现金流ETF（159399）盘中飘红，连续5日净流入超1.2亿元，红利板块延续相对强势

Core Viewpoint - The article highlights the increasing market uncertainty due to ongoing tariff conflicts and the impending approval of the 14th Five-Year Plan, leading to a cautious investor sentiment and accelerated sector rotation [1] Summary by Relevant Sections Market Sentiment - Market sentiment has declined as tariff conflicts persist and uncertainties rise with the upcoming approval of the 14th Five-Year Plan [1] - Investors are exhibiting more cautious behavior, with sectors like coal and banking showing strong performance while dividend stocks continue to maintain relative strength [1] Short-term Outlook - In the short term, during the peak reporting period for Q3 and before external uncertainties subside, dividend-style investments are becoming more attractive [1] Long-term Perspective - Long-term policies such as the new "National Nine Articles" and market capitalization management are encouraging listed companies to distribute dividends [1] - For state-owned enterprises, establishing sound dividend policies and stabilizing dividend expectations can enhance investor returns and help achieve value recognition and valuation recovery, aligning with the goals of "Chinese-style valuation" [1] Investment Opportunities - The new "National Nine Articles" combined with declining risk-free yields are making dividend assets appear more valuable for allocation [1] - Investors are encouraged to consider the Cash Flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The Cash Flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of state-owned enterprises compared to similar cash flow indices, and has consistently paid dividends for eight months since its listing [1]