关注现金流ETF（159399）投资机会，市场关注流动性改善与自由现金流配置价值

Core Viewpoint - Nomura Orient International Securities indicates that insurance funds, stabilization funds, and index-based investment funds have become the dominant forces in the A-share market, significantly improving the liquidity environment [1] Group 1: Liquidity Improvement - The continuous allocation of insurance funds to high free cash flow enterprises is a key driver of this liquidity improvement [1] - If insurance funds increase their stock and fund allocation ratio back to the level at the end of 2020, it could bring about an incremental capital of approximately 250 billion yuan [1] - Stabilization funds entering the market through broad-based ETFs can effectively counterbalance refinancing and reduction pressures, providing long-term capital support [1] Group 2: Market Valuation Impact - The trend of improved liquidity is expected to systematically elevate the valuation levels of A-shares, particularly benefiting heavyweight stocks and companies with stable cash flows [1] - Investors are encouraged to pay attention to cash flow ETFs (159399), which have outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The underlying index of cash flow ETF (159399) focuses on medium to large-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, allowing for monthly dividend assessments [1]