2.红利指数在调仓中体现出显著的低估值偏好：剔除的公司估值普遍高于纳入的公司，这种机制不仅保 障了股息收益的持续性，也通过行业权重的动态平衡（如银行行业权重从2019年的不足10%提升至当前 的21.9%），避免组合过度依赖单一行业，增强了指数的适应性和长期稳健性。 3.红利指数的核心机制在于通过严格的股息率筛选构建出盈利稳定、现金流充沛的组合，如中证红利指 数选取过去三年平均股息率最高的100只股票，从而在利率下行周期中提供兼具股性与债性的复合收益 特征。 MACD金叉信号形成，这些股涨势不错！ 杨正旺认为，红利策略是适宜长期持有的策略，A股的红利指数长期收益明显优于沪深300： 1.红利指数能够持续保持高股息特征和估值优势。以中证红利指数为例，选取过去三年平均股息率最高 的100只股票，且每半年定期调仓，依据最新股息率数据"高抛低吸"，历史数据显示，这种动态调整能 有效维持指数整体股息率水平（如近五年指数上涨约33%，股息率仍保持在6%左右）。 格隆汇1月8日｜在今日举行的《2026潮起新程·开门红联名策略会》上，易方达基金杨正旺深入剖析当 成长风格占优时，红利策略的前景如何？ ...

大盘今日延续涨势，"红利+"指数集体涨超1%。截至收盘，国证自由现金流指数、国证价值100指数均上涨1.7%，中证红利指数上涨1.2%，相关ETF获资金 加仓，自由现金流ETF易方达（159222）全天净申购近2000万份。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF易方达（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 跟踪国证自由现金流指数 自由现金流ETF易方达 低费率 I 同标的指数中唯一挂钩的ETF 该指数由A股自由现金流水平较高 的100只股票组成,工业、原材料、 可选消费的占比合计超70%,兼具 高股息与成长性 ▽日 该指数涨跌 1 - 7% 指数历史表现 | 指数名称 | 2013 | | | 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7% | 58% ...

1月6日，现金流ETF（159399）涨超1.2%，高质量慢牛下关注现金流配置价值 （责任编辑：张晓波 ） 相关机构表示，在高质量慢牛格局下，自由现金流充裕的优质资产凭借稳定的现金流回报，展现出 显著的配置价值，尤其适合稳健型投资者。随着"第三次国九条"强化上市公司现金分红监管，推动提高 股息率，自由现金流指标的重要性将进一步凸显。这类资产在经济增速放缓、新旧动能转换的背景下， 能够提供相对确定的收益，与高波动成长资产形成互补，共同构成"哑铃型"配置策略的重要一端。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连 续9年跑赢中证红利指数和沪深300指数。现金流ETF（159399）的标的指数聚焦大中市值，标的指数央 国企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者或可持续关注。 注：现金流ETF完全由国泰基金管理有限公司开发,本基金与伦敦证券交易所集团公司及其附属企 业(统称"LSE Group")之间没有关联，也并非受其发起、背书、出售或推广。FTSE Russell是特定LSE Group公司的商标名称之一。LSE Group概不对任何人士 ...

国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 今日早盘，"红利+"指数窄幅震荡，截至午间收盘，中证红利指数上涨0.06%，国证自由现金流指数上涨0.03%，国证价值100指数下跌0.2%，价值ETF （159263）半日净申购达1000万份。Wind数据显示，截至昨日，该ETF月内合计获约2.8亿元资金净流入。 NO.T 同标的指数中规模居第一 FF = 自由现金流ETF易方达 低费率 跟踪国证自由现金流指数 该指数由A股自由现金流水平较高 的100只股票组成，工业、原材料、 可选消费的占比合计超70%,兼具 高股息与成长性 指数历史表现 | 指数名称 | 2013 | | | 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7 ...

