Group 1 - The Free Cash Flow Index has significantly outperformed the market and dividend indices, showing a strong absolute return attribute and benefiting from market downturns [6][8][10] - The Free Cash Flow Index exhibits a notable large-cap value style, with similar exposure to market, value, and large-cap styles compared to dividend indices [11][12][18] - The Free Cash Flow Index can effectively expand value style investment tools, with Sharpe ratios higher than market and dividend indices [18][21] Group 2 - The Free Cash Flow strategy performs well in environments of rising U.S. Treasury rates or tightening credit conditions, with a strong relative performance during these periods [24][25][26] - The Free Cash Flow Index and dividend style indices have similar periods of outperformance, generally outperforming the market during value style dominance [27][28] - A timing strategy based on U.S. Treasury rates, credit conditions, and style momentum has yielded an annualized return of 19.1% since 2015, surpassing the CSI Cash Flow Index by 4.7 percentage points [30][31] Group 3 - The Free Cash Flow Index focuses on financial quality, excluding financial and real estate sectors, and has a higher turnover rate, making it more sensitive to fundamental changes compared to the dividend index [33][36] - The Free Cash Flow Index has a higher concentration of individual stocks, with the top 10 stocks accounting for over 65% of the index, leading to greater exposure to large-cap value styles [36][37] - The alpha source of the Free Cash Flow Index is significantly driven by industry allocation and timing capabilities, with annualized excess returns of 9.0% and 8.9% for different indices [39][42]

