流动性宽松叠加盈利修复，同类规模最大的自由现金流ETF（159201）盘中涨超1.3%

Core Viewpoint - The A-share market showed a positive trend with major indices rising, particularly the Guozheng Free Cash Flow Index, which increased by over 1.1%, led by constituent stocks such as Anfu Technology, Ningbo Huaxiang, and Shanghai Electric [1] Group 1: Market Performance - The A-share market opened lower but rebounded, with the Guozheng Free Cash Flow Index gaining more than 1.1% during the trading session [1] - The largest free cash flow ETF (159201) followed the index's upward movement, with active trading resulting in a transaction volume exceeding 100 million yuan [1] Group 2: Central Bank Actions - The central bank announced a 500 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system [1] - Combined with a previous 700 billion yuan three-month reverse repurchase operation on August 8, the total reverse repurchase operations for the month have exceeded 300 billion yuan, effectively injecting medium-term liquidity [1] - Market expectations suggest that the central bank may also increase the amount of MLF (Medium-term Lending Facility) renewals after 300 billion yuan matures this month [1] Group 3: Investment Opportunities - The free cash flow ETF (159201) focuses on industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, power equipment, and oil and petrochemicals, which are characterized by high barriers to entry [1] - The ETF's diversified industry exposure significantly mitigates the risk of volatility in any single sector, making it a favorable choice for core portfolio allocation [1] - The fund management fee is set at 0.15% per year, and the custody fee is 0.05% per year, both of which are the lowest in the market [1]