聚焦源头活水，长城国证自由现金流指数基金正式发行

Core Viewpoint - The increasing importance of free cash flow strategies in the current macroeconomic environment is highlighted, with a significant rise in the number of funds focusing on this strategy and their total fundraising amount exceeding 16.5 billion yuan [1][2]. Group 1: Free Cash Flow Strategy - Free cash flow is defined as the cash available for distribution after meeting operational and reinvestment needs, providing a more accurate reflection of a company's profitability and financial health compared to net profit [1]. - The free cash flow strategy aims to identify stocks with high free cash flow rates, which are expected to be more resilient in uncertain economic conditions [2]. Group 2: Market Trends and Fund Performance - As of July 7, 2023, there are 30 free cash flow-related index funds established, with ongoing fundraising for additional products, including the Changcheng Guozheng Free Cash Flow Index Fund [1]. - The Guozheng Free Cash Flow Index (980092.CNI) has a free cash flow rate of 13.08% and a return on equity (ROE) of 12.69%, significantly outperforming major indices like the CSI Dividend and CSI 300 [3]. - The index covers 23 primary industries, including consumer goods and cyclical sectors, providing a balanced approach to market fluctuations [3]. Group 3: Historical Performance - Since its inception on December 31, 2012, the Guozheng Free Cash Flow Index has increased by 363.26%, outperforming the CSI Dividend and CSI 300 indices, which rose by 123.56% and 59.88%, respectively [3]. - The annualized returns for the Guozheng Free Cash Flow Index from 2012 to 2025 are projected at 13.45%, compared to 6.84% for the CSI Dividend and 3.94% for the CSI 300 [3].