现金流ETF（159399）涨超1.4%，市场关注现金流策略配置价值

Core Viewpoint - The A-share market in 2026 is characterized by a "new and old coexistence" structure, with technology and overseas expansion becoming the core themes for profit pattern reshaping [1] Group 1: Profit Structure - The technology and overseas expansion sectors currently account for 36% of A-share profits, with expectations to rise to 60%, establishing a dual mainline in fundamentals [1] - The technology sector is shifting focus from computing power and AI semiconductors to supply-demand gap areas in the industrial chain, such as humanoid robots and intelligent driving [1] Group 2: Traditional Industries - Traditional industries are stabilizing profits by moving towards high-end manufacturing or expanding overseas [1] - The stabilization of the Producer Price Index (PPI) is driving profit recovery in upstream resource products, with non-ferrous metals and other globally priced commodities performing notably [1] Group 3: Financial Indicators - Improvements in free cash flow and sales net profit margin indicate a better state of capital return for companies [1] - There is a significant divergence in profitability across industries, with electronics, military industry, and non-ferrous metals being the main drivers of recent index gains [1]