Core Insights - Free cash flow (FCF) is a reliable and unembellished financial metric that reflects a company's true cash generation ability after covering operational expenses and capital expenditures [1] - The calculation of free cash flow is straightforward: operating cash flow minus capital expenditures, allowing companies to allocate funds flexibly for dividends or new investments [1] - Different industries exhibit significant variations in free cash flow due to capital intensity, necessitating the exclusion of sectors like banking and real estate for accurate comparisons [1] Summary by Categories Definition and Importance of Free Cash Flow - Free cash flow represents the actual cash available to a company after necessary expenses, contrasting with profit figures that may be artificially inflated [1] - The concept emphasizes the importance of cash generation over reported profits, as highlighted by academic perspectives from the 1980s [1] Calculation and Application - The formula for calculating free cash flow is simple: operating cash flow minus capital expenditures, which provides insight into a company's financial health and operational efficiency [1] - Free cash flow can be used to derive a comparable free cash flow rate by relating it to the company's value, facilitating fair comparisons across different firms [1] Industry Considerations - Heavy asset industries typically require substantial capital expenditures, resulting in weaker free cash flow, which is why these sectors are often excluded from free cash flow analyses [1] - The current cash flow rates of the constituents of the National Securities Free Cash Flow Index are being tracked to assess their performance [1]

Group 1 - The A-share market opened high but closed lower, with the Guozheng Free Cash Flow Index experiencing a decline of approximately 0.2%. Leading stocks included Lianfa Co., Xiamen International Trade, and Weichai Power [1] - The largest free cash flow ETF (159201) has seen continuous net inflows over the past nine days, totaling 1.495 billion yuan [1] - Dongwu Securities analysis indicates that since July, top-level design against "involution" has been introduced, with a clearer policy path and increasing demand-side policies. This is expected to improve PPI and drive profit recovery, enhancing economic expectations [1] Group 2 - Free cash flow serves as the foundation for dividend distribution, focusing on a company's internal growth capabilities, while dividend strategies emphasize the results of dividend distribution. These strategies typically complement each other in industry distribution [1] - The free cash flow strategy may act as a foundational tool for balancing growth stock investments. The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, with management fees at 0.15% and custody fees at 0.05%, both being the lowest in the market [1]

Group 1 - The report highlights the recovery of free cash flow in the manufacturing sector due to the "anti-involution" policy and the Federal Reserve's interest rate cuts, leading to a 37.2% increase in the free cash flow investment portfolio this year, with an excess return of 8.6% [1][7][10] - The report identifies specific industries where free cash flow (FCFF) is actively or passively improving, emphasizing the importance of EBIT and CAPEX in this recovery [7][10] - The analysis indicates that sectors such as resources, consumption, and light asset technology experience significant excess returns when free cash flow improves, while heavy asset technology and pre-involution manufacturing sectors show excess returns despite deteriorating cash flow [8][9] Group 2 - The advanced manufacturing sector is characterized by high differentiation among sub-sectors, with automotive valuations currently at relatively low levels, suggesting potential investment opportunities [2][14] - The report recommends focusing on funds tracking indices related to new productivity in areas such as new energy, power equipment, military industry, and automotive sectors, listing specific ETFs for investment [2][15] - Historical performance of the advanced manufacturing index shows a 120.56% increase since 2019, with power equipment performing the best among sub-sectors [14] Group 3 - The vehicle power supply industry is projected to grow significantly, with an expected market size of 64.8 billion yuan by 2027, driven by the rise of new energy vehicles and the increasing penetration of 800V systems [17][18] - Leading manufacturers in the vehicle power supply sector are well-positioned to expand into the AIDC server power supply market, with recommendations to focus on companies like Weimais and Fute Technology [17][19] - The competitive landscape is dominated by top-tier manufacturers with strong cost advantages and customer loyalty, indicating a trend of "the strong getting stronger" in this industry [19] Group 4 - The banking sector has seen a cumulative increase of 10.80% since early 2025, with significant performance variations among banks, driven by macroeconomic conditions and regulatory changes [22][24] - Historical analysis reveals that the banking sector's performance is closely tied to economic stability and liquidity conditions, with past bull markets often linked to favorable economic indicators [24][25] - The report emphasizes the importance of bank fundamentals, such as profitability and asset quality, in supporting stock performance, particularly during earnings disclosure periods [24][25]

