"Barbell strategy" configuration mindset changes, fund managers actively update investment framework.

Since the beginning of this year, as the market rebounded and deepened, the technology-driven growth style has dominated the market, causing the dividend assets that have continued to perform since 2022 to appear slightly dim. The "barbell strategy" constructed with "dividends + small-cap stocks" is facing new challenges. Some interviewed fund managers believe that dividend assets are still an important part of long-term asset allocation. However, the selection and allocation need to be more precise. "We need to consider the fundamentals and valuation, and find opportunities with asymmetric risk-return profiles," a fund manager told the Shanghai Securities Journal.