Core Viewpoint - The cash flow ETF (159399) is gaining traction in the market due to its focus on high dividend and low volatility assets, effectively hedging against cyclical sector fluctuations [3][5]. Group 1: Cash Flow ETF Performance - As of the latest update, the cash flow ETF (159399) has increased by 1.28%, with a trading volume exceeding 240 million yuan, and its constituent stock Zhuhai Heavy Industry has quickly reached the daily limit [1]. - The cash flow ETF closely tracks the FTSE China A-Share Free Cash Flow Focus Index, excluding banks and real estate, and covers sectors such as oil, coal, home appliances, and food and beverages [3]. - Since its establishment on February 19, 2025, the cash flow ETF has implemented four consecutive dividends, providing a stable cash flow source for long-term investors [3]. Group 2: Historical Performance Comparison - From April 9, 2025, to July 2, 2025, the FTSE China A-Share Free Cash Flow Focus Index has risen by 10.55%, outperforming the CSI 300 Index, which increased by 8.08%, and the CSI Dividend Index, which rose by 4.32% [4]. - The cash flow ETF demonstrates superior risk-return characteristics and resilience against market downturns compared to its peers [3][4]. Group 3: Market Context and Investment Appeal - In the current market environment characterized by rapid sector rotation, dividend cash flow assets are favored by large capital due to their ability to stabilize portfolio volatility [5]. - The cash flow ETF's holdings focus on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, indicating a higher safety margin [5]. - The demand for defensive assets is expected to rise as the domestic economy stabilizes and overseas liquidity shifts towards a more accommodative stance, benefiting sectors with stable cash flow attributes [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of HKD 80.25 billion for the fiscal year 2024/25, a decrease of 1.96% year-on-year, while the net profit attributable to shareholders increased by 2.09% to HKD 3.25 billion [8] - The company has improved its free cash flow, reaching HKD 4.66 billion, which exceeds the planned dividend payout of HKD 2.72 billion, indicating a sustained ability to distribute dividends [8] - The report highlights that retail gas sales volume faced pressure, but the progress in pricing adjustments was slightly better than expected [8] Summary by Sections Financial Performance - Total revenue for FY2024A is projected at HKD 81.86 billion, with a year-on-year decrease of 11.43% [1] - Net profit for FY2024A is estimated at HKD 3.19 billion, reflecting a year-on-year decrease of 25.82% [1] - The earnings per share (EPS) for FY2024A is projected at HKD 0.58, with a price-to-earnings (P/E) ratio of 12.54 [1] Business Segments - Natural gas sales segment profit increased by 7.94% to HKD 3.31 billion, but retail gas volume only grew by 0.02% to 23.52 billion cubic meters [8] - The connection business segment profit decreased by 25.39% to HKD 508 million, with residential connections declining by 15.5% [8] - The LPG sales segment profit dropped by 56.68% to HKD 52 million, influenced by international market conditions [8] - Value-added services segment profit grew by 10.59% to HKD 1.75 billion, supported by new business initiatives [8] Future Projections - The report projects net profit for FY2026E at HKD 3.48 billion, with a year-on-year growth of 6.93% [1] - The company aims to achieve a retail gas gross margin of HKD 0.55 per cubic meter and a retail gas volume growth of 2%+ for FY2026 [8] - The report introduces FY2028 profit forecasts of HKD 3.99 billion, with a projected P/E ratio of 9.99 [1]

