长城基金陶曙斌：自由现金流资产有望成市场 “稳压器”，配置价值凸显

Group 1 - The current macroeconomic environment is characterized by high uncertainty in global capital markets, prompting investors to seek stable and potential alternative assets, particularly those with free cash flow [1] - Free cash flow assets are highlighted for their defensive value and growth potential, as they can provide high dividend potential and support technological upgrades and industry consolidation during recovery cycles [1][2] - Companies that generate stable free cash flow typically exhibit three key characteristics: reliable profit quality, sustainable dividend capability, and solid innovation investment [2] Group 2 - The Guozheng Free Cash Flow Index, launched on December 31, 2012, focuses on "free cash flow rate" and includes 100 companies from various industries, excluding finance and real estate, to ensure a balanced distribution [3] - As of July 15, the Guozheng Free Cash Flow Index has increased by 368.76% since its inception and has shown positive growth for six consecutive years from 2019 to 2024, indicating strong resilience [3][4] - The index's latest PE (TTM) is 11.98 times, which is in the 34.04% percentile over the past decade, suggesting that free cash flow assets are becoming increasingly valuable in the current low-interest-rate environment [4] Group 3 - The demand for free cash flow assets is expected to grow as long-term capital is increasingly directed towards high-quality, sustainable dividend-paying equities, driven by the need for stable investments [4]