慢牛格局下“现金为王”逻辑被再度验证！300现金流ETF（562080）收涨1.96%创新高

Core Viewpoint - The A-share market continues to perform strongly, with the 300 Cash Flow Index rising by 2.15%, outperforming major indices, reaffirming the "cash is king" logic in a slow bull market [1][14]. Index Performance - The 300 Cash Flow Index closed at a gain of 2.15% on January 6, 2026, outperforming the CSI 300, Shanghai Composite Index, and the CSI Dividend Index [1][14]. - The 300 Cash Flow ETF (562080) rose by 1.96%, reaching a historical high of 0.625 yuan, with its net asset value hitting new highs 29 times in the past year [1][14]. Fund Inflows - The 300 Cash Flow ETF has recorded a "ten consecutive days of gains" since its inception, attracting long-term capital with a net inflow of 57.82 million yuan over the last five trading days [2][14]. Component Stocks - Among the 50 large-cap "cash cow" stocks in the 300 Cash Flow Index, 46 stocks closed in the green, with Zijin Mining and Luoyang Molybdenum rising by 6.21% and 6.07%, respectively [4][14]. - Major oil companies, China Petroleum and China National Offshore Oil Corporation, saw increases of 1.99% and 2.58% [4][14]. Industry Allocation - The 300 Cash Flow Index is diversified and balanced, avoiding financial and real estate sectors to mitigate risks from industry downturns [8][19]. - The index is overweight in sectors like oil and petrochemicals, home appliances, and non-ferrous metals, achieving a balance between defensive and offensive strategies [10][21]. Cash Flow Focus - The index emphasizes "free cash flow," a key quality metric that reflects a company's ability to generate cash after necessary capital expenditures, thus serving as a critical indicator of financial health [6][17]. Historical Performance - Since its inception in 2014, the 300 Cash Flow Total Return Index has achieved a return of over 428%, with an annualized return exceeding 15% [10][21].