清华大学谢德仁研究团队称，2025年以来，国内有多只与自由现金流量指数挂钩的基金产品获批发行。 截至2025年9月底，已有超过90支自由现金流量ETF产品及其联接基金产品发行。因此，2025年堪称中 国资本市场基于自由现金流量创造理念开展投资的元年——自由现金流量投资元年。 自由现金流ETF（159201）及其联接基金（A：023917；C：023918）紧密跟踪国证自由现金流指数， 经流动性、行业、ROE稳定性筛选后，选取自由现金流为正且占比高的股票，指数质地高，抗风险能力 强，适合底仓配置，满足长线投资配置需求。基金管理费年费率为0.15%，托管费年费率为0.05%，均 为市场最低费率水平，最大程度让利投资者。 财通证券分析称，对于A股，三季报后+中美协议后，短期新增催化有限，市场可能阶段止盈休息。从 涨跌和成交看，市场有观望姿态偏震荡：成交仍然未启动，板块之间重新加速轮动。短期政策窗口期 +低拥挤度+增量险资，关注质量红利及周期赔率胜率向好。 天风证券研报指出，在全年赚钱效应已较充分兑现的背景下，四季度资金行为易趋于保守，叠加政策预 期与业绩验证窗口共振，市场风格往往阶段性转向"盈利质量+估值安全"的大 ...

Core Insights - The Freedom Cash Flow ETF (159201) experienced a slight decline on October 31, with a trading volume exceeding 350 million yuan, while several constituent stocks, including Yaxiang Integration and Su Mo Technology, hit the daily limit [1] - The ETF has seen continuous capital inflow for 13 consecutive trading days, totaling a net inflow of 637 million yuan [1] - As the largest Freedom Cash Flow ETF in the market, it reached a new high in size at 5.196 billion yuan [1] - A recent policy initiative from the Beijing Securities Regulatory Bureau aims to promote long-term capital investment, which is expected to enhance the investment value of high cash flow companies [1] - The research team from Tsinghua University highlighted 2025 as the "Year of Freedom Cash Flow Investment," indicating a growing market focus on cash flow factors [1] - The ETF closely tracks the National Certificate Freedom Cash Flow Index, focusing on companies with high cash flow rates, showcasing strong risk resistance amid macroeconomic uncertainties [1] - The fund management fee 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 [1]