截至11月19日，自由现金流ETF近6月净值上涨20.89%。从收益能力看，截至2025年11月19日，自由现金流ETF自成立以来，最高单月回报为7.00%，最长连 涨月数为6个月，最长连涨涨幅为22.69%，涨跌月数比为7/1，上涨月份平均收益率为3.20%，月盈利百分比为87.50%，月盈利概率为83.03%，历史持有6个 月盈利概率为100.00%。截至2025年11月19日，自由现金流ETF近6个月超越基准年化收益为9.36%。 费率方面，自由现金流ETF管理费率为0.15%，托管费率为0.05%。 截至2025年11月20日9:55，国证自由现金流指数上涨0.15%，成分股厦门国贸、联发股份、中国铝业、云铝股份、太龙股份等领涨。自由现金流ETF(159201) 上涨0.08%，最新价报1.19元。流动性方面，截至11月19日，自由现金流ETF近1周日均成交5.27亿元。 从资金净流入方面来看，自由现金流ETF近9天获得连续资金净流入，最高单日获得2.53亿元净流入，合计"吸金"14.95亿元，日均净流入达1.66亿元。份额 方面，自由现金流ETF最新份额达58.83亿份，创成立以来新高。规模方面，自 ...

11月19日，A股市场涨跌分化，国证自由现金流指数触底回升，现涨约0.5%，成分股海陆重工、春 风动力涨停，中集集团、中国海油等跟涨。相关ETF方面，同类规模最大的自由现金流ETF（159201） 近8天获得连续资金净流入，合计"吸金"13.16亿元。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，经流动性、行业、ROE稳定性筛选后， 选取自由现金流为正且占比高的股票，指数质地高，抗风险能力强，适合底仓配置，满足长线投资配置 需求。基金管理费年费率为0.15%，托管费年费率为0.05%，均为市场最低费率水平，最大程度让利投 资者。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 瑞银与摩根士丹利近期发布的2026年中国股市展望均显示，在政策支持、科技创新产业不断发展、 资金流入等多重利好驱动下，中国股市的结构性改善有望延续。虽然指数层面大幅提升估值倍数的 ...

Core Insights - The market experienced fluctuations with a focus on value style, as evidenced by the performance of various indices [1] - The Guozheng Value 100 Index increased by 0.1%, while the Guozheng Free Cash Flow Index and Guozheng Growth 100 Index decreased by 0.02% and 0.3% respectively [1] - The E Fund Free Cash Flow ETF (159222) saw a net subscription of 3 million units during the morning session [1] Index Performance - The Guozheng Value 100 Index utilizes a screening system based on "high dividend + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The Guozheng Free Cash Flow Index selects stocks based on free cash flow rate, combining high dividends with growth potential [1] Investment Opportunities - The Value ETF (159263) and E Fund Free Cash Flow ETF (159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1]

Core Insights - The Guozheng Free Cash Flow Index has increased by 0.19%, with stocks such as Haili Heavy Industry reaching the daily limit, and other companies like Chuncheng Power, Dongfang Tower, Jianghe Group, and Hisense Visual also experiencing gains [1] - The Free Cash Flow ETF (159201) is experiencing a tug-of-war between bulls and bears, with the latest price at 1.19 yuan [1] - The Free Cash Flow ETF has seen continuous net inflows over the past eight days, totaling 1.316 billion yuan, with a daily average net inflow of 164 million yuan [1][3] Fund Performance - The Free Cash Flow ETF has achieved a net value increase of 21.02% over the past six months, with the highest monthly return reaching 7% and the longest consecutive monthly gain lasting six months [3] - The ETF has a historical monthly profit percentage of 87.5% and a monthly profit probability of 82.93%, with a 100% probability of profit for a six-month holding period [3] - As of November 18, 2025, the ETF's annualized return exceeded the benchmark by 9.39% over the last six months [3] Fund Details - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05% [4] - The ETF closely tracks the Guozheng Free Cash Flow Index, with the top ten weighted stocks accounting for 54.79% of the index [4] - The top ten stocks include China National Offshore Oil Corporation, SAIC Motor, Wuliangye, Gree Electric Appliances, and others [4][6]

