从资金净流入方面来看，自由现金流ETF近4天获得连续资金净流入，合计"吸金"6.41亿元。自由现金流ETF最新份额达74.06亿份，最新规模达92.13亿元， 创成立以来新高。数据显示，杠杆资金持续布局中。自由现金流ETF前一交易日融资净买额达1593.43万元，最新融资余额达1.09亿元。 截至1月6日，自由现金流ETF近6月净值上涨21.33%。从收益能力看，截至2026年1月6日，自由现金流ETF自成立以来，最高单月回报为7%，最长连涨月数 为6个月，最长连涨涨幅为22.69%，涨跌月数比为8/2，上涨月份平均收益率为3.3%，月盈利百分比为80%，月盈利概率为79.19%，历史持有6个月盈利概率 为100%。截至2026年1月6日，自由现金流ETF近6个月超越基准年化收益为5.70%。 截至2026年1月7日10:13，国证自由现金流指数下跌0.28%。成分股方面涨跌互现，嘉事堂涨停，中国化学上涨8.26%，烽火通信上涨5.73%；兔宝宝、中国 海油、仁和药业等领跌。自由现金流ETF(159201)下跌0.24%，最新报价1.24元。流动性方面，截至1月6日，自由现金流ETF近1周日均成交5.16亿元 ...

截至2025年12月30日10:45，国证自由现金流指数上涨0.32%，成分股南京新百涨停，鄂尔多斯、中集集 团、云铝股份等领涨。自由现金流ETF(159201)跟随指数上行，盘中换手1.87%，成交1.55亿元。拉长时 间看，截至12月29日，自由现金流ETF近1月日均成交3.83亿元，交投活跃。 资金流入方面，自由现金流ETF近5个交易日内合计"吸金"8224.65万元，近1周份额增长1.01亿份，近1 周规模增长1.92亿元，实现显著增长。数据显示，杠杆资金持续布局中。自由现金流ETF最新融资买入 额达2003.87万元，最新融资余额达9008.89万元。 截至12月29日，自由现金流ETF近6月净值上涨19.98%。从收益能力看，截至2025年12月29日，自由现 金流ETF自成立以来，最高单月回报为7%，最长连涨月数为6个月，最长连涨涨幅为22.69%，涨跌月数 比为7/2，上涨月份平均收益率为3.2%，月盈利百分比为77.78%，月盈利概率为78.76%，历史持有6个 月盈利概率为100%。截至2025年12月29日，自由现金流ETF近6个月超越基准年化收益为5.58%。 自由现金流ETF紧密跟踪 ...

值得注意的是，该基金跟踪的国证自由现金流指数估值处于历史低位，最新市净率PB为1.44倍，低于指 数近1年95.88%以上的时间，估值性价比突出。 截至12月19日，自由现金流ETF近6月净值上涨21.75%。从收益能力看，截至2025年12月19日，自由现 金流ETF自成立以来，最高单月回报为7%，最长连涨月数为6个月，最长连涨涨幅为22.69%，涨跌月数 比为7/2，上涨月份平均收益率为3.20%，月盈利百分比为77.78%，月盈利概率为78.08%，历史持有6个 月盈利概率为100%。截至2025年12月19日，自由现金流ETF近6个月超越基准年化收益为6.85%。 费率方面，自由现金流ETF管理费率为0.15%，托管费率为0.05%，为最低费率一档。 截至2025年12月22日10:01，国证自由现金流指数上涨0.27%，成分股亚太股份、白银有色、亚翔集成、 首钢股份、常宝股份等领涨。自由现金流ETF(159201)上涨0.08%，最新价报1.2元。流动性方面，自由 现金流ETF盘中换手1.37%，成交1.11亿元。拉长时间看，截至12月19日，自由现金流ETF近1月日均成 交4.04亿元。 从资金净 ...

费率方面，自由现金流ETF管理费率为0.15%，托管费率为0.05%。 值得注意的是，该基金跟踪的国证自由现金流指数估值处于历史低位，最新市净率PB为1.43倍，低于指 数近1年96.63%以上的时间，估值性价比突出。 自由现金流ETF(159201)，场外联接(华夏国证自由现金流ETF发起式联接A：023917；华夏国证自由现 金流ETF发起式联接C：023918)。 从资金净流入方面来看，自由现金流ETF近5天获得连续资金净流入，最高单日获得1.21亿元净流入， 合计"吸金"2.29亿元。份额方面，自由现金流ETF最新份额达67.49亿份，创成立以来新高。规模方面， 自由现金流ETF最新规模达79.91亿元，创成立以来新高。 数据显示，杠杆资金持续布局中。自由现金流ETF最新融资买入额达1654.97万元，最新融资余额达1.01 亿元。 截至12月18日，自由现金流ETF近6月净值上涨19.28%。从收益能力看，截至2025年12月18日，自由现 金流ETF自成立以来，最高单月回报为7.00%，最长连涨月数为6个月，最长连涨涨幅为22.69%，涨跌月 数比为7/2，上涨月份平均收益率为3.20%，月盈利百 ...

