今日早盘，"红利+"指数震荡上行，截至午间收盘，中证红利指数上涨0.7%，国证价值100指数、国证自由现金流指数均上涨0.4%，价值ETF易方达 （159263）和自由现金流ETF易方达（159222）早盘均获资金加码。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF易方达（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 指数历史表现 | 指数名称 | 2013 | | | 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7% | 58% | 30% | -4% | 21% | -16% | 21 | | 国证价值100指数 | 2% | 64% | 16% | 6% | 46% | -16% | 30 | | 国证自由现金流指数 -3% | | 57% | 17% | -2% ...

Core Viewpoint - The "Dividend+" index experienced a volatile pullback in early trading, with various indices showing declines, while funds are still being actively allocated into value and cash flow ETFs [1]. Group 1: Index Performance - The Guozheng Value 100 Index fell by 0.5%, the CSI Dividend Index decreased by 0.7%, and the Guozheng Free Cash Flow Index dropped by 0.8% [1]. - Historical performance of the CSI Dividend Index shows fluctuations, with a peak increase of 58% in 2014 and a decline of 16% in 2018 [7]. - The Guozheng Value 100 Index has shown a strong historical performance with a 64% increase in 2014 and a 46% increase in 2021 [7]. - The Guozheng Free Cash Flow Index recorded a 57% increase in 2014 and a 49% increase in 2020 [7]. Group 2: ETF Activity - The value ETF E Fund (159263) and the free cash flow ETF E Fund (159222) saw net subscriptions of 10 million and 19 million units, respectively, during the morning session [1]. - These ETFs track the Guozheng Value 100 Index and the Guozheng Free Cash Flow Index, providing investors with opportunities to capitalize on related investment styles [1].

Group 1 - The "Hongli+" index showed mixed performance on January 21, with banks and coal stocks experiencing a pullback, while non-ferrous metals strengthened, impacting the index performance [1] - As of the market close, the Guozhen Free Cash Flow Index rose by 0.5%, the Guozhen Value 100 Index fell by 0.03%, and the CSI Dividend Index increased by 1.3% [1] - The Value ETF E Fund (159263) and Free Cash Flow ETF E Fund (159222) saw net subscriptions of 13 million and 5 million units respectively throughout the day, with net inflows of 34 million and 91 million yuan over the past week [1] Group 2 - The Guozhen Value 100 Index employs a three-dimensional screening system based on "high dividends + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The Guozhen Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] - The Free Cash Flow ETF E Fund tracks the Guozhen Free Cash Flow Index, consisting of 100 stocks with high free cash flow levels, with over 70% of its composition in industrial, materials, and consumer discretionary sectors [5]

1月20日，市场震荡分化，科技方向集体降温，"红利+"指数逆势上涨。截至收盘，中证红利指数上涨1.3%，国证价值100指数上涨1.0%，国证自由现金流指 数上涨0.8%，资金借道ETF进行布局，价值ETF易方达（159263）和自由现金流ETF易方达（159222）今日均获超1000万份资金净申购。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF易方达（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 自由现金流ETF易方达 低费率 ▽日 该指数涨跌 0. 8% 指数历史表现 | 指数名称 | | | | 2013 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7% | 58% | 30% | -4% | 21% | -16% | 21 | | 国证价值100指数 | 2% | ...

Core Viewpoint - The "Dividend+" index is experiencing an upward trend, with significant inflows into related ETFs, indicating investor interest in value and cash flow-focused investment strategies [1][3]. Group 1: Index Performance - The National Securities Free Cash Flow Index increased by 0.9% [1] - The National Securities Value 100 Index rose by 0.7% [1] - The CSI Dividend Index saw a 0.3% increase [1] Group 2: ETF Inflows - The value ETF E Fund (159263) received a net inflow of 54 million yuan over the past week [1] - The free cash flow ETF E Fund (159222) attracted a net inflow of 160 million yuan during the same period [1] Group 3: Index Selection Criteria - The National Securities Value 100 Index utilizes a three-dimensional screening system based on "high dividend + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The National Securities Free Cash Flow Index selects samples based on free cash flow rates, combining high dividends with growth potential [1]

Group 1 - The "Dividend +" index showed mixed fluctuations in the morning session, with the Guozheng Value 100 Index rising by 0.8% and the Guozheng Free Cash Flow Index increasing by 0.2%, while the CSI Dividend Index fell by 0.1% [1] - The value ETF E Fund (159263) and the free cash flow ETF E Fund (159222) attracted net inflows of 65 million yuan and 180 million yuan, respectively, over the past week [1] - The Guozheng Value 100 Index employs a three-dimensional screening system of "high dividend + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] Group 2 - The Guozheng Free Cash Flow Index consists of 100 stocks with high free cash flow levels in the A-share market, with over 70% of its composition in industrial, materials, and consumer discretionary sectors, combining high dividends and growth potential [4] - Historical performance data shows that the Guozheng Value 100 Index had a return of 30% in 2021, while the Guozheng Free Cash Flow Index had a return of 18% in the same year [4] - The E Fund's free cash flow ETF has a low fee rate of 0.15% plus an additional 0.05%, making it the only ETF linked to the Guozheng Free Cash Flow Index among its peers [4]

