Core Viewpoint - The A-share market is experiencing a weak adjustment, but the National Index of Free Cash Flow has rebounded, indicating potential for long-term stability in the market [1] Group 1: Market Performance - On December 10, the National Index of Free Cash Flow rose approximately 0.1%, with leading stocks including Jin Hong Group, Moulded Technology, and Silver Nonferrous Metals [1] - The Free Cash Flow ETF (159201) has seen continuous net inflows for 23 days, totaling 2.298 billion yuan, with a current scale of 7.738 billion yuan [1] - The average daily trading volume of the Free Cash Flow ETF over the past month is 457 million yuan [1] Group 2: Future Outlook - According to a report from China International Capital Corporation (CICC), the A-share market has undergone five long cycles since 2005, and there is potential for a new paradigm of long-term stability [1] - A positive cycle may emerge if "resident funds enter the market," "long-term investments" increase, and market profitability improves, which could enhance the capital market ecosystem [1] Group 3: ETF Characteristics - The Free Cash Flow ETF (159201) closely tracks 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]

中金公司研报表示，2005年以来A股市场共经历5轮时间较长的周期切换。当前A股市场相较此前几轮周 期演绎，更加具备"长期""稳进"条件，有望迈向"长期""稳进"新范式。 ...