截至2025年12月15日10:16，国证自由现金流指数(980092)下跌0.12%。成分股方面涨跌互现，鄂尔多斯 领涨6.01%，洛阳钼业、等跟涨；春风动力、中集集团、海陆重工等领跌。自由现金流ETF(159201)多 空胶着，最新报价1.19元。流动性方面，自由现金流ETF盘中换手2.12%，成交1.65亿元。拉长时间 看，截至12月12日，自由现金流ETF近1月日均成交4.34亿元。 兴业证券表示，中央经济工作会议对于2026年政策定调延续积极取向，无论是对企业盈利的改善，还是 对市场预期和信心，均构成较大提振。此外，上周美联储12月议息会议落地，2026年"宽松"仍是海外主 要央行的主旋律，海外市场宽松的流动性和弱美元有望提振A股。国内外政策基调的进一步明确为风险 资产创造了良好的运行环境，跨年行情有望在寻找共识的过程中逐步展开。 自由现金流ETF（159201）及其联接基金（A：023917；C：023918）紧密跟踪国证自由现金流指数， 经流动性、行业、ROE稳定性筛选后，选取自由现金流为正且占比高的股票，指数质地高，抗风险能力 强，适合底仓配置，满足长线投资配置需求。基金管理费年费率为0.15 ...

Group 1 - A-shares experienced a significant drop of 280 billion with reduced trading volume, while technology and defensive sectors showed a contrasting performance today, with the CPO sector rising in the morning [1] - The AI ETF from the ChiNext market saw a peak increase of over 2% before turning negative, with a net subscription of 28 million shares during the day [1] - The free cash flow ETF also gained traction, with an increase of 0.59% and a net subscription of 14 million shares, reflecting a continuous inflow of funds since November 7, totaling 2.027 billion yuan over 18 days [1] Group 2 - Recent developments include Alibaba increasing its AI application efforts, ByteDance launching the Doubao mobile assistant, and DeepSeek releasing a new model with inference capabilities approaching GPT-5, indicating a rising demand for computing power as AI moves towards "inference + terminal" [2] - In the US market, Credo's performance exceeded expectations, leading to a 10% stock price increase, while Morgan Stanley raised Google's TPU production forecasts [3] - As the year-end approaches, market sentiment is shifting, with major banks halting large-denomination time deposits, increasing focus on cash flow and dividend strategies [3] Group 3 - The free cash flow ETF (159201) is noted for its low fee structure, with a current scale of 7.499 billion yuan, and includes major stocks like China National Offshore Oil Corporation and Gree Electric Appliances [4] - The ChiNext AI ETF (159381) has the highest CPO content and lowest fees among AI indices, with a slight decrease of 0.24%, featuring stocks such as Xinyiseng and Tianfu Communication [4]

Core Insights - The Guozheng Free Cash Flow Index decreased by 0.17% as of December 2, 2025, with mixed performance among constituent stocks [1] - The Free Cash Flow ETF (159201) also fell by 0.17%, with a latest price of 1.18 yuan [1] - The ETF has seen significant net inflows, totaling 20.27 billion yuan over the past 18 days, with an average daily net inflow of 1.13 billion yuan [1][2] Performance Metrics - The Free Cash Flow ETF's net value increased by 20.02% over the past six months [2] - Historical performance shows a maximum monthly return of 7% and a longest winning streak of six months, with an average monthly return of 3.20% [2] - The ETF has a 100% probability of profitability over a six-month holding period [2] Fee Structure and Tracking Accuracy - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, which are among the lowest in the market [3] - The tracking error for the ETF over the past month is 0.005%, indicating high tracking precision [3] Top Holdings - As of November 28, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index account for 54.4% of the index, including China National Offshore Oil Corporation, SAIC Motor, and Wuliangye [3][5]

