金鹰基金孙倩倩：价值凸显 自由现金流配置正当时

Core Viewpoint - The upcoming launch of the Jin Ying CSI All Share Free Cash Flow Index Fund is gaining attention from institutional and individual investors, focusing on free cash flow as a core screening factor to identify industry leaders and stable profit companies with long-term return potential [1][2]. Group 1: Free Cash Flow Factor Advantages - The fund manager, Sun Qianqian, emphasizes her extensive experience in high dividend and quantitative investment strategies, which have consistently outperformed the CSI Dividend Index and achieved positive quarterly returns [2]. - The combination of traditional dividend strategies with cash flow factors significantly reduces the risk of falling into "high dividend traps" while selecting companies with strong cash generation capabilities and high profit quality [2][5]. Group 2: Market Timing and Index Performance - The launch of this product is timely, as dividend and free cash flow indices are seen as "long slope thick snow" tracks, providing both offensive and defensive characteristics [3]. - Historical performance data shows that the CSI All Share Free Cash Flow Index has had positive returns in most years over the past 11 years, indicating potential for significant rebound in the second half of the year, especially in a liquidity-rich environment [3][4]. Group 3: Focus on Strong "Self-Sustaining" Companies - The index focuses on mature industries with stable profitability, avoiding sectors that require heavy capital investment, and instead targeting companies that can generate stable cash flow without external financing [4]. - Recent trends show an increase in the representation of manufacturing and consumer sectors within the index, with companies in these areas maintaining growth and stable dividends despite macroeconomic challenges [4][5]. Group 4: Long-term Sustainability and Returns - The integration of free cash flow and ROE factors in the quantitative model helps identify truly self-sustaining companies and industry leaders, enhancing the long-term sustainability and authenticity of the investment portfolio [5]. - The combination of low valuations and high-quality components suggests that the free cash flow index has potential for valuation recovery and could achieve dual returns from price appreciation and dividends driven by profit growth [5].