现金流ETF嘉实(159221)紧密跟踪国证自由现金流指数，构建兼具盈利质量与分红潜力的"现金牛"组 合。 场外投资者还可以通过现金流ETF嘉实场外联接(024574)把握机会。 2026年1月26日早盘，截至10:02，国证自由现金流指数上涨0.65%，成分股白银有色上涨9.84%，株冶集 团上涨6.39%，潍柴动力上涨5.96%，南山铝业上涨4.87%，盐湖股份上涨3.34%。 消息方面，Wind数据显示，当前全市场跟踪自由现金流相关指数的ETF多达101只，截至1月21日，整体 规模达到292.91亿元。 西部证券指出，康波萧条期，地缘不确定性明显抬升，全球泛滥的流动性天然抱团黄金或者拥有稳定现 金流的类黄金"安全资产"。这是过去几年A股红利策略得到系统性重估的核心逻辑。不过今年红利策略 明显跑输，自由现金流策略的优势得到凸显：熊市不跑输大盘，牛市能跑出超额。22-24年"内卷+跨境 资本外流"导致企业自由现金流恶化，现金流策略跑输红利；但当前"反内卷+跨境资本回流"正在修复企 业的自由现金流，现金流策略不仅跑赢红利，更在牛市中跑出超额。 数据显示，截至2025年12月31日，国证自由现金流指数前十大权 ...

Group 1 - The core index, the National Securities Free Cash Flow Index, has decreased by 0.43% as of August 19, 2025, with mixed performance among constituent stocks [1] - Notable gainers include Tianrun Industrial and Nanjing Xinbai, both hitting the daily limit up, while Xinpeng Co. led the decline [1] - The cash flow ETF, Jia Shi (159221), has undergone a downward adjustment [1] Group 2 - The cash flow ETF, Jia Shi, recorded a turnover rate of 3.75% during trading, with a total transaction value of 45.6019 million yuan [3] - Over the past month, the average daily transaction value for the cash flow ETF has been 56.236 million yuan [3] - In the last two weeks, the cash flow ETF has seen a significant scale increase of 381 million yuan, ranking first among comparable funds [3] - The top ten weighted stocks in the National Securities Free Cash Flow Index account for 57.66% of the index, with SAIC Motor, China National Offshore Oil, and Midea Group being the top three [3][6] Group 3 - Recent stock trading volumes have significantly increased, with margin financing balances returning to over 2 trillion yuan, indicating a recovery in market sentiment [6] - The current A-share market is experiencing a sustained accumulation of profit-making effects, attracting more outside capital and enhancing market sentiment [6] - Investors are encouraged to utilize the cash flow ETF Jia Shi's off-market connection (024574) to seize investment opportunities [6]

Group 1: Liquidity and Scale of Cash Flow ETF - The cash flow ETF managed by Jiashi has a turnover rate of 1.72% and a transaction volume of 21.6932 million yuan [2] - As of August 15, the average daily transaction volume over the past week reached 87.7062 million yuan [2] - The latest scale of the cash flow ETF reached 1.263 billion yuan, marking a new high since its inception [2] - In the past week, the cash flow ETF saw an increase of 10.8 million shares, ranking first among comparable funds [2] - Over the last five trading days, the fund attracted a total of 369 million yuan in inflows [2] Group 2: Top Holdings and Market Performance - As of July 31, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index account for 57.66% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [2] - The performance of these stocks shows mixed results, with SAIC Motor up by 0.22% and China Aluminum down by 2.26% [4] - Recent market signals indicate positive trends, with the A-share market's daily trading volume exceeding 2 trillion yuan for three consecutive days [4] Group 3: Investment Strategy Insights - The core logic of the free cash flow strategy focuses on identifying companies with stable operations and sustainable cash generation capabilities [5] - High free cash flow is a prerequisite for corporate dividends, suggesting a potential for clearer market opportunities as policies are implemented [5] - Investors can also access the cash flow ETF through the Jiashi off-market connection (024574) to capitalize on these opportunities [5]