现金流ETF（159399）飘红，市场预期或随政策窗口期改善

Group 1 - The core viewpoint is that with the start of the "14th Five-Year Plan," the importance of economic growth is highlighted, and a policy window is approaching, which may lead to new market expectations [1] - The regulatory authorities show strong determination and action plans to stabilize the capital market in the short term [1] - Factors that previously caused valuation discounts in the stock market have been alleviated, and with tail risks decreasing and the stabilization of RMB assets, the Chinese capital market is entering a phase of valuation recovery and significant development, indicating potential for substantial upward movement [1] Group 2 - Investors are encouraged to pay attention to 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 underlying index of the Cash Flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and monthly dividend assessments are available [1]