自由现金流，是一个无法美化的指标，真实又可靠。 什么叫自由现金流？就是企业赚的钱，在交完房租、发完工资、买完设备之后剩在口袋里的真金白银。 传统财务报表里的"利润表"，就像用美颜相机拍照，看似光鲜，却可能隐藏瑕疵。而自由现金流 （FCFF）则像X光片，穿透会计手段的粉饰，直接呈现企业的"造血能力"。1980年代美国学者拉巴波特 就喊出"别光看利润表，自由现金流才是真爸爸"。 | 近2年涨跌幅 57.13 2023/11/21 2023/11/20 | | --- | | 近3年涨跌幅 ９８．９９ 2022/11/21 2022/11/20 | 自由现金流ETF 159201 ##c:023918 联接c:023918 注: 数据來透V 提，不只备长期 005年11月19日盘唱歌剧，同描歌是怪獣群同正向成歌金流唱歌，夜致博 自由晚会流剧剧《日为2012.12.31, 深圳证券前身有限公司于2004.1598 该数据为时点数 流量双膜一指定日期的 排数区间滑糖燥用用 125 September 17.69%, 13.05%, 49.15% 修订,自基日成8 5.95% 28.93 k. 自由理念流理 年度准版的: ...

自由现金流的计算公式很简单就是经营活动现金流-资本支出。这钱企业想咋花咋花，既能给股东发红 包，又能投资新项目，堪称"奶水充足"的现金奶牛！ 自由现金流目TF 159201 ##c:023918 联接c:023918 不过，自由现金流也不是万能的。重资产行业天生需要大量资本支出，自由现金流较弱。因此一般在应 用自由现金流策略时，都会剔除银行、地产这些行业，以免出现较大偏差。 所以你看不同行业，甚至是不同体量的公司，都会带来自由现金流上的较大差异，无法直接比较。这时 候用企业的自由现金流比上企业的价值，就可以得出可比较的自由现金流率了。它能相同公平地解决这 一问题。咱一直追踪的也是这个指标。那么当前国证自由现金流指数成分股们的现金流率到哪了呢？让 我们一起看图： | | | 近2年涨跌幅 61.58 2023/11/14 2023/11/13 | | --- | --- | --- | | 近3年涨跌幅 | 99.78 | 2022/11/14 2022/11/13 | 自由现金流，是一个无法美化的指标，真实又可靠。 啥叫自由现金流？说人话就是企业赚的钱，在交完房租、发完工资、买完设备之后剩在口袋里的真金白 银 ...

Group 1 - The core viewpoint of the article discusses the significance and characteristics of the Free Cash Flow Index, its historical performance, and its current valuation compared to other indices like dividends and value indices [1][27][35] - The article outlines four common types of indices in the A-share market: broad-based indices, strategy indices, industry indices, and thematic indices [5][6][7][8][9] - It highlights six major strategy indices, including Free Cash Flow, which is closely related to the investment philosophies of Warren Buffett and Benjamin Graham [10][11][12][13][14] Group 2 - The Free Cash Flow Index is defined as the cash available to a company after it has paid for its operating expenses and capital expenditures, emphasizing its importance in assessing a company's financial health [18][20] - The Free Cash Flow Rate is introduced as a key metric, calculated as Free Cash Flow divided by Enterprise Value, which helps in selecting stocks with the highest Free Cash Flow Rate [21][22][23] - The article differentiates the Free Cash Flow Index from dividend and value indices, noting that it includes companies with strong cash flows that may not pay high dividends, thus providing a broader investment opportunity [24][25][26] Group 3 - The article lists four significant Free Cash Flow indices currently in the market, including the FTSE China A-Share Free Cash Flow Focus Index and the CSI 800 Free Cash Flow Index [27][28] - It provides detailed information about the CSI All Index Free Cash Flow Index, including its launch date, weighted methodology, and selection rules, which exclude financial and real estate stocks [29][30] - The industry distribution and top holdings of the CSI All Index Free Cash Flow Index are presented, showing a focus on sectors like industrials and materials, contrasting with the higher financial sector representation in dividend indices [32][34] Group 4 - Historical performance data indicates that the CSI All Index Free Cash Flow Index achieved an annualized return of 14.12% from December 31, 2013, to August 6, 2025, significantly outperforming the broader index [35][51] - The article discusses the valuation metrics of the Free Cash Flow Index, noting that it is essential to consider multiple factors when evaluating its performance [39][40] - The article concludes with insights on the potential of the Free Cash Flow Index as a valuable investment strategy, particularly in conjunction with dividend and value indices that have a higher financial sector exposure [54][55]