4月21日，易方达基金经理张坤在管基金产品披露2025年一季报。季报显示，今年1季度，张坤管理的几个产品净值涨幅可观，明显超过基准指数。最鲜亮的 的新面孔是顺丰控股(002352.SZ)，在易方达优质精选基金的重仓股中，它取代了分众传媒的位置。 | 1 | 00700 | 腾讯控股 | 8,250,000 | 3,783,833, | | --- | --- | --- | --- | --- | | 2 | 09988 | 阿里巴巴一 W | 31,800,000 | 3,756,287, | | 3 | 600519 | 贵州茅台 | 2,250,500 | 3,513,030, | | 4 | 000858 | 五粮液 | 26,000,000 | 3.415.100. | | ર | 600809 | 山西汾酒 | 15,070,090 | 3,229,218, | | 6 | 000568 | 泸州老窖 | 23,200,100 | 3,009,516, | | 7 | 00883 | 中国海洋石 湘 | 143,000,000 | 2,443,986, | | 8 | 09987 | 百胜中国 | ...

Core Viewpoint - The recent dividend distribution of the cash flow ETF (159399) has led to investor confusion regarding the decrease in unit net value post-dividend, which does not indicate a reduction in overall fund returns [1][2]. Group 1: Dividend Mechanism - Fund dividends are distributions made to investors based on the fund's distributable profits, and the net asset value (NAV) is adjusted downwards to maintain total asset balance during the dividend payout [2][3]. - The analogy of a fruit-bearing tree is used to explain that dividends are akin to the fruits harvested, which, while reducing the tree's weight (NAV), provide tangible cash benefits to investors [2]. Group 2: Importance of Adjusted Net Value - The adjusted net value (also known as the ex-dividend net value) is crucial for accurately assessing fund performance, as it accounts for historical dividends and stock splits, providing a clearer picture of long-term asset appreciation [3][5]. - For the cash flow ETF (159399), as of April 17, the unit net value was 0.9812, while the adjusted net value was 0.9852, indicating a difference of 0.0040, which corresponds to the total dividends received [3][4]. Group 3: Fund Characteristics and Market Context - The cash flow ETF (159399) focuses on stocks with high free cash flow, excluding financial and real estate sectors, and aims to identify "cash cow" companies in the A-share market [5]. - Given the current uncertain market conditions, assets with abundant cash flow are seen as having stronger risk-averse capabilities, and government policies encouraging increased dividend distributions may enhance the attractiveness of such investments [5].

上周，自由现金流ETF赛道再扩容。共有7只开始认购的自由现金流ETF，分别跟踪中证现金流和 800现金流，新上市3只自由现金流ETF，分别跟踪国证自由现金流指数和300现金流指数。 【机构观点】 广发证券认为，自由现金流是基于现金流的指标，反映企业实际可用的现金，可以用于企业现金留 存、分红回购、还债付息等，是衡量企业财务健康和盈利能力的重要指标之一。自由现金流充裕的企业 相对更能规避价值陷阱，同时分享长期增长红利，相对更易穿越经济周期，在政策支持与市场风格切换 的背景下，自由现金流组合有望成为资产配置的 "压舱石"。 【市场复盘】 周五，沪深两市低开震荡，午后指数突然拉升，三大指数震荡回升中一度翻红，但尾盘再次翻绿。 沪深两市成交额继续跌破万亿，创下去年十月以来成交的新地量。自由现金流ETF（159201）拉升走 高，收涨0.42%，当日盘中成交金额2.17亿元，换手率6.51%，盘中交投活跃。 【热点要闻】 【热门ETF】 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，是国内首批自由现金流ETF，其管理年 费率、托管年费率均为市场最低费率水平，具备规模、流动性和费率三重优势。指数聚焦高自由现 ...

自由现金流ETF（159201）实施全市场最低费率水平，管理费年费率为0.15%、托管费年费率为0.05%， 直接增厚投资者长期收益空间，性价比拉满。降费叠加"质量红利"吸引，在"新国九条"政策红利与市场 波动的当下，成为兼顾低费率、高防御与现金流确定性的稀缺配置工具。 此外，华夏国证自由现金流ETF联接基金（A类：023917 / C类：023918）正在募集中，将为场外投资者 提供便利，一键锁定真正拥有"钞能力"的上市公司，布局A股"现金王者"正当其时。 4月18日，市场缩量调整，盘面热点杂乱。国证自由现金流指数逆势飘红，成分股保锐科技涨停，振华 重工、黔源电力、亚太股份等跟涨。相关ETF方面，自由现金流ETF（159201）跟随指数走势上行，成 交额突破1.5亿元，交投活跃。数据显示，其最新份额为35.31亿份，领跑同类产品。 国证自由现金流指数调整阶段相对"抗跌"。取近十年来Wind全A回撤较大区间，国证自由现金流全收益 指数相对宽基及红利指数，大部分时间相对跌幅更小，体现出相对"扛跌"的特点。例如2021年~2024年 信用收缩环境下，社会融资规模逐步缩减，企业对于新增投资和产能扩张持谨慎态度，投资 ...

