“中登”资产，自由现金流ETF易方达(159222)如何穿越周期

Core Viewpoint - The article discusses the performance of the National Index of Free Cash Flow, highlighting its resilience and growth potential in a fluctuating market environment, particularly in the context of the recent volatility in the technology growth sector [1][3]. Group 1: Market Performance - Since October, the National Index of Free Cash Flow has increased by 6.86%, outperforming other broad style indices such as the CSI Dividend Index, which rose by 5.37%, while the CSI 300, CSI 500, and ChiNext Index experienced declines [3]. - The National Index of Free Cash Flow has achieved a seven-month consecutive increase in monthly performance [3]. Group 2: Free Cash Flow Definition and Importance - Free Cash Flow (FCF) is defined as the net cash flow from operating activities minus capital expenditures, serving as a core measure of a company's intrinsic value [4]. - FCF reflects a company's ability to generate real cash, emphasizing the conversion of "book profits" into actual cash, which is crucial for sustainable growth and shareholder returns [4]. Group 3: Index Composition and Strategy - The National Index of Free Cash Flow selects 100 companies with high free cash flow rates, excluding financial and real estate sectors, to capture valuation switching opportunities more effectively [6]. - The index employs a strategy of "dividend foundation + high-quality growth," focusing on companies with strong free cash flow, low debt, and high internal growth potential, enhancing risk resilience [7]. Group 4: Historical Performance - Since its inception in 2013, the National Index of Free Cash Flow has delivered an annualized return of 18.5%, significantly higher than the CSI Dividend Index's 11.7%, with lower volatility and a favorable risk-return profile [10]. - The index has recorded positive returns in 10 out of the past 13 years, demonstrating resilience in both declining and rising markets [10]. Group 5: Sector Distribution - The National Index of Free Cash Flow covers sectors such as non-ferrous metals, automotive, oil and petrochemicals, and power equipment, with the top three sectors accounting for 39.1% of the index, allowing for effective risk diversification [13]. Group 6: Investment Tools - The E Fund Free Cash Flow ETF (159222) closely tracks the National Index of Free Cash Flow and aims to provide excess returns through refined management, serving as a convenient tool for investors seeking stable allocations in volatile markets [15].