掘金组合：重回高股息、自由现金流

Group 1: Investment Strategy - The macro background for the barbell strategy remains unchanged, with high dividend and free cash flow strategies still suitable for long-term core allocation[2] - High dividend and free cash flow strategies have shown superior performance, with a 28% excess return over the past year compared to the broader market[17] - The high dividend strategy outperformed the market by 7% in May, indicating its advantages in a weakening economic environment[12] Group 2: Market Conditions - Economic data showed marginal weakness in April and May, with the official PMI returning to a contraction zone at 49.5%[4] - The M1 growth rate fell to -1.4%, indicating challenges in credit transmission and economic recovery[4] - The market is transitioning from valuation recovery to fundamental verification, highlighting the need for patience in expecting improvements in credit and profitability[12] Group 3: Performance Metrics - The annualized average return for the high dividend strategy is 11%, with a Sharpe ratio of 0.43, indicating a favorable risk-adjusted return[8] - The high free cash flow return strategy has also shown a 16% excess return over the past year, reinforcing its position as a strong investment choice[17] - The tenfold stock individual combination has achieved a 198% excess return since 2010, demonstrating its effectiveness in favorable market conditions[17]