October 22, indices weakened.

The high dividend sector saw active trading during the session. Regarding related ETFs, as of press time, the High Dividend ETF (563180) edged down 0.27%. Among its constituent stocks, Teyi Pharmaceutical rose over 5%, with Tongli Co., Ltd., Shandong Hi-Speed, Changjiang Media, Zijiang Enterprise, Zhonggu Logistics, and others following the upward trend.

The High Dividend ETF (563180) closely tracks the CSI High Dividend Strategy Index. This index selects 80 listed company securities with high dividend yield and payout ratios, relatively stable dividends, and certain scale and liquidity as index samples to reflect the overall performance of high-dividend listed company securities. This ETF is paired with 2 off-site feeder funds (A: 022144, C: 022145).

On the news front, according to a Securities Times report on October 20, high-dividend stocks are back in the spotlight for funds, with Agricultural Bank of China recording 11 consecutive gains to hit a record high. In terms of market hotspots, high-dividend blue-chip stocks, represented by bank stocks, strengthened against the market trend. The bank sector index rose for seven consecutive days, approaching its historical peak. It is worth mentioning that Agricultural Bank of China's daily K-line chart showed a rare 11 consecutive days of gains, with its stock price reaching a record high.

Guotai Haitong Securities stated that the recent market has experienced significant fluctuations due to multiple uncertainties, and dividend assets are expected to have relatively superior returns.

Changjiang Securities said that from a long-term cycle perspective, the dividend sector holds more allocation value during periods of low interest rates. The excess returns of the dividend sector show a negative correlation with government bond yields. Currently, the ten-year government bond yield has reached its lowest point since 2002, creating potential for stock price appreciation in dividend assets and continuously highlighting their investment value.

China Galaxy Securities mentioned that in the short term, influenced by uncertainties in external trade frictions and coupled with substantial gains accumulated in some sectors earlier, fund sentiment is turning cautious. Trading volume has shrunk, and some capital flows are shifting styles, making phased market fluctuations highly probable. In terms of allocation opportunities, in the short term, the dividend sector's defensive attributes are prominent, involving industries such as banking, transportation, and food & beverage. For medium-term clues, focus on themes like new quality productivity, "anti-involution," the major consumption sector, and the "two key areas."