市场回调，红利资产再受青睐 现金流ETF（159399）盘中净流入超4000万元

Market Overview - The market experienced a broad decline, with sectors such as textiles, beauty, non-ferrous metals, and pharmaceuticals leading the losses, while the oil sector saw an increase. The Shanghai Composite Index fell by 0.79%, and the Shenzhen Component Index dropped by 1.21% [1] - Dividend assets showed resilience during the market pullback, with the Cash Flow ETF (159399) and Dividend State-Owned Enterprise ETF (510720) both declining by less than 0.8%. Notably, the Cash Flow ETF (159399) saw a net inflow of 41 million yuan today [1] Geopolitical and Economic Context - The escalation of the Israel-Palestine conflict may lead to a broader regional crisis, impacting global shipping and economic conditions. The Chinese government is actively organizing the evacuation of its citizens from Iran and Israel, while the U.S. has begun withdrawing military personnel from the Middle East [3] - Although the current tariff situation has improved significantly since April's "reciprocal tariffs," uncertainties remain high. The recovery of global economic momentum may be hindered by the impact of tariffs on exports and growth in non-U.S. regions. While major equity markets have largely recovered from the declines following the imposition of tariffs, the pressure on corporate earnings may persist due to delayed effects on costs and consumer spending [3] Domestic Economic Data - Recent economic data from the National Bureau of Statistics indicates weak demand, with industrial value-added growth at 5.8% and fixed asset investment growth at 2.9%, both lower than previous values. This suggests a marginal decline in investment willingness among manufacturing enterprises [6] Investment Insights - As economic growth slows, the marginal returns on corporate investments are also decreasing. Companies unable to achieve excess returns through increased capital expenditure may continue to favor returning dividends to investors. In the context of ongoing tariff uncertainties, slowing overseas economic growth, and geopolitical tensions, dividend cash flow assets are likely to stabilize portfolio volatility [8] - The Cash Flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, providing a higher margin of safety and warranting investor attention [8]