文 | 银行螺丝钉 （转载请注明出处） 相对来说，价值策略这几年在A股的效 果，比美股市场更明显。 A股价值指数最有代表性的是300价值和 中证红利。 我们以300价值指数为例。如果加上分 红，从2004年底，到2024年12月底收 盘，300价值全收益指数，从1000点涨 到了9147点，大约上涨915%。 · 低市盈率、低市净率策略,对应的是价 值指数。例如300价值、中证价值等。 后来，还演化出很多其他的、类似价值 策略的品种: ·低波动指数。之前螺丝钉还介绍过一本 《低风险高回报》，这本书是专门介绍 低波动策略。 · 自由现金流指数。2025年首次诞生, 主要挑选现金流率比较高的股票。 还有一些小众的、但也带有价值策略， 例如中金优选300等等。 300价值是从沪深300中挑选低估值的股 票，并定期调整。对比同期的沪深300， 从1000点涨到了5643点。 中证红利全收益指数，跟300价值全收 益，是同一时间起步，收益比300价值全 收益略高，也是有效的。 也就是说，价值、红利等策略，虽然都 是诞生于美股,但仅就最近10年来说, 其在A股的有效性反而超过了在美股的有 效性。 不过，不管是中证红利还是 ...

Group 1 - The A-share market showed mixed performance on December 12, with the National Index of Free Cash Flow rising approximately 0.2%, led by stocks such as Changbao Co., Jin Hong Group, Guodian Nanzi, and Yaxiang Integration [1] - The largest free cash flow ETF (159201) attracted significant capital, raising a total of 1.54 billion yuan over the past 20 trading days [1] - Citic Securities anticipates that the 2025 Central Economic Work Conference will emphasize the contradiction of "strong supply and weak demand," focusing on qualitative improvements and reasonable quantitative growth in the economy [1] Group 2 - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1] - Overall, it is expected that the economy will maintain stable growth by 2026, with policies continuing to support high-quality development [1]

截至目前，代表成长科技属性的创业板指数已经弱势调整超2个月，科创50指数甚至自高点回调超过了15%。 很显然，随着时间迈入2025年最后一个月，有资金开始选择避险或退场以等待来年再战，导致市场主线行情开始走弱和分化。 这种情况下，合适的投资策略就显得越发重要了。 作者 | 哥吉拉 数据支持 | 勾股大数据 12月11日，A股市场继续进入调整状态，多数板块依旧弱势下跌。 截至收盘，沪指跌0.7%失守3900点，深成指跌1.27%，创业板指跌1.41%，全市场成交额1.89万亿元，超4300股下跌。 板块上，除银行、贵金属等少数板块维持上涨外，其余大多数板块跌幅明显，其中包括了昨日大涨的房地产、通信设备、半导体等热热点板块。 01 市场进入估值消化期 富途行情数据显示，A股市场近20日有超4200只股录得下跌，占比全部A股的接近80%,其中跌幅超5%的有3200多家，接近6成。 在A股131个细分行业里面，超过110个最近20日录得下跌，其中一半行业跌幅超过5%。 同时，A股的总成交额自从8月份达到巅峰时期的3.17万亿后开始持续进入缩量交易的趋势，目前已经回落至不到1.9万亿，降幅可谓明显。 在近期，即使是AI ...

Group 1 - The A-share market opened lower on December 9, with the national index of free cash flow experiencing fluctuations and a decline of approximately 1.3%, while stocks like Weichai Heavy Machinery, China Power, and Chufeng Power led the gains [1] - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 22 days, totaling 2.236 billion yuan, reaching a new high of 7.824 billion yuan since its inception [1] - Since mid-November, the A-share market has shown a trend of shrinking fluctuations, with total market turnover oscillating between 1.5 trillion yuan and 1.9 trillion yuan, and recently surpassing 2 trillion yuan again after 16 trading days [1] Group 2 - Huafu Securities' research report suggests that the "spring excitement" may start early with the year-end market rally, indicating a potential buying opportunity if a "double bottom" pattern emerges [1] - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the national index of free cash flow, addressing the shortcomings of traditional dividend strategies by focusing on internal growth capabilities and emphasizing financial health and sustainability [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]

