低利率“现金为王”环境下，关注现金流价值！现金流ETF（159399）盘中翻红，资金积极布局，近5日净流入额超1亿元

Group 1 - The core viewpoint emphasizes that free cash flow is the maximum cash available for distribution to capital providers without affecting the company's sustainable development, calculated as operating cash flow minus capital expenditures [1] - Companies with stable and sufficient free cash flow not only exhibit stable and healthy performance metrics but also possess the ability to convert reported profits into freely disposable cash flow, making free cash flow a direct source of dividend capability [1] - The market performance of cash flow ETFs (159399) shows that the FTSE cash flow index has outperformed the CSI dividend index and the CSI 300 index for nine consecutive years from 2016 to 2024 [1] Group 2 - The investment theme for the year is expected to focus on "large and medium market capitalization + central state-owned enterprises + abundant cash flow" [1] - Investors without stock accounts can consider the Guotai FTSE China A-share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) [1]