In-depth Analysis of High-Dividend Blue-Chip Investment Strategy in A-Shares

Based on your investment strategy, I will conduct a comprehensive evaluation from the dimensions of market environment, portfolio allocation, risk and return, etc.

According to the latest brokerage research reports, the market is cautiously optimistic about A-shares in 2026. Zhongyuan Securities expects the Shanghai Composite Index to consolidate around the 4000-point level, with cyclical and tech sectors likely to perform alternately [1]. Foreign institutions like UBS and Morgan Stanley also believe that China’s stock market will continue structural improvement in 2026, and corporate profit growth will drive structural market trends [2].

Current market environment has the following characteristics:

• Valuation Level
  : The average P/E ratio of the Shanghai Composite Index is about 16x, which is at the median level over the past three years
• Policy Environment
  : After the implementation of the new “Nine National Regulations”, the dividend ecosystem of A-shares has been significantly optimized
• Liquidity
  : Medium- and long-term funds continue to flow in; long-term funds such as insurance and social security are increasing their allocation to equity assets

In a low-interest-rate environment, high-dividend assets have obvious comparative advantages. Data shows:

• Interest Rate Comparison
  : The 1-year bank deposit rate has dropped below 1%, and wealth management product returns are 2%-3%
• Dividend Advantage
  : The dividend yield of the CSI Dividend Index is about 4.5%, which is clearly superior
• Policy Driver
  : Regulators are promoting “multiple dividends per year”, and the dividend willingness of central enterprises continues to increase [4]

According to the portfolio allocation analysis:

Allocation Target	Weight	Expected Dividend Yield	Contribution
PetroChina	60%	6.7%	4.02%
China Mobile	12%	7.2%	0.86%
COSCO SHIPPING Holdings H	12%	8.0%	0.96%
520ETF	16%	5.8%	0.93%
Portfolio Total	100%	6.8%	6.8%

: The expected dividend yield of the portfolio reaches 6.8%, exceeding the 5% target by 1.8 percentage points; the target is fully achievable [0].

• Valuation
  : P/E 10.87x, P/B1.12x, within a reasonable range
• Dividend Capacity
  : 2025 interim dividend payout ratio is47.9%, cumulative dividends from2020-2024 are RMB320 billion
• Business Stability
  : Nationwide gas stations provide stable cash flow; strategic position in energy security is prominent
• Stock Performance
  : Up89.44% in the past three years, with both growth and defensive characteristics [0]

• Dividend Capacity
  :2024 dividend yield is7.2%, cumulative dividends from2020-2024 exceed RMB300 billion
• Industry Position
  : The largest communication enterprise by market capitalization in China, with over1 billion users
• Financial Health
  : ROE 10.42%, net profit margin13.72%, excellent profit quality [0]

• Industry Prosperity
  : The shipping cycle is currently in a relatively prosperous phase
• Dividend Potential
  : As an industry leader, it has strong dividend capacity
• Volatility
  : Strong cyclicality, but current valuation has a safety margin

####520ETF

• Investment Target
  : CSI Guoxin Hong Kong Stock Connect Central Enterprise Dividend Index
• Component Structure
  : Focuses on high-dividend central enterprises like the “Three Oil Companies” and “Three Major Operators”
• Historical Performance
  : Long-term dividend yield maintains at5.83%, with significant excess returns [4]

• Beta Coefficient
  :0.81, lower than market average, with strong defensive characteristics
• Expected Volatility
  :11.1%, which is a low-risk level
• Maximum Drawdown Control
  : High-dividend portfolios have relatively limited drawdowns in historical bear markets

Industry	Weight	Risk Assessment
Energy	60%	High concentration, but relatively safe as a strategic defensive sector
Communication Services	12%	Strong defensive, stable cash flow
Transportation	12%	Strong cyclicality, need to pay attention to global economic trends
Comprehensive	16%	ETF diversification reduces individual stock risk

: The60% weight of PetroChina is too high; moderate diversification is recommended.

1. Policy Support
   : The “China Special Valuation” concept continues to gain momentum; the revaluation of central enterprise value is expected to continue
2. Capital Inflow
   : Long-term funds like insurance and foreign capital continue to increase allocation to high-dividend assets
3. Valuation Advantage
   : Current valuation has a safety margin, with limited downside space
4. Dividend Certainty
   : Central enterprise dividend policies are stable; cash returns are predictable

1. Economic Cycle
   : Sectors like energy and shipping have high correlation with macroeconomics
2. Interest Rate Environment
   : If risk-free yields rise sharply, it may suppress the relative attractiveness of high-dividend assets
3. Market Style
   : If growth style dominates, it may temporarily underperform the market

1. Weight Adjustment
   : Consider reducing PetroChina’s weight to 45-50% and adding other high-dividend varieties
2. Industry Diversification
   : Appropriately increase allocation to defensive sectors like utilities and banks
3. Regular Rebalancing
   : It is recommended to adjust once per quarter to control individual stock weight deviation

1. Stop-Loss Setting
   : Consider reducing positions when individual stocks draw down more than15%
2. Position Management
   : No individual stock should exceed50% of the total portfolio
3. Time Diversification
   : Dollar-cost averaging can be used to build positions in batches

The undervalued high-dividend blue-chip allocation strategy based on the5% dividend yield target you proposed is

:

✅

: The portfolio’s expected dividend yield is6.8%, exceeding the target by 1.8 percentage points; the target is fully achievable [0].
✅ : The portfolio’s Beta is 0.81, volatility is11.1%, which is a low-risk allocation
✅ : Fits the current main investment themes of “China Special Valuation” and high dividends
⚠️ : High industry concentration; moderate diversification is recommended

Under the expectation of a volatile range of3500-4000 points for A-shares in2026, this portfolio has strong defensiveness and certainty, and can achieve a relatively stable structural slow bull market. It is recommended to focus on weight management and dynamic adjustments in actual execution to achieve long-term stable returns.

[0] Gilin API Data - Real-time stock prices, financial data, technical indicators
[1] Securities Times - “It is likely that the Shanghai Composite Index will consolidate around the4000-point level” (https://www.stcn.com/article/detail/3536871.html)
[2] Shanghai Securities News - “China’s stock market will welcome another bumper year in2026” (https://stcn.com/article/detail/3501111.html)
[3]36Kr - “The truth behind why the three oil companies are not just about oil” (https://eu.36kr.com/zh/p/3572570289961863)
[4] Caifuhao - “Investment Opportunities Under the A-share Dividend Wave: Data Interpretation and Strategy Layout” (https://caifuhao.eastmoney.com/news/202512091037077253805)