现金流ETF（159399）涨超0.9%，自由现金流复利效应或成长期定价核心

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 model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In a stagnant economy, assets capable of generating abundant free cash flow, such as controlled capital expenditure, cost management, and efficient working capital, can maintain their value even in a zero-profit growth scenario [1] - The report highlights three key sectors for dividend value expansion: leading consumer demand, cyclical resource products, and low-dividend stocks, with consumer leaders and cyclical resources showing advantages in cash flow generation [1] Group 2 - The Cash Flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with stable free cash flow and strong profitability across various industries, focusing on value and quality [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Link C (023920) [1]