Group 1 - The Bank of Japan's indication of a potential interest rate hike has led to adjustments in global risk assets, with dividend sectors in Hong Kong showing resilience, as evidenced by the Hong Kong Central Enterprise Dividend ETF rising by 1.33% [1] - The Free Cash Flow ETF (159201) has seen a net subscription of 30 million units today, with an estimated net subscription amount of 35.52 million yuan, continuing a trend of inflows since November 7, totaling 1.981 billion yuan over 17 days [1] - The strong inflow into dividend sectors is attributed to uncertainties in monetary policies from the Federal Reserve and the Bank of Japan, as well as high valuations in tech stocks, prompting investors to seek defensive positions in dividend stocks [1] Group 2 - The Free Cash Flow ETF (159201) is highlighted as a low-fee cash cow product, with a current size of 7.466 billion yuan, featuring major holdings such as China National Offshore Oil Corporation and Gree Electric Appliances [2] - The Hong Kong Central Enterprise Dividend ETF (513910) has a current size of 4.985 billion yuan and includes significant stocks like China Merchants Energy Shipping and China Petroleum & Chemical Corporation, making it a strong candidate for high dividend yield investments [2]

Group 1 - The current spot gold price has surpassed $4160, with the Huaxia Gold ETF rising by 0.33%, expanding its year-to-date increase to 53%. The Free Cash Flow ETF also increased by 0.26%, with a net subscription of 18 million units during the trading session [1] - The Free Cash Flow ETF has seen continuous net inflows since October 14, totaling 2.6 billion yuan, and has experienced 13 consecutive days of net subscriptions. The Huaxia Gold ETF has recorded a net inflow of 3.248 billion yuan, with 19 consecutive days of net subscriptions [1][2] Group 2 - The strong demand for these two ETFs is driven by year-end capital seeking stability and locking in annual returns. The Free Cash Flow ETF tracks the National Index of Free Cash Flow, covering sectors such as non-ferrous metals, automotive, petrochemicals, and power equipment, which are low in crowding and can benefit from policy catalysts and improving economic conditions [2] - Despite uncertainties regarding a potential interest rate cut by the Federal Reserve in December, geopolitical tensions, the onset of a rate-cutting cycle, de-dollarization, and ongoing central bank gold purchases continue to support gold prices. Recent dovish signals from Federal Reserve officials have raised the likelihood of a December rate cut to 80% [2] Group 3 - The Free Cash Flow ETF (159201) is highlighted as a low-fee cash cow product, with a recent increase of 0.26% and a total size of 7.026 billion yuan, ranking first among similar products. Key holdings include China National Offshore Oil Corporation, SAIC Motor, Shaanxi Coal and Chemical Industry, and Gree Electric Appliances. The product has a comprehensive fee rate of 0.2%, the lowest in the market [3] - The Huaxia Gold ETF (518850) is noted as a low-fee investment tool for gold, increasing by 0.33%. It is anchored to physical gold, with underlying assets being gold spot contracts from the Shanghai Gold Exchange, directly reflecting gold price fluctuations and supporting T+0 trading [3]

Core Viewpoint - The A-share banking sector is experiencing significant gains, with notable increases in stock prices and market capitalization, indicating a shift in investor preference towards stability as year-end approaches [1][2] Group 1: Banking Sector Performance - China Bank A-shares rose over 4%, reaching a historic high with a market capitalization exceeding 2 trillion [1] - Industrial and Commercial Bank of China (ICBC) increased by 1%, also hitting a historic high, surpassing Agricultural Bank of China to reclaim the top position in market capitalization [1] - The banking ETF fund rose by 1.85%, reflecting strong investor interest in the sector [1] Group 2: Market Trends and Investor Behavior - The technology sector experienced a pullback, while banking stocks continued to rise, indicating a preference for stability and securing annual returns as year-end approaches [1] - The probability of a Federal Reserve rate cut in December has decreased to 30%, alongside prevalent discussions about an AI bubble in the U.S. stock market, leading to a decline in market risk appetite [1] - Weakening domestic credit and retail sales data in October have increased focus on public utilities, banking, and dividend-paying sectors [1] Group 3: Related Products and Fund Flows - The banking ETF fund (515020) saw a net inflow of 183 million over the past 20 days, including major state-owned and joint-stock banks [2] - The Free Cash Flow ETF (159201) reported a slight decline of 0.08%, with a total size of 6.999 billion, and a net inflow of 2.422 billion from October 14 to November 19 [2] - The Free Cash Flow ETF has the lowest fee rate in the market at 0.2%, making it an attractive option for investors [2]