Cui Lei of China Southern Fund | New "National Nine Rules" Strengthening Dividend Requirements and Focusing on Pan dividend Assets

Topic: Fund companies learn the "New National Nine Rules"

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In the latest round of market adjustment, especially from April 8 to 12, we noticed that although the overall market performance was volatile, the dividend low volatility index 50 achieved a steady rise, recording a growth of 0.06%. Behind this phenomenon, the capital market has paid more attention to high dividend assets, especially after the newly issued "National Nine Rules" policy strengthened the dividend requirements of listed companies.

The update of the "National Ninth Article" policy clearly raised the expectation of dividend ratio of listed companies, and strengthened investors' interest in stable return assets. This policy orientation not only improves the attractiveness of dividend shares, but also stabilizes market expectations to a certain extent, especially in the current complex economic and interest rate environment.

Economic data shows that the ISM manufacturing PMI index of the United States unexpectedly rose to 50.3 in March, breaking through the boom and bust line, suggesting the resilience of the economy. In addition, the inflation rate in the United States is still high, and the core consumer price index increased by 3.8% year on year, driving the interest rate of 10-year U.S. government bonds up to about 4.50%. This change makes value stocks, especially high dividend paying stocks, more attractive.

In China, the consumer price index rose slightly by 0.1% year-on-year in March, while the producer price index fell by 2.8% year-on-year, indicating that the economy is slowly recovering. In such an environment, investors are more inclined to those assets that provide high dividend returns and low volatility, such as stocks focused by the dividend low wave strategy.

In general, the newly revised "National Nine Rules" policy has effectively improved the market position of dividend assets and provided investors with a new way to find stable income. Such assets are expected to play a greater role in the future market, attracting more capital inflows for risk aversion and seeking stable returns.

　　 This article was first published on the topic of interpretation of Pao Caijing. If it is reproduced, please indicate the source.

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