ETF日报：随着当前市场逐步转入进攻阶段，现金流ETF在当前市场环境的优势也逐步显现，关注现金流ETF

Market Overview - The A-share market experienced a collective pullback in July, with the Shanghai Composite Index closing down 1.18% at 3573.21 points, the Shenzhen Component down 1.73% at 11009.77 points, and the ChiNext Index down 1.66% at 2328.31 points. The total trading volume in the Shanghai and Shenzhen markets reached 1.936 trillion yuan, an increase of 91.8 billion yuan from the previous day [1] - Over 4200 stocks in the market declined, indicating a broad-based downturn, while sectors related to computing power, such as liquid cooling servers and optical modules, saw gains [1] AI and Communication Sector Performance - The AI hardware sector, represented by optical modules, showed resilience with the Guotai AI ETF rising by 0.95% and a 60-day increase of 32.57%. The Communication ETF also rose by 0.57% with a 60-day increase of 45.11% [2][3] - Positive earnings reports from overseas companies, including Meta and Microsoft, contributed to the upward momentum in the optical module and AI hardware sectors. Meta reported Q2 revenue of $47.516 billion, a 22% year-over-year increase, while Microsoft reported Q4 revenue of $76.4 billion, an 18% increase [3][4] Capital Expenditure Insights - Meta raised its annual capital expenditure forecast from $64 billion to a range of $66 billion to $72 billion, while Microsoft anticipates its capital expenditure for Q1 FY2026 to exceed $30 billion due to strong demand for cloud and AI products [4] - The communication industry in China is expected to continue its growth trajectory, driven by advancements in 5G, IoT, and AI technologies, with significant infrastructure investments anticipated [4] Economic Policy and Market Sentiment - Recent meetings expressed optimism about the economic outlook, suggesting that a growth rate of 4.7% in the second half of the year would suffice to meet annual targets. The focus is on maintaining existing policies rather than introducing new ones [6][8] - The emphasis on service consumption and private investment growth indicates a strategic shift towards enhancing domestic demand and economic resilience [8][9] Sector-Specific Trends - The steel and non-ferrous metals sectors experienced significant declines, attributed to the government's cautious approach towards "anti-involution" policies and the removal of specific low-price strategies [6][8] - The Guotai AI ETF tracks the AI index, which includes companies involved in machine learning and smart chips, highlighting the sector's growth potential. The top three holdings are Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication [5]