现金流ETF（159399）盘中飘红，A股资金面迎利好

Group 1 - The core viewpoint of the article is 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] - Insurance capital continues to increase allocation to high free cash flow enterprises under high debt pressure, while stabilization funds have effectively countered refinancing and reduction pressures by increasing holdings in broad-based ETFs by 750 billion yuan annually [1] - The rapid growth of passive index funds has improved the liquidity of weighted stocks, widening the valuation gap with non-weighted stocks [1] Group 2 - It is expected that a reallocation of household savings will bring about an incremental capital of approximately 250 billion yuan by 2026, although sustained market entry momentum will require policy support [1] - The trend of improving liquidity is likely to systematically elevate A-share valuations, particularly benefiting dividend and technology transformation sectors [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]