Core Viewpoint - The report highlights the performance and metrics of the Free Cash Flow ETF Fund, indicating a positive trend in both fund inflows and returns, alongside a strong tracking accuracy of the underlying index. Group 1: Fund Performance - As of September 26, 2025, the Free Cash Flow ETF Fund has seen a recent increase of 0.27% over the past week, ranking 1 out of 13 comparable funds [1] - The fund's latest scale reached 228 million yuan, marking a new high in the past month [1] - The fund has experienced continuous net inflows over the past 19 days, totaling 130 million yuan, with a peak single-day inflow of 19.19 million yuan [2] Group 2: Return Metrics - Since its inception, the fund's highest monthly return was 7.80%, with the longest consecutive months of gains being 3, and the maximum gain during this period was 12.56% [2] - The average return for months with gains is 4.07%, with a 100% probability of profit in those months and a 91.30% probability of profitability [2] - The maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.24% [2] Group 3: Fund Fees and Tracking Accuracy - The management fee for the Free Cash Flow ETF Fund is 0.50%, while the custody fee is 0.10% [3] - The fund has a tracking error of 0.066% over the past month, closely following the CSI All Index Free Cash Flow Index [4] Group 4: Index Composition - The CSI All Index Free Cash Flow Index includes 100 high free cash flow rate listed companies, with the top ten weighted stocks accounting for 57.03% of the index [4] - The top ten stocks in the index include China National Offshore Oil Corporation, Wuliangye, and China Southern Airlines, among others [4]

Group 1 - The A-share market showed upward movement on September 24, with the National Index of Free Cash Flow experiencing a slight decline of approximately 0.2% after opening lower [1] - Notable stocks included Hisense Visual, which hit the daily limit, and others like Taiji Industry, Anfu Technology, Shanghai Electric, and Yaxiang Integration, which saw gains exceeding 5% [1] - The largest free cash flow ETF (159201) recorded a trading volume surpassing 250 million yuan, indicating active trading [1] Group 2 - Huachuang Securities suggests that in the era of a stock economy, companies are shifting focus from scale to profitability and cash flow, with long-term excellent free cash flow potentially translating into shareholder returns [1] - The strategy for constructing a high free cash flow return portfolio emphasizes "high free cash flow returns" combined with "low investment and high profit distribution to shareholders," which tends to perform better in declining or volatile markets [1] - The free cash flow ETF (159201) targets industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, power equipment, and petrochemicals, effectively mitigating risks associated with single industry fluctuations [1] - The fund management annual fee is set at 0.15%, and the custody annual fee at 0.05%, both representing the lowest fee levels in the market [1]

Core Viewpoint - The performance of the CSI All Share Free Cash Flow Index and its related ETF has shown positive trends, indicating strong cash flow generation capabilities among the constituent companies. Group 1: Index Performance - As of September 24, 2025, the CSI All Share Free Cash Flow Index rose by 0.67%, with notable increases in constituent stocks such as Anfu Technology (up 6.19%) and Yaxiang Integration (up 5.06%) [1] - Over the past three months, the Free Cash Flow ETF has accumulated a return of 11.56% [1] - The Free Cash Flow ETF experienced a turnover rate of 4.72% with a total transaction volume of 10.14 million yuan [1] Group 2: Fund Inflows and Returns - The Free Cash Flow ETF has seen continuous net inflows over the past 17 days, with a peak single-day inflow of 19.19 million yuan, totaling 118 million yuan in net inflows [1] - Since its inception, the Free Cash Flow ETF has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 12.56% [2] - The fund has a historical monthly profit probability of 92.54% and a maximum drawdown of 3.76% since inception [2] Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the CSI All Share Free Cash Flow Index accounted for 57.03% of the index, including China National Offshore Oil Corporation and Wuliangye [3] - The top ten stocks include major companies such as Gree Electric Appliances and Muyuan Foods, reflecting a diverse range of sectors [3] Group 4: Stock Performance - The Free Cash Flow ETF includes various stocks with different weightings, such as Midea Group (2.66%) and China Shenhua (2.64%), indicating a balanced portfolio [5]

根据wind数据，现金流ETF（159399）实时盘中净流入4500万份，资金抢筹现金流资产。 华创证券指出，存量经济时代企业从追求规模走向追求利润和现金流，自由现金流长期优秀终能转化为 股东现金回报。高自由现金流回报组合从"高自由现金流回报"+"低投入、高利润分配股东比例"视角构 建，该策略在下跌或震荡市中表现相对更为优秀。 没有股票账户的投资者可关注国泰富时中国A股自由现金流聚焦ETF发起联接A（023919），国泰富时 中国A股自由现金流聚焦ETF发起联接C（023920）。 注：现金流ETF完全由国泰基金管理有限公司开发,本基金与伦敦证券交易所集团公司及其附属企业(统 称"LSE Group")之间没有关联，也并非受其发起、背书、出售或推广。FTSE Russell是特定LSE Group公 司的商标名称之一。LSE Group概不对任何人士使用本基金或基础数据承担任何责任。 分红情况具体详 见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金分红不一定来自基金 盈利，基金分红并不代表总投资的正回报。如提及个股仅供参考，不代表投资建议。指数/基金短期涨 跌幅及历史表现仅供分析参考， ...

Group 1 - The招商中证800自由现金流ETF (159119) will be launched from September 23, 2025, to October 29, 2025, with a cash fundraising cap of 2 billion yuan [1] - The fund will be managed by 招商基金, with 侯昊 serving as the fund manager [1] - The performance benchmark for the fund is the 中证800自由现金流指数收益率 [1]

Philipp is a seasoned value investor with nearly 20 years of experience in the field. He takes a global approach to investment opportunities, seeking out undervalued companies that offer a significant margin of safety, leading to attractive dividend yields and returns. While he does not limit his investments to specific sectors or countries, he focuses only on companies he thoroughly understands and can reasonably assess for future growth potential. Philipp is particularly enthusiastic when he identifies a ...

