Group 1 - The core viewpoint is that after entering the industrialization maturity phase in 2018, investors in China have shown increased attention to free cash flow (FCFF), leading to significant excess returns in industries with improved FCFF [1] - The current "anti-involution" policy is driving a contraction in manufacturing CAPEX, resulting in a "passive improvement" of free cash flow, while the repatriation of cross-border capital is expected to enhance EBIT in manufacturing and consumption sectors, leading to "active improvement" [1] - Investors are encouraged to pay attention to the cash flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] Group 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 allows for monthly dividend assessments [1] - The fund is managed by Guotai Junan Fund Management Co., Ltd., and there is no affiliation with the London Stock Exchange Group [1]
关注现金流ETF（159399）投资机会，市场关注自由现金流改善逻辑
Sou Hu Cai Jing·2025-11-26 03:28