业绩表现上来看，富时现金流指数的长期业绩突出，以全收益指数（含分红收益）计算，基日 （2013年12月31日）以来，截至7月22日，富时现金流指数累计涨幅达624.37%，显著高于沪深300的 133.67%的和中证红利的624.37%，连续 9 年跑赢中证红利指数。 今日，现金流ETF（159399）官宣第6次分红，本次分红比例为0.25%，权益登记日为8月13日，现 金红利发放日为8月18日。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由 现金流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 注：根据本次收益分配方案，分红基准日为2025年8月1日，本月分红0.25%指每份额分红0.0026元/ 基准日基金份额净值 1.0562的比例，具体详基金分红公告。指数/基金短期涨跌幅及历史表现仅供分析 参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数 仅供参考，不构成任何投资建议，也不构成对基金业绩的预测 ...

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - Cash - flow ETFs have become popular products in overseas markets, and domestic products are being actively申报. "Large - medium market capitalization + central state - owned enterprises + abundant cash flow" is expected to be one of the annual investment themes. With policies like the new "Nine - Point Plan", the small - cap premium has declined, and policies are expected to drive central state - owned enterprises to improve profitability [2]. - Domestic free cash - flow indices are in the ascendant, and there are differences among them. The FTSE China A - Share Free Cash - Flow Focus Index (FTSE Cash - Flow) has a more detailed sample - selection space compared to similar indices, with 50 constituent stocks and a multi - angle screening mechanism that includes unique quality factors, volatility, and growth indicators [2]. - In terms of market - capitalization and industry distribution, the FTSE Cash - Flow shows a prominent large - medium market - capitalization style, with low valuation. It is relatively "resilient" during market corrections. The FTSE Cash - Flow has a lower correlation with traditional styles among cash - flow indices, has a high risk - return ratio, and can be used in investment strategies such as the dumbbell strategy with technology indices [2]. 3. Summary by Directory 3.1 Free Cash Flow Has Become a High - Potential Investment Direction in the Domestic ETF Market - **Maturity of Overseas Cash - Flow ETFs**: Overseas cash - flow products have achieved fruitful results. As of April 25, 2025, the largest US free cash - flow ETF, COWZ, had a scale of over $20 billion [8]. - **Diversity of Overseas Free Cash - Flow Index Compilation Schemes**: Different overseas free cash - flow indices have various compilation methods. For example, CALF and COWZ are based on different sample spaces and use free cash - flow yield for screening and weighting [10]. - **Long - Term Effectiveness of Domestic Cash - Flow Strategies**: Since 2012, A - share enterprises (excluding finance) have shifted from an incremental to a stock - thinking business model, and free cash - flow has been increasing steadily since 2014. Companies with sufficient cash flow have shown significant excess returns compared to broad - based indices [20]. - **"Large - Medium Market Capitalization + Central State - Owned Enterprises + Abundant Cash Flow" as an Investment Theme**: From 2021 - 2023, the small - cap style was dominant, but after the introduction of policies in 2024, the small - cap premium declined. The investment cash outflow of large - cap stocks has been rising steadily since June 2021, while that of small - cap stocks decreased significantly in Q1 2025 [22]. 3.2 Domestic Free Cash - Flow Indices Are in the Ascendant, with Differences Among Them - **Index Compilation Scheme Comparison**: The mainstream domestic cash - flow indices include the FTSE Cash - Flow, China Securities Cash - Flow, and Shenzhen Securities Information Cash - Flow. The FTSE Cash - Flow has 50 constituent stocks, excludes financial and real - estate industries, and uses a multi - factor screening mechanism. It combines cash - flow and volatility factors, which is expected to achieve excess returns [32][35]. - **Industry and Market - Capitalization Distribution Comparison** - **Market - Capitalization Distribution**: The FTSE Cash - Flow has a large - medium market - capitalization style, with 18% of its constituent stocks having a total market capitalization of over 100 billion. It is more "resilient" during market corrections [40]. - **Industry Distribution**: The FTSE Cash - Flow has high weights in industries such as household appliances, non - ferrous metals, and food and beverages. Overseas cash - flow ETFs have a higher proportion of technology stocks, and domestic cash - flow indices may include more technology - oriented enterprises in the future [46]. - **Constituent - Stock Overlap**: The constituent stocks of the FTSE Cash - Flow have a high overlap (95.95%) with major broad - based indices, especially 71.17% with the CSI 300, and are expected to benefit from subsequent policies [56]. - **Index Valuation**: As of July 18, 2025, the FTSE Cash - Flow has a relatively low price - to - earnings ratio (TTM of 11.25) and price - to - book ratio (1.49) among similar indices, and a relatively high dividend yield (4.76%), indicating investment value [61]. 