机构看好防御性板块机会，自由现金流ETF（159201）配置价值凸显，成分股烽火通信、白银有色涨停

Core Viewpoint - The Free Cash Flow ETF (159201) has shown significant performance with a 0.61% increase in midday trading, driven by strong performances from constituent stocks like Fenghuo Communication and Baiyin Nonferrous, which hit the daily limit up [1] Group 1: ETF Performance - The Free Cash Flow ETF (159201) has recorded a net inflow of over 1.16 billion yuan across 8 out of the last 10 trading days [1] - The latest scale of the Free Cash Flow ETF reached 10.979 billion yuan, with the latest share count at 884.8 million, marking a new high since its inception [1] Group 2: Market Outlook - China Galaxy Securities anticipates that 2026 will see an early release of policy dividends as it marks the beginning of the "14th Five-Year Plan," with structural opportunities expected to align with policy guidance and industry prosperity [1] - There is an expectation for a spring market rally, with short-term focus on defensive sector allocation while also positioning for the 2026 policy dividends and industry prosperity [1] Group 3: ETF Characteristics - The Free Cash Flow ETF closely tracks the National Certificate Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [1]