长城基金陶曙斌：聚焦自由现金流，力争把握跨年配置窗口

Group 1 - The central economic work conference and other important meetings are expected to drive a new round of year-end market deployment, with a notable shift in A-share market characteristics observed in November, where funds flowed towards stable dividend assets [1][6] - The Longcheng CSI 300 Free Cash Flow Index, managed by Tao Shubin, is seen as a suitable tool for investing in quality cash flow assets, focusing on A-share "cash cows" in the current market environment [1][6] Group 2 - Free cash flow is a key indicator for assessing a company's profitability, capital allocation ability, and financial health, reflecting the cash available for distribution after covering all necessary operating expenses and capital expenditures [2][7] - Companies with high free cash flow typically demonstrate strong profitability, operational efficiency, and the ability to support their operations and reinvestment without external funding, indicating robust internal growth and financial resilience [2][7] - The free cash flow strategy is considered a long-term investment approach, particularly beneficial during economic downturns for risk buffering and during economic upturns for expansion and shareholder returns [2][7] Group 3 - The CSI 300 Free Cash Flow Index focuses on large-cap blue-chip companies, excluding financial and real estate sectors, and selects the top 50 stocks with high free cash flow rates, with 64% of these companies having a market capitalization exceeding 100 billion yuan [3][8] - The index features a "barbell" structure, balancing stable cash flow from sectors like oil and petrochemicals with growth opportunities in sectors like telecommunications and power equipment, aiming to balance risk and return [3][8] Group 4 - As of December 2, the annualized Sharpe ratio of the CSI 300 Free Cash Flow Index since 2020 is 0.58, outperforming the CSI Dividend and CSI A500 indices, indicating superior risk-return performance [9] - The CSI 300 Free Cash Flow Index is characterized by high concentration of leading companies, stable financial quality, and excellent risk-return profile, making it particularly attractive in the context of economic structural transformation and declining interest rates [9]