【策略专题】自由现金流资产系列13：现金流指数为何今年偏弱，往后会强吗？

Group 1 - The cash flow index has shown weak performance since 2025, primarily due to the profit fluctuations in the coal and petrochemical industries leading to valuation adjustments [13][16][36] - Value strategies should not only focus on the level of ROE but also on the stability of ROE to enhance returns and avoid volatility caused by declining performance [13][24] - The Huachuang strategy's free cash flow combination has achieved a cumulative return of 31% from April 2024 to August 2025, outperforming benchmarks such as the CSI 300 and the national cash flow index [10][13][31] Group 2 - The cash flow index has underperformed relative to the dividend index mainly due to the absence of bank sector contributions, which has been a significant drag on returns [36][37] - The cash flow index tends to favor large-cap stocks due to its weighting methodology, which contrasts with the dividend index that benefits more from small-cap stocks during favorable market conditions [37][38] - Expectations of a return to inflation could lead to the cash flow index outperforming both the dividend index and the broader market, as historical patterns suggest that cash flow indices have performed well during periods of inflation recovery [38][39]