On March 20th, the S&P Dividend ETF closed up 0.09%, with a transaction volume of 35.1148 million yuan. The constituent stocks showed mixed performance; on the upside, SLSVC led the gains, followed by Shuangliang Energy; on the downside, C&D INC. led the declines, with Quartz Co. following. Xu Chi, Chief Strategy Analyst at Zhongtai Securities, stated that defensive assets represented by dividends will be one of the three main layout lines this year. Currently, dividend assets have stable profitability and relatively low valuations, providing a strong safety margin. It is expected that by 2025, capital market policies will be actively repeated, and with policy support such as market capitalization management, the valuations of stable central state-owned enterprise dividend targets may see a recovery