Core Viewpoint - The National Index of Free Cash Flow has shown a positive trend, with significant increases in component stocks, indicating a strong market performance driven by liquidity and supportive policies [1][2]. Group 1: Market Performance - As of August 14, 2025, the National Index of Free Cash Flow rose by 0.19%, with notable gains in stocks such as Mould Technology, which increased by over 8% [1]. - The Free Cash Flow ETF (159201) experienced a 0.09% increase, marking its fifth consecutive rise, with the latest price at 1.09 yuan [1]. - The average daily trading volume of the Free Cash Flow ETF over the past month was 318 million yuan, ranking it first among comparable funds [1]. Group 2: Tracking Accuracy - The Free Cash Flow ETF has demonstrated the highest tracking accuracy among comparable funds, with a tracking error of 0.071% over the past month [1]. Group 3: Top Holdings - As of July 31, 2025, the top ten weighted stocks in the National Index of Free Cash Flow accounted for 57.66% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [1][3]. Group 4: Investment Characteristics - The Free Cash Flow ETF is designed to closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow, indicating high quality and strong risk resistance, suitable for long-term investment [4]. - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market [4]. Group 5: Market Dynamics - The current market rally is characterized by liquidity-driven dynamics, with active participation from ETFs, retail investors, and leveraged funds, supported by favorable policies aimed at enhancing the capital market [2].

Group 1 - The core viewpoint of the news highlights the performance and growth of the National Index of Free Cash Flow, with significant gains in constituent stocks such as Yuntianhua, Sinopharm Modern, and others [1][3] - As of July 30, 2025, the National Index of Free Cash Flow increased by 0.77%, while the Free Cash Flow ETF (159201) rose by 0.94%, reaching a latest price of 1.07 yuan [1] - The Free Cash Flow ETF has shown strong liquidity, with a turnover rate of 4.87% and a transaction volume of 194 million yuan during the trading session [1] Group 2 - Over the past month, the Free Cash Flow ETF has achieved a Sharpe ratio of 2.17, ranking first among comparable funds, indicating the highest return for the same level of risk [3] - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [3] - The tracking error of the Free Cash Flow ETF for the year to date is 0.136%, which is the highest tracking precision among comparable funds [3] Group 3 - As of June 30, 2025, the top ten weighted stocks in the National Index of Free Cash Flow accounted for 57.97% of the index, including SAIC Motor, China National Offshore Oil, and Midea Group [4] - The top ten stocks by weight include SAIC Motor (10.18%), China National Offshore Oil (9.81%), and Midea Group (9.28%), among others [6] Group 4 - The report emphasizes the importance of free cash flow in the current economic environment, suggesting that assets with strong free cash flow generation capabilities can maintain value even in a zero-profit growth scenario [3] - The focus is on three major sectors for dividend value expansion: leading consumer demand, cyclical resource products, and low-dividend varieties, with leading consumer stocks generally having a PE ratio below 30% [3]

Group 1 - The Guozheng Free Cash Flow Index decreased by 0.08% as of July 22, 2025, with mixed performance among constituent stocks, including Dongfang Electric and Zhejiang Construction Investment hitting the upper limit, while Shanghai Steel Union and others led the decline [1][3] - The Free Cash Flow ETF (159201) fell by 0.19%, with the latest price at 1.06 yuan, and it recorded a turnover rate of 2.85% with a transaction volume of 112 million yuan [1] - Over the past nine days, the Free Cash Flow ETF has seen continuous net inflows, with a maximum single-day net inflow of 94.76 million yuan, totaling 232 million yuan, averaging 25.79 million yuan in daily net inflow [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index accounted for 57.97% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [3] - The latest financing buy-in amount for the Free Cash Flow ETF reached 6.89 million yuan, with a financing balance of 26.45 million yuan [3] Group 3 - The top ten stocks by weight in the Free Cash Flow ETF include SAIC Motor (10.18%), Midea Group (9.28%), and Gree Electric (7.56%), with varying performance in terms of price changes [5]

Group 1 - The Guozheng Free Cash Flow Index increased by 0.97%, with constituent stocks such as Guodian Nanzi and Weichai Heavy Industry hitting the daily limit of 10% [3] - The Free Cash Flow ETF (159201) also rose by 0.97%, marking its third consecutive increase, with the latest price at 1.04 yuan [3] - The Free Cash Flow ETF recorded a turnover of 7.23% during the trading session, with a transaction volume of 263 million yuan [3] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index accounted for 57.97% of the index, including SAIC Motor, China National Offshore Oil, and Midea Group [4] - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [3] - The tracking error for the Free Cash Flow ETF over the past three months is 0.094%, indicating the highest tracking accuracy among comparable funds [3]

