Gelonghui, January 18 | In early trading today, the high dividend concept led the decline. China Shenhua fell 2.5%, Ma Steel Co., Ltd. and Luxi Chemical fell more than 5%, Sinopec and CNPC fell more than 3.5%, and the popular index China Securities Dividend once fell 3.2%, falling below a 14-month low, and the morning decline narrowed to 2.4%. China Securities dividend ETF transactions have increased significantly, with a half-day turnover of over 300 million yuan, surpassing yesterday's full day. At the same time, along with continued premiums, it shows a strong willingness to buy. Fangzheng Securities believes that the high dividend sector has recently been popular for capital, and interest spreads on shares and bonds are an important factor. Since 2018, China's 10-year treasury bond yield has been on a downward trend for a long time. So far, the latest treasury bond yield is close to 2.5%. However, high-dividend companies themselves have strong long-term debt attributes. When the dividend ratio is much higher than the yield on bonds, they are highly attractive for long-term capital allocation.