平安证券晨会纪要-20250409

Core Insights - The report highlights the increasing focus of public funds in China on free cash flow products, with 17 fund companies having filed for a total of 36 related products as of March 28, 2025 [6][7][8] - The domestic free cash flow index has shown significant excess returns compared to benchmarks over the past decade, particularly in both rising and falling market conditions [7][8] - The report indicates a preference for energy and consumer sectors within the free cash flow index, while technology and growth sectors are underweighted [7][8] Group 1: Free Cash Flow Strategy - The investment essence of free cash flow (FCF) is emphasized as a crucial indicator in corporate financial analysis and valuation, underpinning sustainable growth and value distribution [6][7] - The report notes that the free cash flow index has a high concentration in small to mid-cap stocks, with a notable low price-to-earnings (PE) and high price-to-book (PB) ratio compared to benchmarks [7][8] - The U.S. market has seen rapid development of cash flow strategy ETFs, with products focusing on free cash flow as a core selection strategy gaining traction [8] Group 2: Fund Advisor Portfolio Insights - As of the end of March 2025, there are 423 fund advisor portfolios available on the Tian Tian Fund APP, reflecting an increase of 4 portfolios from the previous month [10][11] - The performance tracking of various portfolio types indicates that aggressive, balanced, and conservative portfolios have outperformed similar fund of funds (FOF) products [10][11] - The report details changes in fund holdings, with conservative portfolios reducing bond fund allocations while increasing cash fund allocations [12][13] Group 3: Market Trends and Economic Indicators - The Shanghai Stock Exchange reports that long-term funds, including social security and insurance funds, are increasing their market participation, bolstered by supportive government policies [16][17] - The State-owned Assets Supervision and Administration Commission (SASAC) is actively encouraging central enterprises to enhance share buybacks and support listed companies, aiming to boost market confidence [17] - The report notes a significant increase in the Chinese liquid cooling server market, projected to grow at a compound annual growth rate of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [20][21]