关注现金流ETF（159399）投资机会，自由现金流行业面临结构性调整机遇

Group 1 - The core viewpoint is that the second half of 2025 presents structural adjustment opportunities for the FTSE China A-share free cash flow industry, driven by the deepening implementation of anti-involution policies [1] - The manufacturing sector may enter a passive destocking phase, which is expected to improve industrial product prices and enhance corporate profit margins [1] - Export resilience supports manufacturing order demand, although investment growth may slow down [1] Group 2 - Policy focus is on eliminating backward production capacity and breaking down involution-style competition, which may optimize the supply-demand structure in traditional industries [1] - Infrastructure investment is expected to accelerate under new policy financial tools, with an estimated impact of 1.04% on nominal GDP [1] - Industry allocation should pay attention to areas where policy and industrial cycles resonate, while also considering upstream resource sector opportunities brought by anti-involution measures [1] Group 3 - The cash flow ETF (159399) tracks the FTSE China A-share free cash flow focus index (888888), which selects financially sound companies with excellent free cash flow performance as index samples [1] - The index aims to reflect the overall performance of listed companies with sustainable profitability and high-quality cash flow characteristics, covering multiple industry sectors [1] - Investors without stock accounts can consider the Guotai FTSE China A-share free cash flow focus ETF linked A (023919) and linked C (023920) [1]