Core Viewpoint - Dividend assets remain a rare value proposition in the A-share market, with a price-to-book (PB) ratio below 0.8 and a return on equity (ROE) of approximately 9% despite high valuations in the broader market [1][3]. Valuation and Profitability - Recent mid-year financial reports indicate that dividend assets are still at relatively low valuations, with strong earnings resilience. The ROE for the CSI Dividend Index, CSI Low Volatility Dividend Index, and CSI Dividend Value Index are 8.9%, 9.3%, and 9.3% respectively, placing them among the top ten in comparison to 31 industry sectors [3][4]. - The PB levels for these dividend indices are below 0.8, indicating significant room for valuation recovery [3][4]. Dividend Distribution - The willingness of listed companies to distribute dividends is increasing, reflecting their profitability and asset return capabilities. As of September 19, 2025, 819 A-share companies are expected to distribute a total of 644.9 billion yuan in mid-year dividends, marking a year-on-year increase of 16% and 10% respectively [4][6]. - Among the CSI Dividend Index constituents, 37 companies are expected to announce mid-year profit distributions totaling 341.3 billion yuan, capturing the benefits of enhanced shareholder returns [4][6]. Long-term Value Proposition - In the context of a declining long-term interest rate and a credit expansion cycle, the value proposition of dividend assets continues to stand out. The overall asset return rate is decreasing, and with falling bond yields, financial institutions are seeking assets that match their risk-return profiles [6][9]. - The relative valuation of high-dividend traditional companies is declining, while the spread between dividend yields and long-term government bond yields is increasing, enhancing the attractiveness of dividend assets [6][9]. Investment Tools - In a low-interest-rate environment, dividend-focused ETFs such as E Fund Dividend ETF (code: 515180), Low Volatility Dividend ETF (code: 563020), and Dividend Value ETF (code: 563700) are highlighted as effective tools for investors to capture high-performance, undervalued segments of the A-share market [9].