Core Viewpoint - The improvement in free cash flow is driving an increase in the intrinsic value of companies, particularly in a low bond yield environment, which enhances the attractiveness of high-quality companies [1]. Group 1: Market Trends - The cash flow ETF (159399) rose over 2.4% during trading, reflecting the positive market sentiment towards companies with improved free cash flow [1]. - The half-year reports are expected to reinforce the revaluation logic of A-shares, with sectors such as essential consumer goods (home appliances, household items, cosmetics) and TMT (consumer electronics, communication equipment) showing stable growth or marginal improvement [1]. Group 2: ETF and Index Details - The cash flow ETF tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with stable free cash flow characteristics from the A-share market [1]. - The index emphasizes value investment by focusing on companies with healthy financial structures and abundant cash flow, reflecting the overall performance of listed companies with long-term growth potential [1]. - Investors without stock accounts can consider the GTFTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Link C (023920) [1].

Group 1 - The core viewpoint is that in the era of stock economy, companies are shifting from pursuing scale to focusing on profits and cash flow, with long-term excellent free cash flow ultimately translating into shareholder cash returns [1] - The high free cash flow return strategy is constructed from the perspective of "high free cash flow return" and "low investment, high profit distribution to shareholders," which performs relatively better in declining or volatile markets [1] - The Cash Flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects companies with stable free cash flow from those listed on the Shanghai and Shenzhen stock exchanges, emphasizing financial stability and operating cash flow [1] Group 2 - The index covers multiple industry sectors and adopts a value investment strategy, aiming to reflect the overall performance of listed companies with sustainable cash-generating capabilities [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiated Link C (023920) [1]

招商证券指出，自由现金流改善趋势进一步强化，龙头公司自由现金流收益率和内在回报率预期持续提 升。在当前债券收益率低位背景下，高质量上市公司吸引力凸显。从行业层面看，部分必需消费（家用 电器、家居用品）、TMT（消费电子）及中游制造（汽车零部件、自动化设备）等领域中报业绩增速 较高或边际改善，自由现金流改善趋势显著。"反内卷"政策推动产能出清，钢铁、建材、光伏设备等供 给收缩行业盈利触底，现金流修复预期增强。 现金流ETF（159399）跟踪的是富时中国A股自由现金流聚焦指数（888888），该指数从中国A股市场 中筛选具有稳定自由现金流特征的上市公司证券作为指数样本，覆盖多个行业领域，重点选取财务健康 状况良好、盈利能力突出的企业。该指数旨在综合反映中国市场中注重现金流质量公司的整体表现，其 编制风格侧重于价值投资与质量因子筛选。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the article emphasizes that the improvement in free cash flow is driving an increase in the intrinsic value of companies, particularly in the context of low bond yields, which enhances the attractiveness of high-quality companies [1] - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with stable free cash flow characteristics, reflecting the overall performance of companies with long-term value growth potential [1] - The article highlights that sectors such as essential consumer goods (home appliances, household items, accessories, beauty care) and TMT (consumer electronics, communication equipment) are maintaining steady growth or marginal improvement, while industries like electricity and pharmaceuticals are also expected to show improved mid-year performance [1] Group 2 - The index covered by the cash flow ETF emphasizes a value investment style, focusing on the intrinsic quality and sustainable operational capabilities of companies [1]

Core Viewpoint - The low interest rate environment is creating a favorable condition for stable free cash flow, which is becoming the financial foundation for a long-term bull market in A-shares [1] Group 1: Economic Environment and Market Dynamics - The shift in economic operation models is driving a change in stock market pricing logic towards the accumulation of cash flow [1] - The potential return of strong physical re-inflation makes the growth attributes of free cash flow promising [1] Group 2: Investment Opportunities - Leading consumer companies are expected to benefit from increased concentration and possess stronger free cash flow generation capabilities than the industry average [1] - Cyclical resource products are likely to benefit from supply contraction and cash flow recovery due to anti-involution policies [1] - Free cash flow assets may become an important allocation direction in the second half of the market, supported by low interest rates and demand-stimulating policies [1] Group 3: Cash Flow ETF - 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 across various industries [1] - The index aims to reflect the overall performance of listed companies in the Chinese market that have strong cash flow generation capabilities [1] - 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) [1]

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a low-interest-rate environment, with stable free cash flow being the cornerstone of a prolonged bull market [1] - In a stagnant profit environment, assets capable of generating substantial free cash flow, such as controlled capital expenditures and efficient operating capital, can still maintain their value [1] - Consumer leaders are expected to provide stronger cash flow generation capabilities amid increasing industry concentration, while cyclical resource products may see cash flow recovery under anti-involution policies [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 stable free cash flow and financial health from the A-share market [1] - 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) [1]

（责任编辑：张晓波 ） 没有股票账户的投资者可关注国泰富时中国A股自由现金流聚焦ETF发起联接A（023919），国泰 富时中国A股自由现金流聚焦ETF发起联接C（023920）。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华创证券指出，经济运行模式变化之下，股市定价长期逻辑将转向后端的现金流累积，低利率环境 下稳定自由现金流的复利效应成为长牛基石。存量经济背景下，自由现金流能够创造的复利奇迹尤为关 键，即便在利润零增长的困境下，此类资产依然维持了充沛的自由现金流创造（进一步来自可控资本开 支、成本费用管控、高效运营资本）。若实物再通胀强势回归，自由现金流的成长属性同样值得期待。 当前市场关注红利扩容三大板块中的消费内需龙头，这些企业在集中度提升、格局优化背景下有望提供 强于行业整体的后端自由现金流价值创造。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预 ...

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In a stagnant economy, assets capable of generating abundant free cash flow, such as controlled capital expenditure, cost management, and efficient working capital, can maintain their value even in a zero-profit growth scenario [1] - The report highlights three key sectors for dividend value expansion: leading consumer demand, cyclical resource products, and low-dividend stocks, with consumer leaders and cyclical resources showing advantages in cash flow generation [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 stable free cash flow and strong profitability across various industries, focusing on value and quality [1] - 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) [1]

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In a stagnant profit growth scenario, assets capable of generating substantial free cash flow, such as controlled capital expenditure, cost management, and efficient working capital, can still maintain their value [1] - The current leading consumer companies are expected to provide stronger free cash flow generation capabilities amid increasing market concentration, while cyclical resource products may experience price elasticity and cash flow recovery due to supply constraints [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 strong free cash flow, solid financial conditions, and outstanding profitability across multiple industries [1] - The index construction employs a value investment style screening mechanism aimed at reflecting the overall performance of quality enterprises in the Chinese market [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiator Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiator Link C (023920) [1]