中信证券：风格切换 物流行业优选现金流稳健增长稀缺资产

Core Viewpoint - Citic Securities suggests focusing on scarce assets with stable cash flow growth amid style switching, emphasizing the importance of market value management and the reflection of pessimistic fundamental factors, with expectations for net profit and cash flow to turn positive in 2026 for leading companies in railways, highways, and ports [1] Group 1: Investment Recommendations - Emphasis on selecting assets with stable cash flow growth and strong market value management [1] - Key sectors to focus on include railways, highways, and ports, which are expected to see improvements in net profit and cash flow by 2026 [1] Group 2: Market Trends - In the second half of 2025, traffic volume is projected to enter a year-on-year growth phase after two years of digestion, supported by a narrowing decline in PPI and growth stabilization policies [1] - The average daily trading volume of dividend sectors increased by 48.9% in the first week of February 2026 compared to December 2025, with a 152.1% increase in daily net subscriptions for A-share dividend ETFs [1]