Group 1 - The core viewpoint of the article highlights the weakening of the dividend style in the market, with the cash flow ETF (159399) seeing over 1% increase as funds are being bought on dips, indicating a trend of investors seeking safety in dividend assets amid market volatility [1] - Since December, the cash flow ETF has attracted over 4.6 billion yuan in inflows over the past 10 days, bringing its total size to over 4.5 billion yuan, reflecting a strong interest in dividend stocks as a defensive strategy [1] - Historical data suggests that dividend styles tend to yield significant excess returns in December, January, and April, as investors often turn to dividend stocks for risk aversion before year-end and during performance reporting periods [1] Group 2 - The cash flow ETF (159399) has been consistently distributing dividends for 9 months since its launch, with evaluations conducted monthly, presenting an opportunity for interested investors [2]

Core Viewpoint - In the fourth quarter, defensive dividend funds are gaining popularity among investors, with the Cash Flow ETF (159399) attracting over 260 million yuan in five consecutive days, bringing its current scale to nearly 4 billion yuan [1] Group 1: Market Trends - The Shanghai Composite Index is at historical highs, leading to significant profit-taking pressure, while overseas market risks are increasing volatility, causing a decline in equity risk appetite [1] - The dividend sector is expected to become a preferred choice for funds as investors seek defensive strategies and policy dividends towards the year-end [1] Group 2: Cash Flow ETF (159399) Details - The Cash Flow ETF (159399) utilizes free cash flow as a stock selection factor and closely tracks the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors [1] - It selects the top 50 stocks with the highest free cash flow rates, identifying "cash cow" companies in the A-share market, which lays a solid foundation for long-term investment returns [1] - The ETF has been consistently distributing dividends monthly since its launch, with a total of nine consecutive months of dividends by November 2025 [1]

Group 1 - The cash flow ETF (159399) announced its sixth dividend distribution with a ratio of 0.25%, with the record date on August 13 and the payment date on August 18 [1] - The cash flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates [1] - The FTSE cash flow index has shown outstanding long-term performance, with a cumulative increase of 624.37% since the base date of December 31, 2013, significantly outperforming the CSI 300's 133.67% and the CSI Dividend's 624.37%, consistently beating the CSI Dividend index for nine consecutive years [1] Group 2 - The dividend distribution plan indicates that the benchmark date for this month's dividend of 0.25% corresponds to a distribution of 0.0026 yuan per share based on a net asset value of 1.0562 [2]

Core Viewpoint - The AI Fund Pengyang Dividend Preferred Mixed A (009102) reported a profit of 568,900 yuan for Q2 2025, with a net asset value growth rate of 0.62% during the period [3]. Fund Performance - As of July 17, the fund's unit net value was 1.213 yuan, with a one-year compounded unit net value growth rate of 17.58%, ranking 333 out of 601 comparable funds [4][3]. - The fund's performance over the last three months showed a growth rate of 8.89%, ranking 359 out of 607, and over the last six months, it was 9.89%, ranking 326 out of 607 [4]. Fund Management Strategy - The fund manager, Li Renwang, indicated that adjustments were made based on risk-reward ratios, including clearing positions in companies heavily impacted by tariffs and increasing investments in music platform companies and food delivery services [3]. - The fund maintained an average stock position of 90.5% over the last three years, higher than the industry average of 85.32% [14]. Fund Holdings - As of June 30, the fund's top holdings included Tencent Holdings, China National Offshore Oil Corporation, Kweichow Moutai, and others, indicating a diversified portfolio [19]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.414, ranking 48 out of 468 comparable funds, while the maximum drawdown was 19.57%, ranking 447 out of 461 [9][11].

Group 1 - The cash flow ETF (159399) announced its fourth dividend distribution with a ratio of 0.20%, with the record date set for June 13 and the payment date on June 18 [1] - The cash flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates [1] - The FTSE cash flow index has demonstrated strong long-term performance, with an annualized return of over 18% since the base date (December 31, 2013), and a cumulative increase of 568.15%, significantly outperforming the CSI 300's 114.88% and the CSI Dividend's 285.62%, having outperformed the CSI Dividend index for nine consecutive years [1]

Group 1 - The market experienced volatility today, with computing power stocks collectively declining, while the cash flow ETF (159399) demonstrated strong anti-drawdown characteristics, attracting significant capital subscriptions [1] - As of May 26, the cash flow ETF (159399) has surpassed 3.5 billion yuan in scale, ranking first among its peers, and exhibits good liquidity [1] - The cash flow ETF (159399) utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding the financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates, thereby identifying "cash cow" enterprises in the A-share market for investors [1] Group 2 - Historical performance of the FTSE China A-Share Free Cash Flow Focus Index shows an annualized return of approximately 20% from 2014 to 2024, significantly outperforming the CSI 300 and the CSI Dividend Index during the same period, with positive returns for six consecutive years since 2019 [1] - The cash flow ETF (159399) has a contractual agreement for monthly dividend assessments, having announced three dividends by May 2025, which may enhance investor experience by providing opportunities for profit realization [1] - According to GF Securities, in the absence of new industry logic and significant market fluctuations, dividend assets may enter a headwind period in June, but for long-term investors, this could represent a favorable entry point, as dividend assets remain a foundational choice for long-term allocation amid significant external uncertainties [1]

Group 1 - The A-share market experienced a significant decline, with technology stocks leading the drop, while the Cash Flow ETF (159399) demonstrated strong defensive characteristics, only falling 0.3% during the session with a trading volume exceeding 130 million yuan [1] - The Cash Flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, which excludes financial and real estate sectors, selecting the top 50 stocks with the highest free cash flow rates, thus identifying "cash cow" companies in the A-share market [1] - Historical performance of the FTSE China A-Share Free Cash Flow Focus Index shows an annualized return of approximately 20% from 2014 to 2024, significantly outperforming the CSI 300 and the CSI Dividend Index during the same period, with a consistent positive return for six consecutive years since 2019 [1] Group 2 - In 2022, during a market downturn, the Cash Flow Index increased by over 5%, highlighting its strong defensive attributes [1] - Global financial turmoil and lowered growth expectations are leading to reduced risk appetite among investors, making stable cash flow sectors increasingly valuable in a complex global economic environment [1] - The Cash Flow ETF (159399) has announced three dividends by May 2025, which may enhance investor experience by providing opportunities for profit realization [2]