一键布局优质“现金流”企业，长城国证自由现金流指数基金发行

Core Viewpoint - The launch of the Changcheng National Securities Free Cash Flow Index Fund aims to capitalize on companies with sustainable free cash flow, which is seen as a key indicator of financial health and long-term investment value [1][3]. Fund Overview - The fund will track the National Securities Free Cash Flow Index, which was established in 2012 and focuses on companies with strong free cash flow rates, excluding the financial and real estate sectors [1][2]. - The fund manager emphasizes that free cash flow is the maximum cash available for distribution to shareholders and creditors after meeting operational and investment needs [1]. Index Characteristics - The National Securities Free Cash Flow Index includes 100 "cash cow" companies, selected based on free cash flow rates, liquidity, industry, and ROE stability [1][2]. - The index covers both dividend-paying and growth industries, with a notable overweight in cyclical sectors like home appliances, oil and petrochemicals, and non-cyclical sectors like automotive and pharmaceuticals [2]. Performance Metrics - The index has shown strong historical performance, achieving positive returns for six consecutive years from 2019 to 2024, with a peak increase of 49.15% in 2021 [3]. - As of the end of 2024, the index's ROE was reported at 12.69%, outperforming other indices such as the CSI Dividend and CSI 500 [2][3]. Future Outlook - The fund is positioned to leverage the increasing importance of free cash flow in the context of China's high-quality economic development, potentially becoming a key vehicle for long-term capital inflows into the A-share market [3].