盘面震荡，来点防御，把握现金流ETF（159399）布局机会

Market Overview - The market is experiencing significant fluctuations, leading to increased divergence among investors, and the ability to achieve effective breakthroughs remains to be tested in the future [1] - As the year-end approaches, profit-taking demands are expected to rise, and the volatility in technology growth sentiment is increasing [1] Defensive Strategies - In light of the market's volatility, a focus on dividend cash flow sectors is recommended, as their stable attributes can complement the high growth characteristics of technology sectors [1] - The year-end typically sees funds gravitating towards securing profits, which will accelerate the inflow into dividend cash flow sectors [1] Investment Strategy - A "barbell strategy" is suggested, combining dividend cash flow sectors with technology investments to capture growth opportunities while solidifying income [1] - Two recommended investment products are: 1. Dividend State-Owned Enterprise ETF (510720): This ETF tracks the Shanghai Stock Exchange State-Owned Enterprise Dividend Index, focusing on high-dividend central state-owned enterprises, with a high dividend yield. It has distributed dividends for 19 consecutive months as of the end of November [1] 2. Cash Flow ETF (159399): This ETF tracks the FTSE China A-Share Free Cash Flow Focus Index, selecting the top 50 stocks based on cash flow rates, with a significant weight on large-cap stocks. It has shown superior resilience during historical market downturns and has distributed dividends for 9 consecutive months as of the end of November [2][5] Historical Performance - Historical data indicates that during market downturns, the cash flow index has demonstrated better resilience compared to the broader market indices [4] - The cash flow index and dividend index have shown varying performance during past market corrections, with the cash flow index experiencing a decline of -7.63% from August 2023 to February 2024, while the dividend index declined by -12.18% in the same period [3]