Core Insights - The A-share major indices have experienced a pullback, with the Guozhen Free Cash Flow Index declining by 2.19% and the E Fund Free Cash Flow ETF (159222) down by 2.11% as of the report's release [1] - Since October, the value style has strengthened, leading to increased capital attention on the E Fund Free Cash Flow ETF (159222), which has seen net subscriptions for six consecutive days despite the market downturn [1] Summary by Categories Market Performance - The Guozhen Free Cash Flow Index and the E Fund Free Cash Flow ETF (159222) have both faced declines of 2.19% and 2.11% respectively [1] - The E Fund Free Cash Flow ETF (159222) has been a focus for investors, showing resilience with continuous net inflows [1] Fund Characteristics - The E Fund Free Cash Flow ETF (159222) tracks the Guozhen Free Cash Flow Index, which selects stocks based on free cash flow rates, focusing on industry leaders with ample free cash flow [1] - The ETF maintains a balanced distribution across large, medium, and small market capitalizations, effectively diversifying risk [1] - Key sectors represented include non-ferrous metals, automotive, and oil & petrochemicals, combining high-quality earnings with strong defensive attributes [1] Performance Metrics - The E Fund Free Cash Flow ETF (159222) has achieved an excess return of 5.75% since its launch, the highest among ETFs tracking the same index [1] - The fund features a management fee of 0.15% and a custody fee of 0.05%, both of which are the lowest in the market [1] Investment Opportunity - In the context of a market style shift, the E Fund Free Cash Flow ETF (159222) serves as a convenient tool for investors looking to allocate funds into undervalued quality assets [1]

Core Viewpoint - The market experienced a pullback today, with the Guozheng Free Cash Flow Index declining by 2.1% due to the influence of weighted sectors, although it has achieved six consecutive monthly gains from May to October [1] Group 1: Market Performance - The Guozheng Free Cash Flow Index has shown a strong performance with six consecutive monthly gains from May to October [1] - The index is currently down 2.1% as of 14:25 today, reflecting market volatility [1] Group 2: Fund Flows - The E Fund Free Cash Flow ETF (159222), which tracks the Guozheng Free Cash Flow Index, has seen significant investor interest, with a net subscription of 3 million shares today [1] - The ETF has experienced net inflows for five consecutive days prior to today [1] Group 3: Investment Strategy - The Guozheng Free Cash Flow Index employs a selection logic centered on free cash flow rates, favoring companies with abundant cash flow [1] - The index covers companies of various market capitalizations and is weighted towards sectors such as non-ferrous metals, automotive, and oil & petrochemicals, focusing on high-quality "cash cow" companies [1] - The E Fund Free Cash Flow ETF (159222) has a low management fee of 0.15% per year, making it a cost-effective option for investors looking to capitalize on undervalued quality assets during market style shifts [1]

方正证券认为，自由现金流是衡量企业真实盈利能力与分红潜力的前瞻性指标，高股息的长期维持 必须以高自由现金流为基础，长期具备高自由现金流的企业更能保障未来持续分红，实现对股东的稳定 回报。随着长线资金投资策略的不断迭代，自由现金流契合风险规避与收益稳定性需求，或将成为险资 等长线重要配置方向 11月18日，A股三大指数集体低开，沪指跌0.24%，深成指低开0.31%，创业板指低开0.51%。国证 自由现金流指数跌约1%，成分股秦安股份、春风动力、联发股份等领涨。相关ETF方面，同类规模最 大的自由现金流ETF（159201）跟随指数调整，迎低位布局机会。自由现金流ETF近10天合计"吸 金"11.68亿元，资金抢筹特征显著。 金融监管总局最新数据显示，截至三季度末，人身险公司和财产险公司股票投资余额合计3.62万亿 元，规模和占比均较二季度末进一步提升；此外，人身险公司的债券配置占比环比下降，人身险公司和 财产险公司的银行存款配置规模和占比均环比下降。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或 ...