12月11日早盘，国证自由现金流指数震荡上行，现涨约0.5%，成分股亚翔集成、捷佳伟创、模塑科 技、海陆重工等领涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）近20日净流入16.48 亿元，资金抢筹特征显著。 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。 每日经济新闻 招商证券研报表示，近期出台的政策集中在资本市场与消费政策两个领域，建议重点关注促内需政策、 新兴产业政策与重大项目开展情况。从过往经验来看，12月末至次年一季度末是险资传统重要配置窗口 期，前期调整的红利板块有望重新获得关注，风格上更推荐大盘风格。 ...

自由现金流ETF紧密跟踪国证自由现金流指数，国证自由现金流指数反映沪深北交易所自由现金流水平 较高且稳定性较好的上市公司证券价格变化情况。 数据显示，截至2025年11月28日，国证自由现金流指数前十大权重股分别为中国海油、上汽集团、五粮 液、格力电器、中国铝业、洛阳钼业、陕西煤业、厦门国贸、上海电气和正泰电器，前十大权重股合计 占比54.4%。 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)。 截至2025年12月11日9:55，国证自由现金流指数上涨0.46%，成分股亚翔集成、捷佳伟创、模塑科技 （维权）、潍柴动力、洛阳钼业等领涨。自由现金流ETF(159201)上涨0.59%，最新价报1.19元。流动性 方面，截至12月10日，自由现金流ETF近1月日均成交4.55亿元。资金流入方面，自由现金流ETF近5个 交易日合计"吸金"2.16亿元。数据显示，杠杆资金持续布局中。自由现金流ETF连续3天获杠杆资金净买 入，最高单日获得6658.95万元净买入，最新融资余额达1.14亿元。 截至12月10日，自由 ...

中证全指自由现金流指数发布即将满一周年了。 自2024年12月11日指数正式发布以来，相关ETF产品迅速布局，目前已成为境内ETF市场重要的策略主题之一。 在这个颇有纪念意义的节点已成立的现金流ETF情况如何了？ | 证券代码 | 证券间称 | 成立起净值 超越基准收益率 | 基金成立日 | 基金规模合计 | | --- | --- | --- | --- | --- | | | | [单位] % | | [单位] 亿元 | | 562080.SH | 300现金流ETF | 6.86 | 2025-04-07 | 8.11 | | 159232.SZ | 自由现金流ETF南方 | 4.36 | 2025-04-23 | 12.23 | | 159399.SZ | 现金流ETF | 4.21 | 2025-02-19 | 45.69 | | 563390 SH | 现金流ETF全指 | 4.10 | 2025-04-23 | 6.75 | | 159235.SZ | 中证现金流ETF | 3.88 | 2025-04-23 | 17.58 | | 512130.SH | 全指现金流ETF鹏华 | 3.75 | ...

