The target of today's long-term fixed investment is the CSI Dividend Index.
The above chart shows the trend of the CSI Dividend Index from 2005 to the present, except for a few years when there has been excessive fluctuations, the rest of the time has been on an upward trend.
The big fluctuations occurred in 2007 and 2015, which were the two largest bull market years for A-shares in the past, which shows that in the bull market, the dividend index also appeared at a premium and overvalued.
However, on the whole, the dividend index trend is relatively stable, and the reason why it is so stable is mainly due to the support of performance.
This is from 2008, reflecting the dividend index profit growth data, it can be seen that except for the occasional decline in profit growth in a few years, the rest of the time is positive growth.
So, can I buy the ** corresponding to the current dividend index?
As the title says, my answer is: of course it can, and it is a good target for long-term investment.
Let's take a look:
This is the indicator data corresponding to the current dividend index. The price-to-earnings ratio is less than 7 and the dividend yield is 54%, based on the P/E ratio dividend yield and dividend payout ratio, we can calculate that the dividend index dividend payout ratio is about 35%.
Corresponding to a price-earnings ratio of 7, that is, the profit growth rate is not less than 35% is the underestimation stage.
Judging from the past profit growth rate, more than 3A profit growth rate of 5% is relatively easy to achieve.
Therefore, the current dividend index** is also relatively undervalued.
Let's look at valuations by price-to-earnings and price-to-book ratios. This is the 10-year P/E percentile, which currently stands at 34%.
This is the 10-year price-to-book percentile, which currently sits at 23%.
From the perspective of the price-earnings ratio and price-to-book ratio percentile, they are not high positions in the historical period.
The above understands the content of the CSI Dividend Index, so how to invest?
There are two ways to do this, one is to invest in an on-exchange ETF and the other is to invest in an over-the-counter**.
The ETFs are as follows:
Off-site** are as follows:
The choice is yours.
Pay attention to it, and don't get lost ...... investment