高自由现金流资产迎投资机遇期 长城沪深300自由现金流指数正在发行

Core Viewpoint - In the context of "low interest rates + asset scarcity," discovering the intrinsic value of companies has become the core strategy for investment breakthroughs. Free cash flow, regarded by Buffett as the "gold standard of corporate value," serves as a buffer against cyclical fluctuations and supports long-term dividends and sustained R&D investments, marking a critical investment opportunity for high free cash flow assets [1][6]. Fund Overview - Following the issuance of the Great Wall National Certificate Free Cash Flow Index Fund in August, Great Wall Fund has launched another free cash flow-themed product: the Great Wall CSI 300 Free Cash Flow Index Securities Investment Fund (Class A 024225, Class C 024226). This fund aims to provide quality options for investors to allocate to core "cash cow" assets in the A-share market [1][6]. - The CSI 300 Free Cash Flow Index (932366.CSI) is a key tool for efficiently allocating to leading A-share companies with high cash flow. The index selects 50 high free cash flow rate stocks from the CSI 300 index, excluding financial and real estate sectors, with strict selection criteria [1][6]. Financial Metrics - As of November 24, the average total market capitalization of the index constituents exceeds 300 billion, with over 30 constituents having a market cap exceeding 100 billion, accounting for 88.18% of the weight. The index's debt-to-asset ratio is 43.55%, lower than the CSI 500 and CSI 1000 free cash flow indices, which are 49.91% and 44.94%, respectively. The average return on equity is 10.24%, higher than the aforementioned indices [2][7]. - The index's dividend yield over the past 12 months is 3.89%, outperforming the CSI 500 and CSI 1000 free cash flow indices, which yield 3.14% and 2.76%, respectively [2][7]. Historical Performance - Since its inception on December 31, 2013, the CSI 300 Free Cash Flow Index has increased by 225.30% (annualized growth rate of 10.74%). In comparison, the CSI A500 and CSI 300 indices have risen by 105.49% and 90.90%, respectively [2][7]. - The index has shown strong resilience, with positive returns in 8 out of the 11 complete years since 2014 [2][7]. Manager's Perspective - The proposed fund manager, Tao Shubin, believes that free cash flow assets possess both defensive value and growth potential. Companies with stable free cash flow have high dividend potential and can navigate market cycles effectively. Additionally, ample free cash flow can provide the necessary resources for technological upgrades and industry consolidation during recovery phases [3][8]. Future Plans - Great Wall Fund plans to continue developing more index investment products to actively adapt to the evolving capital market and investor demand [9].