兴业证券指出，低利率环境下，红利资产作为稀缺的稳定高收益品种，有望获得以内地保险资金为 代表的追求绝对收益的配置型资金的持续流入。经济结构转型背景下，流动性宽松大概率将持续较长时 间，国债长端利率趋势性下行，险资等绝对收益资金面临"资产配置荒""压力加剧。在此背景下，红利 布局思路或从此前的"纯债"逻辑向"信用债"逻辑切换，关注更具弹性的自由现金流方向。在牛市环境 中，具备充裕自由现金流意味着兼具分红提升（红利）和扩大资本开支（成长）的潜力，这种进可攻退 可守的选择权为自由现金流板块带来了比普通红利板块更强的弹性空间。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 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，不预示未来表现。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In 2025, the CSI Cash Flow Index performed excellently, with an excess return of 11.2% compared to the CSI Dividend Index as of the end of November, mainly coming from the second half of the year. The index can stably outperform the CSI Dividend Index in the long - term, and its relative excess return does not depend on the dominance of growth or value styles [5][8]. - The adjustment of constituent stocks contributed good returns to the index. The high - frequency and high - proportion adjustment of constituent stocks in the past year has brought good performance, especially the 49 stocks included on June 16, with an average return of 27.1% in 90 days after inclusion, much higher than the 11.9% of the excluded stocks. The index also showed significant industry timing ability [5][15]. - The industry rotation strategy based on the industry distribution of the CSI Cash Flow Index had an annualized return of 12.8% and an annualized excess return of 1.9% since 2014. The index's industry allocation ability can bring significant excess returns in the value - dominant style, but the excess return is prone to large drawdowns in the growth - dominant style [5][20]. Summary by Directory 2025 CSI Cash Flow Index Performed Excellently - At the beginning of 2025, free - cash - flow index funds became a hot topic in the market. As of November 30, 59 new cash - flow index funds were issued, tracking multiple cash - flow - related indexes. The cash - flow index was questioned due to high - frequency constituent stock updates, over - fitting risks, and opaque historical data. From January to February, it significantly underperformed the dividend index, causing doubts about its excess - return stability [8]. - As of the end of November 2025, the excess return of the CSI Cash Flow Index compared to the CSI Dividend Index reached 11.2%, mainly from the second half of the year. In the first half, it underperformed by 2.5 percentage points, but from mid - July, it significantly outperformed, with a cumulative excess return of 14.1% in the second half [5][8]. - At the beginning of the value - to - growth style switch, the cash - flow index is prone to underperform the dividend index, which is in line with historical rules. During the value - to - growth style switch starting from September 2024, the CSI Cash Flow Index underperformed the CSI Dividend Index by 7.2 percentage points from November 13, 2024, to April 8, 2025 [11]. - The cash - flow index performed well both when the market rose significantly and the growth style dominated from July to September, and when the market adjusted and the value style dominated from October to November. Since July, it has achieved significant excess returns compared to the dividend index [12]. Component Stock Adjustment Contributed Good Returns to the Index - The CSI Cash Flow Index has a high - frequency and often high - proportion adjustment of constituent stocks. In the past year, the adjustment of constituent stocks contributed good returns. The index conducts quarterly adjustments in March, June, September, and December. In 2025Q3, 2025Q2, 2025Q1, and 2024Q4, the number of changed constituent stocks was 39, 49, 8, and 44 respectively. Except for the 8 stocks included on March 17, the average return of included stocks was higher than that of excluded stocks in other adjustments [15]. - In June, the index significantly increased its holdings in non - ferrous metals, power equipment and new energy, and machinery industries, showing significant industry timing ability. The non - ferrous metals (increased by 5.6%), agriculture, forestry, animal husbandry and fishery (increased by 5.3%), machinery (increased by 3.1%), and power equipment and new energy (increased by 2.7%) industries that were significantly increased in June had gains of 44%, 12%, 27%, and 43% respectively in the third quarter [16][17]. Industry Rotation Strategy Based on the Industry Distribution of the CSI Cash Flow Index - Since the free - cash - flow index has significant alpha returns, and industry allocation and timing ability are important sources of its excess returns, an industry rotation strategy is constructed based on the industry distribution of the CSI Cash Flow Index to verify its industry allocation ability. Due to the limited public data of the index's constituent stocks, the self - calculated constituent stocks since December 2013 are used [19]. - The industry rotation strategy based on the industry distribution of the CSI Cash Flow Index has an annualized return of 12.8% and an annualized excess return of 1.9% since 2014. The accumulation of excess returns has significant periodic characteristics. The index's industry allocation ability can bring more significant excess returns in the value - dominant style, while the excess return is prone to large drawdowns in the growth - dominant style [20].

Core Viewpoint - In the context of "low interest rates + asset scarcity," discovering the intrinsic value of companies has become the core strategy for investment breakthroughs. Free cash flow, regarded by Buffett as the "gold standard of corporate value," serves as a buffer against cyclical fluctuations and supports long-term dividends and sustained R&D investments, marking a critical investment opportunity for high free cash flow assets [1][6]. Fund Overview - Following the issuance of the Great Wall National Certificate Free Cash Flow Index Fund in August, Great Wall Fund has launched another free cash flow-themed product: the Great Wall CSI 300 Free Cash Flow Index Securities Investment Fund (Class A 024225, Class C 024226). This fund aims to provide quality options for investors to allocate to core "cash cow" assets in the A-share market [1][6]. - The CSI 300 Free Cash Flow Index (932366.CSI) is a key tool for efficiently allocating to leading A-share companies with high cash flow. The index selects 50 high free cash flow rate stocks from the CSI 300 index, excluding financial and real estate sectors, with strict selection criteria [1][6]. Financial Metrics - As of November 24, the average total market capitalization of the index constituents exceeds 300 billion, with over 30 constituents having a market cap exceeding 100 billion, accounting for 88.18% of the weight. The index's debt-to-asset ratio is 43.55%, lower than the CSI 500 and CSI 1000 free cash flow indices, which are 49.91% and 44.94%, respectively. The average return on equity is 10.24%, higher than the aforementioned indices [2][7]. - The index's dividend yield over the past 12 months is 3.89%, outperforming the CSI 500 and CSI 1000 free cash flow indices, which yield 3.14% and 2.76%, respectively [2][7]. Historical Performance - Since its inception on December 31, 2013, the CSI 300 Free Cash Flow Index has increased by 225.30% (annualized growth rate of 10.74%). In comparison, the CSI A500 and CSI 300 indices have risen by 105.49% and 90.90%, respectively [2][7]. - The index has shown strong resilience, with positive returns in 8 out of the 11 complete years since 2014 [2][7]. Manager's Perspective - The proposed fund manager, Tao Shubin, believes that free cash flow assets possess both defensive value and growth potential. Companies with stable free cash flow have high dividend potential and can navigate market cycles effectively. Additionally, ample free cash flow can provide the necessary resources for technological upgrades and industry consolidation during recovery phases [3][8]. Future Plans - Great Wall Fund plans to continue developing more index investment products to actively adapt to the evolving capital market and investor demand [9].

