随着A股三大指数近期延续上涨态势，资金面、情绪面保持活跃，投资者信心不断回升，市场向好动能 或有望持续。 自基日（2013年12月31日）以来，截至2025年8月18日，中证全指自由现金流指数收益率累计达到 373.9%，大幅高于同期中证红利指数、上证指数和沪深300指数表现，长跑韧性凸显。 一般来说，具有充裕、稳健自由现金流的企业或更有能力进行分红。中证全指自由现金流指数聚焦具有 较强的财务健康状况、较强的盈利能力以及高自由现金流率的企业，并通过定期调整成分股，及时纳入 现金流改善企业，增强分红的可持续性。 中长期来看，在低利率环境下，具有分红回报可持续的底层优质资产有望获得市场认可，资金对自由现 金流的配置或有望持续增加，配置空间或被看好。 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，以反映现金流创造能力较强的上市公司证券的整体表现。在成分股的筛选上，指数将待选样本按照 自由现金流率由高到低排名，选取排名前100且连续5年经营活动产生的现金流量净额为正的证券，以确 保长期经营稳定性。 从行业分布来看，指数多聚焦于能源、消费和周期等板块，按申万一级行业划分 ...

Group 1 - The cash flow ETF from Yongying is set to be listed on July 3, 2025, with a total of 300 million shares for trading [1] - As of June 26, 2025, the fund's asset allocation includes 79.89% in bank deposits and settlement reserves, and 20.08% in stock investments, indicating it is still in the accumulation phase [1] - In June, a total of 26 stock ETFs announced their listings, with an average position of only 21.23%, highlighting a trend of lower investment levels among newly listed ETFs [1] Group 2 - The average number of shares raised for newly announced ETFs in June is 364 million, with the largest being the Huatai-PineBridge Hang Seng Technology ETF at 1.279 billion shares [2] - Institutional investors hold an average of 17.54% of the shares in these ETFs, with the highest proportions in the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 88.23% [2] - The cash flow ETF from Yongying has a low institutional ownership of 3.38%, indicating potential for growth in institutional interest [2] Group 3 - The cash flow ETF from Yongying has a fund establishment date of June 25, 2025, and is expected to have a position of 20.08% as of June 26, 2025 [3] - Other ETFs listed in June include the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF with a position of 40.89% and the Huatai-PineBridge Hang Seng Technology ETF with 50.65% [3] - The overall trend shows a mix of high and low positions among newly listed ETFs, with some like the Guolian An Zhongzheng A500 Enhanced ETF having a position of 0.00% [3]

Group 1 - The core point of the news is the announcement of the listing of the Bosera CSI A100 ETF, which will be listed on June 24, 2025, with a total trading share of 236 million [1] - As of June 17, 2025, the fund's asset allocation shows that bank deposits and settlement reserves account for 89.49% of total assets, while stock investments account for 10.51% [1] - In June, a total of 15 stock ETFs have announced their listings, with an average position of only 17.18%, indicating a generally low investment level among newly listed ETFs [1] Group 2 - The average fundraising for the newly announced ETFs in June is 364 million shares, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 16.72% of the shares in these ETFs, with the highest proportions in the Xingyin Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price ETF at 59.97% [2] - The table provided lists various ETFs, their establishment dates, fundraising scales, and asset allocation percentages, highlighting the differences in investment strategies among these funds [2][3]

Core Insights - A total of 12 stock ETFs have announced their listing since June, with the highest allocation being 40.89% for the Great Wall CSI Dividend Low Volatility 100 ETF [1][2] - The average allocation for these newly announced ETFs is only 19.43%, indicating a generally conservative approach to investment during the current period [1][2] Group 1: ETF Listings and Allocations - The Great Wall CSI Dividend Low Volatility 100 ETF will be listed on June 18, 2025, with a total of 320 million shares [1] - The fund's asset allocation as of June 11, 2025, shows 59.08% in bank deposits and settlement reserves, while stock investments account for 40.89% [1] - Other ETFs with significant allocations include the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95%, the Huatai-PB SSE STAR Market New Materials ETF at 32.39%, and the Harvest SSE STAR Market Comprehensive Enhanced Strategy ETF at 26.95% [1] Group 2: Fund Sizes and Investor Composition - The average number of shares raised for the newly listed ETFs is 394 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 19.12% of the shares in these ETFs, with the highest proportions in the Xingyin SSE STAR Market Comprehensive Price ETF at 59.97%, the Bank of China CSI All Share Free Cash Flow ETF at 51.12%, and the Tianhong CSI A500 Enhanced Strategy ETF at 31.23% [2] - ETFs with lower institutional ownership include the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 4.09%, the Guotai Chuangye Board New Energy ETF at 5.68%, and the Chuangye Board ETF Dongcai at 5.93% [2]

Group 1 - Two stock ETFs have released listing announcements, with the Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF holding a stock position of 32.39% and the E Fund SSE Sci-Tech Innovation Board 200 ETF holding 11.00% [1] - Since June, a total of 10 stock ETFs have announced their listings, with an average position of only 18.12%. The highest position is held by the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95% [1] - The ETFs with the highest positions include Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (32.39%), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (26.95%), and Huaan Hang Seng Index Hong Kong Stock Connect ETF (21.94%) [1] Group 2 - The average fundraising for the ETFs announced since June is 418 million shares, with the largest being Huaan Hang Seng Index Hong Kong Stock Connect ETF (590 million shares), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (536 million shares), and Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (518 million shares) [1] - The average proportion of shares held by institutional investors is 18.84%, with the highest being Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (59.97%), Bank of China CSI All Share Free Cash Flow ETF (51.12%), and Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (21.83%) [2] - The ETFs with the lowest institutional investor holdings include Huaan Hang Seng Index Hong Kong Stock Connect ETF (4.09%), Guotai Junan ChiNext New Energy ETF (5.68%), and ChiNext ETF Dongcai (5.93%) [2]

Group 1 - The core point of the news is the announcement of the listing of the Bank of China CSI All Share Free Cash Flow ETF, which will be listed on June 6, 2025, with a total of 388 million shares [1] - The fund's asset allocation as of May 28, 2025, shows that bank deposits and settlement reserves account for 35.55% of total assets, while stock investments account for 0.00%, indicating that the fund is still in the accumulation phase [1] - In the past month, 33 stock ETFs have announced their listings, with an average position of only 17.66%, highlighting a trend of low investment levels among newly listed ETFs [1] Group 2 - The average fundraising for newly listed ETFs in the past month is 399 million shares, with the largest being Morgan CSI A500 Enhanced Strategy ETF at 1.016 billion shares [2] - Institutional investors hold an average of 18.35% of the shares in these ETFs, with the highest proportions in the Jia Shi CSI State-owned Enterprises Digital Economy ETF (77.51%) and the Bank of China CSI All Share Free Cash Flow ETF (51.12%) [2] - The data table lists various ETFs, their establishment dates, fundraising scales, and positions, indicating a diverse range of investment strategies and asset allocations among newly launched funds [2][3]