Core Viewpoint - The Zhongzheng All Index Free Cash Flow Index (932365) experienced a slight decline of 0.09% as of November 5, 2025, with mixed performance among constituent stocks [1] Group 1: Fund Performance - The Free Cash Flow ETF Fund (159233) showed a recent price of 1.17 yuan, with a weekly increase of 0.86% as of November 4, 2025, ranking 1 out of 13 comparable funds [1] - The fund's trading volume was 1.5% during the session, with a total transaction value of 5.9356 million yuan [1] - The fund's total assets reached 396 million yuan, marking a three-month high, and the number of shares reached 338 million, also a three-month high [1] Group 2: Fund Inflows - The Free Cash Flow ETF Fund experienced continuous net inflows over the past five days, with a maximum single-day net inflow of 10.5944 million yuan, totaling 43.6345 million yuan, averaging 8.7269 million yuan in daily net inflows [1] Group 3: Historical Returns - Since its inception, the Free Cash Flow ETF Fund achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of five months, with a total gain of 17.66% [2] - The fund has a historical monthly profit percentage of 100.00% and a monthly profit probability of 91.21% [2] - The maximum drawdown since inception was 3.76%, with a recovery time of 35 days [2] Group 4: Index Composition - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng All Index Free Cash Flow Index accounted for 56.53% of the index, including China National Offshore Oil Corporation, Midea Group, and Gree Electric Appliances [3]

Group 1: Regulatory Developments - The National Financial Regulatory Administration issued the "Market Risk Management Measures for Commercial Banks," emphasizing the integration of market risk management policies into the overall risk management framework, applicable to domestic and foreign subsidiaries with independent legal status [1] - Commercial banks are required to recognize legal differences and funding flow barriers between subsidiaries and adjust their risk management policies accordingly to avoid underestimating market risks [1] Group 2: Investment Activities - Ping An Life increased its stake in China Merchants Bank's H-shares by 6.2955 million shares on June 17, reaching 15% of the bank's H-share capital, triggering a mandatory disclosure under Hong Kong market rules [1] - This marks the third time within six months that Ping An Life has raised its stake in China Merchants Bank, which is the only bank to have been targeted three times by insurance capital among 13 listed companies since 2025 [1] Group 3: Market Trends - Dividend ETFs have seen significant net inflows this year, with a total increase of 17.868 billion shares and net inflow amounting to 20.22 billion yuan, indicating a strong demand for dividend assets due to their high yield and low volatility characteristics [2] - Several Hong Kong dividend ETFs have performed exceptionally well, with some products showing a net value increase of over 10% [2] Group 4: Insurance Sector Insights - CITIC Securities noted that listed insurance companies have fully implemented new financial instrument standards (IFRS9) and new insurance contract standards (IFRS17), which may increase profit volatility but also smooth profits through investments in dividend stocks [3] - The risk factors associated with dividend stocks are lower compared to growth stocks, which helps mitigate the impact of declining solvency on insurance companies [3] Group 5: Investment Products - Various ETFs are highlighted, including the National Enterprise Win-Win ETF, which tracks the FTSE China National Enterprise Open Win-Win Index, focusing on state-owned enterprises and reflecting high-quality development [4] - The Greater Bay Area ETF tracks the performance of companies in the Guangdong-Hong Kong-Macau Greater Bay Area, emphasizing balanced industry distribution and technological innovation [4] - The Free Cash Flow ETF selects companies with high free cash flow rates, excluding financial and real estate sectors, reflecting strong cash flow generation capabilities [4]