On May 18th, Liu Chenming, Chief Strategy Analyst at GF Securities, said that the investment focus in A-shares has shifted from EPS to dividend and share buybacks. He pointed out that the long-term stock price annualized return and increase should be approximately equal to the EPS growth rate plus dividend and share buybacks, as EPS is the numerator of ROE and dividend and share buybacks are the denominator. In the UK and the US, stock price performance tends to be closer to ROE. From an investment perspective, in the context of A-shares, the previous focus was on the numerator, but now people are focusing on the denominator. This discussion is not only about dividend yield, but also about the industry landscape. It needs to be applied to capital expenditure and cash flow observation, which involves a series of logical reasoning.