现金流ETF（159399）飘红，政策与流动性改善预期支撑估值修复

Group 1 - The core viewpoint of the article highlights that the cash flow ETF (159399) has risen over 0.4% due to expectations of policy and liquidity improvements supporting valuation recovery [1] - The manufacturing sector's free cash flow in A-shares has been recovering for three consecutive quarters, primarily benefiting from the "anti-involution" policy that started in July 2024, which constrains CAPEX in manufacturing [1] - In the context of de-globalization, industrial capacity is viewed as a potential for warfare, making China's stable cash flow in manufacturing a core global security asset [1] Group 2 - The article notes that with the Federal Reserve's interest rate cuts driving cross-border capital inflows, the cash flow statements of the manufacturing sector are gradually recovering, which will systematically enhance industry valuations [1] - Currently, China's manufacturing sector is a crucial part of the broader AI supply chain and is recognized as a safe asset with stable cash flows, further reinforcing its cash flow advantages [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]