上市公司回购热情高涨，低费率的自由现金流ETF（159201）长期投资价值显著

Group 1 - The Shanghai Composite Index fell by 0.17%, and the Shenzhen Component Index decreased by 0.19%, while the ChiNext Index opened flat, indicating an adjustment in high-position stocks [1] - Nearly 1,500 listed companies have announced share buybacks this year, with a total buyback amount exceeding 110 billion yuan, and over 880 companies have actually repurchased shares, totaling more than 60 billion yuan [1] - CITIC Securities emphasizes that free cash flow is a core indicator of financial quality, useful for returning dividends to shareholders, implementing stock buybacks, optimizing capital structure, strategic expansion, and building financial safety nets [1] Group 2 - The lowest fee tier free cash flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index and has shown strong long-term performance [1] - The cash flow stock selection strategy has good allocation value, with a significantly different holding structure compared to traditional dividend strategies, making it a strong offensive strategy in value markets and an excellent complement to defensive strategies [1]