CICC A-Share Strategy: A Return to the Barbell Structure?
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A-share style has rotated since the third quarter of 2026, with dividend assets outperforming growth on their defensive characteristics. As of October 9, the ChiNext Index and STAR 50 had fallen 29.9% and 34.0% respectively from end-June, while the CSI Dividend Index gained 11.5%. CICC notes growth stocks face tighter overseas liquidity and geopolitical disruptions near term, yet the mid-to-long-term industry logic remains intact. The report recommends a barbell allocation pairing technology with dividend assets to balance earnings-growth elasticity and portfolio stability. Structural supports for dividends include China's low interest rate environment, maturing payout mechanisms and steadily rising corporate distributions; insurance funds' expanding equity allocations are reinforcing demand for high-dividend stocks. Dividend yields retain an advantage over government bond yields, dividend style relative returns correlate with U.S. Treasury yields, and the updated high-dividend screen shows increasing sector diversification. On the technology side, the report favors companies with clear industry trends, durable competitive advantages and earnings delivery; on dividends, it prefers names with stable earnings and cash flow, sustainable payouts and reasonable valuations.
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