相关机构表示，现金流指标是衡量企业财务指标健康的核心指标，不仅代表盈利质量，更决定了分红可 持续性与抗风险能力。随着当前市场逐步转入进攻阶段，现金流ETF在当前市场环境的优势也逐步显 现。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流 ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者可持续关注。 没有股票账户的投资者可关注国泰富时中国A股自由现金流聚焦ETF发起联接A（023919），国泰富时 中国A股自由现金流聚焦ETF发起联接C（023920）。 注：现金流ETF完全由国泰基金管理有限公司开发，本基金与伦敦证券交易所集团公司及其附属企业之 间没有关联，也并非受其发起、背书、出售或推广。FTSE Russell是特定LSE Group公司的商标名称之 一。LSE Group概不对任何人士使用本基金或基础数据承担任何责任。 如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来 表现。市场观点随市场环境 ...

Group 1 - The core viewpoint is that in the era of stock economy, companies are shifting from pursuing scale to focusing on profits and cash flow, with long-term excellent free cash flow ultimately translating into shareholder cash returns [1] - The high free cash flow return strategy is constructed from the perspective of "high free cash flow return" and "low investment, high profit distribution to shareholders," which performs relatively better in declining or volatile markets [1] - The Cash Flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects companies with stable free cash flow from those listed on the Shanghai and Shenzhen stock exchanges, emphasizing financial stability and operating cash flow [1] Group 2 - The index covers multiple industry sectors and adopts a value investment strategy, aiming to reflect the overall performance of listed companies with sustainable cash-generating capabilities [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link C (023920) [1]

Group 1 - The core viewpoint is that in the current low bond yield environment, the attractiveness of high-quality companies is highlighted, and the semi-annual reports are expected to reinforce the revaluation logic of A-shares [1] - Improvement in free cash flow is driving an increase in the intrinsic value of companies, while the decline in stock yields for high intrinsic return rate stocks is leading to an increase in stock prices, reinforcing this market logic [1] - Certain essential consumer sectors (home appliances, household goods, jewelry, beauty care) and the TMT sector (consumer electronics, communication equipment) are maintaining steady growth or marginal improvement, while the mid-year performance of electricity and chemical pharmaceuticals is also expected to improve [1] Group 2 - 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 A-share market as index samples [1] - The index covers multiple industries and reflects the overall performance of listed companies with long-term value growth potential by focusing on financially healthy and cash-rich targets [1] - The fund emphasizes a value investment style, highlighting the intrinsic quality and sustainable operational capabilities of companies [1]

Core Viewpoint - The cash flow ETF (159399) has seen significant inflows, indicating growing investor interest and confidence in its performance amid a positive economic outlook from recent important meetings [1][2]. Group 1: Cash Flow ETF Performance - The cash flow ETF (159399) recorded a net inflow of 9 million units today, with over 160 million yuan in net inflows over the past five days, reflecting strong demand for cash flow assets [1]. - The FTSE cash flow index, which the ETF tracks, has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [2]. Group 2: Economic Outlook - Recent meetings conveyed an optimistic view of the economic situation, stating that various regions and departments are actively implementing more proactive macro policies, leading to stable economic performance and high-quality development [1]. - The meeting suggested that a growth rate below 5% in the second half of the year could still meet annual targets, indicating a flexible approach to economic growth [1]. Group 3: Investment Strategy - The cash flow ETF focuses on large and medium-sized enterprises, particularly central state-owned enterprises, which are expected to be a key investment theme for the year [2]. - Investors without stock accounts are encouraged to consider related ETFs, such as the Guotai FTSE China A-Share Free Cash Flow Focused ETF [2].

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a low-interest-rate environment, with stable free cash flow being the cornerstone of a prolonged bull market [1] - In a stagnant profit environment, assets capable of generating substantial free cash flow, such as controlled capital expenditures and efficient operating capital, can still maintain their value [1] - Consumer leaders are expected to provide stronger cash flow generation capabilities amid increasing industry concentration, while cyclical resource products may see cash flow recovery under anti-involution policies [1] Group 2 - 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 and financial health from the A-share market [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Link C (023920) [1]

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In a stagnant economy, assets capable of generating abundant free cash flow, such as controlled capital expenditure, cost management, and efficient working capital, can maintain their value even in a zero-profit growth scenario [1] - The report highlights three key sectors for dividend value expansion: leading consumer demand, cyclical resource products, and low-dividend stocks, with consumer leaders and cyclical resources showing advantages in cash flow generation [1] Group 2 - 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 and strong profitability across various industries, focusing on value and quality [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Link C (023920) [1]

Group 1 - The core viewpoint of the article highlights the significant inflow into cash flow ETFs, indicating strong investor interest in cash flow assets, with a net inflow of 52 million units in real-time and over 190 million yuan in the past 10 days [1] - According to Everbright Securities, domestic policies have gradually shifted towards a focus on fundamentals and liquidity since September of last year, maintaining a proactive stance despite some restraint in policy intensity [1] - The flexibility and foresight of policy makers are expected to stabilize market expectations and promote healthy development in the capital market, while also leaving room to address potential external extreme risks [1] Group 2 - The FTSE Cash Flow Index has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024, suggesting a strong investment opportunity in cash flow ETFs [1] - The 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 offers monthly dividend assessments [1] - Investors without stock accounts are encouraged to consider the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) as alternative investment options [1]

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic operating model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In the context of a stock economy, the accumulation of cash flow driven by prudent corporate management will replace front-end expansion as the core pricing logic, with assets that have abundant free cash flow, such as leading consumer companies and cyclical resource products, having potential for valuation recovery during the physical re-inflation phase [1] - The current focus on dividend expansion highlights three major sectors: leading consumer demand (low valuation percentile), cyclical resource products (price elasticity under supply constraints), and low-dividend varieties (cash flow stability), with companies that have controllable capital expenditures and efficient operational capabilities more likely to create sustained cash flow value in the backend [1] Group 2 - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (W00731), which selects listed companies with stable free cash flow, financial health, and sustained profitability from the A-share market as index samples, covering industries with growth and stability such as consumption, pharmaceuticals, and technology [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiation Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiation Link C (023920) [1]

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In a stagnant profit growth scenario, assets capable of generating substantial free cash flow, such as controlled capital expenditure, cost management, and efficient working capital, can still maintain their value [1] - The current leading consumer companies are expected to provide stronger free cash flow generation capabilities amid increasing market concentration, while cyclical resource products may experience price elasticity and cash flow recovery due to supply constraints [1] Group 2 - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with strong free cash flow, solid financial conditions, and outstanding profitability across multiple industries [1] - The index construction employs a value investment style screening mechanism aimed at reflecting the overall performance of quality enterprises in the Chinese market [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiator Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiator Link C (023920) [1]

Group 1 - The cash flow ETF (159399) has seen a net inflow of over 120 million yuan in the past five days, indicating strong demand for cash flow assets [1] - The Chinese economy has shown resilience in the first half of the year, with June exports rebounding more than expected, leading to improved market sentiment [1] - Citigroup upgraded the rating of the Chinese stock market to "overweight," citing reasonable valuations despite higher trade risks, and a positive trend in earnings revisions [1] Group 2 - The FTSE cash flow index has outperformed the CSI dividend index and the CSI 300 index for nine consecutive years from 2016 to 2024 [1] - The investment theme for the year is expected to focus on "large and medium-sized enterprises + central state-owned enterprises + abundant cash flow" [1] - Investors without stock accounts can consider the Guotai FTSE China A-share Free Cash Flow Focus ETF Initiated Link A (023919) and Link C (023920) [1]