On April 2nd, the S&P Dividend ETF closed up 0.46%, with a trading volume of 37.9072 million yuan. The constituent stocks showed mixed performance; on the upside, Aopu led the gains, followed by Chongqing Department Store; on the downside, PACIFIC QUARTZ led the declines, with Yongxing Materials following. Huatai Securities stated that the style switch has reached a critical point, further strengthening the logic of high dividend allocation. Historically, after the annual report season ends in April, a concentrated dividend period will occur from May to July. Currently, the high dividend sector has a relatively low valuation, making it a good left-side layout position. On April 1st, the U.S. government will announce several trade investigation reports, and on April 2nd, it may impose widespread "reciprocal tariffs." The current market may not fully account for the tariffs, and there may be a demand for risk aversion at that time. The high dividend factor, characterized by its own trend and term spread indicators, has begun to rebound. In addition, the inflow of long-term funds such as insurance capital and the advantages of high cost-performance configuration remain