大盘震荡，资金抢筹避险资产，现金流ETF（159399）连续4日资金净流入超6.6亿元

Core Insights - The market is experiencing fluctuations, with funds flowing into safe-haven assets, particularly cash flow ETFs (159399), which have seen a net inflow of over 660 million yuan for four consecutive days [1] - Guotai Junan Securities highlights a new paradigm of value investment driven by free cash flow, as economic growth slows and interest rates decline, leading to a "asset shortage" for low-risk stable income preferences [1] - Free cash flow products not only possess characteristics of dividend assets but also provide direct cash returns to investors, with free cash flow being the cornerstone for sustainable and scalable dividend payments [1] Investment Opportunities - Free cash flow products are not uncommon internationally, with the Pacer US Cash Cows 100 ETF being a notable example, achieving an annualized return of 16.09% from 1991 to 2024 and attracting cumulative inflows of 21.5 billion USD from 2021 to 2024 [1] - Investors are encouraged to pay attention to 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] - The underlying index of cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and monthly dividend assessments are available for interested investors [1]