Core Viewpoint - The current free cash flow of China's A-shares has adjusted to a favorable price-performance ratio under overseas impacts, and as the emotional shock from overseas risks gradually dissipates, Chinese assets are expected to recover based on their independent logic [1] Group 1: Market Dynamics - The recovery of Chinese assets is supported by several independent factors, including enhanced competitiveness of major countries, the release of new economic momentum, clear policy transformation, and stable economic fundamentals [1] - The cyclical sectors are emphasized for their reasonable valuations, positive outlook for next year's economic conditions, and sustainable valuation recovery, particularly in "anti-involution" and price-increasing resource products such as chemicals, building materials, steel, energy metals, and precious metals [1] Group 2: Investment Opportunities - 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] - The underlying index of the cash flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, allowing for monthly dividend assessments [1]