Group 1 - The A-share market experienced fluctuations and a pullback, while the Cash Flow ETF (159399) rose against the trend, with trading volume exceeding 100 million yuan within the first half hour of opening [1] - The Cash Flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates [1] - According to GF Securities, free cash flow is a key indicator of a company's financial health and profitability, reflecting the actual cash available for retention, dividends, buybacks, and debt servicing [1] Group 2 - Companies with abundant free cash flow are better positioned to avoid value traps and share in long-term growth dividends, making them more resilient through economic cycles [1] - The Cash Flow ETF (159399) has a contractual agreement for monthly dividend assessments, with the second dividend announcement since its launch expected to enhance investor experience [1]

易方达基金指数研究部总经理庞亚平表示，过去十年，A股自由现金流比率高的公司股价走势不断创新 高，高自由现金流比率组合具有较为显著的超额收益，国证自由现金流ETF等相关产品的推出，有助于 满足投资者多样化的配置需求。 另有观点认为，企业如果拥有较高稳健的自由现金流，不仅代表其有较强的分红能力，也表示企业可以 进行回购或再投资。 据了解，包括易方达基金在内的多家基金公司竞相布局自由现金流相关的指数基金。有报道称，目前已 有超40只自由现金流指数跟踪产品上报，并且上报还在持续。这些产品分别跟踪国证自由现金流、富时 中国A股自由现金流和沪深300自由现金流等多个指数。 其中，自由现金流ETF易方达（159222）跟踪的国证自由现金流指数，是国内首个以自由现金流为核心 选股策略的指数，它从全市场筛选出100只自由现金流质量高、稳定性强的股票，并通过季度调仓动态 优化组合。 目前，该指数的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、天山铝业和中国动力，合计权重占到57.24%。 据Wind数据，截至4月16日，该指数自基日（2012/12/31）以来累计上涨335 ...

摘要 自由现金流（Free Cash Flow, FCF）：是衡量企业财务健康状况和投资价值的重要指标之一，反映了企业在满足必要的资本支出后，能够自由支配的现金 金额，反映真实的现金流生成能力。 自由现金流是基于现金流的指标，反映企业实际可用的现金 ，可以用于企业现金留存、分红回购、还债付息等，是衡量企业财务健康和盈利能力的重要指 标之一。 自由现金流充裕的企业相对更能规避价值陷阱，同时分享长期增长红利， 相对更易穿越经济周期，在政策支持与市场风格切换的背景下， 自由现 金流组合有望成为资产配置的 "压舱石"。 中证全指自由现金流指数： 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。 成分股覆盖周期和消费权重相对较高。 根据Wind，截至2025年4月14日，中证自由现金流指数的前5大行业合计权重为65%，重仓行业为煤炭、石油石化、 交通运输、食品饮料和家用电器。覆盖大中小市值股票，其中 小市值股票数量相对较多。持仓相对集中， 前十大重仓股合计权重为65.53%. 历史业绩长期优于沪深300等宽基指数。 以2014年至今作为观察周期，考虑分红再投资， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report mainly presents the latest situation of index product establishment, fundraising, and application, as well as the market performance and capital flow of ETFs in the past week. It shows that in the past week, most stock - asset ETFs declined, with Hong Kong ETFs experiencing significant drops, while agricultural ETFs led the gains. The ETFs targeting the CSI 300 had the largest net capital inflow [1][5]. 3. Summary According to the Directory 3.1 Index Product Establishment, Fundraising, and Application - **Product Establishment and Listing**: In the past week, 14 products such as Huabao CSI 300 Free Cash Flow ETF were established, 11 products such as Jianxin SSE Smart - Selected STAR Market Innovation Value ETF were listed, and 9 products such as Huabao Shenzhen 100 Index A completed fundraising and were about to be established [1][8]. - **Product Issuance Information**: In the coming week, 20 index products will end fundraising, including Huafu Xinhua Zhongchengxin Dividend Value Index A, etc. Twenty - eight products will start fundraising, including Boshi CSI A50 ETF, etc. [1][10][11]. - **Product Application Information**: In the past week, a total of 32 index products were applied for. There were 18 theme - type products covering themes such as securities, artificial intelligence, and free cash flow. Four index - enhanced products tracked targets like the CSI A500 and the STAR Market Composite Index. There were 2 broad - based products, 1 bond fund, 2 cross - border Hong Kong - stock connect funds, and 5 linked funds [2][15]. 3.2 ETF Market Review - **Stock - Asset ETFs**: In the past week (2025/4/7 - 2025/4/11), most stock - asset ETFs declined. Among A - share ETFs, the STAR 50 ETF had a relatively small decline of - 0.66%, while the ChiNext 50 ETF and CSI 500 ETF had relatively large declines of - 7.97% and - 4.56% respectively. Hong Kong ETFs had significant drops, with the Hang Seng Internet ETF having the largest decline of - 8.43%. Among US - stock ETFs, the Nasdaq ETF rose slightly by 0.28%, while the S&P 500 ETF declined by 2.95% [5][18]. - **Commodity ETFs**: Gold ETFs and soybean meal ETFs had obvious increases of 2.47% and 2.31% respectively, while energy - chemical ETFs and non - ferrous ETFs declined significantly by - 6.97% and - 5.52% respectively [5]. - **Industry ETFs**: Most industry ETFs declined, while most sub - ETFs in the consumer category rose. The medical, cyclical, and financial - real - estate category ETFs all declined. Among sub - industries, the communication ETF and photovoltaic ETF had relatively large declines of - 8.73% and - 8.09% respectively. The agricultural ETF had the highest increase of 2.62%, and the chip ETF had a relatively high increase of 1.27%. The food - beverage ETF and military - industry ETF rose slightly by 0.15% and 0.39% respectively [5]. - **Cross - Border ETFs**: Most major broad - based indices in cross - border markets declined, while major US broad - based indices had relatively large increases. The Nasdaq 100 and S&P 500 rose by 7.43% and 5.70% respectively. The China Internet 50 and Hang Seng Index had relatively large declines of - 10.66% and - 8.47% respectively [22]. 3.3 ETF Capital Flow - As of April 11, 2025, there were 1167 ETFs in the entire market, with a latest total scale of 3923.952 billion yuan, an increase of 108.423 billion yuan compared to the previous week. Among non - monetary ETFs, the ETFs targeting the CSI 300 had the largest net capital inflow of 98.752 billion yuan, while the ETFs targeting the CSI A500 had the largest net capital outflow of 4.232 billion yuan. In the past week, Huatai - Peregrine CSI 300 ETF and E Fund CSI 300 ETF had relatively high capital inflows of 34.004 billion yuan and 24.698 billion yuan respectively [5][29][31].