Core Insights - The report highlights the increasing focus of public funds in China on free cash flow products, with 17 fund companies having filed for a total of 36 related products as of March 28, 2025 [6][7][8] - The domestic free cash flow index has shown significant excess returns compared to benchmarks over the past decade, particularly in both rising and falling market conditions [7][8] - The report indicates a preference for energy and consumer sectors within the free cash flow index, while technology and growth sectors are underweighted [7][8] Group 1: Free Cash Flow Strategy - The investment essence of free cash flow (FCF) is emphasized as a crucial indicator in corporate financial analysis and valuation, underpinning sustainable growth and value distribution [6][7] - The report notes that the free cash flow index has a high concentration in small to mid-cap stocks, with a notable low price-to-earnings (PE) and high price-to-book (PB) ratio compared to benchmarks [7][8] - The U.S. market has seen rapid development of cash flow strategy ETFs, with products focusing on free cash flow as a core selection strategy gaining traction [8] Group 2: Fund Advisor Portfolio Insights - As of the end of March 2025, there are 423 fund advisor portfolios available on the Tian Tian Fund APP, reflecting an increase of 4 portfolios from the previous month [10][11] - The performance tracking of various portfolio types indicates that aggressive, balanced, and conservative portfolios have outperformed similar fund of funds (FOF) products [10][11] - The report details changes in fund holdings, with conservative portfolios reducing bond fund allocations while increasing cash fund allocations [12][13] Group 3: Market Trends and Economic Indicators - The Shanghai Stock Exchange reports that long-term funds, including social security and insurance funds, are increasing their market participation, bolstered by supportive government policies [16][17] - The State-owned Assets Supervision and Administration Commission (SASAC) is actively encouraging central enterprises to enhance share buybacks and support listed companies, aiming to boost market confidence [17] - The report notes a significant increase in the Chinese liquid cooling server market, projected to grow at a compound annual growth rate of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [20][21]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Free cash flow (FCF) is an important indicator in corporate financial analysis and value assessment. Abundant and sustainable FCF is the fundamental guarantee for corporate value distribution and growth [4]. - China's public - fund market is accelerating the layout of FCF - related products. As of March 28, 2025, 17 fund companies have declared 36 related products [4]. - Domestic FCF indices have shown significant excess returns compared to their benchmarks over the past decade, with distinct characteristics in industry allocation, market - value distribution, and valuation [4]. - The US ETF market has a rich variety of "cash - flow" strategy products. Single - factor and multi - factor strategy products related to FCF have large scales, and new products with innovative strategies are emerging [4]. 3. Summary According to the Table of Contents 3.1 Free Cash Flow Strategy's Investment Connotation 3.1.1 Concept and Underlying Philosophy of Free Cash Flow - FCF is the remaining cash flow available to all capital providers after a company meets its reinvestment needs from core operations. There are two ways to calculate it, and the latter is easier for quick estimation [8][9]. - FCF can accurately measure a company's sustainable internal cash - creation ability, reducing the impact of accounting treatments. It is crucial for corporate strategic and financial decisions [12][13]. 3.1.2 Layout of Free - Cash - Flow Products in China's Public - Fund Market - As of March 28, 2025, 17 fund companies have declared 36 FCF - related products, mainly ETFs. These products mainly track 5 indices, all using "free - cash - flow yield" as the core selection and weighting criterion [4][17]. - After the launch of FCF ETFs, their share has been increasing. There are currently 4 products under issuance or awaiting issuance, and most of the others are in the material - correction or feedback stage [18][19]. 3.2 Domestic Free - Cash - Flow Index Analysis 3.2.1 Compilation Rules of Free - Cash - Flow Indices - Five domestic free - cash - flow indices have similarities, such as using "free - cash - flow yield" as the core selection and weighting criterion, excluding financial and real - estate stocks, and having requirements for earnings quality. They also have differences in stock - selection space, component quantity, and screening requirements [21][22][24]. 3.2.2 Performance of Free - Cash - Flow Indices - Over the past decade, free - cash - flow indices have had significant excess returns compared to their benchmarks. In slightly rising or falling markets, the excess returns are more prominent. In the short - term, the performance of FCF factors has been poor, but in the long - term, they have better risk - return ratios and stronger anti - risk abilities [28][33][38]. 3.2.3 Industry Allocation Characteristics of Free - Cash - Flow Indices - Free - cash - flow indices generally over - allocate energy and consumer industries and under - allocate technology and other growth industries. They have high industry concentration, with the sum of the top three industries' weights exceeding 40% [40]. 3.2.4 Market - Value Distribution Characteristics of Free - Cash - Flow Indices - The components of the Guozheng Free - Cash - Flow Index and the CSI Cash - Flow Index are mainly concentrated in small - and medium - cap stocks, while the 300 Cash - Flow and 800 Cash - Flow Indices are more concentrated in ultra - large - cap stocks compared to their benchmarks [46][49]. 3.2.5 Valuation Characteristics of Free - Cash - Flow Indices - Free - cash - flow indices mostly have lower PE and higher PB than their benchmarks, indicating high earnings - quality requirements. Their dividend yields are also higher than those of the benchmarks [51][53]. 3.3 Development and Current Situation of "Cash - Flow" Strategy ETF Products in the US Market 3.3.1 Development of Free - Cash - Flow - Related ETF Products in the US Market - There are 42 free - cash - flow - related ETF products in the US market, including passive and active ETFs, single - factor and multi - factor strategy products, and ETF - FOF products. Single - factor and multi - factor strategy products have large scales [55][56]. - Early products used "cash flow" as one of the fundamental factors, while products with "free cash flow" as the core selection strategy emerged later but developed rapidly. Products have become more diverse and innovative [60][61][62]. 3.3.2 Product Layout of Representative Companies - Pacer's Cash Cow ETFs series focuses on using FCF to select companies with stable finances and high - quality profitability. It is divided into value and growth series, covering multiple regions and asset classes [66][69]. - Schwab Fundamental ETF series incorporates the cash - flow dimension into a diversified stock - selection system. It covers the US and international markets, and its representative products have large scales and good performance compared to benchmark value indices [81][84]. 3.3.3 Innovative Development of Free - Cash - Flow Factors - In single - factor strategies, products have evolved from focusing on historical FCF to considering both historical and expected FCF, and from focusing on absolute FCF to FCF growth sustainability [90][94]. - In multi - factor strategies, products add growth factors to address the limitations of FCF factors. Actively managed products based on FCF models have also gained market recognition, and FCF - based hedging - strategy ETFs have advantages in different market environments [96][99][104].

很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； 文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 • 有法律问题，需要律师，律师也是顾问。 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门免费课程，详细介绍了基金投顾的相关知识。 长按识别下方二维码，添加@课程小助手，回复「 基金投顾 」即可领取～ ( ) 银行螺丝钉 假村 元音 原价29.9元 5 - 1 - 快速了解基金投顾 课程介绍 ·基金投顾是什么 ·基金投顾有哪些优势 · 如何通过「投」和「顾」帮你 获得好收益 同复「基金投顾」免费领取 #螺丝钉小知识 而自由现金流策略,是除了这6大主流策 略之外,起源于巴菲特等投资大师的一种 投资策略。 那ノ 险旦白山和令达呢? 那么，陌走目四犹亚洲恍： 最常见的估值指标是市盈率，里面用的是 企业的盈利数据。 不过，企业的盈利，不一定代表企业的自 由现金流。 例如有的企业赚到了盈利，但下一年还得 投 ...