3.3 The Risk - Return Profiles of Cash - Flow Indices Are Generally Similar, and the FTSE Cash - Flow Index Has a Lower Correlation with Traditional Styles - **Risk - Return Analysis**: The FTSE Cash - Flow has outperformed the dividend index in the long - term and has a high risk - return ratio. As of July 18, 2025, its risk - return ratio reached 0.85, higher than the CSI Dividend's 0.63 and the Dividend Low - Volatility's 0.68 [65]. - **Reasons for the FTSE Cash - Flow's Leading Returns** - **Relationship between Market Capitalization and Cash - Flow Yield**: The cash - flow yield factor is more effective in large - cap stocks. However, it also shows a certain enhancement effect in large - medium market - capitalization stock pools. The FTSE Cash - Flow selects stocks from large - medium market - capitalization indices such as the CSI 300 and CSI 500 based on free cash - flow yield [69][70]. - **Low - Volatility and Quality Factors**: The FTSE Cash - Flow uses quality and low - volatility factors from the FTSE Global Factor Index System, which enhances the index's risk - resistance and long - term holding value [85]. - **Investment Strategies**: The free cash - flow strategy and the dividend strategy can complement each other. The FTSE Cash - Flow, as a "dividend plus" strategy, has a lower correlation with technology indices and the partial - stock hybrid fund index than traditional dividend indices, and can be used to construct investment portfolios to improve risk diversification [96][97].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Free cash flow has become a high-potential investment direction in the domestic ETF market, and the "large and medium market capitalization + central state-owned enterprises + abundant cash flow" is expected to be one of the annual investment mainlines [3][9] - Domestic free cash flow indices are emerging, with differences among various indices. The FTSE China A-Share Free Cash Flow Focus Index (FTSE Cash Flow) stands out in terms of compilation, market capitalization distribution, valuation, and return-risk characteristics [3][30] - The FTSE Cash Flow Index has a lower correlation with traditional styles, a higher return-risk ratio, and can be used to construct investment strategies such as a dumbbell strategy with technology indices and a differentiated allocation with partial equity hybrid fund indices [3][92][93] 3. Summary According to the Table of Contents 3.1 Free cash flow has become a high-potential investment direction in the domestic ETF market - Overseas cash flow ETFs are mature, with diverse free cash flow indicator compilation schemes. For example, as of April 25, 2025, the scale of COWZ in the US exceeded $20 billion [9] - Domestic cash flow strategies are expected to be effective in the long term. Since 2014, A-share free cash flow has been positive and growing steadily, and companies with sufficient cash flow have shown significant excess returns [19] - The "large and medium market capitalization + central state-owned enterprises + abundant cash flow" is expected to be one of the annual investment mainlines. Since the introduction of the new "Nine National Policies" in 2024, the small-cap premium has declined, and large-cap stocks' investment cash outflows have been rising steadily [21][24] 3.2 Domestic free cash flow indices are emerging, with differences among various indices 3.2.1 Index Compilation Scheme Comparison - The mainstream domestic cash flow indices include the FTSE Cash Flow, Guozheng Cash Flow, and China Securities Cash Flow. The FTSE Cash Flow has a more refined sample space, with 50 constituent stocks, and uses unique quality, volatility, and growth indicators for multi-dimensional screening [3][30] - Compared with other cash flow indices, the FTSE Cash Flow's compilation scheme excludes securities with high volatility, and the combination of cash flow and volatility factors is expected to achieve higher excess returns [33] 3.2.2 Industry Market Capitalization Distribution Comparison - **Market Capitalization Distribution**: The FTSE Cash Flow has a larger market capitalization among similar indices, with 18% of constituent stocks having a total market capitalization exceeding 100 billion yuan, showing a large and medium market capitalization style. It is more resistant to market downturns [38][42] - **Industry Distribution**: The weights of the FTSE Cash Flow are concentrated in the energy and consumption industries. As of July 18, 2025, the top three industries in terms of weight are household appliances, non-ferrous metals, and food and beverages [44] - **Constituent Stock Overlap**: The FTSE Cash Flow has a higher overlap with major broad-based indices, with a cumulative overlap of 95.95% with the CSI 300, CSI 500, and CSI 1000, and is expected to benefit from subsequent policies [54] 3.2.3 Index Valuation - The FTSE Cash Flow has a lower valuation and a higher dividend yield among similar indices. As of July 18, 2025, its price-to-book ratio is 1.49, and its dividend yield is 4.76%, providing a relatively high margin of safety [59] 3.3 The return and risk of cash flow indices are generally similar, and the FTSE Cash Flow Index has a lower correlation with traditional styles 3.3.1 Return and Risk - The FTSE Cash Flow has outperformed the dividend index in the long term and has a high return-risk ratio. As of July 18, 2025, its return-risk ratio is 0.85, higher than that of the CSI Dividend Index (0.63) and the Dividend Low Volatility Index (0.68) [60][63] 3.3.2 Reasons for the Leading Returns of the FTSE Cash Flow Index - **Relationship between Market Capitalization and Cash Flow Yield**: The cash flow yield factor is more effective in large-cap stocks. The FTSE Cash Flow selects stocks from large and medium-cap stock pools, enhancing returns by selecting stocks with superior cash flow yields [67][68] - **Low Volatility and Quality Factors**: The FTSE Cash Flow further filters stocks using low volatility and quality factors from the FTSE Global Factor Index System, enhancing the index's risk resistance and long-term holding value [82] 3.3.3 Investment Strategy - The free cash flow strategy and the dividend strategy can complement each other. The FTSE Cash Flow, as a "dividend plus" strategy, can be combined with technology indices to construct a dumbbell strategy with lower volatility and form a differentiated allocation with partial equity hybrid fund indices [92][93]

