自由现金流不同指数有何区别？全景解析来了

Core Insights - The article emphasizes the importance of free cash flow (FCF) as a measure of a company's ability to generate actual cash available for distribution to shareholders or reinvestment, rather than just accounting profits [1][21] - The market has shifted towards a "value" style since 2022, with a focus on dividends and cash flow, supported by regulatory policies aimed at enhancing the quality and sustainability of corporate earnings and cash flows [21] Free Cash Flow Indices Overview - The CSI All Share Free Cash Flow Index focuses on large, medium, and small-cap stocks, selecting 100 constituents with positive free cash flow and enterprise value, primarily in coal, oil, petrochemicals, and transportation sectors, highlighting defensive attributes [3] - The CSI 300 Cash Flow Index is limited to constituents of the CSI 300, selecting 50 large-cap blue-chip stocks with positive operating cash flow for five consecutive years, concentrated in traditional high-dividend sectors like oil and petrochemicals, suitable for low-volatility investors [4] - The CSI 800 Free Cash Flow Index selects 50 large and medium-cap stocks from the CSI 300 and CSI 500, with over 40% in the energy sector, indicating significant exposure to commodity cycle fluctuations, suitable for tactical strategies [5] - The FTSE China A-Share Free Cash Flow Index includes Hong Kong Stock Connect eligible stocks (approximately 30% from Hong Kong), selecting 50 large and medium-cap stocks, with a high proportion of central and state-owned enterprises, offering cross-border allocation and hedging attributes, but with liquidity risks in Hong Kong stocks [6] - The National Index Free Cash Flow covers a broader range, selecting 100 non-financial and non-real estate stocks from the Shanghai, Shenzhen, and Beijing exchanges, with diversified industries including oil, petrochemicals, automotive, and home appliances, demonstrating both offensive and defensive characteristics [7] Sample Selection Criteria - The selection criteria for these indices include positive free cash flow and enterprise value, exclusion of financial and real estate sectors, and a focus on companies with consistent positive operating cash flow over multiple years [11][17] - The indices are weighted by free cash flow, with individual stock weight limits set at 10%, and are adjusted quarterly [14][17]