自由现金流ETF（159201）调整迎布局良机，规模、流动性领跑同类产品

Group 1 - The three major indices opened lower, with the energy and metal sectors experiencing significant declines. The National Index of Free Cash Flow fell approximately 1%, with stocks like Tubaobao, Yaxiang Integration, and Xiamen Guomao leading gains, while Hailu Heavy Industry and Luoyang Molybdenum faced losses [1] - The largest ETF tracking free cash flow (159201) saw a continuous inflow of funds over the past 10 days, with a peak single-day net inflow of 253 million yuan, totaling 1.542 billion yuan in inflows [1] - As of November 20, the average daily trading volume of the free cash flow ETF over the past week was 523 million yuan [1] Group 2 - Shenwan Hongyuan Securities forecasts a two-phase bull market for A-shares, suggesting that the accumulation of profit-making effects is undergoing a qualitative change, with conditions for incremental capital inflow expected to improve [1] - There is significant potential for residents to increase their allocation to equities, and public fund sizes are likely to expand again, with a positive cycle of public fund size expansion potentially starting in Q3-Q4 [1] - The free cash flow ETF (159201) closely tracks the National Index of Free Cash Flow, 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]