股神巴菲特曾说:"企业的自由现金流是其价值的核心。只有拥有充足自由现金流的企业,才能在满足运营 和投资需求后,为股东带来真正的回报。"自由现金流的理念,始终贯穿于巴菲特的整个投资生涯。 如今A股市场上也有自己的自由现金流指数基金了,此前,方正富邦基金布局了方正富邦中证全指自由现 金流ETF及其联接产品,值得一提的是,方正富邦中证全指自由现金流ETF是首批获批的中证全指自由现 金流ETF产品之一,跟踪指数为中证全指自由现金流指数,有效的弥补了现金流因子在投资工具上的空白, 也为投资者捕捉高现金流优质公司投资机会提供了新选择。 今年以来,A股在科技成长风格带动下一路走高,市场风格集中,指数涨跌波动加剧,也令市场产生"畏高"情 绪,存量经济叠加低利率环境下,高自由现金流企业凭借更好的盈利能力、更高的经营效率、更强的抗风 险能力,被誉为A股投资的"防御利器"。 盈利稳定 分红能力强 自由现金流是指企业在支付了所有运营费用和资本支出后,剩余的可以自由分配给股东或债权人的现金, 是衡量企业财务健康状况和投资价值的重要指标之一。 从编制方法上看,中证全指自由现金流指数选取100只自由现金流率较高的上市公司证券作为指数样本, ...

Group 1 - The core viewpoint of the article highlights the recent rebalancing of the CSI All Share Free Cash Flow Index, which involved a high turnover rate of 61% with 39 stocks being added and 39 stocks being removed, driven by weakening free cash flow rates and profit-taking from outperforming stocks [1] - The sectors with the largest weight reductions include agriculture, non-ferrous metals, and retail, while the sectors with the largest weight increases are home appliances, electronics, and building materials, indicating a shift in investment focus [1] - The index exhibits a style characteristic of high dividends, high profitability, low valuation, and low volatility, appealing to investors seeking stable returns [1] Group 2 - The latest scale of the Free Cash Flow ETF Fund (159233) reached 243 million, marking a recent high, and it is positioned as a value-style ETF excluding financials and real estate [2][3] - The fund has shown a 0.63% increase as of September 29, 2025, with a weekly increase of 1.45%, ranking 3rd among comparable funds [2] - The fund has experienced continuous net inflows over the past 21 days, totaling 142 million, with a maximum single-day inflow of 19.19 million [4] Group 3 - The fund's maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.24%, indicating a relatively stable performance [5] - The management fee for the fund is 0.50%, and the custody fee is 0.10%, which are competitive rates for investors [6] - The fund closely tracks the CSI All Share Free Cash Flow Index, which consists of 100 stocks with high free cash flow rates, reflecting the overall performance of companies with strong cash flow generation capabilities [7]

Core Viewpoint - The report highlights the performance and metrics of the Free Cash Flow ETF Fund, indicating a positive trend in both fund inflows and returns, alongside a strong tracking accuracy of the underlying index. Group 1: Fund Performance - As of September 26, 2025, the Free Cash Flow ETF Fund has seen a recent increase of 0.27% over the past week, ranking 1 out of 13 comparable funds [1] - The fund's latest scale reached 228 million yuan, marking a new high in the past month [1] - The fund has experienced continuous net inflows over the past 19 days, totaling 130 million yuan, with a peak single-day inflow of 19.19 million yuan [2] Group 2: Return Metrics - Since its inception, the fund's highest monthly return was 7.80%, with the longest consecutive months of gains being 3, and the maximum gain during this period was 12.56% [2] - The average return for months with gains is 4.07%, with a 100% probability of profit in those months and a 91.30% probability of profitability [2] - The maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.24% [2] Group 3: Fund Fees and Tracking Accuracy - The management fee for the Free Cash Flow ETF Fund is 0.50%, while the custody fee is 0.10% [3] - The fund has a tracking error of 0.066% over the past month, closely following the CSI All Index Free Cash Flow Index [4] Group 4: Index Composition - The CSI All Index Free Cash Flow Index includes 100 high free cash flow rate listed companies, with the top ten weighted stocks accounting for 57.03% of the index [4] - The top ten stocks in the index include China National Offshore Oil Corporation, Wuliangye, and China Southern Airlines, among others [4]