Core Viewpoint - China Gas reported a revenue of HKD 79.258 billion for the fiscal year 2024/25, a year-on-year decrease of 2.6%, while net profit attributable to shareholders increased by 2.1% to HKD 3.252 billion, with a stable dividend of HKD 0.50 per share, meeting expectations [1] Revenue Breakdown - Natural gas sales revenue was HKD 49.05 billion, down 6.5% year-on-year - Gas connection revenue was HKD 3.63 billion, down 9.6% year-on-year - Engineering design and construction revenue was HKD 1.76 billion, up 14.7% year-on-year - Liquefied petroleum gas sales revenue was HKD 19.58 billion, up 8.9% year-on-year - Value-added services revenue was HKD 3.73 billion, up 2.1% year-on-year [1] Sales Volume Insights - The volume of gas transported and traded decreased by 9.6% year-on-year - Town gas volume saw a slight increase of 0.02% year-on-year, with residential gas down 2.1%, industrial gas up 1.0%, commercial gas up 3.7%, and gas station gas down 9.0% - The lower-than-expected town gas volume was attributed to a warm winter and economic pressures affecting industrial gas growth [1] Pricing and Margin Analysis - As of March 2025, the cumulative completion of residential gas pricing was approximately 68%, with residential gas prices rising from CNY 2.71 per cubic meter in 2022 to CNY 3.00 in 2024 - The gross margin improved from CNY 0.50 per cubic meter in the fiscal year 2023/24 to CNY 0.537 in 2024/25, with a forecasted increase to CNY 0.55 in 2025/26 [2] Connection Engineering Performance - In the fiscal year 2024/25, the company added approximately 1.4 million new residential connections, with guidance for 1.2-1.4 million - The tax-pre-profit margin from connection and engineering construction decreased to 16.3% last year, with expectations for reduced performance drag from declining connection numbers [2] Value-Added Services Growth - Value-added services achieved a pre-tax profit of HKD 1.75 billion, accounting for 26.2% of total profits, with a year-on-year increase of 10.6% - The growth was driven by increased user coverage, improved operational efficiency, and a richer product and service mix, with guidance for a similar growth rate in 2025/26 [3] Financing and Cash Flow - The company optimized its debt structure, reducing the proportion of foreign currency loans to 0.5%, with the average financing cost decreasing from 4.83% to 3.84% - Free cash flow reached HKD 4.66 billion, an increase of 8.7% year-on-year, with expectations for further improvement due to reduced capital expenditures from declining connection numbers [3]

接驳业务继续承压，降幅同比有所收窄。2024/25 财年公司新增居民用户140.05 万户，同比下滑15.5% （去年同比下滑28%）。在接驳用户增量中，存量用户占比达到34.5%，同比增长2.7 个百分点。 2024/25 财年接驳及工程业务合计税前利润仅占公司全部业务税前利润的16.4%，接驳业务对利润贡献 度持续下降。根据公司业绩指引，2025/26 财年新增接驳用户数量小幅下降至100-120 万户，接驳用户 数有望降幅进一步收窄，接驳业务未来对公司整体业绩影响可控。 增值业务与综合能源稳健成长，打造公司成长新动能。2024/25 财年，公司增值业务收入达37.32 亿港 元，同比增长2.1%，经营利润17.5 亿港元，同比增长10.6%。公司以"壹品慧"平台业务作为增值服务业 务主要服务载体，通过增加服务范围及网格精细化管理，盈利能力持续提升。综合能源业务方面，公司 全年供能规模达77.6 亿KWh，切入工商业用户侧储能、绿电、综合能效等业务领域，为客户打绿色低 碳综合能源服务生态，提供多元能源解决方案。 机构：申万宏源研究 研究员：王璐/朱赫 中国燃气发布2024/25 财年业绩。2024/25 ...

机构：交银国际 研究员：郑民康/文昊 较多一次性项目影响2025 财年盈利，自由现金流有较大改善。中燃2025财年报表盈利同比增2.1%，核 心盈利同比降约14%，低于我们预期，主因：1）下半财年零售气量同比下滑1% ，因公司受暖冬影响约 5 个月，导致居民售气同比下跌4%；2）由于船舶出售，期內减少2.6 亿港元的租赁收入；3）2024 财年 有1.5 亿港元的一次性的退税没有在2025 财年再出现。 虽然如此，公司售气毛差同比增约4 分至每方0.54 元人民币，新增居民接驳同比仅下跌15%至150 万 戶，仍高于我们预期的125 万戶，增值业务经营利润同比增长10.6%，合乎预期。同时公司自由现金流 达到新高46.6 亿港元，末期分红亦维持在0.35 港元，合乎预期。 公司目前6.8%的股息率为我们覆盖的燃气分销商中最高，但我们认为目前公司约10 倍2026 财年市盈率 已是合理水平。目前我们认为提高评级仍需要等待盈利/现金流稳定度再提高，从而在股息率和估值上 有更好的平衡点。维持中性评级。 2026/27 财年自由现金流仍有望覆盖目前年度分红。公司2026 财年指引偏向保守：1）零售气增长2%， 售气毛 ...

