On October 17, as of noon trading, the S&P dividend ETF fell 0.54%, with a turnover of 24.3071 million yuan. Heavy stocks had mixed ups and downs. Guanghui Energy rose 5.91%, the Shaanxi coal industry rose 1.52%, and Yankuang Energy and Jizhong Energy followed suit. On the downside, Liba shares led the decline, while COSCO Offshore Holdings followed suit. Cinda Securities pointed out that based on various perspectives, the macro-level market anticipates that the Federal Reserve will probably continue to cut interest rates in November, but the domestic macro liquidity data for August is still not optimistic, so after the macro model judges the dividend style, the market still has excess returns compared to all A. Looking ahead to the future market, with the implementation of the country's large-scale monetary policy and fiscal policy, the domestic scissor gap between M2 and M1M2 is expected to improve. In terms of PE valuation, absolute PE increased along with the overall rebound of the market, but the relative valuation declined because the rebound in the early dividends was weaker than the market. The volume and price congestion was better released in the early stages. With the support of the country's multiple stimulus policies, procyclical dividends still have long-term investment value.

On October 17, as of noon trading, the S&P dividend ETF fell 0.54%, with a turnover of 24.3071 million yuan. Heavy stocks had mixed ups and downs. Guanghui Energy rose 5.91%, the Shaanxi coal industry rose 1.52%, and Yankuang Energy and Jizhong Energy followed suit. On the downside, Liba shares led the decline, while COSCO Offshore Holdings followed suit. Cinda Securities pointed out that based on various perspectives, the macro-level market anticipates that the Federal Reserve will probably continue to cut interest rates in November, but the domestic macro liquidity data for August is still not optimistic, so after the macro model judges the dividend style, the market still has excess returns compared to all A. Looking ahead to the future market, with the implementation of the country's large-scale monetary policy and fiscal policy, the domestic scissor gap between M2 and M1M2 is expected to improve. In terms of PE valuation, absolute PE increased along with the overall rebound of the market, but the relative valuation declined because the rebound in the early dividends was weaker than the market. The volume and price congestion was better released in the early stages. With the support of the country's multiple stimulus policies, procyclical dividends still have long-term investment value.