现金流ETF（159399）涨超0.5%，结构升级提供长期动力

Group 1 - The core viewpoint is that by 2025, the A-share market will see a stable advancement in "quality improvement and increased science," with the market capitalization of new economy and hard technology sectors further increasing [1] - The proportion of new economy (consumption + TMT + high-end manufacturing) in A-shares is expected to rise from 62.8% to 65.3% by 2025, while hard technology (high-end manufacturing + part of TMT + part of pharmaceuticals) will increase from 35.4% to 41.1%, breaking the 40% threshold for the first time [1] - This change is driven by the AI technology cycle, which has led global investors to reassess the strength of Chinese technology companies since the release of the DeepSeek new model at the beginning of 2025 [1] Group 2 - The electronics and communication equipment sectors are the main contributors to the rising market capitalization proportions [1] - The ongoing engineer dividend continues to provide long-term momentum for structural upgrades in the industry [1] - Investors are advised 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]