On March 3rd, the S&P Dividend ETF closed up 0.29%, with a transaction volume of 25.4506 million yuan. The constituent stocks showed mixed performance; on the upside, YONGXING MATERIALS led the gains, followed by Sanqi Interactive Entertainment; on the downside, CBEST led the declines, with Jianfa Co., Ltd. following. Zhongyuan Securities stated that the domestic fiscal policy is actively combined with expectations of monetary policy easing, providing liquidity support for the market. The post-holiday resumption data and the warming expectations for the Two Sessions policies further boosted risk appetite. ETFs have become the main source of incremental funds, with a clear trend of residents' asset allocation shifting towards the equity market. Recently, foreign institutions have increased their attention on A-shares, with policy optimization and low valuations remaining core attractions. As domestic macro-control and growth-promoting policies continue to be implemented, the market is expected to exhibit characteristics of technology leading and dividend defense in the future. Investors are advised to seize structural opportunities while balancing defense and growth