Core Viewpoint - The launch of the WFG CSI 800 Free Cash Flow ETF Linked Fund highlights the increasing importance of free cash flow as a measure of a company's true profitability and financial health in the context of economic transformation [1][2]. Group 1: Free Cash Flow Importance - Free cash flow is defined as the cash generated from operating activities minus capital expenditures, reflecting a company's ability to distribute cash to investors or for strategic decisions [1]. - Companies with higher free cash flow typically exhibit better profitability quality and stronger risk resilience, making free cash flow a critical indicator for sustainable dividends [1]. Group 2: Fund Structure and Investment Strategy - The WFG CSI 800 Free Cash Flow ETF Linked Fund focuses on the 50 "cash cow" companies within the CSI 800 index, excluding financial and real estate sectors, which have sufficient free cash flow rates [2]. - The index is characterized by a significant large-cap style, with over 60% of its constituents being companies with a market capitalization exceeding 100 billion [2]. Group 3: Sector and Performance Analysis - The index emphasizes cyclical sectors, with the top five industries being transportation, non-ferrous metals, food and beverage, oil and petrochemicals, and home appliances, collectively accounting for over 60% of the index weight [2]. - Historical performance indicates that the 800 Free Cash Flow Total Return Index has shown positive returns in six consecutive years since 2019, with a historical win rate exceeding 90% [2]. Group 4: Current Market Position - The current economic environment presents a favorable configuration window for the fund, as the 800 cash flow index is expected to benefit from policies aimed at expanding domestic demand [3]. - The current price-to-earnings ratio (TTM) of the 800 cash flow index is 10.31, which is relatively low compared to historical levels, indicating a substantial margin of safety for investors [3].

Core Insights - The Ministry of Finance has issued a notification to guide insurance funds towards long-term stable investments, emphasizing the establishment of a long-cycle assessment mechanism for state-owned commercial insurance companies [1] - In a low-interest-rate environment, the alignment of insurance capital with high free cash flow assets is highlighted, with new funds expected to flow into high-quality cash flow targets that demonstrate strong profitability and stable dividend capabilities [1] - The upcoming 富国中证800自由现金流ETF联接基金 aims to provide investors with an efficient tool to access core cash flow assets by tracking an index that selects 50 "cash cow" companies from the 中证800 index, excluding financial and real estate sectors [1] Fund Performance and Strategy - The 富国中证800自由现金流ETF联接基金 closely tracks the 中证800自由现金流指数, which selects companies based on positive free cash flow and enterprise value, with a focus on those with positive operating cash flow for five consecutive years [2] - The index has shown impressive long-term performance, achieving positive returns for six consecutive years and a total return of 327.13% since its inception, significantly outperforming similar indices [2] - The index's historical performance indicates a high success rate, with over 90% of the years yielding positive returns, and it has demonstrated lower drawdowns compared to related indices, indicating better long-term value [2] Management and Expertise - The proposed fund manager for the 富国中证800自由现金流ETF联接基金, 金泽宇, has seven years of experience in the securities industry and over two years in investment management, managing multiple ETFs across various market segments [3] - 富国基金 has over 16 years of experience in quantitative index investment, with a dedicated team led by Dr. 李笑薇, comprising over 20 research and investment professionals [4] - The company has developed a diverse product line in the ETF space, including sector-specific ETFs and broad-based ETFs, positioning itself as a key player in the Chinese ETF market [4]