Core Viewpoint - The performance of the CSI All Share Free Cash Flow Index and its related ETF has shown positive trends, indicating strong cash flow generation capabilities among the constituent companies. Group 1: Index Performance - As of September 24, 2025, the CSI All Share Free Cash Flow Index rose by 0.67%, with notable increases in constituent stocks such as Anfu Technology (up 6.19%) and Yaxiang Integration (up 5.06%) [1] - Over the past three months, the Free Cash Flow ETF has accumulated a return of 11.56% [1] - The Free Cash Flow ETF experienced a turnover rate of 4.72% with a total transaction volume of 10.14 million yuan [1] Group 2: Fund Inflows and Returns - The Free Cash Flow ETF has seen continuous net inflows over the past 17 days, with a peak single-day inflow of 19.19 million yuan, totaling 118 million yuan in net inflows [1] - Since its inception, the Free Cash Flow ETF has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 12.56% [2] - The fund has a historical monthly profit probability of 92.54% and a maximum drawdown of 3.76% since inception [2] Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the CSI All Share Free Cash Flow Index accounted for 57.03% of the index, including China National Offshore Oil Corporation and Wuliangye [3] - The top ten stocks include major companies such as Gree Electric Appliances and Muyuan Foods, reflecting a diverse range of sectors [3] Group 4: Stock Performance - The Free Cash Flow ETF includes various stocks with different weightings, such as Midea Group (2.66%) and China Shenhua (2.64%), indicating a balanced portfolio [5]

Core Viewpoint - The performance of the CSI All Share Free Cash Flow Index and its associated ETF has shown positive trends, indicating strong cash flow generation capabilities among the constituent companies. Group 1: Index and ETF Performance - As of September 19, 2025, the CSI All Share Free Cash Flow Index (932365) increased by 0.23%, with notable gains from constituent stocks such as Xuefeng Technology (603227) up 8.79% and Tailong Co., Ltd. (300650) up 4.62% [1] - The Free Cash Flow ETF (159233) rose by 0.27%, with a latest price of 1.11 yuan, and has accumulated a 1.09% increase over the past two weeks [1] - The Free Cash Flow ETF has seen a trading volume turnover of 1.26% and a total transaction value of 2.5331 million yuan, with an average daily transaction value of 23.3473 million yuan over the past year [1] Group 2: Fund Size and Inflows - The latest size of the Free Cash Flow ETF reached 200 million yuan, marking a one-month high, with the latest share count at 18 million shares, also a one-month high [1] - The ETF has experienced continuous net inflows over the past 14 days, with a maximum single-day net inflow of 19.1927 million yuan, totaling 101 million yuan in net inflows, averaging 7.2282 million yuan daily [1] Group 3: Return and Risk Metrics - Since its inception, the Free Cash Flow ETF has achieved a maximum monthly return of 7.80%, with the longest consecutive monthly gain of 3 months and a total gain of 12.56% [2] - The ETF has a historical monthly profit probability of 100% and a 93.75% probability of monthly profitability, with a 100% probability of profitability over a 3-month holding period [2] - The maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.24% [2] Group 4: Tracking Accuracy and Composition - The Free Cash Flow ETF has a tracking error of 0.069% over the past month, closely tracking the CSI All Share Free Cash Flow Index [4] - The index comprises 100 listed companies with high free cash flow rates, reflecting the overall performance of companies with strong cash flow generation capabilities [4] - As of August 29, 2025, the top ten weighted stocks in the index include China National Offshore Oil Corporation (600938) and Wuliangye Yibin Co., Ltd. (000858), accounting for a total of 57.03% of the index [5]

