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[from august 26 to september 11, the total market value of the five major banks evaporated by 995.4 billion yuan.]

dividend assets represented by the five major banks, the three oil companies, and public utilities continued to fall, causing investors to wonder whether the follow-up decline of high-priced stocks means that the bottom of the market is near.

on september 11, the banking index closed down 2.31%, reversing all gains since mid-april; the total market value of the "big three oil companies" evaporated by nearly 80 billion yuan in one day, and all closed with long lower shadows. china petroleum has fallen 13.21% in september; china yangtze power fell by more than 4% due to large volume.

in the first eight months of this year, the high-dividend sector outperformed the rest, with many stocks hitting record highs. by the end of august, profit taking began to pour out of high-dividend assets, and since then, many leading stocks have retreated by more than 10%. at the same time, stocks on the chinext, which had been falling for a long time, began to become active.

the consensus expectation of high dividends has collapsed

since 2024, the high dividend strategy has continued to work in a-shares, and dividends have become the most outstanding sector in the entire market. since the end of august, the high dividend sector has entered a correction phase. the dividend index (000015) broke the "golden body" on september 9, and the annualized yield turned from profit to loss, currently at 4.5%. so far, more than 30 major indexes of wind a-shares have fallen this year.

affected by the sharp drop in international oil prices, the "three oil barrels" fell sharply on september 11. cnooc's intraday decline was close to 6%, but it stabilized and narrowed its decline in late trading, closing down 2.01%; petrochina and sinopec fell 1.9% and 3.07% respectively. so far this month, cnooc and petrochina have fallen by more than 13%, and sinopec has fallen by more than 7%. the total market value of the three stocks has evaporated by about 470 billion yuan within the month.