抗跌、分红能力强还踩中政策红利，穿透财务表象的 “红利 PLUS” 指数来了

Core Viewpoint - The strategy of free cash flow is emerging as a new investment choice amid low interest rates and increased market volatility, highlighting the importance of cash flow quality and potential policy benefits [1][2][15] Summary by Sections Free Cash Flow Definition and Importance - Free cash flow (FCF) is defined as the cash a company can freely use after meeting its operational and reinvestment needs, reflecting its financial health and profitability [3][4] - The calculation of FCF is crucial as it indicates the cash available for dividends, debt repayment, or new investments [3] Characteristics of Free Cash Flow Index - The free cash flow index is characterized by its focus on genuine profitability, avoiding manipulation through accounting practices, and ensuring sustainable returns for shareholders [5][6] - The index's selection criteria require constituent stocks to have positive operating cash flow for several years, enhancing its value attributes [6][7] Policy Impact and Market Trends - The "anti-involution" policy is expected to positively influence the index by optimizing supply and cash flow generation capabilities, aligning with the index's selection logic of high cash flow and low expansion [14][15] - The index's constituents are primarily from cyclical industries, benefiting from improved supply dynamics and price recovery, which enhances cash flow and profitability [14][15] Investment Appeal of Free Cash Flow Assets - The rise of free cash flow assets reflects a consensus on the importance of profitability quality, policy benefits, and long-term returns, driven by a shift in investor focus towards high-quality assets [16] - The low interest rate environment amplifies the attractiveness of free cash flow assets, as they offer better yield compared to traditional fixed-income investments [16] Fund Details - The newly launched fund, tracking the CSI All Share Free Cash Flow Index, aims to minimize tracking error and invest over 90% of its assets in stocks, with a focus on precise market opportunity capture [17]