Industrial Securities(SH:601377) Mei Ri Jing Ji Xin Wen·2025-12-16 06:33Group 1 - The core viewpoint is that in a low-interest-rate environment, dividend stocks will remain quality core assets, but the selection of individual stocks may shift from stable dividends to free cash flow due to overall corporate profitability showing elasticity [1] - Free cash flow direction has the potential for both increased dividends and expanded capital expenditures, offering stronger elasticity compared to ordinary dividend stocks [1] - Investors are encouraged to pay attention to the cash flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] Group 2 - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - According to the fund announcement, the cash flow ETF can assess dividends monthly and has distributed dividends for ten consecutive months since its listing [1]