（文章来源：每日经济新闻） 8月11日午后，同类规模最大的自由现金流ETF（159201）震荡翻红，现涨约0.3%左右，持仓股环旭电 子、美盈森、隆基机械等领涨。自由现金流ETF盘中成交额突破2.5亿元，领先同类产品，交投活跃。 中信证券认为，随着存款"搬家"趋势显现，资产配置结构调整、投资情绪回暖和风险收益比改善，有望 吸引更多资金流向资本市场。其中，居民资产从房地产向金融资产倾斜、股票风险调整后回报优于债 券，以及保险资金入市通道畅通，都是推动这一过程的重要力量。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，经流动性、行业、ROE稳定性筛选后，选取 自由现金流为正且占比高的股票，指数质地高，抗风险能力强，适合底仓配置，满足长线投资配置需 求。基金管理费年费率为0.15%，托管费年费率为0.05%，均为市场最低费率水平，最大程度让利投资 者。 ...

Core Viewpoint - Since 2008, the wealth allocation preferences of Chinese residents have evolved through three stages: stable growth, accelerated accumulation, and deposit migration, with a notable shift towards financial assets and equity markets as deposit rates decline and investment awareness increases [1][2][3]. Group 1: Stages of Wealth Allocation - The first stage (2008-2017) was characterized by stable growth, with new deposit levels averaging around 4.7 trillion yuan, reflecting a focus on liquidity and conservative savings [1]. - The second stage (2018-2022) saw a significant increase in new deposits, reaching 17.8 trillion yuan in 2022, driven by regulatory changes and market volatility, leading to a defensive asset allocation with a shift in the deposit ratio to 25%:75% [2]. - The third stage (2023 onwards) indicates a decline in new deposits, with projections of 16.7 trillion yuan and 14.3 trillion yuan for 2023 and 2024 respectively, as funds begin to migrate from low-yield deposits to low-volatility assets and equities [2][3]. Group 2: Factors Influencing Capital Market Inflows - The shift in asset allocation from real estate to financial assets is expected to bring potential incremental funds to the capital market, as residents increasingly favor financial investments [3][4]. - The relative attractiveness of stocks has improved, with the Sharpe ratio for stocks surpassing that of bonds, indicating a growing appeal for equity investments among depositors [5][6]. - Recent adjustments in insurance product interest rates are anticipated to attract more savings into insurance products, further supporting the inflow of long-term capital into the stock market [6]. Group 3: Economic Indicators - Exports showed resilience in July, with growth rates exceeding expectations, particularly in trade with ASEAN and Africa, which may mitigate some downward pressures from U.S. demand [7]. - The Producer Price Index (PPI) showed improvement in July, although year-on-year figures remained unchanged, indicating mixed signals in the economy [7].