自由现金流指数家族再扩容【国信金工】

Market Review - The A-share market saw all major broad-based indices rise last week, with the ChiNext Index, the SME Index, and the Shenzhen Component Index leading with returns of 3.17%, 2.26%, and 2.04% respectively, while the Shanghai Composite Index, CSI 300, and CSI 500 lagged with returns of 0.69%, 1.09%, and 1.20% respectively [6][12] - The total trading volume of major broad-based indices increased last week, with the average daily trading volume also rising over the past month, placing indices within the 75%-90% historical percentile range over the last 36 months [14][15] Fund Performance - Last week, 35 new funds were established with a total issuance scale of 181.85 billion yuan, a decrease from the previous week. The issuance included 118.58 billion yuan in equity funds, 0.22 billion yuan in mixed funds, and 63.05 billion yuan in bond funds [4][45] - The median returns for active equity, flexible allocation, and balanced mixed funds were 2.23%, 1.36%, and 1.14% respectively last week. Year-to-date, alternative funds performed best with a median return of 14.29%, while active equity, flexible allocation, and balanced mixed funds had median returns of 9.49%, 5.79%, and 3.36% respectively [6][33][40] Fund Issuance Dynamics - A total of 26 funds were reported for issuance last week, a decrease from the previous week. The reported products included 3 FOFs and several ETFs focused on innovative pharmaceuticals and the Hong Kong stock market [5][6] - The number of newly established funds last week included 17 passive index funds and 5 equity mixed funds, with issuance scales of 62.55 billion yuan and 46.77 billion yuan respectively [46] ETF Developments - The Shanghai Stock Exchange announced progress in its ETF mutual cooperation with the Brazilian Securities and Futures Exchange, with the successful issuance of a fund tracking the China A50 ETF, enhancing investment access for Brazilian investors to Chinese assets [11] - The China Securities Index Co. will officially launch the CSI A500 Free Cash Flow Index on July 16, 2025, aimed at providing more investment targets by selecting 50 companies with high free cash flow rates from the CSI A500 Index [7] Bond Market - As of last Friday, the central bank's net reverse repurchase injection was 1.3011 trillion yuan, with 425.7 billion yuan maturing, resulting in a net open market injection of 1.7268 trillion yuan. The pledge-style repo rates and SHIBOR rates saw increases of 8.43 basis points and 12.90 basis points respectively [20][21] - The yield spread for different-rated credit bonds has decreased, indicating a general decline in interest rates across various maturities [22][25] Open-End Fund Overview - As of last week, there were 244 ordinary FOF funds, 120 target date funds, and 154 target risk funds in the open-end public fund category. The median performance of target date funds was the best this year, with a cumulative return of 5.19% [38][40]