从估值层面来看，自由现金流ETF跟踪的国证自由现金流指数最新市盈率（PE-TTM）仅12.02倍，处于近1年13.71%的分位，即估值低于近1年86.29%以上的 时间，处于历史低位。 截至2025年4月14日15:00，国证自由现金流指数(980092)强势上涨1.16%，成分股齐心集团涨停，亚太股份上涨8.28%，一汽富维上涨7.29%，天虹股份、潍 柴重机等个股跟涨。自由现金流ETF(159201)上涨0.96%，最新价报0.95元。 流动性方面，自由现金流ETF盘中换手9.73%，成交3.25亿元。拉长时间看，截至4月11日，自由现金流ETF近1周日均成交4.23亿元。 资金流入方面，自由现金流ETF最新资金净流入3560.91万元。拉长时间看，近5个交易日内有4日资金净流入，合计"吸金"3.30亿元，日均净流入达6604.47万 元。份额方面，自由现金流ETF最新份额达35.71亿份，创成立以来新高。 自由现金流ETF（159201）跟踪国证自由现金流指数，聚焦"现金牛"企业，助力投资者精准定位优质资产。此外，自由现金流ETF实施全市场最低费率水 平，管理费年费率为0.15%、托管费年费率为0.05 ...

Group 1 - The core viewpoint of the news highlights a strong performance of the Guozheng Free Cash Flow Index, which rose by 1.22%, with significant gains in constituent stocks such as Tianhong Co. and Qixin Group reaching their daily limit [1] - The Free Cash Flow ETF (159201) closely follows the index's upward trend, with a trading volume of 1.54 billion yuan and a turnover rate of 4.59% during the session [1] - Over the past week, the Free Cash Flow ETF has averaged a daily trading volume of 4.23 billion yuan, indicating robust market interest [1] Group 2 - The Free Cash Flow ETF has seen a net inflow of 356.09 million yuan recently, with four out of the last five trading days recording net inflows totaling 330 million yuan, averaging 66.04 million yuan per day [1] - The latest share count for the Free Cash Flow ETF reached 3.571 billion shares, marking a new high since its inception [1] - The total scale of the Free Cash Flow ETF has reached 3.348 billion yuan, also a record high since its establishment [1] Group 3 - The Free Cash Flow ETF tracks the Guozheng Free Cash Flow Index, which reflects the price changes of listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [3] - As of March 31, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index accounted for 57.24% of the index, including companies like Midea Group and China National Offshore Oil Corporation [3] - The latest price-to-earnings ratio (PE-TTM) for the Guozheng Free Cash Flow Index is 12.02, indicating it is at a historical low, being below 86.29% of the time over the past year [3]