On May 21, the S & P dividend ETF (562060) opened high, hitting an all-time high of 1 in intraday trading.Abugarciamassbeat3.14 yuan, down 0.18% as of press time, and seven of the top ten heavy stocks rose by more than 2.5%. S & P dividend ETF (562060) is up 13.59% so far this year.
Since the beginning of this year, the dividend strategy has been widely concerned, and the high dividend sector has become a "hot cake" in the eyes of investors, with a strong trend.
Ping an Securities believes that looking to the future, as the new "National Nine articles" promotes the transformation of the domestic capital market to an investment market, the follow-up incremental policies in the medium-and long-term funds to enter the market and enhance the inherent stability of the market can still be expected, and the dividend strategy is expected to spread further. The income characteristic advantage of A shares over Hong Kong shares is expected to continue. Under the background of dividend system reform, it is suggested to pay attention to the sectors with dominant dividend level (banks / petrochemical / coal, etc.) and enterprise sectors where dividends or profits have room for improvement (resources / exports, etc.).Abugarciamassbeat3By contrast, Hong Kong stocks are more attractive to insurance funds that value high dividends and preferential long-term tax holdings, and investment recommendations combine dividends and valuation growth expectations to select individual stocks.
Guoyuan Securities said that in recent years, the growth rate of investment in some domestic industries has slowed, corporate capital expenditure has shrunk, and the overall dividend ratio and the number of dividends in A shares have increased. The policy continues to strengthen the dividend orientation, the new "National Nine articles" emphasizes the supervision of cash dividends of listed companies, and the logic of investment in high dividend assets is expected to continue to strengthen.
Hu Jie, fund manager of S & P dividend ETF (562060), pointed out that the A-share market continues to maintain the stock game, resulting in a large amplitude of industry and style. Looking at 2024 as a whole, the market may pay more attention to the safe assets with cash-like attributes and low valuation attributes, and the style characteristics of "high dividend" and "low valuation" make the dividend strategy match the above attributes well.
Hu Jie believes that global inflation is gradually falling at a high level, and various leading indicators indicate that the global economy is beginning to decline slowly. although the Chinese economy has some twists and turns, there may be a certain cycle dislocation between the global and Chinese economic cycle and currency cycle in 2024.
Under this environment, the valuation differentiation of A-share market is gradually repaired, and the market continues to look for "certainty". In the market environment where the overall valuation is at the bottom, the dividend yield of high dividend assets is still historically high, and the valuation level is very cost-effective. In the current market environment, it can strike a balance between defense and attack. It is suggested that investors should pay more attention to the absolute return ability of dividend strategies and the configuration opportunities of value-style products.
S & P dividend ETF (562060) tracks the S & P China A-share dividend opportunity Index (CSPSADRP), which is managed by Warburg Fund and managed by Hu Jie. Judging from historical data, the S & P A-share dividend index tracked by S & P dividend ETF (562060) has an average dividend yield of more than 4% over the past 10 years, which is characterized by a significantly high dividend. As of April 30, its latest dividend yield was 6.12%, better than other A-share mainstream dividend indexes. The price-to-book ratio is 0.98, the historical price-to-earnings ratio is 7.87, and the expected price-to-earnings ratio is 7.94.
