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对于长期投资机构来讲,稳定持续的现金流入在当前的市场环境中尤其重要。如何在市场面临政策冲击下找到“低风险、高回报”的投资对象成为难题。“股息+现金流”型公司是我们寻找这种“全能型股票”的一个出发点。稳定型公司在紧缩时期能够给投资者提供很好的保护,具有现金制造能力和持续增长能力的公司能够给投资者理想的资本回报,现金股息也是投资者分享公司利润最直接的办法,派息策略本质上是一家公司治理结构、经营能力等因素的综合体现。现金流状况传达了公司是在进行现金消耗还是在产生现金。在传闻红利税即将取消的时刻,这也预示着中国股市正面临分红派息文化被广泛关注的转折点。价格较低、现金流充沛、派息持续稳定的公司将成为抢手货。那些一方面在稳定增长,一方面具有良好的现金创造能力和分红能力的公司,投资价值更加突出。在中国经济依然还处于低利率周期,参与此类公司将是分享中国经济增长成果的最佳途径。
For long-term investment institutions, stable and continuous cash inflows are particularly important in the current market environment. How to find the “low-risk, high-return” investment target in the market under the impact of the policy becomes a difficult problem. “Dividend + cash flow ” type company is a starting point for us to find this “all-round stock ”. Stable companies can provide investors with good protection during the tightening period. Companies with cash manufacturing capability and sustainable growth ability can provide investors with ideal return on capital. Cash dividends are also the most direct way for investors to share corporate profits. Dividends Strategy is essentially a corporate governance structure, operational capacity and other factors of a comprehensive reflection. The cash flow status tells whether the company is making cash or generating cash. At a time when rumors of dividend tax are about to be abolished, this also indicates that the Chinese stock market is facing a turning point where the dividend payout culture is widely concerned. Lower prices, abundant cash flow, the company continued to pay dividends will become popular goods. On the one hand, companies that have steady growth, on the one hand, good cash-generating and dividend-paying capabilities have a more significant investment value. In China, the economy is still at a low interest rate cycle and participating in such companies will be the best way to share the fruits of China’s economic growth.