关注现金流ETF（159399）投资机会，自由现金流复利或成低利率时代核心资产

Core Viewpoint - The article emphasizes the investment opportunity in cash flow ETFs (159399) as a core asset in a low interest rate environment, highlighting the importance of stable free cash flow as a financial foundation for sustained economic growth [1] Group 1: Investment Strategy - In a low interest rate environment, the compounding effect of stable free cash flow becomes crucial for long-term economic performance [1] - The market's pricing logic is shifting towards the accumulation of cash flow rather than front-end expansion due to changes in economic operation models [1] - Free cash flow assets rely on controllable capital expenditures, cost management, and efficient operating capital, allowing for substantial cash flow generation even with zero profit growth [1] Group 2: Sector Focus - The article identifies three main sectors for dividend value investments: 1. Leading consumer demand sectors (e.g., liquor, dining, home appliances) 2. Cyclical resource products (benefiting from supply contraction and price elasticity) 3. Low dividend yield varieties (e.g., electricity, banking) - These sectors are considered to have long-term allocation value due to their low valuation levels [1] Group 3: ETF Overview - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects A-share companies with high free cash flow yield and good financial health from the Shanghai and Shenzhen stock exchanges [1] - The index aims to reflect the overall performance of Chinese A-share listed companies with robust cash flow characteristics across multiple industries [1]