现金流ETF（159399）昨日净流入超1.5亿元，“反内卷”政策或推动自由现金流改善

Group 1 - The core viewpoint of the article highlights that the "anti-involution" policy is a key driver for the performance of the FTSE China A-Share Free Cash Flow Focus Index, leading to increased net inflows into cash flow ETFs [1] - Companies are reducing capital expenditures as the policy shifts from encouraging large-scale manufacturing investments to alleviating competitive pressures, resulting in a downward cycle for overall asset expenditures [1] - Industries such as steel, new energy, and building materials are benefiting from the "anti-involution" policy, which is enhancing the proportion of free cash flow by clearing excess capacity [1] Group 2 - The cash flow ETF tracks the FTSE China A-Share Free Cash Flow Focus Index, which is compiled by the London Stock Exchange Group, focusing on companies with strong free cash flow performance [1] - The index selects stocks based on specific criteria to reflect the overall performance of high-quality companies that emphasize cash flow quality [1] - As the "anti-involution" policy continues to be implemented, industry capacity is expected to further optimize, potentially alleviating the deflationary pressures in industrial products [1]