Group 1 - The Ministry of Finance has issued a notice to guide insurance funds towards long-term stable investments, emphasizing the establishment of a long-cycle assessment mechanism for state-owned commercial insurance companies [1] - In a low-interest-rate environment, the alignment of insurance capital with high free cash flow assets is highlighted, with new funds expected to flow into quality cash flow targets that demonstrate strong profitability and stable dividend capabilities [1] - The upcoming 富国中证800自由现金流ETF联接基金 aims to provide investors with an efficient tool to access core cash flow assets, focusing on 50 "cash cow" companies from the 中证800 index that have sufficient free cash flow [1][2] Group 2 - The 富国中证800自由现金流ETF联接基金 closely tracks the 中证800自由现金流指数, which selects companies based on positive free cash flow and enterprise value, excluding financial and real estate sectors [2] - The index has shown impressive long-term performance, with a historical win rate of over 90% and a return of 327.13% since its inception, outperforming similar indices [2] - The proposed fund manager, 金泽宇, has 7 years of experience in the securities industry and is familiar with market style rotation, managing multiple ETFs across various indices [3] Group 3 - 富国基金 has over 16 years of experience in quantitative index investment, with a dedicated team led by Dr. 李笑薇, comprising over 20 research and investment professionals [4] - The company has developed a diverse product line in the ETF space, including sector-specific ETFs and broad-based ETFs, aiming to capture excess returns in core long-term sectors [4]

财政部近日印发《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长周期考核的通知》， 明确国有商业保险公司全面建立三年以上长周期考核机制并对保险公司开展资金运用提出要求。在低利 率环境下，险资与高自由现金流资产的策略契合度进一步凸显，增量资金有望加速流向"盈利质量优、 分红能力稳"的优质现金流标的。在此背景下，富国基金旗下的富国中证800自由现金流ETF联接基金 （A类：024761，C类：024762）即将结束募集，该联接基金跟踪的指数精选了中证800指数中剔除金融 和房地产行业后自由现金流率充足的50家"现金奶牛"企业，旨在为投资者提供场外一键布局现金流核心 资产的高效工具。 此外，作为"老十家"公募基金，富国基金在指数量化领域已深耕超16年，量化投资团队成立于2009年， 由公司副总经理李笑薇博士领军，汇聚了超20名投研干将，平均从业年限超11年。作为中国ETF业务的 积极参与者，富国基金顺应时代潮流，布局了丰富多样的产品线。其中，龙头系列ETF包括军工龙头 ETF、消费50ETF、芯片龙头ETF、医药龙头ETF等，旨在挖掘长期核心赛道的超额收益；行业主题ETF 全面囊括消费、科技制造、医药、金融 ...

Group 1 - The core viewpoint emphasizes the increasing importance of intrinsic quality and risk resilience of companies in the context of macroeconomic uncertainty and ongoing overseas risks, with free cash flow being a key indicator of true profitability and financial health [1] - The newly launched fund, the FTFT China Securities 800 Free Cash Flow ETF Fund, aims to provide investors with an efficient tool to capitalize on policy dividends in the "anti-involution" era by investing in quality cash flow assets [1] - Free cash flow, defined as the cash generated from operating activities minus capital expenditures, reflects a company's ability to distribute cash to investors or for strategic decisions, indicating higher profitability quality and stronger risk resilience [1] Group 2 - Historical performance shows that indices like the CSI 300 Free Cash Flow, CSI 500 Free Cash Flow, and CSI 800 Free Cash Flow have outperformed the CSI Dividend Index since December 31, 2013 [2] - The FTFT China Securities 800 Free Cash Flow ETF Fund closely tracks the 800 cash flow index, focusing on 50 "cash cow" companies with sufficient free cash flow, excluding financial and real estate sectors [2] - The index has a significant large-cap style, with over 60% of its constituent companies having a market capitalization exceeding 100 billion, and over 70% exceeding 50 billion [2] Group 3 - The underlying quality of the index contributes to its long-term viability, with the 800 cash flow total return index achieving over 90% historical annual win rate, only declining in 2018, and has recorded positive returns for six consecutive years since 2019 [3] - Current economic fundamentals suggest that the 800 cash flow index may benefit from policies aimed at expanding domestic demand, particularly in cyclical sectors [3] - The current price-to-earnings ratio (TTM) of the 800 cash flow index is 10.31, which is relatively low historically, providing a substantial margin of safety compared to other major indices [3]