CITIC Securities: The current dividend strategy has shown significant bottoming characteristics.

Jinshi data news on March 12th, CITIC Securities research report believes that from a quantitative perspective, the current dividend strategy has shown a significant bottom feature: first, looking at the distribution range of profit and risk, the dividend has formed a rare 'negative return-high volatility' feature in the past 3 months, significantly deviating from its long-term central distribution and containing repair momentum; second, in terms of relative market excess, the 40-day excess of dividends is close to -10% of the annual average, and historical rules indicate a high probability of excess regression; third, the dividend ETF is in a state of shrinking net purchases, which usually corresponds to the bottom phase of the strategy; fourth, from the perspective of volume indicators, the volume of dividend style has fallen below the warning line level, with a higher winning rate and odds. In addition, the proportion of turnover of the CSI dividend has fallen to historical lows of less than 5%, in the 'cooling' area of volume in the past five years, with a margin of safety for allocation. In the long run, in the policy background of strengthening dividend policy measures, low risk-free interest rate environment, and long-term capital guidance into the market, the dividend strategy has both bottom features and repair space.