关注现金流ETF（159399）投资机会，自由现金流或为长牛基石

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic operating model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In the context of a stock economy, the accumulation of cash flow driven by prudent corporate management will replace front-end expansion as the core pricing logic, with assets that have abundant free cash flow, such as leading consumer companies and cyclical resource products, having potential for valuation recovery during the physical re-inflation phase [1] - The current focus on dividend expansion highlights three major sectors: leading consumer demand (low valuation percentile), cyclical resource products (price elasticity under supply constraints), and low-dividend varieties (cash flow stability), with companies that have controllable capital expenditures and efficient operational capabilities more likely to create sustained cash flow value in the backend [1] Group 2 - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (W00731), which selects listed companies with stable free cash flow, financial health, and sustained profitability from the A-share market as index samples, covering industries with growth and stability such as consumption, pharmaceuticals, and technology [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiation Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiation Link C (023920) [1]