On October 12, the market fluctuated and adjusted. The Shenzhen Index and Innovation Index both fell by more than 1%, and the Shanghai Index fell 0.12%. In this context, benefiting from bank stocks bucking the trend, the low-dividend ETF Huatai Berry rose 1.32% in early trading to 1.224 yuan, a turnover rate of 1.73%, and a half-day turnover of 549 million yuan, ranking first among similar target ETFs. According to the news, today the People's Bank of China launched a 7-day reverse repurchase operation of 50 billion yuan with fixed interest rates and quantitative tenders, which fully met the needs of first-level traders. Furthermore, up to now, 21 A-share banks have disclosed their 2026 mid-term dividend plans, with a total proposed dividend payment of more than 260 billion yuan. Of these, 15 have increased their dividend ratio compared to last year. The cash dividend ratio of the six major banks was raised uniformly from 30% to 31%. The total proposed dividend payments exceeded 220 billion yuan, accounting for more than 80%. According to the CICC Research Report, on a comprehensive basis, in an environment where total growth elasticity is limited, high structural prosperity and increased market risk appetite fluctuations coexist, the “technology+dividend” dumbbell structure is expected to become an allocation choice that takes into account the elasticity of profit growth, shareholders' cash returns, and portfolio stability. Shenwan Hongyuan Securities believes that in the short range, the short-term cost performance ratio of the market has improved markedly, and pessimistic expectations from all dimensions have already been reflected. In terms of configuration, short-term AI chains are still against the wind, but in the medium term, when opportunities increase, the aesthetics of effective AI chains remains unchanged. The time to outperform in the non-technological direction is lengthening, and the absolute return period for high dividends is lengthening. High dividends and the tech circuit are a “seesaw effect,” which focuses on banks and utilities. Until the market returns to strong leads, it is still possible to hold high dividends based on defense. Investors can use the low-dividend ETF Huatai Berry as a base position, and investors without a stock account can also allocate it through its OTC linked fund.

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