首批中证全指自由现金流ETF陆续上市。5月13日，招商基金管理有限公司、工银瑞信基金管理有限公 司两家公募机构均发布公告称，旗下中证全指自由现金流ETF将于5月16日上市。 自由现金流策略越来越受市场关注。在受访业内人士看来，自由现金流策略所筛选的公司通常具有较强 的抗风险能力和稳健的经营业绩，在市场波动中表现相对稳健。同时，在监管部门的鼓励推动下，企业 也将更加关注自身自由现金流质量和自由现金流回报提升。投资者对现金流表现良好标的的需求有望持 续提升。 个人投资者申购踊跃 自由现金流是指从企业经营活动现金流当中剔除资本性支出的部分，代表企业在维持现有生产经营和资 本开支后，可自由支配的现金净额。中证全指自由现金流ETF跟踪中证全指自由现金流指数，该指数选 取100只自由现金流率较高的上市公司证券作为指数样本，以反映现金流创造能力较强的上市公司证券 的整体表现。 3月18日，华泰柏瑞基金管理有限公司(以下简称"华泰柏瑞基金")、中银基金管理有限公司(以下简称"中 银基金")等12家公募机构申报了首批中证全指自由现金流ETF。3月底，首批12只产品集体获批，此后 陆续开启发行工作。截至5月14日，已有8只中证全 ...

5月14日，市场早间延续盘整态势，午后大盘蓝筹板块爆发，三大指数全线翻红。上证指数收涨 0.86%，沪深300指数收涨1.21%，展现核心资产动能。而关注公司财务质量成色的300现金流指数强势 收涨1.23%，跑赢上证指数、沪深300及中证A500等主要指数。 ETF方面，被动跟踪300现金流指数的300现金流ETF（562080）场内同步收涨，日线实现七连阳。从日 k走势来看，截至收盘，"562080"自4月15日上市以来，仅有3个交易日收阴，今日场内价格上探1.146 元，溢价收于1.079元，最高价及收盘价再创新高！ 成份股方面，航运与能源板块表现出色，中远海控大涨4.47%，中煤能源涨3.98%，中国海油、上港集 团、中国石油、京沪高铁、顺丰控股、陕西煤业等成份股涨幅均超1%。 从成份股质量来看，300现金流指数央国企含量高，数量占比6成。整体经营韧性较强，业绩改善明显。 据统计，2025年一季度，300现金流50只成份股中32股实现净利同比增长，31股实现环比增长。其中， 中国动力、牧原股份、新和成、南山铝业2025年一季度归母净利同比翻倍。 公开资料显示，300现金流ETF（562080）被动跟踪 ...

1. 美国ETF创新产品：Pacer发行现金流轮动策略产品 YieldMax上周继续扩充其单股票Covered Call策略产品，挂钩互联网券商Robinhood。 2. 美国ETF动态 2.1美国ETF资金：债券产品流入提升 上周美国股票ETF继续有一定流出，但国际股票、债券产品仍然流入明显，债券ETF的流入有所增加： 上周美国共8只新发产品，Pacer发行两只新产品扩充现金流产品线： VistaShares上周发行一只期权策略产品，产品首先通过ROE、盈利波动、负债率等质量标准选择20-50只股票，然后 通过卖出期权来增厚收益，目前是15%的年化收益。 Pacer上周也发行一只质量相关产品，是其代表性的现金流因子和质量结合的策略，选择至少10年连续正自由现金 流、自由现金流质量得分最高的100家标普500成分股。自由现金流质量由公司过去5年平均的自由现金流收益率和自 由现金流ROIC合成得到。此外，Pacer上周还发行一只轮动策略产品，在其现金流ETF COWZ和纳斯达克100之间轮 动，进一步扩充其现金流产品线。该策略主要根据动量进行轮动，将指数过去1、3、6、9、12个月的平均收益率等权 合成，然后每 ...

截至2025年5月13日10:30，国证自由现金流指数上涨0.33%，成分股天虹股份、潍柴重机、锦泓集团、 保税科技、华鼎股份等领涨。自由现金流ETF(159201)跟随指数上行。拉长时间看，截至2025年5月12 日，自由现金流ETF近1周累计上涨2.51%，涨幅排名可比基金首位。 流动性方面，自由现金流ETF盘中换手4.86%，成交1.69亿元。拉长时间看，截至5月12日，自由现金流 ETF近1年日均成交3.02亿元，排名可比基金第一。 从资金净流入方面来看，自由现金流ETF近4天获得连续资金净流入，合计"吸金"1.64亿元，日均净流入 达4087.86万元；份额方面，自由现金流ETF最新份额达35.42亿份，创近1月新高，位居可比基金1/3； 规模方面，自由现金流ETF最新规模达34.75亿元，创成立以来新高，位居可比基金1/3。 数据显示，杠杆资金持续布局中。自由现金流ETF最新融资买入额达135.63万元，最新融资余额达 4939.96万元。 自由现金流ETF(159201)，场外联接(华夏国证自由现金流ETF发起式联接A：023917；华夏国证自由现 金流ETF发起式联接C：023918)。 费率 ...

