相关机构表示，现金流指标是衡量企业财务指标健康的核心指标，不仅代表盈利质量，更决定了分红可 持续性与抗风险能力。随着当前市场逐步转入进攻阶段，现金流ETF在当前市场环境的优势也逐步显 现。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流 ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者可持续关注。 没有股票账户的投资者可关注国泰富时中国A股自由现金流聚焦ETF发起联接A（023919），国泰富时 中国A股自由现金流聚焦ETF发起联接C（023920）。 注：现金流ETF完全由国泰基金管理有限公司开发，本基金与伦敦证券交易所集团公司及其附属企业之 间没有关联，也并非受其发起、背书、出售或推广。FTSE Russell是特定LSE Group公司的商标名称之 一。LSE Group概不对任何人士使用本基金或基础数据承担任何责任。 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 ...

Group 1 - The core concept of free cash flow is emphasized by investment masters like Buffett and Munger, stating that "the value of a company equals the present value of its free cash flow during its existence" [2] - Free cash flow reflects the actual cash inflows and outflows, making it a more reliable indicator of operational quality compared to net profit, which can be manipulated [2] - Free cash flow serves as a source for dividends, indicating a company's operational capability and stability, allowing for business expansion or risk management [2] Group 2 - The free cash flow strategy allows for automated quarterly rebalancing, enabling a "buy low, sell high" approach, which is less prone to the pitfalls of traditional index investing [3] - The National Index of Free Cash Flow selects stocks based on their free cash flow yield, calculated as free cash flow divided by enterprise value, allowing for more dynamic adjustments compared to annual or semi-annual strategies [3] - The current market trend shows that smaller market cap indices, like the National Index of Free Cash Flow, have outperformed larger indices, with a cumulative increase of 48.83% from January 1, 2025, to July 25, 2025 [4][6] Group 3 - The National Index of Free Cash Flow has a more stable cash flow profile, with its top sectors being household appliances and automobiles, which are less cyclical compared to other indices dominated by cyclical industries like coal and transportation [8][9] - The expected net profit growth rates for the National Index of Free Cash Flow are projected to be 27.45% and 6.32% for 2025 and 2026, respectively, indicating superior growth potential compared to other cash flow indices [9] Group 4 - In the context of global trade uncertainties, there is an increasing demand for stable equity assets, with cash flow strategies focusing on large-cap blue-chip companies and sectors with strong cash generation capabilities [12] - The current low interest rate environment enhances the attractiveness of high cash flow assets, as investors seek stable alternatives to low-risk investments [13] - The cash flow ETF, Huatai-PineBridge (159276), is highlighted for its combination of small-cap style, abundant cash flow, and high growth potential, making it a robust choice for investors seeking stability amid market volatility [13]