Group 1 - The core viewpoint emphasizes the importance of stable free cash flow as a financial foundation for a long-term bull market in A-shares, particularly in a low-interest-rate environment [1] - The shift in economic operation models is leading to a change in stock market pricing logic, focusing on the accumulation of cash flow rather than front-end expansion [1] - Assets with abundant free cash flow, such as companies with controlled capital expenditures and efficient operations, can maintain value creation even in profit stagnation scenarios [1] Group 2 - The Cash Flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with high free cash flow yield from the Chinese A-share market [1] - The index covers multiple industries and focuses on financially sound companies with strong cash flow generation capabilities, reflecting the overall performance of such companies in the Chinese market [1] - The index adopts a value investment style, providing investors with a reference for companies with quality cash flow [1] Group 3 - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Link C (023920) [2]

Group 1 - The article highlights the rebound of high dividend assets, with the Cash Flow ETF (159399) rising by 0.89% during trading, indicating active market participation [1] - The Cash Flow ETF (159399) utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates, thus identifying "cash cow" companies in the A-share market [1] - The long-term performance of the FTSE Cash Flow Index is notable, with an annualized return exceeding 18% since the base date (December 31, 2013), and a cumulative increase of 568.15%, significantly outperforming the CSI 300's 114.88% and the CSI Dividend's 285.62%, consistently beating the CSI Dividend Index for nine consecutive years [1] Group 2 - According to Shenwan Hongyuan Securities, free cash flow has a timing effect on cyclical stocks, suggesting that during an upcycle, the free cash flow rate of cyclical stocks is higher compared to recession periods, allowing for the identification of cyclical stocks in an uptrend through free cash flow rates, demonstrating strong applicability to economic cycles [1]

Core Viewpoint - The emergence of Free Cash Flow ETFs has disrupted traditional investment strategies, attracting significant capital and reshaping market dynamics since their launch in February 2025 [1][2]. Group 1: Core Advantages of Free Cash Flow ETFs - Free Cash Flow serves as a critical indicator of a company's operational quality, revealing its ability to generate cash after covering operating costs and capital expenditures [2]. - Unlike traditional dividend or low-valuation strategies, Free Cash Flow ETFs focus on companies that can produce substantial cash flow after necessary expenses, thus avoiding high-leverage financial risks [2][3]. - The dynamic mechanism of excluding unstable cash flow companies enhances the resilience of holdings during economic cycles, providing a safety margin based on real cash flow [3][4]. Group 2: Phenomenal Growth in Four Months - The initial trading day saw over 1 billion CNY in transaction volume for Free Cash Flow ETFs, with significant growth from 694 million CNY to 3.7 billion CNY in assets under management [6][7]. - As of now, there are 23 Free Cash Flow ETF products tracking five indices, with the CSI All Share Free Cash Flow Index being the most popular among fund companies [6]. - The 10-year government bond yield falling below 2% has created a significant yield advantage for Free Cash Flow indices, appealing to institutional investors seeking stable returns [7][8]. Group 3: Multi-Dimensional Drivers of Capital Influx - Competitive pricing strategies have emerged, with some fund management fees reduced to 0.15%, significantly enhancing investor returns over the long term [11][12]. - Policy support, such as the new "National Nine Articles," emphasizes dividend distribution and market capitalization management, favoring companies with strong cash flow [14]. - The shift in investor sentiment towards risk-adjusted returns positions Free Cash Flow ETFs as a balanced investment option amid economic uncertainty [9][10]. Group 4: Future Outlook and Challenges - The market for Free Cash Flow ETFs presents both opportunities and challenges, with individual investors likely to become a new source of capital as they shift from reliance on guaranteed returns to risk-adjusted strategies [15]. - The ability to maintain liquidity and manage large-scale inflows will be crucial for fund managers, requiring effective stock selection and dynamic cash flow management [15][16]. - The sustainability of cash flow generation, disciplined execution of fund strategies, and the market's appeal to long-term capital will determine the success of Free Cash Flow ETFs in navigating economic cycles [16].

