Group 1 - The core viewpoint highlights the significant improvement in free cash flow (FCFF) in various industries, driven by a reduction in capital expenditures (CAPEX) and an increase in earnings before interest and taxes (EBIT) due to the "anti-involution" policy in the manufacturing sector [1] - The cash flow ETF (159399) has seen a net inflow of over 300 million yuan in the past five days, indicating strong market interest in the structural improvement of free cash flow [1] - Industries such as resources, consumption, and light asset technology (computers/media) are expected to show significant excess returns when both EBIT increases and CAPEX/working capital reductions occur simultaneously [1] Group 2 - The FTSE Cash Flow Index, which the cash flow ETF (159399) tracks, has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [2] - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and has distributed dividends for nine consecutive months since its launch [2]
现金流ETF（159399）近5日净流入超3亿元，市场关注自由现金流结构性改善
Mei Ri Jing Ji Xin Wen·2025-11-21 03:59