以中证红利指数和中证全指自由现金流为例，从指数成份股上看，二者均是从样本中选择100只成份 股，但行业分布上，中证全指自由现金流指数剔除了金融和地产，倾向于传统行业、成熟的商业模式和 盈利模式企业，行业分布主要集中在煤炭、交通运输、石油石化、有色金属等传统价值行业，以及消费 行业的家用电器、食品饮料等盈利较好企业。 中证红利指数则集中在金融、能源、工业、材料等行业。 近年来，A股市场长期处于震荡调整行情，赚钱难度加大，投资者越来越看重收益稳健的基金类别，具 备高股息率、低估值、安全边际更高的红利策略备受偏爱，近期自由现金流基金批量获批成立，主 打"现金奶牛"、"高分红率"概念，也被市场认为是红利策略升级版，那么二者究竟有何差异呢？ 从两种策略的本质上看，自由现金流策略和红利策略都是基于企业基本面的中长期策略，具有较低风 险、收益相对稳健的特质，自由现金流指的是公司通过经营活动赚到的钱，再扣除运营成本、税费、再 投入等后，真正能自由支配的现金，通俗来讲就是公司手里的"活钱"多不多？自由现金流指数就是选择 这些自由现金流充裕且增长好的公司。 红利指的就是上市公司从税后利润中拿出来按照持股比例分红给股东的钱，通俗来 ...

Core Viewpoint - The article emphasizes the importance of free cash flow as a more reliable indicator of a company's financial health compared to traditional profit metrics, highlighting a recent example of a video giant facing cash flow issues despite years of profitability [1][3]. Group 1: Investment Philosophy - Warren Buffett's investment philosophy focuses on analyzing financial health and competitive advantages, particularly emphasizing the efficiency of free cash flow, competitive advantages, gross margins, liquidity ratios, capital expenditure needs, debt levels, and return on equity (ROE) [1]. - The newly launched Fangzheng Fubon CSI All-Index Free Cash Flow ETF aims to fill the gap in investment tools that focus on cash flow factors, tracking the CSI Cash Flow Index [1][3]. Group 2: Index Composition and Performance - The CSI Cash Flow Index is constructed based on specific criteria, including being in the top 80% of average daily trading volume, positive free cash flow and enterprise value, and positive net cash flow from operating activities for five consecutive years [3]. - The historical performance of the free cash flow index has outperformed broad market indices, with an annualized return of 14.1% since December 31, 2013, exceeding the Shanghai Composite Index by 9.9% and the CSI 300 Index by 9.5% [4][6]. Group 3: Market Context and Strategy - In the current global economic landscape, characterized by increasing risks and a shift towards high-quality development, free cash flow is becoming increasingly vital as a measure of a company's true profitability and financial health [12][13]. - The regulatory environment is also evolving, with new policies emphasizing the quality of earnings and sustainable dividends, aligning with the principles of free cash flow strategies [13]. Group 4: Fund Management - The Fangzheng Fubon CSI All-Index Free Cash Flow ETF is managed by two experienced fund managers, focusing on quantitative investment strategies and aiming to provide investors with access to high cash flow, high certainty quality assets [14].