一、证券市场回顾 2、股票型ETF涨跌幅排行 上周股票型ETF涨幅最高的5只ETF及其收益率分别为：嘉实中证电池主题ETF(7.75%)、汇添富中证电 池主题ETF(7.56%)、招商中证电池主题ETF(7.52%)、富国中证电池主题ETF(7.51%)、浦银安盛中证 光伏产业ETF(7.04%)。详情见下表: | 类别 | 代码 | 基金名称 | 涨跌幅(%) | | --- | --- | --- | --- | | 股票型 | 562880.SH | 嘉实中证电池主题ETF | 7.75% | | 股票型 | 159796.SZ | 汇添富中证电池主题ETF | 7.56% | | 股票型 | 561910.SH | 招商中证电池主题ETF | 7.52% | | 股票型 | 561160.SH | 富国中证电池主题ETF | 7.51% | | 股票型 | 159609.SZ | 浦银安盛中证光伏产业ETF | 7.04% | 上周股票型ETF跌幅最大的5只ETF及其收益率分别为：国联安上证科创板芯片设计主题ETF(-5.35%)、 华安上证科创板芯片ETF(-5.11%)、国泰上证科创板芯片ETF( ...

Group 1 - The core point of the news is that as of October 30, 2025, institutional investors hold a total of 828 million shares of Debon Holdings (603056.SH), accounting for 81.23% of the total share capital, with a slight decrease of 1.23 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds, namely GF CSI 1000 ETF and Huaxia CSI 1000 ETF, reported a slight decrease in holdings compared to the previous quarter [2] - A total of 73 public funds did not disclose their holdings this quarter, including Southern CSI 1000 ETF, Rongtong Internet Media Flexible Allocation Mixed Fund, Huaxia National Index Free Cash Flow ETF, Guotai FTSE China A-Share Free Cash Flow Focus ETF, and Fortune CSI 1000 ETF [2]

外资态度来看，本期较上一季未再披露的外资机构即J.P.Morgan Securities PLC-自有资金。 公募基金方面，本期较上一季度新披露的公募基金共计2个，包括招商成长量化选股股票A、招商量化 精选股票发起式A。本期较上一季未再披露的公募基金共计74个，主要包括国金量化多因子A、汇泉策 略优选混合A、华夏国证自由现金流ETF、国金量化精选A、中证2000等。 2025年10月30日，晋亿实业(601002.SH)发布2025年第三季报。截至2025年10月29日，共有5个机构投资 者披露持有晋亿实业A股股份，合计持股量达4.38亿股，占晋亿实业总股本的45.92%。其中，机构投资 者包括CHIN CHAMP ENTERPRISE CO., LTD.、晋正贸易有限公司、晋正投资有限公司、中国光大银行 股份有限公司-招商成长量化选股股票型证券投资基金、中国银行股份有限公司-招商量化精选股票型发 起式证券投资基金，机构投资者合计持股比例达45.92%。相较于上一季度，机构持股比例合计上涨了 0.17个百分点。 ...

Core Viewpoint - Zhaoxun Media (301102.SZ) reported its Q3 2025 results, highlighting significant institutional investor interest with a total holding of 316 million shares, representing 77.72% of the company's total equity [1] Institutional Holdings - As of October 24, 2025, six institutional investors disclosed their holdings in Zhaoxun Media, with a combined shareholding of 316 million shares, accounting for 77.72% of the total share capital [1] - The institutional holding ratio increased by 0.21 percentage points compared to the previous quarter [1] Public Fund Holdings - Two public funds increased their holdings during this period, with a total increase in shareholding ratio of 0.68% [1] - A total of 65 public funds did not disclose their holdings in this quarter, including notable funds such as Huaxia Zhisheng New Star Stock A and Huaxia National Certificate Free Cash Flow ETF [1]

