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 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，企业审慎经营管理带来的现金流累积将取代 前端扩张成为核心定价逻辑，自由现金流充沛的资产（如消费龙头、周期资源品）在实物再通胀阶段具 备估值修复潜力。当前红利扩容重点关注三大板块：消费内需龙头（低估值分位）、周期资源品（供给 约束下的价格弹性）、红利低波品种（现金流稳定性），其中具备可控资本开支和高效运营能力的公司 更易在后端创造持续现金流价值。 现金流ETF（159399）跟踪的是富时中国A股自由现金流聚焦指数（W00731），该指数从A股市场中筛 选具有稳定自由现金流、财务健康且持续盈利能力突出的上市公司证券作为指数样本，重点覆盖消费、 医药、 ...

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。存量经济中，自由现金流创造的复利奇迹尤为关键，即便 在利润零增长困境下，具备充沛自由现金流创造能力的资产（如可控资本开支、成本费用管控、高效运 营资本）仍能维持价值。若实物再通胀强势回归，自由现金流的成长属性将更值得期待。当前消费龙头 在集中度提升背景下有望提供强于行业整体的自由现金流创造能力，而周期资源品在供给约束下或触发 价格弹性及现金流修复。 每日经济新闻 （责任编辑：张晓波 ） 【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 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A股市场 中筛选具有强劲自由现金流、财务状况稳健且盈利能力突出的上市公司证券作为指数样本，覆盖多行业 领域。指数构建采用价值投资风格导向的筛选机制，旨在反映中 ...

Group 1 - The cash flow ETF (159399) has seen a net inflow of over 120 million yuan in the past five days, indicating strong demand for cash flow assets [1] - The Chinese economy has shown resilience in the first half of the year, with June exports rebounding more than expected, leading to improved market sentiment [1] - Citigroup upgraded the rating of the Chinese stock market to "overweight," citing reasonable valuations despite higher trade risks, and a positive trend in earnings revisions [1] Group 2 - The FTSE cash flow index has outperformed the CSI dividend index and the CSI 300 index for nine consecutive years from 2016 to 2024 [1] - The investment theme for the year is expected to focus on "large and medium-sized enterprises + central state-owned enterprises + abundant cash flow" [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 - 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]

Group 1 - The core viewpoint of the article highlights the significant inflow of over 77 million units into the cash flow ETF (159399), indicating strong investor interest in cash flow assets [1] - According to Everbright Securities, domestic policies have gradually shifted towards a focus on fundamentals and liquidity since September of last year, maintaining a proactive stance despite some restraint in policy intensity [1] - The flexibility and foresight of policymakers are expected to stabilize market expectations and promote healthy development in the capital market [1] Group 2 - Investors are encouraged to pay attention to the cash flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and offers monthly dividend assessments [1] - For investors without stock accounts, alternatives such as the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) are recommended [1]

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）。 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 自由现金流更适应当下宏观环境：当前低利率宽货币的环境下，自由现金流充足的公司，根据自由现金 流贴现模型其估值的抬升将强于自由现金流较弱的公司；在信用收紧的环境中，具备内生性自由现金流 创造能力的优质企业中具备安全边际，股价具有一定韧性。 自由现金流能够规避价值陷阱：自由现金流指标与公司基本面挂钩更为紧密，且更新频率相比股息率指 标更为迅速，公司经营情况的变化能够及时反映在指标中。规避在股息率估值逻辑下，因公司股价下跌 但股息率反而升高导致的价值陷阱。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数20 ...

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。 相关机构表示，关税方面，7月4日，美国总统特朗普表示，美国政府将从当天起开始致函贸易伙伴，设 定新的单边关税税率。特朗普称，新关税"十有八九"从8月1日开始生效，"关税税率可能从60%、70%到 10%、20%不等"。美国6月份的就业数据显示其经济韧性，市场对美联储的降息预期有所下调，然而， 美对等关税暂停期即将结束、相关贸易政策依然具有不确定性，或将对市场造成扰动。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。此外，"大中市值+央国企+充裕现金流"有望为全年投资主线之 一。现金流 ETF（159399）的标的指数聚焦大中市值，标的指数央国企占比高于同类现金流指数，月 月可评估分红，感兴趣的投资者可持续 ...

