1: Low fee rates, with E Fund's China Securities Dividend ETF linked fund and E Fund's National Securities Free Cash Flow ETF linked fund both having a management fee rate of 0.15% per year and a custody fee rate of 0.05% per year, the lowest in the market. A 0.2% fee rate difference over a 10-year period can reduce final returns by approximately 2%, making low fees an "invisible amplifier" for long-term returns [1] - Advantage 2: Scarcity, as E Fund's National Securities Value 100 ETF linked fund is the only product tracking the National Securities Value 100 index, providing investors with a precise tool for positioning when market styles shift towards value [1] - Advantage 3: Scale effect, with E Fund's China Securities Dividend ETF linked fund being the largest in terms of scale among similar index ETFs, reflecting market recognition [1] Group 3 - For investors, the key to choosing tools is finding a balance between "good strategies" and "good products" that suit their needs [2]

风险提示：基金有风险，投资需谨慎。 来源：易方达基金 易方达国证价值100ETF联接基金（A/C：025497/025498）专注捕捉市场修复机会，作为市场唯一跟踪 国证价值100指数的ETF联接基金，聚焦低估值、高盈利的价值标的，在震荡反弹行情中具备更强弹 性。 易方达国证自由现金流ETF联接基金（A/C：024566/024567）牢牢把握高质量盈利主线，以12.4%的净 资产收益率为核心优势，聚焦盈利真实、现金流健康的优质企业，在震荡市中更受资金认可，为策略提 供长期成长动力。 三者搭配，形成了"防守+修复+成长"的完整闭环：下跌有支撑、反弹有弹性、长期有收益，真正做到 进可攻、退可守。既不用在波动中频繁操作，也不必担心踏空与被套，让投资在震荡市场中更稳、更从 容。 当下市场让不少投资者陷入两难：追涨怕高位被套，持币空仓又怕踏空行情，单一持仓波动大、拿不 住，成为普遍痛点。面对这样的市场环境，兼具防御性与进攻弹性的"红利+"策略，正是震荡市里既实 用、又稳健的配置答案。 震荡市的核心需求，是稳得住、有弹性、不踏空，而易方达三只"红利+"ETF联接基金恰好形成一套完 整的攻防策略，适配震荡格局： 易方达中 ...

投资大师巴菲特说："投资的核心是买入优质资产，然后耐心等待。"红利资产凭借稳定的分红，向来是 优质资产的代名词。如今，我们对红利资产进行了策略扩充，迈入多维度聚合的"红利+"时代：在追求 高股息之外，进一步叠加了更强的安全边际与更扎实的盈利基本面考量。 1.稳定的股息回报：如易方达中证红利ETF联接基金（A/C/Y：009051/009052/022925）跟踪的中证红利 指数，拥有4.8%高股息率，提供持续可预期的分红回报。 2.合理的估值安全边际：如易方达国证价值100ETF联接基金（A/C：025497/025498）跟踪的国证价值 100指数，通过股息率、市盈率和自由现金流率三个价值维度综合选股，估值安全边际更强，有效降低 策略风险。 3.扎实的盈利质量：如易方达国证自由现金流ETF联接基金（A/C：024566/024567）跟踪的国证自由现 金流指数，12.4%的高净资产收益率，充分验证盈利的真实性与可持续性。 易方达中证红利ETF联接基金（A/C/Y：009051/009052/022925）、易方达国证价值100ETF联接基金 （A/C：025497/025498）、易方达国证自由现金流ETF ...

"红利+"不是"一刀切"的策略，不同风险偏好的投资者，可以结合自身需求，通过搭配易方达中证红利 ETF联接基金（A/C/Y：009051/009052/022925）、易方达国证价值100ETF联接基金（A/C： 025497/025498）、易方达国证自由现金流ETF联接基金（A/C：024566/024567）构建不同的配置方案， 例如： 稳健型投资者可考虑以易方达中证红利ETF联接基金（A/C/Y：009051/009052/022925）为核心，其低估 值、高股息的特征，能提供稳定现金流，回撤控制更优，是策略的"压舱石"。 风险提示：基金有风险，投资需谨慎。 来源：易方达基金 基金频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 平衡型投资者可考虑同时配置易方达中证红利ETF联接基金（A/C/Y：009051/009052/022925）和易方达 国证价值100ETF联接基金（A/C：025497/025498），红利锚定高股息资产，价值则提供安全边际，稳 健把握市场修复机会。 成长型投资者可考虑重点配置易方达国证自由现金流ETF联接基金（A/C：024566/024567），高净资产 收益率 ...