Core Viewpoint - The market showed mixed performance in the morning session, with the "Dividend+" index rising against the trend, indicating a potential shift towards value and cash flow-focused investments [1]. Group 1: Market Performance - The Guozheng Free Cash Flow Index increased by 1.1%, the Guozheng Value 100 Index rose by 0.5%, and the CSI Dividend Index gained 0.3% by midday [1]. - Related ETFs, including the E Fund Value ETF (159263) and E Fund Free Cash Flow ETF (159222), attracted significant capital inflows, totaling 47 million yuan and 74 million yuan respectively over the last three trading days [1]. Group 2: Index Characteristics - The Guozheng Value 100 Index employs a three-dimensional screening system based on "high dividends + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1]. - The Guozheng Free Cash Flow Index consists of 100 stocks with high free cash flow levels, primarily from the industrial, materials, and consumer discretionary sectors, which together account for over 70% of the index [4]. - The E Fund Value ETF (159263) and E Fund Free Cash Flow ETF (159222) track the aforementioned indices, providing investors with opportunities to capitalize on these investment styles [1].

Core Viewpoint - The market is expected to gradually refocus on the consumer sector due to the recovery of high-end consumption and certain mass-market products, along with the implementation of national subsidy policies and funding demands for "high-cut low" strategies [1] Group 1: Market Trends - High-end consumption, including luxury goods and gambling, shows improvement in demand, while some mass consumer goods like beer and dairy products are experiencing governance and structural enhancements [3] - The long-term policy encouragement and low interest rate environment are expected to boost equity allocation dynamics, particularly in high-dividend, stable performance stocks with valuation advantages [1][2] Group 2: Investment Opportunities - Companies with strong global competitive power, particularly in the white goods sector, are enhancing their operational models and supply chains, which is expected to positively impact overall performance [2] - The selected consumer sector stocks have an average dividend yield of over 5% and a projected PE ratio of 13X for 2026, indicating potential for long-term investment [4]

Core Viewpoint - The market showed mixed performance today, with the CSI Dividend Index slightly up by 0.03%, while the Guozhen Value 100 Index and Guozhen Free Cash Flow Index fell by 0.3% and 0.5% respectively. Despite this, there was significant capital inflow into the Easy Fund Free Cash Flow ETF (159222), which saw over 30 million units net subscribed throughout the day [1]. Group 1: Index Performance - The CSI Dividend Index increased by 0.03% at the close [1]. - The Guozhen Value 100 Index decreased by 0.3% [1]. - The Guozhen Free Cash Flow Index fell by 0.5% [1]. Group 2: Investment Opportunities - The Guozhen Value 100 Index employs a three-dimensional screening system based on "high dividend + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1]. - The Guozhen Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1]. - The Easy Fund Value ETF (159263) and the Easy Fund Free Cash Flow ETF (159222) track these indices, providing investors with opportunities to capitalize on related investment styles [1]. Group 3: ETF Characteristics - The Easy Fund Free Cash Flow ETF tracks the Guozhen Free Cash Flow Index, which consists of 100 stocks with high free cash flow levels in the A-share market, with over 70% of the index composed of industrial, materials, and consumer discretionary sectors [6]. - The ETF features a low fee rate of 0.15% plus an additional 0.05% [8].

Group 1 - The market continues its upward trend, with the "Dividend+" index collectively rising over 1%. The Guozheng Free Cash Flow Index and Guozheng Value 100 Index both increased by 1.7%, while the CSI Dividend Index rose by 1.2%. Related ETFs saw increased capital inflow, with the E Fund Free Cash Flow ETF (159222) experiencing a net subscription of nearly 20 million units throughout the day [1] - The Guozheng Value 100 Index employs a three-dimensional screening system of "high dividend + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance. The Guozheng Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] - The E Fund Free Cash Flow ETF (159222) tracks the Guozheng Free Cash Flow Index, which consists of 100 stocks with high free cash flow levels in the A-share market, with over 70% of the composition from industrial, materials, and consumer discretionary sectors [5] Group 2 - Historical performance data shows that the CSI Dividend Index had a return of -7% in 2013, followed by 58% in 2014, and fluctuated in subsequent years, while the Guozheng Value 100 Index had a return of 2% in 2013 and 64% in 2014. The Guozheng Free Cash Flow Index had a return of -3% in 2013 and 57% in 2014 [7] - The E Fund Free Cash Flow ETF has a low fee rate of 0.15% plus an additional 0.05%, making it the only ETF linked to the Guozheng Free Cash Flow Index among its peers [7]