中期角度可关注高内在回报率质量成长策略，自由现金流ETF（159201）满足长线投资配置需求

Group 1 - The A-share market opened high but subsequently declined, with all three major indices turning negative, particularly in the tourism and real estate sectors [1] - The National Securities Free Cash Flow Index opened lower and continued to decline, currently down approximately 0.85%, while stocks like Dayang Electric reached the daily limit up, with Shanghai Construction, Zhejiang Chint Electrics, and China Coal Energy also rising [1] - The largest free cash flow ETF (159201) followed the index downwards, with a trading volume exceeding 190 million yuan, indicating active trading and frequent premium transactions [1] Group 2 - According to China Merchants Securities, financing trends typically show a pattern of "contraction before the holiday and explosion after," with market performance being relatively flat before the National Day holiday and a noticeable improvement in risk appetite afterward [1] - The Federal Reserve's recent interest rate cut in September is expected to increase the probability of A/H shares rising in the future, based on historical experience [1] - The free cash flow ETF (159201) closely tracks the National Securities Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance, suitable for long-term investment [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both being the lowest in the market, maximizing benefits for investors [1]