今日现货黄金突破4160美元，黄金ETF华夏上涨0.33%，年内涨幅扩大至53%，自由现金流ETF上涨 0.26%，盘中获资金净申购1800万份。 自由现金流ETF从10月14日起获得资金持续净流入，合计净流入26亿元，近期更是连续13日获资金 净申购。黄金ETF华夏同期净流入32.48亿元，近期连续19日获资金净申购。 （责任编辑：刘畅 ） 【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_center@staff.hexun.com 资金强势抢筹这两只ETF的背后： 费率最低的现金奶牛产品：自由现金流ETF(159201)，+0.26%，最新规模为70.26亿元，居同标的第 一，权重股包含中国海油、上汽集团、陕西煤业、格力电器等。产品综合费率0.2%，属全市场最低费 率一档，场外基金（联接A：023917；联接C：023918）。 费率最低的黄金投资利器：黄金ETF华夏(518850)，+0.33%，锚定实物黄金，其底层资产为上海黄 金交易所的黄金 ...

一键布局A股银行板块：银行ETF基金(515020)，+1.85%，近20日合计净流入1.83亿元，成份股包括招 商银行、兴业银行、工商银行、农业银行等国有大行、股份制银行和城商行，有效分散单一银行股的风 险。 费率最低的现金奶牛产品：自由现金流ETF(159201)，-0.08%，最新规模为69.99亿元，居同标的第一， 10月14日-11月19日合计净流入24.22亿元，权重股包含中国海油、上汽集团、陕西煤业、格力电器等。 产品综合费率0.2%，属全市场最低费率一档，场外基金（联接A：023917；联接C：023918）。 ②12月美联储降息概率进一步低至3成+美股AI泡沫论盛行，使得市场风险偏好有所下降。综合国内10 月信贷、社零数据趋弱，公共事业、银行和红利板块的关注度提高。 相关产品，及截至发稿涨跌幅： 格隆汇11月20日｜今日A股银行板块再度领涨，其中，中国银行A股涨超4%，连续第二日创历史新高， 市值突破2万亿，工商银行涨1%创历史新高，市值超越农业银行，重夺第一宝座，银行ETF基金涨 1.85%。自由现金流ETF盘中再现净申购3570万，已连续9日"吸金"，合计净流入14.95亿元。 ①从今日 ...

Core Insights - A-shares experienced a pullback after a high opening, with all three major indices turning negative in the afternoon. The Free Cash Flow ETF saw significant capital inflow, with a net subscription of 8.8 million units, amounting to an estimated net inflow of 104 million yuan [1] - As of November 18, the Free Cash Flow ETF has attracted capital for eight consecutive days, with a total net inflow of 2.242 billion yuan over 25 out of the last 26 trading days since October 14, making it the top ETF in the Free Cash Flow strategy [1] - With the year-end policy window approaching and increased reallocation demand, signs of style switching in A-shares are emerging. Since the fourth quarter, various dividend low-volatility ETFs, including the Free Cash Flow ETF, have collectively seen a net inflow of 28.167 billion yuan [1] - According to a report by Caitong Securities, the year-end policy window should focus on "low crowding + quality dividend layout," indicating that companies with abundant free cash flow can withstand volatility during style switching and seize opportunities in valuation recovery [1] - The Free Cash Flow ETF tracks the Guozheng Free Cash Flow Index, covering sectors such as non-ferrous metals, automotive, petrochemicals, and power equipment, which are characterized by low crowding and can benefit from policy-driven improvements in economic conditions [1] Related Products - The Free Cash Flow ETF (159201) has a current scale of 6.786 billion yuan, ranking first among similar products, with a weight in stocks including China National Offshore Oil Corporation, SAIC Motor, Shaanxi Coal and Chemical Industry, and Gree Electric Appliances. The product has the lowest comprehensive fee rate of 0.2% in the market [2]

