质量红利及周期赔率胜率向好，聚焦自由现金流ETF（159201）低位布局机会

Core Viewpoint - The A-share market experienced fluctuations on November 11, with the Guozheng Free Cash Flow Index dropping approximately 0.9%, while stocks like Xinpeng Co., Ltd. hit the daily limit up. The market is currently in a cautious stance, with limited short-term catalysts following the Q3 reports and the US-China agreement [1]. Group 1: Market Performance - The Guozheng Free Cash Flow Index saw a decline of about 0.9% during the trading session [1]. - The largest free cash flow ETF (159201) attracted a total of 304 million yuan over the past five trading days, reaching a new high of 5.88 billion yuan in total assets [1]. - The market is characterized by a wait-and-see attitude, with trading volume not yet activated and sectors undergoing accelerated rotation [1]. Group 2: Investment Strategy - The free cash flow ETF closely tracks the Guozheng Free Cash Flow Index, with the top ten weighted stocks as of October 31, 2025, including China National Offshore Oil Corporation, SAIC Motor, Wuliangye, Gree Electric Appliances, and others, accounting for 54.79% of the index [1]. - The lowest fee tier of the free cash flow ETF (159201) has shown strong long-term performance, indicating that the free cash flow stock selection strategy has good allocation value [1]. - The holding structure of the free cash flow strategy differs significantly from traditional dividend strategies, demonstrating stronger aggressiveness in value markets and serving as an excellent complement to defensive strategies [1].