Group 1 - The core viewpoint highlights that the Free Cash Flow ETF Fund (159233) has outperformed the market, particularly in sectors like non-ferrous metals and coal, with a rise of over 0.5% [1] - As of September 17, 2025, the CSI Free Cash Flow Index (932365) increased by 0.39%, with notable gains from stocks such as Mould Technology (000700) up 10.02% and Guizhou Moutai (000858) being among the top weighted stocks [1][3] - The Free Cash Flow ETF Fund has shown a weekly increase of 0.36% as of September 16, 2025, indicating positive momentum in the fund's performance [1] Group 2 - The Free Cash Flow ETF Fund reached a new high in size at 185 million yuan and in shares at 165 million as of the latest report [2] - The fund has experienced continuous net inflows over the past 12 days, with a total of 84.34 million yuan and an average daily net inflow of 7.02 million yuan [2] - The fund's historical performance shows a maximum monthly return of 7.80% and a 100% probability of profit over a three-month holding period [2] Group 3 - The Free Cash Flow ETF Fund closely tracks the CSI Free Cash Flow Index, which includes 100 companies with high free cash flow rates, reflecting strong cash flow generation capabilities [3] - The top ten weighted stocks in the CSI Free Cash Flow Index account for 57.03% of the index, with major companies like China National Offshore Oil Corporation (600938) and Wuliangye (000858) included [3]

Core Insights - The China Securities Index Free Cash Flow Index (932365) has shown a positive performance, with a 0.58% increase as of September 11, 2025, and notable gains in constituent stocks such as Xinhua Department Store (600785) up by 10.03% and Muyuan Foods (002714) up by 6.53% [3][4]. Performance Summary - The Free Cash Flow ETF Fund (159233) has increased by 0.63%, with a latest price of 1.12 yuan, and has seen a cumulative increase of 4.10% over the past month [3]. - The fund's trading volume was 117.53 million yuan with a turnover rate of 0.72%, and the average daily trading volume over the past year was 24.01 million yuan [3]. - The fund's latest scale reached 163 million yuan, marking a new high for the past month, with a total of 146 million shares outstanding [3]. Fund Inflows - The Free Cash Flow ETF Fund has experienced continuous net inflows over the past eight days, with a peak single-day net inflow of 19.19 million yuan, totaling 62.83 million yuan in net inflows, averaging 7.85 million yuan per day [3]. Return Metrics - Since its inception, the Free Cash Flow ETF Fund has achieved a maximum monthly return of 7.80%, with the longest streak of monthly gains being three months and a maximum cumulative gain of 12.56% [4]. - The fund has a historical monthly profit percentage of 100.00% and a monthly profit probability of 93.10%, with a 100.00% probability of profit over a three-month holding period [4]. Risk and Fee Structure - The maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.24% [4]. - The management fee for the fund is 0.50%, and the custody fee is 0.10% [4]. Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Index Free Cash Flow Index include China National Offshore Oil Corporation (600938), Wuliangye (000858), and COSCO Shipping Holdings (601919), collectively accounting for 57.03% of the index [5].

