关注年前风格切换，不含金融地产的自由现金流ETF基金（159233）的投资机会受关注

Core Viewpoint - The Zhongzheng All Index Free Cash Flow Index (932365) has shown a slight decline of 0.17% as of October 23, 2025, with mixed performance among constituent stocks, indicating a volatile market environment [3]. Group 1: Index Performance - As of October 22, 2025, the Free Cash Flow ETF Fund (159233) has experienced a cumulative increase of 2.22% over the past two weeks, with a latest price of 1.15 yuan [3]. - The Free Cash Flow ETF Fund has achieved a turnover rate of 0.55% during the trading session, with a total transaction volume of 178.03 million yuan [3]. - The fund's latest scale reached 325 million yuan, marking a three-month high, and the number of shares has also reached 283 million, which is a three-month high [3]. Group 2: Fund Inflows and Returns - The Free Cash Flow ETF Fund has seen continuous net inflows over the past 32 days, with a maximum single-day net inflow of 19.19 million yuan, totaling 218 million yuan in net inflows, averaging 6.80 million yuan per day [3]. - Since its inception, the fund has recorded a maximum monthly return of 7.80% and a longest consecutive monthly gain of 4 months, with an average monthly return of 3.08% [4]. - The fund has a historical profit probability of 100% for holding periods of 3 months, with a maximum drawdown of 3.76% since inception [4]. Group 3: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng All Index Free Cash Flow Index include China National Offshore Oil Corporation, Midea Group, and Gree Electric Appliances, collectively accounting for 56.31% of the index [5]. - The top ten stocks by weight are as follows: - China National Offshore Oil Corporation (600938) - Midea Group (000333) - Gree Electric Appliances (000651) - Wuliangye (000858) - COSCO Shipping Holdings (601919) - Luoyang Molybdenum (603993) - TCL Technology (000100) - Aluminum Corporation of China (601600) - SF Holding (002352) - Shaanxi Coal and Chemical Industry (601225) [5][7].