Focus on CHK and US stocks

Brokerage strategy: How are dividend stocks performing in the US stock market?

wallstreetcn · Aug 22 14:59

投资要点

一、红利策略在美股市场的表现如何？
1.1、长期以来红利策略在美股市场表现优于$标普500指数 (.SPX.US)$且稳定性更高
长期以来，美股红利策略能够取得优于大盘指数的表现。近二十年维度下，道琼斯美国红利 100 指数、标普 500 优质高红利指数、标普 500 红利贵族指数、标普500高股息指数、标普500指数的年化回报分别为11.7%、12.0%、11.3%、9.4%、10.5%。其中，标普 500 优质高红利指数的年化回报超过标普500指数1.5pct。
在美股市场下跌阶段，标普500优质高红利指数往往能够取得更好的回报。2000年以来，美股市场出现过四轮大跌时期，对应时间区间分别为2000年9月至2002年10月，2007年10月至2009年3月、2020年2月至2020年3月以及2022年1月至2022年10月，上述区间内标普500指数（全收益）的表现分别为-47.4%、-55.3%、-33.8%、-24.5%，而标普500优质高红利指数（全收益）的表现分别为+4.0%、-49.0%、-39.7%、-12.4%。
1.2、标普500优质高红利指数与标普500指数分阶段表现对比
分阶段来看，不论是2003年至2007年美国经济强劲的阶段，还是2011年至2019年的低利率阶段，标普500优质高红利指数较标普500指数均有超额收益。1）2003年至2007年，美国经济强劲，期间标普 500 优质高红利指数的年化回报超过标普500指数2.4pct。2）2011年至2019年，美国步入低利率时代，期间标普 500 优质高红利指数的年化回报超过标普500指数0.8pct。
二、红利策略的回报来自哪儿？
2.1、标普 500 优质高红利指数回报拆分
美国经济增速强劲时期，回购收益率及价格回报是其总回报的主要支撑。2003年至2007年美国经济具韧性，期间标普 500 优质高红利指数年化回报为15.1%，来自价格及回购的收益率分别达10.5%、2.9%，来自股息的收益率为1.6%。
“低利率”时期，其股息回报则有所抬升。2011年至2019年美国“低利率”时期，标普 500 优质高红利指数年化回报为14.2%，股息收益率、回购收益率及价格回报分别为2.8%、3.0%、8.3%。
2.2、标普500优质高红利指数分行业股息及回购回报分析
从当前标普500优质高红利指数行业分布来看，1）从成分股数量占比角度来看，成分股中属于核心消费品、工业、能源业的个数最多；2）从市值占比来看，核心消费品、能源业、工业的市值占比最高。
分行业来看，不论是经济强劲的阶段还是低利率时期，通信服务行业的回购+股息收益率较其他行业遥遥领先；拆分回购及股息收益率来看，公用事业及信息技术行业的回购收益率较高，房地产、能源行业的股息收益率较高。
三、红利策略的投资思路
3.1、以标普500优质高红利指数看红利策略的投资思路
从标普 500 优质高红利指数的编制方法来看，其兼顾了标的的质量以及股息率。质量方面：标普 500 优质高红利指数挑选高ROE、低Accruals Ratio及低Financial Leverage Ratio的标的。股息率方面：挑选未来12个月预测股息率（indicated annual dividend yield）较高的标的。
成分股每股股利具有较高的年复合增速。2003年至2023年期间，标普500优质高红利指数当前成分股每股股利年复合增速中位数接近10%，其中，2003年至2007年美国经济增速抬升的时间段内，其每股股利CAGR更是超13%。
其背后主要有稳定的盈利能力、较高的盈利增速、充裕的自由现金流以及优秀的股权文化支撑。1）稳定的盈利能力：2023年标普 500 优质高红利指数当前成分股的ROE中位数为23%。2）较高的盈利增速：近二十年维度下，标普 500 优质高红利指数当前成分股EPS年复合增速中位数近8%，且2003年至2007年，其EPS年复合增速中位数甚至超16%。3）充裕的自由现金流：近二十年维度下，标普 500 优质高红利指数当前成分股每股自由现金流年复合增速中位数超7%，2003年至2007年期间更是抬升至12%。4）优秀的股权文化：标普 500 优质高红利指数当前成分股2023年的年度派息比例的中位数为53%。
3.2、相关ETF及标普500优质高红利指数当前成分股名单
跟踪标普红利指数的相关ETF以及当前成分股名单详见正文。

