高股息资产作为长期底仓的配置逻辑依然坚固，聚焦自由现金流ETF（159201）配置价值

Core Viewpoint - The A-share market opened significantly higher on the first trading day of the Year of the Horse, with the National Index of Free Cash Flow rising over 2.5%, led by stocks such as Silver Nonferrous, Furuitec, and Fenghuo Communication [1] Group 1: Market Performance - The largest free cash flow ETF (159201) has seen a continuous net inflow of funds totaling 1.732 billion yuan over the past nine days [1] - The latest share count of the free cash flow ETF reached 10.627 billion shares, with a total scale of 13.839 billion yuan [1] Group 2: Investment Strategy - Tianfeng Securities believes that historically, small-cap growth styles tend to outperform after holidays, and this trend may still be evident this year, although its strength may be constrained by two factors: the strong performance of large-cap growth stocks in a favorable industry environment and the enduring logic of "high dividend" assets as a long-term investment strategy [1] - The free cash flow strategy introduces a new paradigm for value investing, characterized by the ability to provide direct cash returns to investors and ensuring the sustainability and scale of dividends, serving as the foundation for corporate dividend payments [1] Group 3: ETF Composition - The free cash flow ETF (159201) samples the entire A-share market, with the top three industries being automotive, oil and petrochemicals, and nonferrous metals, indicating a larger market capitalization [1] - The Cash Flow 500 ETF (560120) samples the CSI 500, with the top three industries being nonferrous metals, basic chemicals, and steel, indicating a focus on mid and small-cap stocks [1]