Group 1 - The A-share market experienced slight fluctuations after a small opening, with the Guozheng Free Cash Flow Index declining approximately 0.85% [1] - Major stocks such as Lianxu Electronics, Dayang Electric, and Debang Co. led the gains, while Shanghai Construction, Xuefeng Technology, and Shoulv Hotel faced declines [1] - The largest free cash flow ETF (159201) followed the index's fluctuations, presenting low-position investment opportunities [1] Group 2 - Goldman Sachs indicated that the current rally in the Chinese stock market (including A-shares and Hong Kong stocks) is based on a healthier foundation and is sustainable due to three main reasons: optimized market participant structure, reasonable valuation levels, and a lower margin balance relative to market value compared to 2015 [1] - Goldman Sachs is particularly focused on "anti-involution" policies and AI-related investment opportunities, which are expected to provide continuous growth momentum for the Chinese stock market [1] Group 3 - The free cash flow ETF (159201) focuses on industry leaders with abundant free cash flow, covering sectors such as automotive, home appliances, non-ferrous metals, power equipment, and oil and petrochemicals, effectively mitigating single industry volatility risks [1] - The fund management annual fee rate is 0.15%, and the custody annual fee rate is 0.05%, both of which are the lowest in the market [1]

Core Insights - The article discusses the investment philosophy of Zhang Changping, focusing on identifying high-quality companies in China that are poised for growth [1][2][4]. Group 1: Investment Framework - Zhang Changping's research framework is based on "three capabilities + three trends," which include core competitiveness, ability to generate free cash flow, and governance capabilities [2][3]. - The core competitiveness of a company can stem from product strength, technological advantages, brand recognition, cost efficiency, and supply chain management [2]. - Companies must demonstrate the ability to convert core competitiveness into sustainable growth, which can be achieved through either expansion in a growing industry or market share acquisition in a stagnant industry [2][3]. Group 2: Governance and Market Trends - Governance is crucial for assessing a company's resilience against risks, focusing on management capabilities, decision-making quality, and ownership structure [3]. - Companies should align with industry trends, societal developments, and their own operational cycles to ensure long-term viability [3][4]. - Zhang Changping emphasizes the importance of identifying companies in early growth stages that have the potential to become "hidden champions" or "small giants" as China transitions to high-quality economic development [4]. Group 3: Investment Strategy - A balanced investment strategy is employed to mitigate risks associated with high volatility in high-growth companies, allowing for a diversified approach across various industries [4][5]. - Zhang Changping's investment expertise has expanded from real estate to technology, manufacturing, consumer goods, and pharmaceuticals, showcasing a broad capability in identifying investment opportunities [4][5]. - The introduction of "post-investment management" in 2024 aims to enhance investment activity and adapt to market changes through defined turnover rates and risk management practices [5][6]. Group 4: Value Creation - The core focus remains on "value creation," with a commitment to identifying high-growth "stars of tomorrow" that align with macroeconomic cycles and micro-level business dynamics [6][7]. - The balance between structured investment principles and disciplined execution is highlighted as essential for navigating market complexities and capturing growth potential [7].

自由现金流ETF（159201）及其联接基金（A：023917；C：023918）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。 招商证券认为，国庆长假前后，融资盘通常呈现出"节前收敛、节后迸发"的变化规律。国庆节前市场走 势往往较为平淡，而节后市场风险偏好则出现明显改善。9月美联储如期降息，从历史经验看，预防式 降息后A/H股在未来上涨概率较高。展望后市，目前市场仍处于牛市阶段Ⅱ，驱动A股本轮上行的三大 原因没有发生变化，在政策出现明显转向之前，市场有望继续沿着低渗透率赛道的方向演绎。 每日经济新闻 9月22日，A股三大指数涨跌不一，国证自由现金流指数低开低走，现跌约0.6%。大洋电机涨停，安孚 科技、厦门国贸、宁波华翔等跟涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）跟随指 数下行，成交额突破1.5亿元，交投活跃。 ...

作者 | 范亮 编辑 | 张帆 8月底，随着美团、阿里、京东的财报相继落地，市场对外卖大战的关注焦点，从初级的补贴与单量竞争，升级为对企业 长期战略定力和财务实力的综合考验。 从自由现金流的角度看，阿里巴巴因持续在云业务等高科技领域投入大量资金，其25Q2自由现金流已经呈现大幅净流出状 态。美团方面，随着外卖业务在25Q3进入传统旺季，单量提升可能带来补贴金额的进一步增加，美团的自由现金流大概率 也会转为净流出。 作为对比，阿里巴巴近期已有出售资产回笼资金的举措，那么，美团会有相应的措施吗？ 美团资金：短期充裕 截至2025年上半年，美团账面现金及现金等价物合计1017亿元，受限制现金179亿元，以及短期理财投资694亿元。这三项 合计约1890亿元，表明美团从资产端拥有充足的流动性储备。 进一步对美团的资金偿付能力进行极限压力测试：假设美团需动用其货币性资产（包括现金、短期理财投资及应收款项） 来偿还短期债务（包括各类应付款项、借款及应付票据）。在这种极限情境下，美团的货币性资金总额约为1921亿元，在 偿还主要短期债务约935亿元后，仍能保持约986亿元的现金储备，财务安全垫依然比较深厚。 就未来经营层面 ...