震荡市下升级配置逻辑，“现金流硬资产”护航长期稳健投资

Core Viewpoint - The focus on "free cash flow" products has gained attention among investors as a strategy to navigate the current market environment characterized by rising indices and potential investment opportunities [2][4]. Free Cash Flow - Free cash flow represents the cash a company has after completing its business operations, paying operating expenses, and making necessary investments, which can be distributed to shareholders or used to pay down debt [3]. - This strategy emphasizes a company's real earning ability and sustainable cash generation capacity, distinguishing it from profit-focused strategies that may include uncollected receivables or one-time income [3]. - Companies with ample free cash flow are better positioned to withstand economic downturns and can capitalize on growth opportunities during economic upturns [3]. Investment Strategy - The strategy of focusing on free cash flow is essentially about "letting cash do the talking," tracking a company's cash creation ability and capital allocation efficiency to identify performance cycle turning points [4]. - In a low-interest and high-volatility market, free cash flow strategies have highlighted their long-term value advantages, attracting more investors [4]. - The new "National Nine Articles" emphasizes dividends, encouraging listed companies to increase cash dividend levels, which supports high cash flow companies [4]. Index Overview - The CSI All Index Free Cash Flow Index selects the top 100 securities based on free cash flow rate, ensuring that candidates have positive net cash flow from operating activities for five consecutive years [5]. - Companies in this index typically exhibit strong financial health, profitability, and high free cash flow rates, providing a solid foundation for dividends [6]. - The index excludes the financial and real estate sectors due to their distinct cash flow characteristics, focusing instead on industries with stable cash flows and high profitability, such as non-ferrous metals, transportation, food and beverage, petrochemicals, and home appliances [7][8]. Performance Metrics - Since its inception on December 31, 2013, the CSI All Index Free Cash Flow Index has achieved a cumulative increase of 392.95% and an annualized growth rate of 15.11% as of August 25, 2025, demonstrating its strong competitive edge in long-term investments [8]. - The index has shown resilience during market downturns, recording positive returns in most years except for those with significant market volatility [8]. Market Trends - In 2025, the risk appetite in the A-share market has notably increased, with the CSI All Index Free Cash Flow Index keeping pace with the broader market while exhibiting lower volatility compared to high-growth sectors like technology and new energy [9]. Fund Offerings - Zhongyin Fund has launched the Zhongyin CSI All Index Free Cash Flow ETF Linked Fund, allowing retail investors to easily access investment opportunities in free cash flow [10]. - The fund management team has extensive experience in index management and quantitative investment research, providing a robust platform for investment strategies [11]. Investment Considerations - For investors prioritizing asset stability and continuous dividends, the free cash flow strategy offers opportunities for steady cash flow returns and asset appreciation [15]. - The low correlation of this strategy with high-growth sectors can effectively diversify risk and enhance portfolio stability [16]. - In a volatile market environment, free cash flow investments have become a crucial component of asset allocation strategies [17].