Core Insights - The domestic equity ETF market has reached a milestone, with a total scale of 41,170.94 billion yuan as of August 25, marking a historical high and a year-to-date increase of 7,982.72 billion yuan, or 24.05% [1][2] Market Overview - The equity ETF market is characterized by "overall expansion and structural differentiation," with 718 equity ETFs experiencing scale growth this year, and 23 products exceeding 10 billion yuan in growth [2] - New products have also seen significant growth, with 214 newly established equity ETFs collectively growing by 933.77 billion yuan, averaging 436 million yuan per product [2] Investor Behavior - There is a shift in investor sentiment towards recognizing the benefits of low-cost, high-transparency, and risk-diversifying investment strategies through ETFs, moving away from direct stock trading and high-fee active funds [2][3] Institutional Support - Continuous allocation by institutional investors has become a crucial support for the market, with entities like Central Huijin Company increasing their holdings in ETFs to help stabilize the market [3] Growth Drivers - The rapid growth of equity ETFs is attributed to three main factors: policy guidance, improved market ecology, and continuous product innovation [4] - The new "National Nine Articles" policy has established a fast-track approval process for ETFs, facilitating timely product launches that align with national strategies and market demands [5] Market Environment - The maturity of the capital market has laid a foundation for ETF development, as the increasing complexity of the A-share market makes it harder to achieve alpha returns through active investment, prompting investors to seek beta returns via ETFs [5] Product Innovation - Equity ETFs have evolved from traditional broad-based products to include sector themes, cross-border allocations, and strategy factors, addressing specific investor needs in emerging fields like AI and biomedicine [5][6] Future Directions - Future development of equity ETFs may focus on two main areas: aligning with national strategies in emerging sectors and promoting strategy-based ETFs that optimize risk-return structures for investors [6][7]

Core Insights - The number of cash flow index funds has increased to 73, with 41 funds established since July, indicating a significant growth trend in this investment category [1][2][3] - The cash flow index funds are primarily focused on companies with strong cash flow stability and dividend capabilities, reflecting a shift towards more fundamental investment strategies [5][9] Fund Establishment and Growth - A total of 41 cash flow index funds have been established since July, with 32 of them launched in that month alone, marking the most concentrated period of fund launches since their inception [1][2] - The newly established funds include various indices such as the CSI 500 Free Cash Flow Index, expanding the range of available investment options [3][5] - Notably, 12 of the 73 cash flow index funds have raised over 1 billion yuan, with several launched in July achieving significant fundraising success [3][4] Performance and Market Dynamics - The average return of cash flow index funds that have been operational for over three months is approximately 4.07%, with some funds exceeding 10% returns [7][8] - Despite the overall growth in fund size, some funds have experienced a decline in scale, indicating varying levels of market interest and performance among different products [8] - The current inflow of funds into cash flow ETFs has not significantly impacted the underlying stock prices, suggesting that the market still has room for further investment in these assets [9]