Core Viewpoint - The focus on "free cash flow" products has gained attention among investors as a strategy to navigate the current market environment characterized by rising indices and potential investment opportunities [2][4]. Free Cash Flow - Free cash flow represents the cash a company has after completing its business operations, paying operating expenses, and making necessary investments, which can be distributed to shareholders or used to pay down debt [3]. - This strategy emphasizes a company's real earning ability and sustainable cash generation capacity, distinguishing it from profit-focused strategies that may include uncollected receivables or one-time income [3]. - Companies with ample free cash flow are better positioned to withstand economic downturns and can capitalize on growth opportunities during economic upturns [3]. Investment Strategy - The strategy of focusing on free cash flow is essentially about "letting cash do the talking," tracking a company's cash creation ability and capital allocation efficiency to identify performance cycle turning points [4]. - In a low-interest and high-volatility market, free cash flow strategies have highlighted their long-term value advantages, attracting more investors [4]. - The new "National Nine Articles" emphasizes dividends, encouraging listed companies to increase cash dividend levels, which supports high cash flow companies [4]. Index Overview - The CSI All Index Free Cash Flow Index selects the top 100 securities based on free cash flow rate, ensuring that candidates have positive net cash flow from operating activities for five consecutive years [5]. - Companies in this index typically exhibit strong financial health, profitability, and high free cash flow rates, providing a solid foundation for dividends [6]. - The index excludes the financial and real estate sectors due to their distinct cash flow characteristics, focusing instead on industries with stable cash flows and high profitability, such as non-ferrous metals, transportation, food and beverage, petrochemicals, and home appliances [7][8]. Performance Metrics - Since its inception on December 31, 2013, the CSI All Index Free Cash Flow Index has achieved a cumulative increase of 392.95% and an annualized growth rate of 15.11% as of August 25, 2025, demonstrating its strong competitive edge in long-term investments [8]. - The index has shown resilience during market downturns, recording positive returns in most years except for those with significant market volatility [8]. Market Trends - In 2025, the risk appetite in the A-share market has notably increased, with the CSI All Index Free Cash Flow Index keeping pace with the broader market while exhibiting lower volatility compared to high-growth sectors like technology and new energy [9]. Fund Offerings - Zhongyin Fund has launched the Zhongyin CSI All Index Free Cash Flow ETF Linked Fund, allowing retail investors to easily access investment opportunities in free cash flow [10]. - The fund management team has extensive experience in index management and quantitative investment research, providing a robust platform for investment strategies [11]. Investment Considerations - For investors prioritizing asset stability and continuous dividends, the free cash flow strategy offers opportunities for steady cash flow returns and asset appreciation [15]. - The low correlation of this strategy with high-growth sectors can effectively diversify risk and enhance portfolio stability [16]. - In a volatile market environment, free cash flow investments have become a crucial component of asset allocation strategies [17].

Group 1 - The Chinese ETF market has officially entered the 5 trillion yuan era, with a total scale reaching 5.07 trillion yuan as of August 25, 2025, indicating significant acceleration in growth and a new stage in index-based development [1] - The Bank of China Fund has launched the Bank of China CSI All Share Free Cash Flow ETF Linked Fund, providing convenient tools for investors to position themselves [1] - The focus on free cash flow strategies is increasing, driven by policy guidance and regulatory promotion, leading to enhanced dividend willingness and capability among listed companies [1][3] Group 2 - The Bank of China CSI All Share Free Cash Flow ETF Linked Fund closely tracks the CSI All Share Free Cash Flow Index, which selects 100 listed companies with high free cash flow rates as index samples [2] - The index excludes financial and real estate sectors due to their distinct cash flow characteristics, ensuring a focus on companies with stable cash flows and similar characteristics [2] - The CSI All Share Free Cash Flow Index has shown strong long-term performance, with a cumulative increase of 380.81% and an annualized growth rate of 14.86% since its base date on December 31, 2013 [2] Group 3 - The Bank of China Fund has been continuously improving its index product line, offering a variety of tools to meet diverse asset allocation needs of investors [3] - The recent launch of the Bank of China CSI All Share Free Cash Flow ETF Linked Fund provides a convenient investment channel for off-market investors, further enhancing the product line [3] - The ongoing deepening of capital market reforms is expected to sustain the improvement in dividend willingness and capability among listed companies, benefiting free cash flow strategies [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the CSI All Share Free Cash Flow Index, which rose by 1.23% as of August 26, 2025, with notable increases in constituent stocks such as Yaxiang Integration (up 10.00%) and Muyuan Foods (up 8.14%) [3] - The Free Cash Flow ETF (159233) has shown a consistent upward trend, achieving a 4.14% increase over the past week and a 1.06% rise on the latest trading day, indicating active market participation with a turnover rate of 21.36% and a transaction volume of 20.32 million yuan [3] - The Free Cash Flow ETF has demonstrated strong profitability metrics since its inception, with a maximum monthly return of 4.04% and a 100% probability of profit over a three-month holding period [3] Group 2 - The maximum drawdown for the Free Cash Flow ETF since inception is 3.28%, with a relatively quick recovery time of 12 days, indicating effective risk management compared to similar funds [4] - The management fee for the Free Cash Flow ETF is set at 0.50%, while the custody fee is 0.10%, reflecting competitive fee structures [4] - The CSI All Share Free Cash Flow Index closely tracks 100 high free cash flow rate listed companies, with the top ten weighted stocks accounting for 57.53% of the index, including major players like China National Offshore Oil Corporation and Wuliangye [4]