报告正文

一、红利策略在美股市场的表现如何？

1.1、长期以来红利策略在美股市场表现优于标普500指数且稳定性更高

长期来看，红利策略在美股市场能够取得比标普500指数更好的回报。

近二十年维度下，自2003年起至2023年，年化口径下，道琼斯美国红利 100 指数、标普 500 优质高红利指数、标普 500 红利贵族指数、标普500高股息指数、标普500指数的回报分别为11.7%、12.0%、11.3%、9.4%、10.5%。其中，标普 500 优质高红利指数的年化回报超过标普500指数1.5pct。

在美股市场下跌阶段，标普500优质高红利指数往往能够取得更好的回报。

2000年以来，美股市场出现过四轮大跌时期，对应时间区间分别为2000年9月至2002年10月，2007年10月至2009年3月、2020年2月至2020年3月以及2022年1月至2022年10月，上述区间内标普500指数（全收益）的表现分别为-47.4%、-55.3%、-33.8%、-24.5%，而标普500优质高红利指数（全收益）的表现分别为+4.0%、-49.0%、-39.7%、-12.4%。

1.2、标普500优质高红利指数与标普500指数分阶段表现对比分阶段来看，不论是2003年至2007年美国经济强劲的阶段，还是2011年至2019年的低利率阶段，标普500优质高红利指数较标普500指数均有超额收益。

2003年至2007年，美国名义GDP同比增速分别达4.8%、6.6%、6.7%、6.0%、4.8%，经济强劲，2003年至2007年标普500指数年化回报为12.1%，而标普 500 优质高红利指数年化回报达14.6%，超过标普500指数2.4pct。
2011年至2019年，美国步入低利率时代，10年期美国国债收益率中枢下移。2011年至2019年，标普 500 优质高红利指数、标普500指数的年化回报分别为14.1%、13.3%，标普 500 优质高红利指数的年化回报超过标普500指数0.8pct。

二、红利策略的回报来自哪儿？

2.1、标普 500 优质高红利指数回报拆分

近二十年维度下，标普 500 优质高红利指数年复合回报为12%，其中来自股息、回购的回报分别为2.5%、2.8%，来自价格的回报为6.5%。

美国经济增速强劲时期，回购收益率及价格回报是其总回报的主要支撑。2003年至2007年美国经济具韧性，期间标普 500 优质高红利指数年化回报为15.1%，主要是来自价格及回购的收益率上升，分别达10.5%、2.9%。

“低利率”时期，其股息回报则有所抬升。2011年至2019年，美国步入“低利率”时代，期间标普 500 优质高红利指数年化回报为14.2%，股息收益率、回购收益率及价格回报分别为2.8%、3.0%、8.3%，其中股息收益率大幅抬升。

2.2、标普500优质高红利指数分行业股息及回购回报分析

从当前标普500优质高红利指数行业分布来看，

1）首先，从成分股数量占比角度来看，成分股中属于核心消费品、工业、能源业的个数最多，成分股数量占比分别达31.3%、18.8%、12.5%。对比2018年来看，核心消费品、工业、原材料业的成分股数量占比抬升较为明显，上述三个行业的成分股数量占比分别抬升了15.5pct、5.6 pct、3.9 pct。

2）其次，从市值占比来看，核心消费品、能源业、工业的市值占比最高，分别达到31.4%、20.4%、19.5%。对比2018年来看，核心消费品、工业、金融业的市值占比抬升较为明显，上述三个行业的市值占比分别抬升了14.2 pct、11.8 pct、3.4 pct。

不论是经济强劲的阶段还是低利率时期，通信服务行业的回购+股息收益率较其他行业遥遥领先；拆分回购及股息收益率来看，公用事业及信息技术行业的回购收益率较高，房地产、能源行业股息收益率较高。