Group 1 - Multiple public funds are launching new products focused on free cash flow, with the 华夏中证500自由现金流ETF and 长城国证自由现金流指数基金 both starting their offerings on July 16 [1][3] - The 华夏中证500自由现金流ETF has a fundraising cap of 8 billion yuan and allows for quarterly assessments and profit distributions if certain conditions are met [3][4] - The total scale of free cash flow ETFs has exceeded 10.3 billion yuan since the first batch was launched on February 27, with significant interest from various public funds [5][6] Group 2 - As of July 16, there are 40 free cash flow-related index funds in the market, with 24 being ETFs, indicating a growing interest in this investment strategy [6] - The 中证全指自由现金流指数 and 国证自由现金流指数 have annualized returns of 6.49% and 5.69% respectively over the past year, highlighting the performance potential of these funds [7] - The increasing frequency of new free cash flow fund launches reflects a diversification of products and a growing emphasis on free cash flow as a key indicator of a company's financial health [7][8]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Free cash flow (FCF) is an important indicator in corporate financial analysis and value assessment. Abundant and sustainable FCF is the fundamental guarantee for corporate value distribution and growth [4]. - China's public - fund market is accelerating the layout of FCF - related products. As of March 28, 2025, 17 fund companies have declared 36 related products [4]. - Domestic FCF indices have shown significant excess returns compared to their benchmarks over the past decade, with distinct characteristics in industry allocation, market - value distribution, and valuation [4]. - The US ETF market has a rich variety of "cash - flow" strategy products. Single - factor and multi - factor strategy products related to FCF have large scales, and new products with innovative strategies are emerging [4]. 3. Summary According to the Table of Contents 3.1 Free Cash Flow Strategy's Investment Connotation 3.1.1 Concept and Underlying Philosophy of Free Cash Flow - FCF is the remaining cash flow available to all capital providers after a company meets its reinvestment needs from core operations. There are two ways to calculate it, and the latter is easier for quick estimation [8][9]. - FCF can accurately measure a company's sustainable internal cash - creation ability, reducing the impact of accounting treatments. It is crucial for corporate strategic and financial decisions [12][13]. 3.1.2 Layout of Free - Cash - Flow Products in China's Public - Fund Market - As of March 28, 2025, 17 fund companies have declared 36 FCF - related products, mainly ETFs. These products mainly track 5 indices, all using "free - cash - flow yield" as the core selection and weighting criterion [4][17]. - After the launch of FCF ETFs, their share has been increasing. There are currently 4 products under issuance or awaiting issuance, and most of the others are in the material - correction or feedback stage [18][19]. 3.2 Domestic Free - Cash - Flow Index Analysis 3.2.1 Compilation Rules of Free - Cash - Flow Indices - Five domestic free - cash - flow indices have similarities, such as using "free - cash - flow yield" as the core selection and weighting criterion, excluding financial and real - estate stocks, and having requirements for earnings quality. They also have differences in stock - selection space, component quantity, and screening requirements [21][22][24]. 3.2.2 Performance of Free - Cash - Flow Indices - Over the past decade, free - cash - flow indices have had significant excess returns compared to their benchmarks. In slightly rising or falling markets, the excess returns are more prominent. In the short - term, the performance of FCF factors has been poor, but in the long - term, they have better risk - return ratios and stronger anti - risk abilities [28][33][38]. 3.2.3 Industry Allocation Characteristics of Free - Cash - Flow Indices - Free - cash - flow indices generally over - allocate energy and consumer industries and under - allocate technology and other growth industries. They have high industry concentration, with the sum of the top three industries' weights exceeding 40% [40]. 3.2.4 Market - Value Distribution Characteristics of Free - Cash - Flow Indices - The components of the Guozheng Free - Cash - Flow Index and the CSI Cash - Flow Index are mainly concentrated in small - and medium - cap stocks, while the 300 Cash - Flow and 800 Cash - Flow Indices are more concentrated in ultra - large - cap stocks compared to their benchmarks [46][49]. 3.2.5 Valuation Characteristics of Free - Cash - Flow Indices - Free - cash - flow indices mostly have lower PE and higher PB than their benchmarks, indicating high earnings - quality requirements. Their dividend yields are also higher than those of the benchmarks [51][53]. 3.3 Development and Current Situation of "Cash - Flow" Strategy ETF Products in the US Market 3.3.1 Development of Free - Cash - Flow - Related ETF Products in the US Market - There are 42 free - cash - flow - related ETF products in the US market, including passive and active ETFs, single - factor and multi - factor strategy products, and ETF - FOF products. Single - factor and multi - factor strategy products have large scales [55][56]. - Early products used "cash flow" as one of the fundamental factors, while products with "free cash flow" as the core selection strategy emerged later but developed rapidly. Products have become more diverse and innovative [60][61][62]. 3.3.2 Product Layout of Representative Companies - Pacer's Cash Cow ETFs series focuses on using FCF to select companies with stable finances and high - quality profitability. It is divided into value and growth series, covering multiple regions and asset classes [66][69]. - Schwab Fundamental ETF series incorporates the cash - flow dimension into a diversified stock - selection system. It covers the US and international markets, and its representative products have large scales and good performance compared to benchmark value indices [81][84]. 3.3.3 Innovative Development of Free - Cash - Flow Factors - In single - factor strategies, products have evolved from focusing on historical FCF to considering both historical and expected FCF, and from focusing on absolute FCF to FCF growth sustainability [90][94]. - In multi - factor strategies, products add growth factors to address the limitations of FCF factors. Actively managed products based on FCF models have also gained market recognition, and FCF - based hedging - strategy ETFs have advantages in different market environments [96][99][104].