Group 1 - The core viewpoint of the news highlights the performance and significance of the Free Cash Flow ETF (159201), which has seen a notable increase in trading volume and market interest, indicating a shift towards long-term investment strategies focused on free cash flow [1][2] - As of March 31, 2025, the Free Cash Flow ETF (159201) has reached a new high in circulation scale at 2.789 billion yuan, with a trading volume of 2.775 billion shares, reflecting strong investor demand and a significant net inflow of 1.311 billion yuan over the last 11 trading days [1] - Huatai Securities emphasizes that dividend strategies remain a key focus, predicting that listed insurance companies will continue to increase their allocation to FVOCI stocks with dividend characteristics in 2024, driven by a decline in cash yield [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index, with free cash flow being essential for corporate survival and the ability to maintain stable cash dividends [2] - The management fee for the Free Cash Flow ETF 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, making it an attractive option for investors [2]

规模方面，截至2025年3月26日，自由现金流ETF（159201）最新流通规模为24.5亿元，流通份额 23.79亿份，再次刷新创上市以来新高。自2月27日上市以来，合计吸金17.03亿元，资金抢筹特征显著。 【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 方正证券认为，自由现金流策略秉持"现金为王"理念，强调关注企业产生自由现金流的能力，具有 衡量企业真实盈利能力、评估企业财务健康状况、预测企业未来发展潜力的重要作用。自由现金流策略 聚焦的企业，由于具备稳定的经营状况和持续的自由现金流，恰好符合长期资金的投资需求，有望成为 长期资金穿越周期波动、实现资产稳健增值的重要手段。 2025年3月27日，市场早盘震荡反弹，三大指数小幅上涨。盘面上，市场热点集中在化工和半导体 两大方向。长期投资新范式自由现金流ETF（159201）震荡调整，盘中成交额超3.5亿元，交投活跃， 成交额换手率均位居同类第一。指数成 ...

Group 1 - The core viewpoint of the news highlights the active trading of the Free Cash Flow ETF (159201), which has surpassed a trading volume of 450 million yuan, achieving the highest turnover rate among its peers [1] - As of March 24, 2025, the Free Cash Flow ETF (159201) has reached a new high in circulation scale at 2.084 billion yuan, with a total of 2.027 billion shares, marking its first time exceeding the 2 billion yuan threshold since its launch [1] - The ETF has seen significant net inflows, totaling 1.34 billion yuan over 16 out of 18 trading days since its launch on February 27, indicating strong demand from investors [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the National Securities Free Cash Flow Index, which selects stocks with positive and high free cash flow, providing a clear and high-quality index representation [2] - The fund management fee is set at 0.15% and the custody fee at 0.05%, both of which are the lowest in the market for similar products [2]

Core Viewpoint - The article discusses the recent surge in the launch of free cash flow ETFs in the Chinese market, highlighting the growing interest from public funds and the potential for increased capital inflow into the A-share market [3][10]. Group 1: New ETF Launches - On March 18, 12 fund companies submitted applications for the first batch of the CSI All Share Free Cash Flow ETFs, marking a significant addition to the growing family of free cash flow ETFs [2][4]. - The CSI All Share Free Cash Flow Index, which will be launched on December 11, 2024, selects 100 listed companies with high free cash flow rates to reflect the overall performance of companies with strong cash flow generation capabilities [5][8]. Group 2: Market Impact - The newly launched free cash flow ETFs are expected to bring more incremental capital to the A-share market, with initial fundraising exceeding 2.1 billion yuan for the first batch of ETFs launched in February [10]. - The two ETFs that were first launched have shown strong capital attraction, with significant increases in their share volumes since listing [11]. Group 3: Investment Strategy and Market Trends - Public funds are increasingly focusing on free cash flow-related themes due to the innovative and clear logic of the indices they track, which emphasize high-quality stocks with cash flow growth potential [12]. - The free cash flow strategy is considered suitable for the current A-share market environment, especially during market corrections and stable periods, as it aligns with the ongoing recovery of the macro economy and corporate earnings [13]. Group 4: ETF Market Development - The year 2024 is projected to be a year of rapid development for ETFs, with the number of listed ETFs expected to reach 1,033 by the end of the year, a 16% increase from the previous year [15]. - Despite the growth, the ETF market faces challenges such as product homogeneity, indicating a need for further innovation in ETF offerings [16][18].