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 ...

现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股 市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 进入四季度，防御属性的红利基金再受资金青睐，现金流ETF（159399）连续5日吸金超2.6亿元，当前 规模近40亿元。根据wind数据，今日盘中再获申购1.7亿份额。 进入四季度，沪指位于历史高位，资金止盈压力较大，叠加海外市场风险波动放大，权益风险偏好有所 回落，红利有望成为更优收益/波动比的"防御底仓"。 另外，年底资金倾向止盈防御，同时博弈政策红利，红利板块成资金优选。 值得关注的是，现金流ETF（159399）月月评估分红，截止2025年11月，自上市以来已经连续分红9个 月。感兴趣的投资者可以关注相关布局机会。 （文章来源：每日经济新闻） ...

现金流ETF（159399）近5日净流入超3亿元，市场关注自由现金流结构性改善。 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"（CAPEX收缩主导），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）在自由现金流同时满足"EBIT抬升"和"CAPEX/营运资 本收缩"时超额收益显著；重资产科技（电子/通信）及成长期制造业则因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CAPEX收缩（节流）叠加EBIT改善 （开源）修复现金流，新能源、水泥等细分领域已现改善迹象。消费行业中个护、服装家纺等因库存低 位且EBIT改善，自由现金流边际修复。 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 ...

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 ...

Group 1 - The core viewpoint of the articles highlights the ongoing market volatility and the increasing investment in cash flow assets, with the cash flow ETF (159399) experiencing a net inflow of over 270 million yuan for five consecutive days [1] - The current investment landscape in China is characterized by a transition between old and new economic drivers, with thriving sectors concentrated in technology (primarily AI), anti-involution industries (such as photovoltaic and lithium battery resources), and manufacturing exports [1] - There is an expectation of a lack of incremental fiscal policy in the near term, making it difficult for the market to shift towards low-consumption stocks in a "high-cut-low" trend [1] Group 2 - The cash flow ETF (159399) has consistently outperformed the CSI Dividend Index and the CSI 300 Index over the past nine years, indicating strong market performance [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, and it has distributed dividends for nine consecutive months since its listing [1] - Investors are encouraged to consider dividend-paying options such as the dividend Hong Kong stock ETF (159331) and the dividend state-owned enterprise ETF (510720) alongside the cash flow ETF [1]

进入四季度，防御属性的红利基金再受资金青睐，现金流ETF（159399）连续5日吸金超2.6亿元， 当前规模近40亿元。 市场风险偏好回落：进入四季度，沪指位于历史高位，资金止盈压力较大，叠加海外市场风险波动 放大，权益风险偏好有所回落。大盘震荡期，红利风格配置性价比凸显。 日历效应影响：年底资金倾向止盈防御，同时博弈政策红利，红利板块成资金优选。 政策与盈利支撑：四季度稳增长、促消费等政策有望密集落地，红利成分股多为经营稳定的龙头企 业，分红确定性强，且当前估值偏低、拥挤度低，在热门板块波动加剧时更具配置价值。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由 现金流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 （责任编辑：董萍萍 ） 【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_ ...

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]

Core Viewpoint - The market is experiencing significant fluctuations after the Shanghai Composite Index broke the 4000-point mark, leading to increased profit-taking and heightened volatility, necessitating a defensive investment strategy [1] Group 1: Market Analysis - The Shanghai Composite Index's breakthrough of 4000 points is significant, marking a ten-year high, but market divergence is increasing, and the sustainability of this breakthrough remains to be tested [1] - The volatility in the market is expected to rise, prompting investors to prepare for a shift from aggressive to defensive strategies [1] Group 2: Investment Strategies - Defensive sectors, particularly dividend-paying stocks, are highlighted as a means to provide stability amidst market fluctuations, complementing the high-growth characteristics of technology stocks [1] - A "barbell strategy" is suggested, combining growth opportunities in technology with the stability of dividend stocks to create a balanced portfolio [1] Group 3: Recommended ETFs - **Dividend State-Owned Enterprise ETF (510720)**: This ETF tracks the Shanghai State-Owned Enterprise Dividend Index, focusing on high-dividend central and state-owned enterprises, with a high dividend yield. It has distributed dividends for 18 consecutive months as of the end of October [1] - **Cash Flow ETF (159399)**: This ETF tracks the FTSE China A-Share Free Cash Flow Focus Index, selecting the top 50 stocks based on cash flow rates. It has shown superior resilience during market downturns, with a significant portion of its holdings in large-cap stocks [2][3] Group 4: Performance Comparison - Historical data indicates that during market downturns, the FTSE Cash Flow Index has outperformed the broader market indices, demonstrating lower declines compared to the CSI 300 Index and the CSI Dividend Index [3] - The Cash Flow ETF has also distributed dividends for 8 consecutive months as of the end of October, enhancing its appeal during periods of market volatility [4] Group 5: Long-term Outlook - The current market environment, influenced by new policies encouraging dividend distributions and declining risk-free rates, enhances the attractiveness of dividend-paying assets for long-term investment [4]