中长期资金加大入市力度，同类规模最大的自由现金流ETF（159201）低位布局价值凸显

Core Viewpoint - The A-share market experienced a pullback after an initial rise, with the Guozheng Free Cash Flow Index showing a slight decline of approximately 0.5% during trading, while certain stocks like Silver Nonferrous, Huayu Automotive, and Anfu Technology led the gains [1] Group 1: Market Performance - The largest free cash flow ETF (159201) saw active trading with a transaction volume exceeding 160 million yuan [1] - The Guozheng Free Cash Flow Index opened high but faced fluctuations, ultimately declining [1] Group 2: Insurance Sector Insights - Insurance companies are motivated to increase stock holdings due to low interest rates and a decline in fixed-income returns, alongside a projected rise in the proportion of dividend insurance [1] - Regulatory bodies are encouraging long-term funds, including insurance capital, to increase market participation, leading to a relaxation of constraints on insurance capital's stock purchases [1] - It is anticipated that the equity allocation ratio in the secondary market will increase by approximately 2 percentage points this year, corresponding to an influx of around 1 trillion yuan in incremental funds [1] Group 3: Free Cash Flow ETF Characteristics - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, addressing the limitations of traditional dividend strategies by focusing on internal growth capabilities and emphasizing financial health and sustainability [1] - The fund charges a management fee of 0.15% and a custody fee of 0.05%, both of which are among the lowest in the market, maximizing benefits for investors [1]