Financial Data and Key Metrics Changes - Brink's reported total organic growth of 6% in Q1, at the top end of previous guidance [6] - Adjusted EBITDA was $215 million with a margin of 17.2%, exceeding the high end of Q1 guidance [7] - Earnings per share (EPS) was $1.62, reflecting benefits from share repurchases and a planned increase in the tax rate [7] - Free cash flow conversion was 40%, highlighting progress on accounts receivable collections [7][11] Business Line Data and Key Metrics Changes - ATM Managed Services and Digital Retail Solutions (AMS DRS) grew over 20% for the fourth consecutive quarter, now representing a quarter of total business [6][8] - Cash and Valuables Management (CVM) grew 1% organically, with strong performance in Global Services [18] - Global Services revenue increased due to elevated precious metal movement, particularly in the Rest of World segment [8][17] Market Data and Key Metrics Changes - North America saw constant currency growth of 4% and organic growth of 2%, with DRS growth highlighted by new customer onboarding [14] - Latin America experienced 7% organic growth, but was negatively impacted by currency devaluation, particularly in Mexico and Argentina [15] - Europe grew revenue by 5% organically, with AMS DRS mix increasing to 42% of total revenue [16] Company Strategy and Development Direction - The company continues to focus on maximizing growth potential in AMS DRS, expanding margins, and executing a focused capital allocation framework [7][11] - Share repurchases and dividend increases are part of the capital allocation strategy, with remaining repurchase capacity of over $180 million [10][32] - The company is well-positioned to capture elevated demand and is exploring accretive M&A opportunities [9][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertain macroeconomic conditions, citing a diversified global footprint and strong customer relationships [25][26] - The outlook for the second quarter includes expectations for continued mid-single-digit organic growth and EBITDA between $200 million and $225 million [11][37] - Management remains cautious about the Global Services business due to slowing growth in early Q2 but is optimistic about capturing future opportunities [20][38] Other Important Information - The company repurchased 1.3 million shares at an average price of $87.62, representing about 3% of outstanding shares at year-end 2024 [9][10] - Adjusted EBITDA margins were down 50 basis points year-over-year, impacted by regional revenue mix and less interest income from Argentina [28] Q&A Session Summary Question: Can you talk about your tariff exposure? - Management indicated minimal direct exposure to tariffs, as most costs and revenues are in the same currency and services are not heavily imported [41][42] Question: Can you discuss pricing trends in Latin America? - Management confirmed that pricing strategies are in place to offset currency devaluations, particularly in highly inflationary markets like Argentina [44][45] Question: What are the drivers for the second quarter margin guidance? - Key drivers include FX impacts, Argentina interest income, and restructuring actions, with expectations for improved margins in the second half of the year [51][52][56] Question: How do you expect AMS DRS growth to perform in a softer macro environment? - Management noted that the larger addressable market and subscription-based revenue model of AMS DRS provide resilience against economic downturns [70][72] Question: What trends are observed in the BGS segment post-Q1? - Management reported a slowdown in shipment volumes in April compared to Q1, with expectations for mid-single-digit organic growth moving forward [75][76]

截至2025年5月12日10:16，国证自由现金流指数上涨0.93%，成分股中国动力、潍柴动力、振华重工、欧圣电气、海信家电等领涨。自由现金流ETF跟随指 数上行。流动性方面，自由现金流ETF盘中换手3.64%，成交1.24亿元。拉长时间看，截至5月9日，自由现金流ETF近1年日均成交3.02亿元，排名可比基金 第一。 从资金净流入方面来看，自由现金流ETF近3天获得连续资金净流入，合计"吸金"1.58亿元。份额方面，自由现金流ETF最新份额达35.36亿份，创近1月新 高，位居可比基金1/3。规模方面，自由现金流ETF最新规模达34.34亿元，创成立以来新高，位居可比基金1/3。 数据显示，杠杆资金持续布局中。自由现金流ETF最新融资买入额达263.58万元，最新融资余额达5228.58万元。 费率方面，自由现金流ETF管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 数据显示，截至2025年4月30日，国证自由现金流指数前十大权重股分别为美的集团、中国海油、中国铝业、中煤能源、潍柴动力、上海电气、振华重工、 浙江龙盛、中国动力和天山铝业，前十大权重股合计占比56.66%。 | 股票代码 ...

自由现金流ETF已成为今年公募基金公司重点布局的方向之一，多家机构持续接力，自由现金流ETF产 品陆续上架。 3月，易方达国证自由现金流ETF、银华国证自由现金流ETF、华宝沪深300自由现金流ETF开始发行。4 月，广发基金、南方基金、博时基金等多家公司均开始发行自由现金流ETF，包括广发中证800自由现 金流ETF、南方中证全指自由现金流ETF等众多产品，仅4月14日当天，就有10只自由现金流ETF产品集 体发行。 □本报记者万宇 近期公募基金公司布局自由现金流ETF热情高涨，持续有新品推出。5月13日，嘉实国证自由现金流 ETF、方正富邦中证全指自由现金流ETF上市交易；5月9日，招商中证全指自由现金流ETF成立，平安 中证全指自由现金流ETF、中银中证全指自由现金流ETF还在继续发行。 自由现金流系列指数及其相关ETF一经推出就得到了各方高度认可。基金人士认为，充足的自由现金流 是评价上市公司投资价值的重要指标之一，看好自由现金流ETF的配置价值。 公募基金积极布局 在今年初，华夏基金和国泰基金申报的两只自由现金流ETF获批，这也是国内首批获批的自由现金流 ETF，拉开了公募基金公司布局自由现金流ET ...