Group 1 - The central economic work conference and other important meetings are expected to drive a new round of year-end market deployment, with a notable shift in A-share market characteristics observed in November, where funds flowed towards stable dividend assets [1][6] - The Longcheng CSI 300 Free Cash Flow Index, managed by Tao Shubin, is seen as a suitable tool for investing in quality cash flow assets, focusing on A-share "cash cows" in the current market environment [1][6] Group 2 - Free cash flow is a key indicator for assessing a company's profitability, capital allocation ability, and financial health, reflecting the cash available for distribution after covering all necessary operating expenses and capital expenditures [2][7] - Companies with high free cash flow typically demonstrate strong profitability, operational efficiency, and the ability to support their operations and reinvestment without external funding, indicating robust internal growth and financial resilience [2][7] - The free cash flow strategy is considered a long-term investment approach, particularly beneficial during economic downturns for risk buffering and during economic upturns for expansion and shareholder returns [2][7] Group 3 - The CSI 300 Free Cash Flow Index focuses on large-cap blue-chip companies, excluding financial and real estate sectors, and selects the top 50 stocks with high free cash flow rates, with 64% of these companies having a market capitalization exceeding 100 billion yuan [3][8] - The index features a "barbell" structure, balancing stable cash flow from sectors like oil and petrochemicals with growth opportunities in sectors like telecommunications and power equipment, aiming to balance risk and return [3][8] Group 4 - As of December 2, the annualized Sharpe ratio of the CSI 300 Free Cash Flow Index since 2020 is 0.58, outperforming the CSI Dividend and CSI A500 indices, indicating superior risk-return performance [9] - The CSI 300 Free Cash Flow Index is characterized by high concentration of leading companies, stable financial quality, and excellent risk-return profile, making it particularly attractive in the context of economic structural transformation and declining interest rates [9]

数据来源：沪深交易所等，截至2025.12.4早盘 洛阳钼业大涨4.54%，云铝股份涨超2%，北新建材、宁德时代涨超1%，中国石油、中金黄金、中国铝 业等中字头"现金牛"纷纷上涨。 | | 代码 | 名称 | 估算权重 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 1 | 603993 | 洛阳镇业 | 3.35% | 4.54% | | 2 | 000807 | 云铝股份 | 0.87% | 2.69% | | 3 | 000786 | 北新建材 | 0.21% | 1.33% | | 4 | 601857 | 中国石油 | 10.59% | 1.31% | | 5 | 600489 | 中金黄金 | 0.55% | 1.16% | | 6 | 601600 | 中国铝业 | 2.55% | 1.18% | | 7 | 300750 | 宁德时代 | 6.22% | 1.10% | | 8 | 000333 | 美的集团 | 4.75% | 0.94% | | 9 | 000975 | 山金国际 | 0.36% | 0.95% | | 10 | 600219 | 南 ...

Core Viewpoint - The A-share market shows mixed performance with the National Index of Free Cash Flow fluctuating positively, led by stocks like Dayang Electric and Yaxiang Integration, while a significant inflow of funds into the largest free cash flow ETF indicates strong investor interest [1] Group 1: Market Performance - On December 3, the three major A-share indices opened with mixed results, while the National Index of Free Cash Flow showed positive fluctuations [1] - The largest free cash flow ETF (159210) has seen continuous net inflows over the past 18 days, totaling 2.027 billion yuan, reaching a new high of 7.499 billion yuan in total size since its inception [1] Group 2: Investment Strategy - According to Industrial Securities, the end of the year and the beginning of the year exhibit significant calendar effects, characterized by a "value platform, growth performance" approach [1] - The market anticipates increased policy support for stable growth as the year-end meetings approach, with a focus on achieving a strong economic start [1] - The free cash flow strategy addresses the limitations of traditional dividend strategies by emphasizing financial health and sustainability, aligning with the needs of investors seeking long-term growth and capital appreciation [1] Group 3: Fund Management - The management fee for the free cash flow ETF and its linked funds is set at an annual rate of 0.15%, while the custody fee is at 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [1]