Core Insights - The launch of the first domestic fund tracking the CSI 300 Free Cash Flow Index, the Huabao CSI 300 Free Cash Flow ETF, marks a significant investment tool in the A-share market focusing on companies with strong free cash flow [1][2] Group 1: Investment Strategy - The fund emphasizes "real cash" free cash flow as the core of its stock selection, targeting the top 50 "cash cows" in the CSI 300 index while excluding financial and real estate sectors [1] - The top five industries represented in the fund include oil and petrochemicals, coal, and telecommunications, accounting for 59% of the fund's composition, providing a defensive yet potentially lucrative investment option in volatile markets [1][5] Group 2: Performance Metrics - Since 2017, the CSI 300 Free Cash Flow Total Return Index has achieved an annualized return of 14.17%, with a cumulative increase of 194.87%, significantly outperforming the CSI 300 Index and traditional dividend strategies [3] - The index's annualized volatility is 17.68%, with a maximum drawdown of -24.70%, which is notably better than the CSI 300 Dividend Index's volatility of 18.41% and maximum drawdown of -41.56% [7][8] Group 3: Competitive Advantages - The fund's strategy benefits from a unique industry allocation that avoids the distortions of financial and real estate sectors, focusing instead on high cash flow sectors, thus creating a robust defensive position against market fluctuations [5] - The average dividend yield of the index's constituent stocks is 3.60%, slightly higher than the CSI 300's 3.46%, combined with strong reinvestment capabilities, enhancing shareholder returns [9] Group 4: Management Expertise - Huabao Fund, recognized as a leading institution in the ETF space, has a strong track record with an equity ETF management scale of 85.3 billion yuan, positioning it well to manage the new fund effectively [10]

Core Viewpoint - The launch of the "Huashang CSI 300 Free Cash Flow ETF Connect Fund" marks a significant development in the domestic fund issuance market, focusing on companies with high free cash flow, which is seen as a key indicator of corporate value and shareholder returns [1][2][3]. Group 1: Fund Launch and Strategy - The "Huashang CSI 300 Free Cash Flow ETF Connect Fund" (Class A: 024367; Class C: 024368) is officially launched, following the earlier release of the 300 Cash Flow ETF (562080) [1][3]. - These funds are among the first in China to track the CSI 300 Free Cash Flow Index, which selects 50 companies from the CSI 300 Index with high free cash flow rates [3]. - The strategy focuses on large-cap blue-chip companies, referred to as "cash cows," which are characterized by high profitability, potential shareholder returns, and low valuations [1][2]. Group 2: Importance of Free Cash Flow - Free cash flow is emphasized as a critical measure of a company's true profitability and its ability to distribute cash to shareholders, as highlighted by investment legends like Warren Buffett and Philip Fisher [2]. - High free cash flow typically indicates better earnings quality and lower company valuations, allowing for dividends or stock buybacks, which enhance shareholder returns [2][7]. - The current economic environment, characterized by uncertainty and a shift towards high-quality development, positions "cash cow" companies favorably due to their strong operational quality and dividend yields [7]. Group 3: Performance Metrics - Since 2017, the cumulative return of the 300 Cash Flow Total Return Index has reached 194.87%, with an annualized return of 14.17%, significantly outperforming the CSI 300 and related indices [4]. - The 300 Cash Flow Total Return Index has demonstrated a higher Sharpe ratio compared to the CSI 300 Dividend Strategy Index, indicating a better risk-return profile [6]. - The index's volatility and maximum drawdown have been lower than those of similar strategy indices, showcasing its defensive attributes [6]. Group 4: Investment Implications - The 300 Cash Flow Index is designed to exclude financial and real estate sectors, focusing on pure high cash flow core assets, making it suitable for investors looking to avoid these sectors [7]. - The launch of the "Huashang CSI 300 Free Cash Flow ETF Connect Fund" provides a new investment tool for both onshore and offshore investors to access A-share large-cap blue-chip "cash cows" [7].