Core Insights - The Guozheng Free Cash Flow Index has decreased by 0.42% as of November 14, 2025, with mixed performance among constituent stocks [1] - The Free Cash Flow ETF (159201) has seen a decline of 0.49%, currently priced at 1.23 yuan [1] - Over the past week, the Free Cash Flow ETF has averaged daily trading volume of 4.84 billion yuan [1] Fund Performance - The Free Cash Flow ETF has experienced a net asset value increase of 25.14% over the past six months [2] - Since inception, the ETF's highest monthly return was 7%, with a maximum consecutive monthly gain of 22.69% [2] - The ETF has a historical six-month profit probability of 100% [2] Fee Structure - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, both at the lowest tier [3] Top Holdings - As of October 31, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index account for 54.79% of the index, including China National Offshore Oil Corporation, SAIC Motor, and Wuliangye [3]

截至2025年10月31日13:34，国证自由现金流指数下跌0.25%。成分股方面涨跌互现，亚翔集成、模塑科技涨停，凌云股份上涨超7%%；中国动力、辽港股 份、中集集团等领跌。相关ETF方面，自由现金流ETF(159201)下跌0.25%，低位布局价值凸显。 流动性方面，自由现金流ETF盘中换手6.07%，成交3.15亿元。拉长时间看，截至10月30日，自由现金流ETF近1周日均成交3.55亿元，居可比基金第一。 从资金净流入方面来看，自由现金流ETF近13天获得连续资金净流入，合计"吸金"6.37亿元。份额方面，自由现金流ETF最新份额达44.00亿份，创成立以来 新高，位居可比基金第一。规模方面，自由现金流ETF最新规模达51.96亿元，创成立以来新高，位居可比基金第一。 数据显示，杠杆资金持续布局中。自由现金流ETF本月以来融资净买额达409.07万元，最新融资余额达1亿元。 截至10月30日，自由现金流ETF近6月净值上涨22.97%。从收益能力看，截至2025年10月30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5个月，最长连涨涨幅为18.05%，涨跌月数比为6/1，上涨月 ...

Core Insights - The Guozheng Free Cash Flow Index has decreased by 0.84% as of October 28, 2025, with mixed performance among constituent stocks [1] - The Free Cash Flow ETF (159201) has seen a recent decline of 0.85%, currently priced at 1.17 yuan, but has increased by 3.69% over the past week, ranking first among comparable funds [1] - The Free Cash Flow ETF has achieved record highs in both share count (42.22 billion shares) and total assets (4.975 billion yuan) [1] Performance Metrics - The Free Cash Flow ETF has experienced a net inflow of 428 million yuan over the past 10 days, indicating strong investor interest [1] - Over the last six months, the net asset value of the Free Cash Flow ETF has risen by 22.50%, with a maximum monthly return of 7% and a historical six-month holding profitability rate of 100% [2] - The ETF's maximum drawdown in the last six months was 3.65%, the smallest among comparable funds, with a recovery time of 35 days [2] Fund Characteristics - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [2] - The tracking error for the ETF over the past three months is 0.061%, indicating the highest tracking precision among similar funds [2] Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index account for 54.91% of the index, including China National Offshore Oil Corporation, SAIC Motor, and Wuliangye [3]

Core Insights - The Guozheng Free Cash Flow Index increased by 0.41% as of October 20, 2025, with significant gains in constituent stocks such as Dayang Electric, Taiji Industry, and others [3] - The Free Cash Flow ETF (159201) rose by 0.18%, with a latest price of 1.14 yuan, and recorded a turnover rate of 1.96% with a transaction volume of 88.94 million yuan [3] - Over the past week, the Free Cash Flow ETF achieved an average daily transaction volume of 368 million yuan, ranking first among comparable funds [3] Fund Performance - As of October 17, 2025, the Free Cash Flow ETF's net value increased by 19.79% over the past six months [4] - The ETF's highest single-month return since inception was 7%, with the longest consecutive monthly gain being 5 months and a maximum increase of 18.05% [4] - The ETF's average monthly return was 3.08%, with an 85.71% monthly profit percentage and an 80.28% monthly profit probability [4] Risk and Recovery Metrics - The maximum drawdown for the Free Cash Flow ETF over the past six months was 3.65%, which is the smallest drawdown among comparable funds [4] - The recovery time after drawdown was 35 days, indicating the fastest recovery among comparable funds [4] Fee Structure - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [4] Tracking Accuracy - The tracking error of the Free Cash Flow ETF over the past three months was 0.061%, marking the highest tracking accuracy among comparable funds [4] Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index accounted for 54.91% of the index, including China National Offshore Oil Corporation, SAIC Motor, and others [5] - The top ten stocks by weight include SAIC Motor (10.18%), China National Offshore Oil Corporation (9.81%), and Midea Group (9.28%) [7]