从回购收益率来看，1）自2003年至2023年期间，公用事业、信息技术、通信服务的回购收益率较高，年化口径下分别达5.0%、4.5%、4.1%。2）2003年至2007年期间，美国经济强劲，通信服务、公用事业、信息技术行业的回购收益率较高，期间年化收益率达9.3%、6.2%、5.1%。3）2011年至2019年低利率背景下，公用事业、信息技术、金融行业的回购收益率较高，分别达5.9%、4.8%、4.4%。
从股息收益率来看，1）2003年至2023年，通信服务、房地产、能源行业的股息收益率较高，年化口径下分别达5.5%、4.1%、3.6%。2）2003年至2007年，房地产、能源、金融行业股息收益率较高，分别达3.9%、3.2%、2.1%。3）2011年至2019年期间，股息收益率较高的三个行业为通信服务、房地产、能源行业，期间股息收益率达8.2%、3.7%、3.5%。

三、红利策略的投资思路

3.1、以标普500优质高红利指数看红利策略的投资思路

标普 500 优质高红利指数的编制方法兼顾了标的的质量以及股息率。

质量方面：标普 500 优质高红利指数挑选高ROE[1]、低Accruals Ratio[2]及低Financial Leverage Ratio[3]的标的。
股息率方面：挑选未来12个月预测股息率（indicated annual dividend yield）较高的标的。

[1] ROE = EPS/BVPS[2] 应计比率为公司上一财年的净经营资产变化除以过去两个财政年度的平均总资产Accruals Ratio=(NOAt-NOAt-1)/((Total Assetst +Total Assetst-1))/2[3] 杠杆比率为公司的债务总额除以其账面价值Leverage =Total Debt/(BVPS*Common Shares Outstanding）

由于历史成分股难以追溯，我们观察当前标普 500 优质高红利指数的成分股的质量和股息率特征，可以发现：

稳定的盈利能力是支撑其高分红的主要原因。2023年标普 500 优质高红利指数成分股的ROE中位数为23%。

较高的盈利增速也是支撑其高分红的原因之一。2003年至2023年期间，标普 500 优质高红利指数成分股EPS年复合增速中位数近8%，其中，2003年至2007年，其EPS年复合增速中位数甚至超16%；2011年至2019年“低利率”背景下，其EPS年复合增速中位数也能够达到超过6%的水平。

充裕的自由现金流是每股股利高增速的支柱。近二十年维度下，标普 500 优质高红利指数成分股每股自由现金流年复合增速中位数超7%，2003年至2007年期间甚至超过12%。充裕的自由现金流支撑下，其每股股利的年复合增速较高。2003年至2023年期间，标普 500 优质高红利指数成分股每股股利年复合增速中位数接近10%，其中，2003年至2007年美国经济增速较高的时间段内，其每股股利CAGR更是超13%。

优秀的股权文化下，公司大比例派息意愿高，进而给投资者带来可观的股息回报。标普 500 优质高红利指数当前成分股2023年的年度派息比例的中位数为53%。

3.2、相关ETF及标普500优质高红利指数当前成分股名单

跟踪标普500优质高红利指数的ETF有QDIV，截至2024年8月19日，QDIV的管理规模为0.3亿美元。

跟踪标普500股利贵族指数的ETF有美国的NOBL、KNG，韩国的429000以及日本的2236。截至2024年8月19日，上述ETF的管理规模分别为121亿美元、31亿美元、0.45亿美元、0.3亿美元。

