震荡市“压舱石” 迎配置机遇，现金流ETF嘉实（159221）创上市新高

Core Viewpoint - The A-share market opened high but experienced fluctuations, with mixed performance across the three major indices. The cash flow ETF, Jia Shi (159221), tracked by the National Index of Free Cash Flow, saw a significant increase, reaching a new high since its listing. [1] Group 1: Market Performance - The cash flow ETF Jia Shi (159221) rose over 1% during the session, achieving a new listing high. [1] - Among the constituent stocks, Shoulv Hotel increased by over 7%, while Nanjing Xinbai, Huaren Health, and Yuntianhua rose by over 5%. [1] Group 2: ETF Performance - Since its listing on May 13, 2023, the secondary market price of cash flow ETF Jia Shi (159221) has steadily increased, with a cumulative rise of approximately 23%. [1] - In the second half of this year, the shares of cash flow ETF Jia Shi (159221) increased by 464 million shares, attracting a total of 472 million yuan. [1] Group 3: Market Analysis - Analysts suggest that with the completion of the third-quarter reports in November and the high valuations in the technology growth sector, market volatility is expected to increase. [1] - Given the current environment of declining risk appetite, the value style of investment is becoming more prominent, with the divergence between growth and value styles at historically high levels, potentially providing greater returns for value stocks. [1] Group 4: Index Characteristics - The National Index of Free Cash Flow selects stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability, indicating high quality and strong risk resistance, suitable for long-term investment. [1]