现金流ETF（159399）收红，市场关注估值修复与政策窗口期

Core Viewpoint - The current phase of the FTSE China A-share free cash flow industry is characterized by a recovery in valuation and significant development opportunities, driven by a decrease in micro trading risks and a stabilizing economic outlook as the 14th Five-Year Plan progresses [1] Group 1: Market Conditions - Global risk appetite has been significantly pressured, leading to asset volatility and panic selling, which has released substantial micro trading risks [1] - The importance of economic growth as the 14th Five-Year Plan begins is highlighted, with a policy window approaching that may establish new market expectations [1] - Regulatory authorities show strong determination and action plans to stabilize the capital market in the short term [1] Group 2: Valuation and Investment Opportunities - Factors that previously caused valuation discounts in the stock market have largely dissipated, with tail risks decreasing and the RMB assets gradually stabilizing, indicating potential for significant upward movement in the Chinese capital market [1] - Chinese equities offer a higher risk-return profile compared to other major asset classes [1] - 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] Group 3: ETF Characteristics - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - Monthly dividend assessments are available for the cash flow ETF, making it an attractive option for interested investors [1]