在低利率与市场波动加剧的背景下，自由现金流策略正成为投资新选择。 8月2 1 日， 金 鹰基金 绝对收益投资部基金经理孙倩倩深度解析自由现金流 " 真金白银 " 的逻辑，揭秘指数编制规则及 当前政策红利的潜在影响。 直播金句： 政策红利下，指数成份股盈利质量提升、分红能力增强，推动其长期"可持续回报"属性凸 显。对投资者而言，该指数基金可作为布局这一趋势的高效工具，尤其是在存量经济时代追 求稳健复利的配置需求中价值显著。 自由现金流资产的崛起是市场对盈利质量、政策红利和长期收益三重逻辑的共识，其生命力 将持续依赖于企业基本面的改善和投资者对"真价值"认知的深化。 直播实录： 自由现金流指数 穿透财务表象、聚焦企业真实盈利质量 从直观来看，现金流指数行业更均衡、市值更均衡，成长性比红利指数更强。 "反内卷"政策通过优化供给生态和现金流创造能力，与中证全指自由现金流指数的"高现金 流、低扩张、重回报"选股逻辑深度绑定。 主持人：请倩倩总给我们科普一下自由现金流的定义是什么？ 孙倩倩： 自由现金流其实是一个企业财务概念，它指的是企业在满足了自身运营和再投资需求之 后，还能剩下的那些可以自由支配的现金流量。换句话说， ...

Group 1 - The liquidity of the Free Cash Flow ETF has shown a turnover of 7.55% during the trading session, with a transaction volume of 17.41 million yuan, and an average daily transaction volume of 32.81 million yuan since its listing [2] - The Free Cash Flow ETF tracks the CSI All Share Free Cash Flow Index, which selects 100 listed companies with high free cash flow rates, reflecting the overall performance of companies with strong cash flow generation capabilities [2] - As of April 30, 2025, the top ten weighted stocks in the CSI All Share Free Cash Flow Index account for 65.37% of the index, including companies like China Shenhua, Midea Group, and China National Offshore Oil Corporation [2] Group 2 - The LPR has experienced its first decline of the year, with the 5-year LPR dropping to 3.5% from 3.6% and the 1-year LPR decreasing to 3% from 3.1% [3] - The China Securities Regulatory Commission has emphasized the importance of cash dividends, share buybacks, and mergers and acquisitions to enhance investment value, with A-share companies implementing a record 2.4 trillion yuan in dividends and 147.6 billion yuan in share buybacks in 2024 [3] - In a low interest rate and loose monetary environment, companies with abundant free cash flow are expected to see a stronger valuation increase compared to those with weaker free cash flow, presenting a certain investment cost-effectiveness [3]