On March 25th, the S&P Dividend ETF closed up 0.64%, with a transaction volume of 40.9686 million yuan. The constituent stocks showed mixed performance; on the upside, PACIFIC QUARTZ led the gains, followed by Lanhua Ketech; on the downside, Chongqing Department Store led the declines, with Sanqi Interactive Entertainment following. Shenwan Hongyuan Securities stated that the policy level is actively promoting the entry of medium- and long-term funds into the market, and the dividend sector is expected to welcome incremental funds. For example, the scale of pilot long-term stock investments by insurance funds has reached 162 billion yuan, with several funds successfully investing in high-dividend stocks, indicating the market's preference for high-dividend assets. The trend of declining long-term interest rates is prompting insurance companies to increase their allocation to high-dividend assets to cope with the pressure of interest margin losses