CITIC Securities: The medium-term allocation value of high-quality dividend assets still has strong support.

CITIC Securities research report pointed out that recently, after experiencing a previous adjustment, A-shares have rebounded significantly. The short-term relative return advantage of dividend assets has converged compared to before, but their allocation logic has not been disrupted. The core of this dividend market is not about high dividend stocks rising across the board, but about the systematic upgrade of market pricing logic from "high dividend risk aversion" to "reassessment of high-quality cash flow"; The pressure of fixed income price ratio and the continuous expansion of insurance funds together constitute the underlying support for the revaluation of dividend value. In the background of interest rate range fluctuations and the strengthening trend of concentration of insurance funds, the medium-term allocation value of high-quality dividend assets still has strong support.