今日早盘，大盘震荡分化，"红利+"指数逆势上涨，截至午间收盘，国证自由现金流指数上涨1.1%，国证价值100指数上涨0.5%，中证红利指数上涨0.3%。 相关ETF受资金关注，价值ETF易方达（159263）和自由现金流ETF易方达（159222）近3个交易日均连续获资金净流入，合计分别达4700万元和7400万元。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF易方达（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 跟踪国证自由现金流指数 该指数由A股自由现金流水平较高 的100只股票组成,工业、原材料、 可选消费的占比合计超70%,兼具 高股息与成长性 指数历史表现 | 指数名称 | | | | 2013 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7% | 58% | ...

今日早盘，"红利+"指数小幅上行。截至午间收盘，国证价值100指数、国证自由现金流指数均上涨0.3%，中证红利指数上涨0.02%，价值ETF（159263）半 日净申购达1600万份。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 该指数由A股自由现金流水平较高 的100只股票组成,工业、原材料、 可选消费的占比合计超70%,兼具 高股息与成长性 自由现金流ETF易方达 低费率 跟踪国证自由现金流指数 该指数涨跌 指数历史表现 | 指数名称 | | | | 2013 2014 2015 2016 2017 2018 20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证红利指数 | -7% | 58% | 30% | -4% | 21% | -16% | 21 | | 国证价值100指数 | 2% ...

Core Viewpoint - The market experienced fluctuations with a rebound in sectors such as non-ferrous metals and banking, leading to a strengthening of value investment styles. Group 1: Market Performance - As of the midday close, the Guozheng Value 100 Index rose by 0.8%, while the Guozheng Free Cash Flow Index increased by 0.7%. In contrast, the Guozheng Growth 100 Index fell by 0.3% [1] - The value ETF (159263) saw a net subscription of 6 million units during the half-day session [1] Group 2: Index Methodology - The Guozheng Value 100 Index employs a three-dimensional screening system based on "high dividend + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The Guozheng Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] Group 3: Investment Opportunities - The value ETF (159263) and the E Fund Free Cash Flow ETF (159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1]

Group 1 - The market showed a volatile upward trend in the morning session, with the non-ferrous metals sector leading the rise, contributing to the increase in the cash flow index [1] - As of the midday close, the Guozheng Free Cash Flow Index rose by 1.2%, the Guozheng Growth 100 Index increased by 0.9%, and the Guozheng Value 100 Index went up by 0.6% [1] - The Easy Fund Free Cash Flow ETF (159222) saw a net subscription exceeding 20 million units in the first half of the day [1] Group 2 - The Guozheng Free Cash Flow Index selects stocks based on free cash flow rate, combining high dividend yield and growth potential, with the non-ferrous metals sector being the largest weighted industry, accounting for nearly 20% [1] - The Easy Fund Free Cash Flow ETF (159222) tracks this index and has a management fee rate of only 0.15% per year, facilitating low-cost allocation of high cash flow rate quality assets for investors [1]

Core Insights - The A-share major indices have experienced a pullback, with the Guozhen Free Cash Flow Index declining by 2.19% and the E Fund Free Cash Flow ETF (159222) down by 2.11% as of the report's release [1] - Since October, the value style has strengthened, leading to increased capital attention on the E Fund Free Cash Flow ETF (159222), which has seen net subscriptions for six consecutive days despite the market downturn [1] Summary by Categories Market Performance - The Guozhen Free Cash Flow Index and the E Fund Free Cash Flow ETF (159222) have both faced declines of 2.19% and 2.11% respectively [1] - The E Fund Free Cash Flow ETF (159222) has been a focus for investors, showing resilience with continuous net inflows [1] Fund Characteristics - The E Fund Free Cash Flow ETF (159222) tracks the Guozhen Free Cash Flow Index, which selects stocks based on free cash flow rates, focusing on industry leaders with ample free cash flow [1] - The ETF maintains a balanced distribution across large, medium, and small market capitalizations, effectively diversifying risk [1] - Key sectors represented include non-ferrous metals, automotive, and oil & petrochemicals, combining high-quality earnings with strong defensive attributes [1] Performance Metrics - The E Fund Free Cash Flow ETF (159222) has achieved an excess return of 5.75% since its launch, the highest among ETFs tracking the same index [1] - The fund features a management fee of 0.15% and a custody fee of 0.05%, both of which are the lowest in the market [1] Investment Opportunity - In the context of a market style shift, the E Fund Free Cash Flow ETF (159222) serves as a convenient tool for investors looking to allocate funds into undervalued quality assets [1]

Core Viewpoint - The market showed weakness in early trading, with the Guozheng Growth 100 Index up by 0.1%, while the Guozheng Value 100 Index and the Guozheng Free Cash Flow Index fell by 0.4% and 0.7% respectively [1] Group 1: Market Performance - As of the midday close, the Guozheng Growth 100 Index increased by 0.1% [1] - The Guozheng Value 100 Index decreased by 0.4% [1] - The Guozheng Free Cash Flow Index declined by 0.7% [1] Group 2: ETF Activity - The Value ETF (159263) and the E Fund Free Cash Flow ETF (159222) saw inflows of 11 million units and 4 million units respectively during the morning session [1] - The Value ETF tracks the Guozheng Value 100 Index, which utilizes a "high dividend + high free cash flow + low price-to-earnings ratio" screening system to select value stocks [1] - The Free Cash Flow Index employs free cash flow rates for selection, balancing high dividends with growth potential [1]