Group 1 - A new floating rate fund, the交银施罗德瑞安混合, is being launched with a proprietary investment of 20 million yuan by交银施罗德, reflecting confidence in the long-term stability of China's capital markets [1] - Since the launch of the first batch of floating rate products on May 27, multiple public funds have announced self-purchases, with total subscriptions exceeding 100 million yuan as of June 9 [1] Group 2 - 15 fund companies have terminated their sales cooperation with民商基金销售公司 as of June 9, with 中欧基金 and 华泰保兴基金 being among the latest to announce this decision [2][3] - Additionally, 上银基金 has also announced the termination of its sales cooperation with海银基金销售有限公司 [4] Group 3 - As of June 9, the total scale of ETFs has reached 4.16 trillion yuan, with an increase of nearly 440 billion yuan this year, and the number of shares has risen to 2.74 trillion [5] - 14 ETFs have seen an increase in scale of over 10 billion yuan this year, with the highest individual increase exceeding 30 billion yuan [5] Group 4 - 26 new free cash flow strategy funds have been established this year, raising a total of 15.143 billion yuan, with several funds exceeding 1 billion yuan in issuance [6] - New products in this category are actively being reported, indicating ongoing interest and expansion in the free cash flow strategy fund segment [6] Group 5 - The 北证50成份指数 has shown strong performance, with all 20 available北交所主题基金 achieving positive returns this year, the highest increase being 72.29% [7][8] - Several北证50成份指数基金 have implemented purchase limits to protect the interests of fund holders [7] Group 6 - 兴证全球基金's manager, 陈聪, emphasizes four key investment directions: internet leading companies, innovative pharmaceuticals, new consumer trends, and technology hardware, particularly in the context of AI applications [9] - The innovative pharmaceutical sector is expected to continue its momentum into the second half of the year, with A-shares showing potential in niche markets like pet products and beauty [9] Group 7 - On June 10, the market experienced a decline, with the Shanghai Composite Index falling by 0.44% and the Shenzhen Component Index by 0.86% [10] - The trading volume reached 1.42 trillion yuan, indicating increased market activity compared to the previous trading day [10]

Market Overview - The Shanghai Composite Index rose by 0.76% to close at 3367.46 points, with a weekly high of 3417.31 points [1] - The Shenzhen Component Index increased by 0.52% to 10179.6 points, reaching a peak of 10418.44 points [1] - The ChiNext Index saw a gain of 1.38%, closing at 2039.45 points, with a maximum of 2103.37 points [1] - Global markets also experienced gains, with the Nasdaq Composite up by 7.15%, the Dow Jones Industrial Average up by 3.41%, and the S&P 500 up by 5.27% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 2.09%, and the Nikkei 225 increased by 0.67% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.69% [2] - The highest weekly return among scale index ETFs was 2.43% for the China Securities 2000 Enhanced Strategy ETF [2] - The top-performing industry index ETF was the China Securities 800 Automotive and Parts ETF, with a return of 2.8% [2] - The strategy index ETF with the highest return was the Da Cheng China Securities Dividend Low Volatility 100 ETF at 4.21% [2] - The best-performing thematic index ETF was the Jianxin National Certificate New Energy Vehicle Battery ETF, returning 2.84% [2] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs increased by 10.9%, while average daily turnover rose by 1.8% [7] - The top five stock ETFs by inflow were: - Ping An China Securities A500 ETF (inflow of 360 million yuan) - Huatai-PB SSE STAR 100 ETF (inflow of 263 million yuan) - Huaxia SSE STAR 50 Component ETF (inflow of 174 million yuan) - GF China Securities Military Industry ETF (inflow of 114 million yuan) - Guotai Junan China Securities Animal Husbandry ETF (inflow of 105 million yuan) [9] - The top five stock ETFs by outflow were: - Huatai-PB SSE 300 ETF (outflow of 686 million yuan) - E Fund SSE 300 ETF Initiated (outflow of 436 million yuan) - Southern China Securities 1000 ETF (outflow of 360 million yuan) - E Fund ChiNext ETF (outflow of 320 million yuan) - Harvest SSE 300 ETF (outflow of 275 million yuan) [10] ETF Financing and Market Conditions - The financing balance for stock ETFs decreased from 42.3194 billion yuan to 41.9403 billion yuan [12] - The total number of ETFs in the market was 1161, with 942 being stock ETFs [13] - The total market size for ETFs reached 4.106392 trillion yuan, a decrease of 11.934 billion yuan from the previous week [15] - Stock ETFs accounted for 81.1% of the total number of ETFs and 72.6% of the total market size [17] Industry Insights - According to Jiao Yin International, the car market is expected to grow steadily in May due to the old-for-new policy, with a relatively high base from last year [19] - Huaxin Securities anticipates that the automotive sector will exhibit a range-bound pattern, with strong domestic demand but weak external demand [19]

Group 1 - The number of free cash flow themed ETFs has increased to 21 within approximately four months, with 18 of them already closed for subscription, collectively raising over 10 billion yuan [1][2] - Several ETFs, including those from Huatai-PB, Southern Fund, and Da Cheng Fund, were launched and closed for subscription on the same day, with initial subscription sizes ranging from 4.41 billion yuan to 19.09 billion yuan [2][3] - Individual investors dominate the subscription of these ETFs, with personal holdings exceeding 90% in several funds [3][4] Group 2 - The ETFs are linked to a diverse range of indices, including the CSI All Share Free Cash Flow Index and the CSI 800 Free Cash Flow Index, among others [4] - The current market includes three more free cash flow ETFs still in the subscription phase, with varying closing dates [3][4] - As of April 27, four free cash flow ETFs have been listed for trading, with some experiencing significant growth in scale compared to their initial offerings [5][6]