短期内均衡配置思路或仍将占优， 同类规模最大的自由现金流ETF（159201）布局价值凸显

Core Viewpoint - The stock market experienced a decline on October 22, with the Shanghai Composite Index down by 0.52%, the Shenzhen Component Index down by 0.7%, and the ChiNext Index down by 0.73%. However, the National Index of Free Cash Flow showed a slight increase of approximately 0.2% [1]. Group 1: Market Performance - The three major stock indices opened lower, with specific declines noted for each index [1]. - The National Index of Free Cash Flow is undergoing fluctuations but has shown a slight upward trend [1]. Group 2: Fund Inflows - The largest free cash flow ETF (159201) has seen a continuous net inflow of funds over the past six days, totaling 209 million yuan, indicating significant capital attraction [1]. Group 3: Future Market Outlook - According to Hu Long Securities, after the short-term disturbances are digested, the market is expected to stabilize due to positive policy factors and continued moderate monetary easing by the central bank, alongside resilient external demand and gradual recovery in domestic demand [1]. - De Bond Securities suggests that with the peak of third-quarter earnings disclosures approaching, a balanced allocation strategy may remain favorable in the short term [1]. Group 4: ETF Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1]. - The ETF is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1]. - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1].