Investment Rating - The report maintains a "Buy" rating for China Gas [2][7][8] Core Views - The company reported a revenue of HKD 79.26 billion for the fiscal year 2024/25, a decrease of 2.6% year-on-year, while the net profit attributable to shareholders was HKD 3.25 billion, an increase of 2.1% [7] - Free cash flow reached a record high of HKD 4.66 billion, up 8.7% year-on-year, supporting a dividend of HKD 0.50 per share, resulting in a dividend yield of 6.8% [7] - The retail sales volume of natural gas showed a slight increase, with a total sales volume of 39.96 billion m³, down 4.2% year-on-year, but the gross margin improved to HKD 0.537 per m³, an increase of HKD 0.036 per m³ [7] - The connection business faced challenges, with new residential users decreasing by 15.5% year-on-year, but the decline is expected to narrow in the future [7] - Value-added services and comprehensive energy solutions are growing steadily, with revenue from value-added services reaching HKD 3.73 billion, a year-on-year increase of 2.1% [7] Financial Data and Profit Forecast - Revenue projections for the next fiscal years are as follows: HKD 78.49 billion for 2025/26, HKD 75.36 billion for 2026/27, and HKD 76.31 billion for 2027/28 [6] - Net profit forecasts are HKD 3.51 billion for 2025/26, HKD 3.89 billion for 2026/27, and HKD 4.33 billion for 2027/28, reflecting a growth trend [6] - The earnings per share (EPS) are projected to be HKD 0.64 for 2025/26, HKD 0.71 for 2026/27, and HKD 0.79 for 2027/28 [6] - The price-to-earnings (PE) ratio is expected to be 11 for 2025/26, 10 for 2026/27, and 9 for 2027/28, indicating a favorable valuation compared to industry peers [7][8]

Wind 数据显示，本周共有 33 只新基金（仅统计主代码）将发行，其中，指数型基金有 23 只，占比最大。此外，还有 5 只主动权益类（股票型 + 混合型）基金、 5 只债券型基金。 从主题来看，本周发行的指数型基金产品不仅涵盖汽车、人工智能、卫星通信、医药、券 商、红利、航空等相关热门赛道，而且涉及科创、创业板、中证 A100 、中证 A500 等宽基 类指数。 本周，包括 中欧、鹏华、万家、华宝、天弘、嘉实、方正、农银汇理 在内的 8 家基金公司 旗下自由现金流相关指数型基金将 " 同台竞技 " 。 业内人士表示，自由现金流能反映企业的财务状况。随着现金流指数的推广与普及，相关 ETF 的配置价值将逐步为市场所认知，未来发展空间值得期待。 主动权益类产品方面，伴随近期新消费概念崛起，中欧消费精选 、华安消费机遇 等乘势发 行。 【导读】本周 33 只新基金陆续发行 中国基金报记者 曹雯璟 本周（ 6 月 30 日 — 7 月 4 日），全市场将有 33 只新基金发行，指数型基金仍是发行主 力。仅 6 月 30 日一天，就有景顺长城 180 天持有 、中欧消费精选 、嘉实中证全指证券公 司 ETF 、华夏 ...

Core Viewpoint - The article emphasizes the importance of free cash flow as a more reliable indicator of a company's financial health compared to traditional profit metrics, highlighting a recent example of a video giant facing cash flow issues despite years of profitability [1][3]. Group 1: Investment Philosophy - Warren Buffett's investment philosophy focuses on analyzing financial health and competitive advantages, particularly emphasizing the efficiency of free cash flow, competitive advantages, gross margins, liquidity ratios, capital expenditure needs, debt levels, and return on equity (ROE) [1]. - The newly launched Fangzheng Fubon CSI All-Index Free Cash Flow ETF aims to fill the gap in investment tools that focus on cash flow factors, tracking the CSI Cash Flow Index [1][3]. Group 2: Index Composition and Performance - The CSI Cash Flow Index is constructed based on specific criteria, including being in the top 80% of average daily trading volume, positive free cash flow and enterprise value, and positive net cash flow from operating activities for five consecutive years [3]. - The historical performance of the free cash flow index has outperformed broad market indices, with an annualized return of 14.1% since December 31, 2013, exceeding the Shanghai Composite Index by 9.9% and the CSI 300 Index by 9.5% [4][6]. Group 3: Market Context and Strategy - In the current global economic landscape, characterized by increasing risks and a shift towards high-quality development, free cash flow is becoming increasingly vital as a measure of a company's true profitability and financial health [12][13]. - The regulatory environment is also evolving, with new policies emphasizing the quality of earnings and sustainable dividends, aligning with the principles of free cash flow strategies [13]. Group 4: Fund Management - The Fangzheng Fubon CSI All-Index Free Cash Flow ETF is managed by two experienced fund managers, focusing on quantitative investment strategies and aiming to provide investors with access to high cash flow, high certainty quality assets [14].