Core Insights - The Guozheng Free Cash Flow Index has decreased by 0.76% as of October 16, 2025, with component stocks showing mixed performance, particularly in the silver and non-ferrous metals sectors, which led with gains exceeding 7% [1] - The Free Cash Flow ETF (159201) has seen a decline of 0.78%, currently priced at 1.15 yuan, but has increased by 2.84% over the past week, ranking first among comparable funds [1] - Leverage funds have been actively investing, with the Free Cash Flow ETF experiencing net purchases for five consecutive days, peaking at a net buy of 8.2295 million yuan, bringing the latest financing balance to 49.2439 million yuan [1] Performance Metrics - As of October 15, 2025, the Free Cash Flow ETF has achieved a net value increase of 21.98% over the past six months, with a maximum monthly return of 7% since inception [2] - The ETF has a historical monthly profit percentage of 85.71% and a 100% probability of profit over a six-month holding period [2] Risk and Fee Analysis - The maximum drawdown for the Free Cash Flow ETF over the past six months is 3.65%, with the smallest drawdown compared to similar funds [4] - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [4] - The tracking error over the past three months is 0.049%, indicating the highest tracking precision among comparable funds [4] Index Composition - The top ten weighted stocks in the Guozheng Free Cash Flow Index account for 54.91% of the index, including companies like China National Offshore Oil Corporation, SAIC Motor, and Gree Electric Appliances [4]

Core Insights - The Guozheng Free Cash Flow Index has increased by 0.24%, with leading stocks including Ningbo Huaxiang, Wo Le Home, and others [1] - The Free Cash Flow ETF (159201) has risen by 0.27%, with a latest price of 1.11 yuan [1] - The ETF has seen significant liquidity, with a turnover of 4.08% and a transaction volume of 182 million yuan [1] - Over the past 23 trading days, there have been net inflows on 14 days, totaling 189 million yuan [1] - The ETF's share volume has increased by 35.6 million shares over the past three months [1] - The ETF has a management fee of 0.15% and a custody fee of 0.05%, the lowest among comparable funds [2] - The tracking error for the ETF over the past two months is 0.055%, the highest tracking precision among comparable funds [2] Performance Metrics - Since its inception, the ETF has achieved a maximum monthly return of 7% and a longest consecutive monthly gain of 4 months [1] - The longest cumulative gain has been 16.68%, with a monthly profit percentage of 83.33% and a monthly profit probability of 80.3% [1] - The ETF has outperformed its benchmark with an annualized return of 8.76% over the last three months [1] Top Holdings - The top ten weighted stocks in the Guozheng Free Cash Flow Index account for 57.95% of the index, including SAIC Motor, China National Offshore Oil, and Midea Group [2] - The weightings of the top stocks are as follows: SAIC Motor (10.18%), Midea Group (9.28%), and Gree Electric (7.56%) [4]

Group 1 - The core viewpoint of the news highlights the performance and liquidity of the National Index Free Cash Flow ETF, which has shown positive growth and significant trading activity in recent weeks [1][2]. - As of September 25, 2025, the National Index Free Cash Flow Index increased by 0.04%, with notable stock performances from companies like Luoyang Molybdenum, which rose over 7% [1]. - The Free Cash Flow ETF (159201) has seen a net inflow of funds on 10 out of the last 18 trading days, totaling 80.45 million yuan, indicating strong investor interest [1]. Group 2 - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2]. - The top ten weighted stocks in the National Index Free Cash Flow Index account for 57.95% of the index, with significant contributions from companies like SAIC Motor, China National Offshore Oil, and Midea Group [2][4]. - The ETF has demonstrated a historical monthly return of up to 7% since its inception, with a 100% probability of profit over a six-month holding period [1].