Tianfeng Securities recently stated in a research report that it continues to be bullish on high dividend stocks such as "patient assets", among others, and there may be performance opportunities for new quality productivity in June. 1) We are optimistic about the continued interpretation of high dividend style and the new round of diffusion within the dividend sector. As of June 3, 2024, the overall A-share PE (TTM) was 16.77 times, which is in the 48th percentile since 2012 and not too undervalued. Under the resonance of policy logic and market logic in the new "National Nine Articles", high dividend assets with monopoly and scarcity are expected to be revalued. We believe that the logic of increasing dividends of state-owned enterprises is the most smooth; in the short term, excess returns in dividend sector are at a historical low and not crowded. 2) From the perspective of calendar effect, growth and small-cap stocks have a slight advantage in May-June, and there may be performance opportunities for new quality productivity.