Core Insights - The National Index of Free Cash Flow (980092) has shown a strong increase of 1.02% as of June 24, 2025, with notable gains in constituent stocks such as Sumida (7.16%), Ousheng Electric (6.03%), and Weichai Heavy Machinery (4.96%) [1] - The Free Cash Flow ETF (159201) has achieved a three-day consecutive increase, closing at 1 yuan, with a trading volume of 2.94 billion yuan and a turnover rate of 7.87% [1] - The Free Cash Flow ETF has seen significant growth in scale, with an increase of 13.67 million yuan over the past week, leading comparable funds [1] - The ETF's net inflow of funds reached 4.63 million yuan over the last five trading days, indicating strong investor interest [1] Liquidity and Leverage - Leveraged funds continue to invest, with the latest financing buy amounting to 2.48 million yuan and a financing balance of 22.81 million yuan for the Free Cash Flow ETF [3] - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of only 0.150% year-to-date [3] Valuation Metrics - The Free Cash Flow ETF tracks the National Index of Free Cash Flow, which has a current price-to-earnings ratio (PE-TTM) of 11.71, placing it in the 16.3% percentile over the past year, indicating it is undervalued compared to 83.7% of the time historically [3] Fund Management - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market, maximizing benefits for investors [4] Stock Performance - Notable stock performances include Midea Group with a gain of 1.51% and Weichai Power with a gain of 2.03%, while China National Offshore Oil Corporation saw a decline of 2.21% [6]

Core Insights - The Guozheng Free Cash Flow Index (980092) has increased by 0.43%, with constituent stocks such as Baoshui Technology hitting the daily limit, and others like Zhenhua Heavy Industries and Qianyuan Power also rising [1][4] - The Free Cash Flow ETF (159201) has seen a price increase of 0.42%, currently priced at 0.95 yuan, and has achieved a cumulative increase of 0.32% over the past week, ranking first among comparable funds [1][4] - The Free Cash Flow ETF has experienced a significant increase in trading volume, with a turnover rate of 6.18% and a transaction value of 206 million yuan, leading in average daily trading volume over the past month at 389 million yuan [1][4] Liquidity and Fund Performance - Leveraged funds have been actively investing, with the Free Cash Flow ETF receiving net purchases for four consecutive days, peaking at a net buy of 3.51 million yuan in a single day [4] - The tracking error of the Free Cash Flow ETF is 0.185%, the lowest among comparable funds, indicating high tracking precision [4] - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Free Cash Flow ETF is 11.61 times, placing it in the 11.6% percentile over the past year, suggesting it is undervalued compared to 88.4% of the time in the last year [4] Sector Focus and Fee Structure - The Free Cash Flow ETF focuses on industry leaders with abundant free cash flow, covering sectors such as oil and petrochemicals, home appliances, and automobiles, which helps mitigate risks associated with single industry volatility [4] - The fund management fee is 0.15% annually, and the custody fee is 0.05% annually, both of which are among the lowest in the market [4] - The Free Cash Flow ETF has seen a significant increase in shares, with a growth of 32.2 million shares over the past two weeks, ranking third among comparable funds [5]

从估值层面来看，自由现金流ETF跟踪的国证自由现金流指数最新市盈率（PE-TTM）仅12.02倍，处于近1年13.71%的分位，即估值低于近1年86.29%以上的 时间，处于历史低位。 截至2025年4月14日15:00，国证自由现金流指数(980092)强势上涨1.16%，成分股齐心集团涨停，亚太股份上涨8.28%，一汽富维上涨7.29%，天虹股份、潍 柴重机等个股跟涨。自由现金流ETF(159201)上涨0.96%，最新价报0.95元。 流动性方面，自由现金流ETF盘中换手9.73%，成交3.25亿元。拉长时间看，截至4月11日，自由现金流ETF近1周日均成交4.23亿元。 资金流入方面，自由现金流ETF最新资金净流入3560.91万元。拉长时间看，近5个交易日内有4日资金净流入，合计"吸金"3.30亿元，日均净流入达6604.47万 元。份额方面，自由现金流ETF最新份额达35.71亿份，创成立以来新高。 自由现金流ETF（159201）跟踪国证自由现金流指数，聚焦"现金牛"企业，助力投资者精准定位优质资产。此外，自由现金流ETF实施全市场最低费率水 平，管理费年费率为0.15%、托管费年费率为0.05 ...

Group 1 - The core viewpoint of the news highlights a strong performance of the Guozheng Free Cash Flow Index, which rose by 1.22%, with significant gains in constituent stocks such as Tianhong Co. and Qixin Group reaching their daily limit [1] - The Free Cash Flow ETF (159201) closely follows the index's upward trend, with a trading volume of 1.54 billion yuan and a turnover rate of 4.59% during the session [1] - Over the past week, the Free Cash Flow ETF has averaged a daily trading volume of 4.23 billion yuan, indicating robust market interest [1] Group 2 - The Free Cash Flow ETF has seen a net inflow of 356.09 million yuan recently, with four out of the last five trading days recording net inflows totaling 330 million yuan, averaging 66.04 million yuan per day [1] - The latest share count for the Free Cash Flow ETF reached 3.571 billion shares, marking a new high since its inception [1] - The total scale of the Free Cash Flow ETF has reached 3.348 billion yuan, also a record high since its establishment [1] Group 3 - The Free Cash Flow ETF tracks the Guozheng Free Cash Flow Index, which reflects the price changes of listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [3] - As of March 31, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index accounted for 57.24% of the index, including companies like Midea Group and China National Offshore Oil Corporation [3] - The latest price-to-earnings ratio (PE-TTM) for the Guozheng Free Cash Flow Index is 12.02, indicating it is at a historical low, being below 86.29% of the time over the past year [3]