■机构动向 在业内人士看来，指数投资生态体系已初步形成，随着ETF产品矩阵的多元化，其投资工具属性凸显， 将吸引产业资本持续入局 此前，杭钢股份也公告称，为响应《促进资本市场指数化投资高质量发展行动方案》有关精神，促进国 有资本结构优化，诚通金控拟于2月21日起15个交易日后的3个月内将其持有的公司部分股份参与换购中 证500ETF份额。诚通金控拟参与换购的股份不超过公司股份总数的1%，即不超过3377.19万股。 《促进资本市场指数化投资高质量发展行动方案》提出，扩大ETF集合申购标的，推动集合申购业务常 态化。在业内人士看来，ETF具有流动性高、持仓透明、费率低廉的特点，机构将单一的股票资产转换 为ETF份额，有利于实现资产的多元化配置，为市场带来更多的增量资金。 在国泰基金看来，扩大ETF集合申购标的有助于全面完善ETF运作机制，吸引资金借道ETF投向资本市 场，为金融支持实体经济高质量发展提供长期的驱动力，与投资者共享经济转型的红利。 与此同时，部分产业资本从投资价值出发，频频出手买入ETF。从资产配置方向来看，产业资本较为青 睐稳健类风格的ETF，近期新发的自由现金流主题ETF吸引多家公司扎堆买入。 ...

Sylvamo (SLVM) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Hans Bjorkman - VP, IRJean-Michel Ribiéras - Chairman & CEOJohn Sims - SVP & COOGeorge Staphos - Managing DirectorMatt McKellar - Vice President Conference Call Participants Daniel Harriman - Analyst Operator Good morning. Thank you for standing by. Welcome to Silvamo's First Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, you will have ...

Financial Data and Key Metrics Changes - Consolidated net revenue decreased by 7% year over year to $555 million [21] - Consolidated AOI declined by 30% to $104 million, with a 19% margin [21] - Adjusted EPS was reported at $0.52 [21] - Free cash flow for the quarter was $94 million, on track to achieve approximately $220 million for the full year [20][31] Business Line Data and Key Metrics Changes - Domestic operations revenue decreased by 7% to $486 million, with subscription revenue down by 3% due to a 12% decline in affiliate revenue, partially offset by 8% growth in streaming revenue [21][22] - Advertising revenue in domestic operations decreased by 15% year over year, primarily due to lower linear ratings [25] - International revenue for the first quarter was $70 million, down 7%, with subscription revenue decreasing by 12% due to the non-renewal with Movistar in Spain [27] Market Data and Key Metrics Changes - Streaming subscribers at the end of the quarter were 10.2 million, flat compared to the prior year, with a slight decline from 10.4 million at the end of 2024 [24] - Advertising revenue from streaming is still in the low single digits but provides incremental revenue opportunities [48][49] Company Strategy and Development Direction - The company is focused on programming, partnerships, and profitability, emphasizing the generation of free cash flow [5][32] - Strategic initiatives include launching ad-supported versions of AMC Plus and Shudder, and expanding partnerships with distributors like Charter and Comcast [7][10] - The company aims to enhance its content distribution ecosystem and improve viewer experience through partnerships [36][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction despite macroeconomic uncertainties affecting the advertising market [32] - The company anticipates streaming revenue growth to accelerate as the year progresses, driven by pricing actions and new series debuts [25][31] - Management remains vigilant regarding potential impacts from the advertising market but has not seen meaningful indicators suggesting a material pullback [32][44] Other Important Information - The company has a healthy cash position with net debt of $1.5 billion and a consolidated net leverage ratio of 2.9 times [29] - The company has no bond maturities until 2029 and maintains over $1 billion in total liquidity [29] Q&A Session Summary Question: Can you tell us about the streaming subscribers coming in through bundled video packages? - Management is pleased with the integration with Charter and the anticipated take rates for embedded streaming services [35] Question: Are you seeing any risk of cannibalization on the a la carte side? - Management believes that expanding distribution will create a healthier video ecosystem and additional revenue opportunities [38] Question: How much of your advertising is coming from streaming? - Streaming advertising delivers incremental revenue, and the company is confident in its genre-based services [49] Question: When will you lap the subscription revenue issues from the Spanish drop? - Management anticipates growth in the Spanish market with other partners and is optimistic about future relationships with Movistar [50][51] Question: What do you expect content spend and content amortization to be this year? - Content amortization is expected to be slightly lower year over year, with cash content spend also down slightly [69]