本文作者：张忆东（S0190510110012）、李彦霖、迟玉怡，来源：张忆东策略世界，原文标题：《【兴证张忆东（全球策略）团队】美股的另一种核心资产》

编辑/ping

Investment highlights

How does the dividend strategy perform in the US stock market?
1.1. The dividend strategy has consistently outperformed in the US stock market$S&P 500 Index (.SPX.US)$and has higher stability.
Over the long term, the dividend strategy in the US market has achieved better performance than the benchmark index. Over the past twenty years, the annualized returns of the Dow Jones US Dividend 100 Index, S&P 500 Dividend Aristocrats Index, S&P 500 Dividend Aristocrats Index, S&P 500 High Dividend Index, and S&P 500 index were 11.7%, 12.0%, 11.3%, 9.4%, and 10.5% respectively. Among them, the annualized return of the S&P 500 Dividend Aristocrats Index exceeded the S&P 500 index by 1.5 percentage points.
During the decline phase in the US stock market, the S&P 500 Dividend Aristocrats Index tends to achieve better returns. Since 2000, there have been four major market downturns in the US stock market, corresponding to the time periods from September 2000 to October 2002, October 2007 to March 2009, February 2020 to March 2020, and January 2022 to October 2022. The performance of the S&P 500 index (total return) during these periods was -47.4%, -55.3%, -33.8%, and -24.5% respectively, while the performance of the S&P 500 Dividend Aristocrats Index (total return) was +4.0%, -49.0%, -39.7%, and -12.4% respectively.
1.2. Comparison of the performance of the S&P 500 Dividend Aristocrats Index and the S&P 500 index in different periods
In stages, whether it was the strong phase of the US economy from 2003 to 2007, or the low interest rate phase from 2011 to 2019, the s&p 500 high quality high dividend index has outperformed the s&p 500 index. 1) From 2003 to 2007, during the strong US economy phase, the annualized return of the s&p 500 high quality high dividend index exceeded the s&p 500 index by 2.4pct. 2) From 2011 to 2019, as the US entered the era of low interest rates, the annualized return of the s&p 500 high quality high dividend index exceeded the s&p 500 index by 0.8pct.
Where does the return of the dividend strategy come from?
2.1, Breakdown of s&p 500 high quality high dividend index return
During the strong period of the US economy, buyback yield and price return were the main supports for its total return. From 2003 to 2007, the US economy showed resilience, with the s&p 500 high quality high dividend index achieving an annualized return of 15.1%, with returns from price and buyback of 10.5% and 2.9% respectively, and a dividend yield of 1.6%.
"Low interest rate" period saw an increase in dividend return. From 2011 to 2019, during the US "low interest rate" period, the s&p 500 high quality high dividend index had an annualized return of 14.2%, with dividend yield, buyback yield, and price return at 2.8%, 3.0%, and 8.3% respectively.
2.2, Analysis of s&p 500 high quality high dividend index's dividend and buyback return by industry
Looking at the current industry distribution of the s&p 500 high quality high dividend index, 1) In terms of component stock count ratio, the highest number of component stocks belong to core consumer goods, industrial, nengyuanhangye industries; 2) In terms of market cap ratio, core consumer goods, nengyuanhangye, industrial sectors have the highest market cap ratios.
By industry, whether in a strong economic phase or a low interest rate period, the communications services industry leads by a large margin in terms of buyback + dividend yield compared to other industries; when looking at the breakdown of buyback and dividend yield, utilities and information technology industries have high buyback yields, while real estate and energy sectors have high dividend yields.
III. Investment Ideas for Dividend Strategy
3.1 Viewing the Investment Ideas for Dividend Strategy with the S&P 500 High Dividend Index
From the perspective of the compilation method of the S&P 500 High Dividend Index, it considers the quality of the underlying assets as well as the dividend yield. In terms of quality: the S&P 500 High Dividend Index selects underlying assets with high ROE, low Accruals Ratio, and low Financial Leverage Ratio. In terms of dividend yield: it selects underlying assets with a high forecasted dividend yield for the next 12 months (indicated annual dividend yield).
The per-share dividend of the component stocks has a high compound annual growth rate. During the period from 2003 to 2023, the median compound annual growth rate of per-share dividend of the current component stocks of the S&P 500 High Dividend Index is close to 10%, with the period from 2003 to 2007 being a time of accelerated U.S. economic growth, where the per-share dividend CAGR even exceeded 13%.
It is mainly supported by stable profitability, high profit growth, sufficient free cash flow, and excellent equity culture. 1) Stable profitability: In 2023, the median ROE of the current component stocks of the S&P 500 High Dividend Index is 23%. 2) High profit growth: Over the past twenty years, the median EPS compound annual growth rate of the current component stocks of the S&P 500 High Dividend Index is close to 8%, and from 2003 to 2007, the median EPS compound annual growth rate even exceeded 16%. 3) Sufficient free cash flow: Over the past twenty years, the median compound annual growth rate of free cash flow per share of the current component stocks of the S&P 500 High Dividend Index exceeds 7%, rising to 12% during the period from 2003 to 2007. 4) Excellent equity culture: The median annual payout ratio of the current component stocks of the S&P 500 High Dividend Index in 2023 is 53%.
3.2 ETFs Related to the S&P Dividend Index and the Current List of Component Stocks of the S&P 500 High Dividend Index
For details on ETFs tracking the S&P Dividend Index and the current list of component stocks, please refer to the main text.

Report Text

How does the dividend strategy perform in the US stock market?

1.1. Over the long term, the dividend strategy has outperformed the S&P 500 index in the US stock market and has higher stability.

