Core Viewpoint - A-shares experienced a decline on November 3, but the National Index of Free Cash Flow rebounded, indicating potential improvement in the market fundamentals and a transition towards a bull market based on future earnings outlook [1] Group 1: Market Performance - Major A-share indices opened lower and continued to decline, while the National Index of Free Cash Flow saw a recovery, currently up approximately 0.15% [1] - Stocks such as Yaxiang Integration and Hailu Heavy Industry hit the daily limit up, with Shanghai Construction and China National Offshore Oil Corporation also showing gains [1] Group 2: Fund Inflows - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 14 days, totaling 739 million yuan, bringing its latest scale to 5.262 billion yuan, a record high since its inception [1] Group 3: Financial Indicators - Guotou Securities reported that the third-quarter results for A-shares showed improvements in three core indicators: profit, revenue, and ROE compared to the first half of the year [1] - The simultaneous improvement in free cash flow and net profit margin suggests that the earnings bottom for A-shares is becoming clearer, increasing the likelihood of a transition to a fundamental bull market over the next six months [1] Group 4: ETF Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1] - The ETF is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [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, maximizing benefits for investors [1]