Core Insights - The trend of improving free cash flow is further reinforced, with leading companies experiencing continuous increases in free cash flow yield and expected intrinsic return [1] - High-quality listed companies are becoming more attractive in the context of low bond yields [1] Industry Summary - Certain essential consumer sectors (home appliances, household goods), TMT (consumer electronics), and midstream manufacturing (automotive parts, automation equipment) have shown high or marginally improved mid-year performance growth, with a significant trend of improving free cash flow [1] - The "anti-involution" policy is driving capacity clearance, leading to a bottoming out of profits in industries with supply contraction such as steel, building materials, and photovoltaic equipment, enhancing expectations for cash flow recovery [1] Company Summary - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with stable free cash flow characteristics from the Chinese A-share market as index samples [1] - This index covers multiple industry sectors and focuses on financially healthy and profitable enterprises, aiming to reflect the overall performance of companies that emphasize cash flow quality in the Chinese market [1] - The index's compilation style emphasizes value investment and quality factor selection [1]