Recently, in the continuous adjustment of the market, the trading volume of several top broad-based ETFs has significantly increased, and the net inflow of funds is leading. Among them, A50ETF Huabao (159596) recently had a significant net inflow of funds. Wind data shows that on June 27, the fund received a net inflow of funds of 37.85 million yuan, and achieved a net inflow of funds for three consecutive days, with a cumulative "absorption" of 48.06 million yuan. China Merchants Securities stated that since 2024, many western countries including Canada, Switzerland, and Sweden have started to cut interest rates. The interest rate cut by the European Central Bank has opened the prelude to the interest rate cut cycle of major central banks around the world, and the liquidity environment is expected to improve. In the United States, the Federal Reserve stated in June of this year that recent inflation data is more optimistic than earlier this year, and we still need to see more positive data to enhance confidence, while raising the expected core PCE growth rates for 2024 and 2025 to 2.8% and 2.3%, respectively. In the future, global liquidity is expected to gradually improve, which is bullish for equity assets, and foreign capital flows back or favors high-quality leading assets represented by A50.