On April 10th, the S&P Dividend ETF closed up 1.45%, with a trading volume of 24.4911 million yuan. All constituent stocks were in the green, with PACIFIC QUARTZ rising 9.99%, Chongqing Department Store up 4.01%, and Aopu Technology, 37 Interactive Entertainment, and Shuangliang Eco-Energy all rising over 1%. Yongxing Materials, Ping An Bank, and others also followed suit. Kaiyuan Securities stated that although market risk appetite has improved since the beginning of the year, uncertainties remain in the external environment due to the U.S. imposing reciprocal tariffs. Currently, China's policies are primarily domestic, maintaining policy stability, and there is still room for future reserve requirement ratio cuts and interest rate reductions. Therefore, dividend-type assets represented by state-owned enterprises still have support. Additionally, the push for stable growth policies has also driven the valuation recovery of banks. Affected by tariffs, equity assets have adjusted significantly, while the banking sector's decline has been relatively limited, highlighting the defensive value of the sector under external disturbances, making it more attractive in the long term