Group 1 - The one-year deposit interest rate has fallen below 1%, leading to a rebound in high-dividend assets, with the Cash Flow ETF (159399) rising by 1% as of May 20, and its scale reaching nearly 3.6 billion yuan, ranking first among its peers [1] - The Cash Flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates, thus identifying "cash cow" companies in the A-share market for long-term investment [1] - Historical performance shows that the FTSE China A-Share Free Cash Flow Focus Index has achieved an annualized return of approximately 20% from 2014 to 2024, significantly outperforming the CSI 300 and the CSI Dividend Index during the same period, with positive returns for six consecutive years since 2019 [1] Group 2 - Guosen Securities indicates that in the current low-interest and loose monetary environment, companies with ample free cash flow will see a stronger valuation uplift compared to those with weaker free cash flow, and high free cash flow returns present certain investment value in a low-interest context [2] - In a tightening credit environment, growth companies face challenges in financing for further expansion, while high-quality enterprises with endogenous free cash flow generation capabilities exhibit resilience [2]

一揽子金融政策落地，关注可月月评估分红的现金流ETF（159399）投资机会。 消息面，5月7日，一揽子金融政策发布，包括央行3大类10项货币政策、金监总局8项增量政策，证监会 一揽子稳市"组合拳"。 国盛证券表示，一揽子金融政策如期而至、揭开了新一批增量政策的序幕，既有着眼当下的"放 水"、"真金白银"支持、也有布局长远的制度安排。此外，本次发布会均是盘前9点，三部门一把手出 席，均为系列组合拳出击，不同之处在于，去年9月24日发布会领先政治局会议率先发力，本次则基本 是4月25日政治局会议精神的落地，也更为重视稳外贸。往后看，预计还有不少增量政策在路上。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 相关机构表示，展望后市，能看到国内政策对稳市场、稳预期的强劲支持，叠加关税的边际缓和迹象， 这都给市场提供了较强的底部支撑；但另一方面，未来中美谈判及川普政府的政策存在 ...

以下文章来源于华夏ETF ，作者ETF分析师 近日 ， 以自由现金流为核心的 " 现金奶牛 " 策略ETF成为公募新宠 ， 继首批自由现金流ETF上市 交易后 ， 多家基金公司陆续申报相关产品 。 华夏ETF . 据悉 ， 其中2家将跟踪沪深300自由现金流指数 ， 4家将跟踪国证自由现金流指数 。 分享ETF投资风向、ETF实战演练、ETF行情热点解析…… 若未来产品获批发行 ， 市场上将形成跟踪包括 国证自由现金流指数 、 富时中国A股自由现金流聚 焦指数 和 沪深300自由现金流指数 三种指数的自由现金流ETF ， 同时将为自由现金流ETF赛道带来 更多增量资金 。 (一) 聚焦自由现金流 ， 筛选高稳定性公司 为何基金公司扎堆布局国证自由现金流指数 ？ 我们不妨从指数的编制规则开始 ， 逐步对比 ， 看看 国证自由现金流指数 有何特别之处 ？ | 指数名称 | 国证自由现金流指数 | 沪深300目由现金流指数 | 富时中国A股自由现金流聚焦指数 | | --- | --- | --- | --- | | 指数代码 | 980092 | 932366 | FCFOCD | | 指数基日 | 2012/1 ...

首批自由现金流主题ETF来了！ 2月27日，国泰基金旗下新品现金流ETF(159399)正式登陆深交所上市交易。该产品募集资金14.31亿元，有效 认购户数达1.49万户。个人投资者持有的基金份额占基金总份额的95.81%，显示了投资者对于现金流ETF的认 可。 作为一款定位"红利替代"的创新工具，该ETF聚焦高自由现金流企业，凭借其大中市值风格、月月评估分红的 机制，以及政策与基本面双重驱动的投资逻辑，引发市场高度关注。 业内人士表示，现金流ETF的上市，不仅为投资者提供了红利策略的升级选择，更标志着A股被动投资工具进 一步向精细化、策略化演进。在政策与基本面双轮驱动下，"现金牛"行情或成为2025年市场主线之一，而该产 品凭借清晰的定位与强大的管理能力，有望成为资金配置的重要载体。 聚焦"现金奶牛"，锚定高质量企业红利替代价值 1月10日，国内首批自由现金流ETF正式获批。2月20日，国泰基金发布公告称，旗下国泰富时中国A股自由现 金流聚焦ETF于2月19日成立，募集资金14.31亿元，有效认购户数达1.49万户。2月27日，该ETF正式登陆深交 所上市交易。 据悉，自由现金流是指企业在支付了所有必要的经 ...