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，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 兴业证券指出，低利率环境下，红利资产作为稀缺的稳定高收益品种，有望获得以内地保险资金为 代表的追求绝对收益的配置型资金的持续流入。经济结构转型的大背景下，流动性宽松大概率将持续较 长时间，国债长端利率趋势性下行，险资等绝对收益资金面临"资产荒"压力加剧。红利布局思路或从此 前 ...

自由现金流ETF紧密跟踪国证自由现金流指数，数据显示，截至2025年11月28日，国证自由现金流指数 (980092)前十大权重股分别为中国海油、上汽集团、五粮液、格力电器、中国铝业、洛阳钼业、陕西煤 业、厦门国贸、上海电气和正泰电器，前十大权重股合计占比54.4%。 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)。 截至12月9日，自由现金流ETF近6月净值上涨17.83%。从收益能力看，截至2025年12月9日，自由现金 流ETF自成立以来，最高单月回报为7%，最长连涨月数为6个月，最长连涨涨幅为22.69%，涨跌月数比 为7/2，上涨月份平均收益率为3.2%，月盈利百分比为77.78%，月盈利概率为80.45%，历史持有6个月 盈利概率为100%。截至2025年12月9日，自由现金流ETF近6个月超越基准年化收益为8.18%。 费率方面，自由现金流ETF管理费率为0.15%，托管费率为0.05%。 截至2025年12月9日15:00，国证自由现金流指数下跌1.87%。成分股方面涨跌互现，福建高速、蠡湖 ...

Group 1 - The market experienced fluctuations in the afternoon, with sectors such as components, CPO, dairy, and retail showing gains, while industrial metals, steel, and coal sectors faced declines. As of 14:17, the National Free Cash Flow Index dropped by 2.0% [1] - GF Securities previously stated that free cash flow is a cash flow-based metric reflecting the actual cash available to companies for retention, dividends, buybacks, and debt servicing, making it an important indicator of financial health and profitability [1] - Companies with abundant free cash flow can share in long-term growth dividends and are better positioned to navigate economic cycles. In the context of policy support and market style shifts, the free cash flow index is expected to serve as a "ballast" for asset allocation [1] Group 2 - The National Free Cash Flow Index focuses on A-share listed companies with high and stable free cash flow levels, considering industry, liquidity, ROE stability, free cash flow, enterprise value, and operating cash flow during sample selection [1] - The top three industries in the index are non-ferrous metals, automotive, and oil and petrochemicals, providing a balanced allocation of quality "cash cow" companies that combine high-quality profitability with strong defensive attributes [1] - The E Fund Free Cash Flow ETF (159222) offers a management fee rate of 0.15% per year, providing investors with a convenient tool for bottom-line allocation amid market volatility [1]

Group 1 - The A-share market experienced a weak adjustment on December 9, with the Guozheng Free Cash Flow Index dropping over 1.4% during the session, while stocks like Hongqi Chain, China Power, and Weichai Heavy Industry led the gains, and companies such as Luoyang Molybdenum, China Aluminum, and Nanshan Aluminum faced declines [1] - The largest free cash flow ETF (159201) saw significant capital inflow, accumulating a total of 2.236 billion yuan over the past 22 days, with a peak single-day net inflow of 253 million yuan [1] - According to a report from Zhongyin Securities, the market remains in an upward trend supported by capital and policy, with expectations for A-shares to continue rising next year due to valuation support and stabilizing profits, indicating an early start to the cross-year allocation market [1] Group 2 - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance suitable for long-term investment [1] - The annual management fee for the fund is 0.15%, and the custody fee is 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [1]