Oscillating Market Defensive Logic Strengthened! Focus on Huatai-Berger All-Index Cash Flow ETF (563390) Core Position Asset Allocation Value

Since March 2026, influenced by external geopolitical developments, the overall A-share market has been under pressure. Assets with relatively “certain” characteristics have become the focus of market attention. From an asset attribute perspective, cash flow strategies focus on targets with genuine profitability, stable cash flows, solid fundamentals, and strong resilience to volatility. In the current volatile market environment, their allocation value may continue to stand out. As one of the first popular products tracking the CSI Cash Flow Index, the Huatai-PineBridge All-Index Cash Flow ETF (563390) has experienced a net inflow of 550 million yuan over the past week, helping the fund’s latest shares and scale rise to 2.691 billion units and 3.702 billion yuan, respectively, reaching new highs in both.

Looking at a longer time horizon, the capital allocation trend has become more concentrated: in the 49 trading days since the beginning of 2026, the Huatai-PineBridge All-Index Cash Flow ETF (563390) experienced net inflows on 47 days, accumulating a total of 2.975 billion yuan, making it the only ETF tracking the CSI Cash Flow Index with net inflows exceeding 2.1 billion yuan during the same period.

The continued popularity of cash flow strategies is not only driven by external uncertainty and defensive needs but also supported by the ongoing optimization of China’s macro environment and market ecosystem. At the China Development Forum held on March 22, 2026, the Governor of the People’s Bank of China explicitly stated that the country will坚持支持性货币政策立场，继续实施适度宽松的货币政策，综合运用存款准备金率、政策利率、公开市场操作等多种工具，保持流动性充裕。这一政策导向有望为具备稳定现金流能力的优质企业营造更有利的估值环境，进一步夯实现金流策略的长期配置逻辑。

Historically, the Huatai-PineBridge All-Index Cash Flow ETF (563390), which tracks the CSI Cash Flow Index, has demonstrated strong long-term endurance. Wind data shows that since inception, the CSI Cash Flow All-Return Index has increased by 828.91%, with an annualized return of 20.64% over the period, outperforming the 300 Cash Flow All-Return and 500 Cash Flow All-Return indices, which achieved 15.73% and 15.48% annualized returns respectively. With its long-term cycle-crossing value, it is expected to become another key core holding in asset portfolios.

Additionally, according to Huatai-PineBridge Fund’s announcement, the Cash Flow ETF All-Index (563390) changed its on-market expanded abbreviation to “All-Index Cash Flow ETF Huatai-PineBridge” starting March 18, 2026, aligning the index name with the product abbreviation for clearer investment positioning. The Huatai-PineBridge All-Index Cash Flow ETF (563390) and its associated funds (Class A 024622 / Class C 024623) are managed by Huatai-PineBridge Fund, one of China’s first ETF managers. They have long been committed to providing investors with transparent, convenient, and low-cost index products. Its two major ETFs—HS300 ETF Huatai-PineBridge (510300) and A500 ETF Huatai-PineBridge (563360)—are highly popular in the market, currently ranking first among similar ETFs in the market. The management fee is 0.15% per year, and the custodial fee is 0.05% per year, both among the lowest fee levels for equity index funds in the market.

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