Core Viewpoint - The A-share market experienced a collective rise, with technology sectors such as CPO, optical communication, and electronic components leading the gains, while value styles remained stable [1] Group 1: Market Performance - The Guozheng Growth 100 Index increased by 3%, while both the Guozheng Value 100 Index and the Guozheng Free Cash Flow Index rose by 0.1% [1] - Value ETF (159263) and E Fund Free Cash Flow ETF (159222) saw significant capital inflows during the trading session [1] Group 2: Industry Insights - Since 2018, following China's entry into the mature industrialization phase, investor focus on free cash flow has notably increased, leading to significant excess returns in industries with improved free cash flow (FCFF) [1] - Current "anti-involution" policies are driving a contraction in manufacturing capital expenditure, resulting in a "passive improvement" of free cash flow [1] - The Federal Reserve's interest rate cuts are expected to facilitate the return of cross-border capital, potentially enhancing the EBIT of manufacturing and consumption sectors, leading to an "active improvement" in free cash flow [1]
价值风格小幅收涨，关注价值ETF（159263）、自由现金流ETF易方达（159222）等投资价值
Sou Hu Cai Jing·2025-11-26 12:46