In the long term, the dividend strategy can achieve better returns than the S&P 500 index in the US stock market.

In the 20-year period from 2003 to 2023, the annualized returns of the Dow Jones US Dividend 100 Index, S&P 500 High Dividend Index, S&P 500 Dividend Aristocrats Index, S&P 500 Dividend Points Index, and S&P 500 index were 11.7%, 12.0%, 11.3%, 9.4%, and 10.5% respectively. Among them, the annualized return of the S&P 500 High Dividend Index exceeded the S&P 500 index by 1.5 percentage points.

During the downturn in the US stock market, the S&P 500 High Dividend Index often achieves better returns.

Since 2000, there have been four rounds of major declines in the US stock market, corresponding to the time periods from September 2000 to October 2002, October 2007 to March 2009, February 2020 to March 2020, and January 2022 to October 2022. The performances of the S&P 500 index (total return) during these periods were -47.4%, -55.3%, -33.8%, and -24.5% respectively, while the performances of the S&P 500 High Dividend Index (total return) were +4.0%, -49.0%, -39.7%, and -12.4% respectively.

1.2. Comparison of the performances of the S&P 500 High Dividend Index and the S&P 500 Index in different periods. Whether it is the period of strong US economy from 2003 to 2007 or the period of low interest rates from 2011 to 2019, the S&P 500 High Dividend Index has outperformed the S&P 500 Index.

From 2003 to 2007, the year-on-year growth rates of the US nominal GDP were 4.8%, 6.6%, 6.7%, 6.0%, and 4.8% respectively, indicating a strong economy. During this period, the annualized return of the S&P 500 index was 12.1%, while the annualized return of the S&P 500 High Dividend Index reached 14.6%, exceeding the S&P 500 index by 2.4 percentage points.
From 2011 to 2019, the USA entered a period of low interest rates, with a downward shift in the yield central of the 10-year US Treasury bonds. From 2011 to 2019, the annualized returns of the S&P 500 Quality High Dividend Index and the S&P 500 index were 14.1% and 13.3% respectively. The annualized return of the S&P 500 Quality High Dividend Index exceeded the S&P 500 index by 0.8%.

Where does the return of the dividend strategy come from?

2.1. Split of the returns of the S&P 500 Quality High Dividend Index

In the past twenty years, the compound annual return of the S&P 500 Quality High Dividend Index was 12%, with returns from dividends and repurchases being 2.5% and 2.8% respectively, and the return from prices being 6.5%.

During the strong period of US economic growth, repurchase yield and price returns were the main support for its total return. From 2003 to 2007, the US economy showed resilience, with an annualized return of 15.1% for the S&P 500 Quality High Dividend Index, mainly driven by the rise in price and repurchase yields, reaching 10.5% and 2.9% respectively.

During the 'low interest rate' period, the dividend return increased. From 2011 to 2019, the USA entered a 'low interest rate' era, during which the annualized return of the S&P 500 Quality High Dividend Index was 14.2%. The dividend yield, repurchase yield, and price returns were 2.8%, 3.0%, and 8.3% respectively, with a significant increase in the dividend yield.

2.2. Analysis of industry dividend and repurchase returns of the S&P 500 Quality High Dividend Index

Looking at the current distribution of industry dividends and repurchases for the S&P 500 Quality High Dividend Index,

Firstly, from the perspective of the proportion of the number of constituents, the number of constituents belonging to core consumer goods, industry, and energy is the highest, with the proportions being 31.3%, 18.8%, and 12.5% respectively. Compared to 2018, the proportions of constituents in core consumer goods, industry, and raw materials have increased significantly, with the proportions of constituents in these three industries increasing by 15.5pct, 5.6 pct, and 3.9 pct respectively.

Secondly, in terms of market cap distribution, the market cap proportions of core consumer goods, energy, and industry are the highest, reaching 31.4%, 20.4%, and 19.5% respectively. Compared to 2018, the market cap proportions of core consumer goods, industry, and finance have increased significantly, with the market cap proportions of these three industries increasing by 14.2 pct, 11.8 pct, and 3.4 pct respectively.

Regardless of whether it is a strong economic phase or a period of low interest rates, the buyback + dividend yield of the communications services industry leads significantly compared to other industries; looking at the breakdown of buyback and dividend yield, the utility and information technology industries have higher buyback yields, while the real estate and energy industries have higher dividend yields.