Group 1 - The "Dividend +" index showed mixed fluctuations in the morning session, with the Guozheng Free Cash Flow Index rising by 0.5% and the Guozheng Value 100 Index increasing by 0.4%, while the CSI Dividend Index fell by 0.1% [1] - The Guozheng Value 100 Index employs a three-dimensional screening system based on "high dividends + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The Guozheng Free Cash Flow Index selects 100 stocks with high free cash flow levels, with over 70% of its composition in industrial, materials, and consumer discretionary sectors, combining high dividends and growth potential [4] Group 2 - The Value ETF (159263) and the Free Cash Flow ETF (E Fund 159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1] - As of yesterday, the Value ETF has seen a net inflow of approximately 250 million yuan in the current month [1] - The historical performance of the Guozheng Free Cash Flow Index shows a return of -3% in 2013, 57% in 2014, and 32% in 2016, indicating variability in returns over the years [4]

今日早盘，"红利+"指数小幅上行。截至午间收盘，国证价值100指数、国证自由现金流指数均上涨0.3%，中证红利指数上涨0.02%，价值ETF（159263）半 日净申购达1600万份。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 该指数由A股自由现金流水平较高 的100只股票组成,工业、原材料、 可选消费的占比合计超70%,兼具 高股息与成长性 自由现金流ETF易方达 低费率 跟踪国证自由现金流指数 该指数涨跌 指数历史表现 | 指数名称 | | | | 2013 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7% | 58% | 30% | -4% | 21% | -16% | 21 | | 国证价值100指数 | 2% ...

Core Viewpoint - Under the backdrop of low interest rates and asset scarcity, the allocation value of high cash flow assets is increasingly prominent, with sustained demand expected due to medium to long-term capital inflows [1] Group 1: Cash Flow and Investment Opportunities - Empirical research indicates that companies with abundant cash flow typically exhibit a higher willingness to distribute dividends, with a significant positive correlation between free cash flow rate and dividend yield [1] - Investors are encouraged to pay attention to cash flow ETFs (159399), which have consistently outperformed the CSI Dividend Index and the CSI 300 Index over the past nine years from 2016 to 2024 [1] Group 2: ETF Performance and Characteristics - The underlying index of cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - According to the fund announcement, the cash flow ETF has been able to assess dividends monthly and has distributed dividends for ten consecutive months since its listing, making it a potential area of interest for investors [1]

今日早盘，"红利+"指数震荡上行。截至午间收盘，国证价值100指数上涨0.5%，中证红利指数上涨0.3%，国证自由现金流指数上涨0.2%。相关ETF中，价值 ETF（159263）此前连续6个交易日获资金净流入，合计约1.5亿元。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 | "红利+"指数基本情况跟踪 | | | | | --- | --- | --- | --- | | (2025年12月23日) | | | | | 红利ETF易方达 低费率 NO.1 | | | | | 跟踪中证红利指数 | | | | | 该指数由100只现金股息率高、分 | | | | | 红较为稳定,并具有一定规模及流 截至午间收盘 | 该指数 | 该指数 | 15 | | 动性的股票组成,反映高股息率A 该指数涨跌 | 滚动市盈率 | 股息率 | 净资 | | 股上市公司股票的整体表现,银 ...

Group 1 - The core viewpoint of the article is that insurance funds, stabilization funds, and index-based investment funds have become the dominant forces in the A-share market, significantly improving liquidity and valuation [1] Group 2 - Future liquidity improvement in the A-share market will mainly rely on three factors: (1) continuous allocation of insurance funds to high free cash flow companies; (2) increased allocation of wealth management and allocation-type funds to index products; (3) long-term funding support from stabilization funds [1] - Stabilization funds' intervention in the market through broad-based ETFs can help reduce volatility and improve pricing efficiency. An annual increase of 750 billion yuan in broad-based ETFs could fill the funding gap from refinancing and share reductions, driving a systematic uplift in A-share valuations [1] - It is expected that the reallocation of household savings will bring about an incremental funding of approximately 250 billion yuan by 2026, and the trend of passive funds entering the market is likely to continue, providing more liquidity support for blue-chip stocks [1] Group 3 - Investors are encouraged to pay attention to the cash flow ETF (159399). The underlying index, the FTSE Cash Flow Index, has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices. According to the fund announcement, the cash flow ETF can assess dividends monthly and has distributed dividends for ten consecutive months since its listing, making it a point of interest for investors [1]

中泰证券指出，富时中国A股自由现金流指数成份股集中分布在原材料、工业和可选消费行业，行业防 御属性相对较强。在震荡下跌市中，自由现金流指数跑赢全市场，展现出避险功能。从因子表现看，自 由现金流率与股息率呈显著正相关，现金流充裕的公司更倾向于稳定分红，规避了缺乏现金流支撑 的"价值陷阱"。 （文章来源：每日经济新闻） 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者或可持续关注。 ...