低风险偏好或将持续，低费率的自由现金流ETF（159201）底仓配置价值上升

Group 1 - The A-share market showed mixed performance with the national free cash flow index slightly declining by approximately 0.15%, while component stocks experienced varied movements, with Jinjiang Shipping leading gains and Dazhenglin facing losses [1] - The low-fee free cash flow ETF (159201) actively traded in line with the index adjustment, currently holding a scale of 3.698 billion yuan, leading among similar products [1] - CITIC Securities indicated that the previously strong-performing Hong Kong new consumption and innovative pharmaceutical sectors have recently undergone significant adjustments, impacting related A-share sectors, with liquidity and risk appetite in Hong Kong facing ongoing challenges [1] Group 2 - The free cash flow ETF (159201) closely tracks the national free cash flow index and has demonstrated strong long-term performance [1] - The free cash flow stock selection strategy offers substantial allocation value, with a portfolio structure that significantly differs from traditional dividend strategies, showing stronger aggressiveness in value markets, making it an excellent complement to defensive strategies [1]