Looking at the buyback yield, 1) from 2003 to 2023, the buyback yields of utilities, information technology, and communications services have been higher, reaching 5.0%, 4.5%, and 4.1% on an annualized basis. 2) During the period from 2003 to 2007, when the US economy was strong, the buyback yields of communications services, utilities, and information technology industries were high, with annualized returns during the period reaching 9.3%, 6.2%, and 5.1% respectively. 3) From 2011 to 2019 under a low-interest-rate environment, utilities, information technology, and financial industries had higher buyback yields, reaching 5.9%, 4.8%, and 4.4% respectively.
Looking at the dividend yield, 1) from 2003 to 2023, the industries with higher dividend yields were communications services, real estate, and energy, reaching 5.5%, 4.1%, and 3.6% on an annualized basis. 2) From 2003 to 2007, the industries with higher dividend yields were real estate, energy, and finance, reaching 3.9%, 3.2%, and 2.1% respectively. 3) During the period from 2011 to 2019, the industries with higher dividend yields were communications services, real estate, and energy, with dividend yields during this period reaching 8.2%, 3.7%, and 3.5%.

Third, the investment strategy of the dividend strategy.

3.1, Looking at the investment strategy of the dividend strategy with the s&p 500 high dividend index.

The compilation method of the s&p 500 high dividend index takes into account both the quality of the underlying assets and the dividend yield.

In terms of quality: the S&P 500 high-quality high dividend index selects targets with high ROE[1], low Accruals Ratio[2], and low Financial Leverage Ratio[3].
In terms of dividend yield: select targets with a higher indicated annual dividend yield for the next 12 months.

[1] ROE = EPS/BVPS [2] Accruals Ratio is the net operating asset change in the previous fiscal year divided by the average total assets of the past two fiscal years: Accruals Ratio = (NOAt - NOAt-1) / ((Total Assetst + Total Assetst-1)) / 2[3] Leverage Ratio is the total debt of the company divided by its book value: Leverage = Total Debt / (BVPS * Common Shares Outstanding)

Due to the difficulty of tracing historical constituent stocks, we observe the quality and dividend yield characteristics of the current constituents of the S&P 500 high-quality high dividend index, and find that:

Stable profitability is the main reason for its high dividend. In 2023, the median ROE of the constituents of the S&P 500 high-quality high dividend index is 23%.

High profit growth is also one of the reasons for its high dividend. From 2003 to 2023, the median compound annual growth rate (CAGR) of EPS of the constituents of the S&P 500 high-quality high dividend index is nearly 8%, and from 2003 to 2007, the median CAGR of EPS even exceeds 16%; from 2011 to 2019, during the "low interest rate" period, the median CAGR of EPS can also reach a level of over 6%.

Ample free cash flow is the backbone of high dividend per share growth. In the past twenty years, the median compound annual growth rate of free cash flow per share of the constituents of the S&P 500 high-quality high dividend index is over 7%, and even exceeds 12% for the period from 2003 to 2007. Supported by ample free cash flow, the dividend per share has a higher compound annual growth rate. From 2003 to 2023, the median compound annual growth rate of dividend per share of the constituents of the S&P 500 high-quality high dividend index is close to 10%, and from 2003 to 2007, during the period of high economic growth in the United States, the CAGR of dividend per share even exceeds 13%.

Under excellent shareholder culture, companies have a high willingness to distribute dividends, thereby bringing substantial dividend returns to investors. The median annual dividend payout ratio of the current constituents of the S&P 500 high-quality high dividend index for 2023 is 53%.

3.2. List of related ETFs and current constituents of the S&P 500 High Dividend Index.

The ETFs that track the S&P 500 High Dividend Index are QDIV. As of August 19, 2024, QDIV had assets under management of 0.03 billion USD.

The ETFs that track the S&P 500 Dividend Aristocrats Index are NOBL and KNG in the United States, 429000 in South Korea, and 2236 in Japan. As of August 19, 2024, the assets under management of these ETFs were 12.1 billion USD, 3.1 billion USD, 0.045 billion USD, and 0.03 billion USD respectively.

Article author: Zhang Yidong (S0190510110012), Li Yanlin, and Chi Yuyi. Source: Zhang Yidong Strategy World. Original title: "Another Core Asset of US Stocks".

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