On March 4th, the S&P Dividend ETF closed down 0.19%, with a transaction volume of 8.7535 million yuan. The constituent stocks showed mixed performance; on the upside, Aopu led the gains, followed by Shuangliang Energy; on the downside, YONGXING MATERIALS led the declines, with Chongqing Department Store following suit. Galaxy Securities pointed out that the current price-to-earnings ratio valuation of the entire A-share index is at a historical median level, but still relatively low compared to overseas markets. As medium to long-term funds accelerate their entry into the market, investor confidence will further strengthen. In terms of allocation, attention may be paid to technology innovation themes based on self-controllable logic and the requirements for developing new productive forces, as well as dividend sectors with relatively high safety margins