西部证券指出，2018年中国进入工业化成熟期后，投资者对自由现金流的关注度明显提升，自由现 金流（FCFF）改善的行业超额收益显著增强。当前"反内卷"政策驱动制造业CAPEX收缩，带来自由现 金流"被动改善"（资本开支与营运资本收缩），而跨境资本回流有望推动制造和消费行业EBIT抬升， 实现"主动改善"。资源、消费及轻资产科技（计算机/传媒）在自由现金流同时"主动改善"（EBIT提 升）和"被动改善"（CAPEX/营运资本收缩）时超额收益显著；重资产科技（电子/通信）及成长期制造 业虽因CAPEX扩张导致FCFF阶段性恶化，但EBIT改善仍能带来超额收益。制造业"反内卷"本质是通过 开源（EBIT提升）与节流（CAPEX收缩）修复现金流，当前新能源、水泥等细分行业已显现改善迹 象。 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。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，感兴趣的投资者或可持续关注。 注：现金流ETF完全由国泰基金管理有限公司开发，本 ...

华创证券指出，存量经济时代企业从追求规模走向追求利润和现金流，自由现金流长期优秀终能转化为 股东现金回报。高自由现金流回报组合从"高自由现金流回报"+"低投入、高利润分配股东比例"视角构 建，该策略在下跌或震荡市中表现相对更为优秀。 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。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，自上市以来已经连续分红9个月，感兴趣的投资者或可 持续关注。 注：现金流ETF完全由国泰基金管理有限公司开发，本基金与伦敦证券交易所集团公司及其附属企业 (统称"LSE Group")之间没有关联，也并非受其发起、背书、出售或推广。FTSE Russell是特定LSE Group公司的商标名称之一。LSE Group概不对任何人士使用本基金或基础数据承担任何责任。 现金流ETF（159399）净流入超1000万份，连续5日净流入超3亿元。 分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金分红 不 ...

分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。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 （责任编辑：董萍萍 ） 现金流ETF（159399）近10日净流入超1.4亿元。 国泰海通指出，富时中国A股自由现金流行业当前受益于中国"转型牛"的确定性趋势，包括转型节 奏加快、无风险收益下沉及资本市场改革。国内金融条件稳定，财政与货币具备宽松储备，稳定资本市 场对经济社会起到四两拨千斤的作用。分析师认为，中国社会和投资人对于发展逻辑坚实的优质资产需 求持续井喷，自由现金流充裕的优质企业将更受市场青睐。工业金属如铜等因建筑、电网与电动车需求 驱动，叠加AI算力扩张与电网现代化带来的结构性需求，开发成本提高或推高价格，相关行业现金流 状况可能改善。中 ...

Core Viewpoint - The cash flow ETF (159399) has shown positive performance, with continuous dividends for 8 months since its listing and a net inflow of nearly 100 million yuan in the past 5 days [1]. Group 1: Market Performance - The cash flow ETF (159399) is based on the FTSE Cash Flow Index, which has outperformed the CSI Dividend Index and the CSI 300 Index for 9 consecutive years from 2016 to 2024 [1]. - The ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1]. Group 2: Investment Insights - The market is currently in a policy and performance vacuum period, leading to reduced event-driven factors and a potential increase in demand for defensive allocations in dividend sectors as year-end approaches [1]. - Investors are encouraged to pay attention to the cash flow ETF (159399) due to its consistent dividend performance and the favorable characteristics of its underlying index [1].

Core Viewpoint - A-share companies are showing positive signs of profit improvement, with a significant increase in free cash flow in the third quarter [1] Group 1: Company Performance - Overall capital expenditure of listed companies has turned to negative growth, indicating a potential capacity contraction similar to the anti-involution context seen a decade ago [1] - There is a noticeable turning point in the performance of resource sectors, with high free cash flow yield observed [1] Group 2: Investment Opportunities - Traditional industries such as steel and non-ferrous metals have experienced a prolonged decline in capital expenditure, and any improvement in demand could lead to a significant price increase [1] - 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 underlying index of the cash flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - The cash flow ETF has consistently paid dividends for eight consecutive months since its listing, making it an attractive option for interested investors [1]

Group 1 - The article highlights increased uncertainty in the market, leading to accelerated sector rotation and cautious investor behavior [1] - Recent strong performance has been observed in coal and banking sectors, while dividend stocks continue to show relative strength [1] - 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] Group 2 - 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 [1] - The ETF has consistently paid dividends for eight consecutive months since its listing, with monthly assessments of dividends available [1]

Group 1 - The core viewpoint highlights the increasing market attention on cash flow assets, particularly in the context of the cash flow ETF (159399) which has seen significant net inflows [1] - The cash flow ETF has recorded a real-time net inflow of 23 million units, with a total net inflow exceeding 130 million yuan over the past five days, indicating strong investor interest [1] - Foreign and domestic capital are both increasing their positions in cyclical industries with good cash flow performance, particularly in the electronics sector with a net inflow of 3.47 billion yuan and the non-ferrous metals sector with a net inflow of 2.04 billion yuan [1] Group 2 - Non-bank financials and power equipment sectors are leading in net inflows among stable cash flow industries, with inflows of 3.74 billion yuan and 2.89 billion yuan respectively [1] - The FTSE Cash Flow Index has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024, indicating strong performance of cash flow-focused investments [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 has distributed dividends for eight consecutive months since its listing [1]

Core Insights - The cash flow ETF (159399) has seen a real-time net inflow of 45 million units, indicating strong demand for cash flow assets [1] - Huachuang Securities highlights a shift in the economy from scale pursuit to profit and cash flow, suggesting that companies with high free cash flow will eventually provide returns to shareholders [1] - The high free cash flow return strategy has shown better performance in declining or volatile markets [1] Investment Opportunities - 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 underlying index of the cash flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - The ETF has consistently paid dividends for seven months since its launch, making it an attractive option for investors [1] Alternative Options - For investors without stock accounts, they can consider the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link C (023920) [1]

Group 1 - The core viewpoint of the article highlights that the overall profit growth of listed companies remains stable, with a significant increase in operating cash flow and a continued decline in capital expenditure, leading to an increase in free cash flow [1] - The FCF yield (TTM) of non-financial construction in the CSI 300 has risen to 4.5%, up from 4.1% at the beginning of the year, indicating a substantial increase in free cash flow yield [1] - The proportion of free cash flow of the entire A-share non-financial sector relative to total market value has steadily increased to 2.5%, and the proportion relative to total revenue has risen to 3.1% [1] Group 2 - In specific sectors, there is a notable improvement in free cash flow ratios in mid-to-high-end manufacturing, sectors benefiting from capacity clearance due to "anti-involution," and certain discretionary consumption industries [1] - Investors are encouraged to pay attention to cash flow ETFs (159399), which have outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - For investors without stock accounts, they can consider the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) [1]

Group 1 - The core viewpoint of the article highlights the strong performance of the Cash Flow ETF (159399), which has seen a net inflow of 26 million units, indicating investor interest in cash flow assets [1] - The FTSE Cash Flow Index, which the Cash Flow ETF tracks, has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The Cash Flow ETF 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] Group 2 - Investors without stock accounts are encouraged to consider the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) [1] - The Cash Flow ETF is fully managed by Guotai Fund Management Co., Ltd., and there is no affiliation with the London Stock Exchange Group or its subsidiaries [1]