The dilemma of high-dividend stocks is actually quite simple— even if the dividend yield reaches 10% or 20%, the stock price has little room to rise. Imagine a bank certificate with a 10% interest rate; the principal and interest are fixed numbers upon maturity. How could this fixed amount appreciate in value? The logic is the same.

Stocks with high dividend yields don't require special promotion or incentives. A 1.2% fixed-term deposit or nearly zero-interest savings account still attracts a large influx of funds. The same principle applies—stable returns are inherently attractive and don't need extra packaging.

In fact, stocks with no dividends have the potential to rise. These stocks often face difficulties: poor performance, zero dividends, and investor concerns about falling prices. To unlock their upside potential, the market has adopted a clever approach—massively issuing ETF funds.

Using ETFs as a tool, those underperforming, non-dividend-paying stocks are bundled into fund portfolios. Retail investors who buy ETFs usually don't scrutinize metrics like P/E ratios or dividend yields, and may not even know whether such data exists for the ETF itself. As a result, these previously overlooked stocks are successfully "packaged," and their prices soar.

The facts are clear: high-dividend stocks are prone to decline and are difficult to rise; meanwhile, stocks with poor performance and minimal dividends can see their prices shoot up like rockets. The role of ETFs cannot be underestimated. The underlying logic is worth deep reflection for all investors—how tool innovation changes capital flow and how it influences market pricing.