Group 1 - The core idea emphasizes the importance of companies with high free cash flow, which allows for dividends, buybacks, or reinvestment, thus creating long-term value for shareholders [1][5] - The newly issued Great Wall CSI 300 Free Cash Flow Index Fund aims to provide investors with a convenient way to allocate quality assets focusing on companies with strong cash flow capabilities [1][2] - Current market conditions suggest that focusing on free cash flow strategies is timely, as institutional profit-locking demands may rise and the market's scrutiny on earnings authenticity increases [1][5] Group 2 - The Great Wall CSI 300 Free Cash Flow Index closely tracks the CSI 300 Free Cash Flow Index, selecting high-dividend potential stocks from industry leaders to help investors efficiently allocate quality cash flow assets [2][6] - As of November 24, the index covers 32 stocks with a market capitalization of over 100 billion, accounting for 88.18% of the index's market cap, with a median market cap of 159.3 billion [2][6] - The index has shown strong historical performance, with a cumulative increase of 413.25% since 2014, outperforming other indices such as the China Securities Dividend Index and the China Securities A500 Index [2][6]

Core Viewpoint - The effectiveness of free cash flow strategies in investment is expected to gradually increase in the current environment, driven by policies aimed at reducing competition and the Federal Reserve's potential interest rate cuts, which may accelerate the return of national wealth [1][5]. Group 1: Free Cash Flow Strategy - The free cash flow strategy is anticipated to yield higher excess returns as industries with improved free cash flow may recover more quickly [1]. - Long-term views suggest that assets with stable free cash flow can provide both defensive value and growth potential, with high dividend potential and resilience during recovery cycles [1][5]. Group 2: Fund Launch and Index Tracking - Changcheng Fund has launched the Changcheng CSI Free Cash Flow Index Fund, following the establishment of the Changcheng National CSI Free Cash Flow Index Fund in August [1][5]. - The fund tracks the CSI 300 Free Cash Flow Index, selecting 50 high free cash flow rate stocks from the CSI 300 index, focusing on large-cap blue-chip companies [2][6]. Group 3: Index Characteristics and Performance - The CSI 300 Free Cash Flow Index has a median market capitalization of 170 billion, featuring companies with lower debt ratios and higher return on equity, indicating superior profitability and dividend potential [2][6]. - As of November 12, 2025, the index's dividend yield is 3.75%, outperforming other similar indices [2][6]. - Since 2014, the index has shown a cumulative increase of 431.17% and an annualized return of 15.58%, significantly outperforming the CSI Dividend and CSI A500 indices [3][7].

Core Viewpoint - The article emphasizes the growing importance of free cash flow (FCF) as a key indicator for assessing a company's intrinsic value, highlighting its role in classic value investment strategies and the increasing focus on companies with strong cash generation capabilities [3][4][14]. Summary by Sections Free Cash Flow Concept - Free cash flow is defined as the cash remaining after a company has paid all its operating expenses and capital expenditures, which can be used for debt repayment, dividends, or reinvestment, serving as a crucial indicator of a company's true profitability [4][6]. Investment Strategy - Focusing on high free cash flow companies can help investors avoid pitfalls and strive for long-term returns, as these companies demonstrate strong operational performance and lower financial manipulation compared to net profit [7][8]. - High free cash flow firms are better positioned to withstand economic downturns due to their solid financial foundations and can leverage their cash reserves for growth opportunities during economic upturns [8]. Performance of Free Cash Flow Strategy - The China Securities Index's Free Cash Flow Total Return Index has shown a remarkable increase of 754.11% since its base date of December 31, 2013, significantly outperforming the broader market index, which rose by 147.62% in the same period [9][12]. - The Free Cash Flow Total Return Index has consistently outperformed the broader index during market downturns and has had competitive performance during market upturns, indicating its effectiveness as an investment strategy [12][13]. Future Outlook - As the macroeconomic environment undergoes structural changes, the significance of free cash flow strategies is expected to increase, particularly as the economy shifts from high-speed growth to high-quality development, favoring companies with strong cash flow generation [14]. - The ongoing decline in interest rates is likely to drive market participants to seek assets that can generate sustainable cash flows, enhancing the investment appeal of companies with abundant free cash flow [15].