今日早盘，个股涨多跌少，但板块间有所分化，自由现金流指数展现韧性。截至午间收盘，国证自由现金流指数上涨0.6%，国证成长100指数上涨0.4%，国 证价值100指数上涨0.2%。 中信证券认为，重要会议强调"供强需弱"的矛盾，提出要推动经济实现质的有效提升和量的合理增长；预计明年政策将更加注重内需主导，消费韧性将提 升，创新驱动和改革攻坚将成为重点；政策的协调与落地效果将是关键，特别是在推动多领域合作和绿色转型方面。整体来看，预计2026年经济将保持稳定 增长，政策将继续支持高质量发展。 每日经济新闻 ...

今日午后，大盘震荡回调，盘面上，热点较为分散，元件、CPO、乳业、零售等板块涨幅居前，工业金 属、钢铁、煤炭等板块跌幅居前，截至14点17分，国证自由现金流指数下跌2.0%。 广发证券此前研报称，自由现金流是基于现金流的指标，反映企业实际可用的现金，可用于企业现金留 存、分红回购、还债付息等，是衡量企业财务健康和盈利能力的重要指标之一。自由现金流充裕的企业 能分享长期增长红利，相对更易穿越经济周期，在政策支持与市场风格切换的背景下，自由现金流指数 有望成为资产配置的 "压舱石"。 国证自由现金流指数聚焦A股自由现金流水平较高且稳定性较好的上市公司，选样时综合考虑了行业、 流动性、ROE稳定性，以及自由现金流、企业价值、经营活动现金流等指标，选取自由现金流率较高的 前100只股票，并按季度调仓。指数前三大行业为有色金属、汽车、石油石化，均衡配置优质"现金 牛"公司，兼具高质量盈利与强防守属性。 自由现金流ETF易方达（159222）采用ETF中最低一档0.15%/年的管理费率，为投资者在市场波动下提 供了底仓配置的便捷工具。 （文章来源：每日经济新闻） ...

10月以来，沪指在4000点上下持续震荡，板块之间轮动加速，让普通投资者难以把握进出时机；特别是对科技成长板块， 在经历近一年的上涨后，估值压力逐步释放，叠加三季报后的业绩真空期，波动加剧，资金避险与 "高切低" 需求凸显。提 到避险，不少投资者的第一反应都是红利，但在慢牛的大环境下，长期资本利得同样是收益的重要组成部分，不少"红利 +"策略应运而生，自由现金流策略就是其中一种。 自由现金流 (FCF)=经营活动产生的现金流量净额−资本性支出 它衡量的是企业能够自由支配的现金，相较净利润筛选体系，强调能持续把"账面利润"转化为真金白银的能力；自由现金 流充沛不仅意味着企业主营业务的盈利能力较强，也说明其资本投入更有纪律、扩张与股东回馈更可持续。 注：数据来源Wind，截至2025-10-31。对比2023年末总市值500亿元以上企业的自由现金流率和未来两年分红回购占比。 国证自由现金流指数在剔除金融地产与ROE不稳定公司的基础上，选出100只自由现金流率（自由现金流/企业价值）靠前 的公司，季度调仓，能更及时捕捉估值切换机会。 若用形象的类比来划分资产类型，处于萌芽期、充满增长潜力的科技成长标的，正是资本市场 ...

Core Insights - The market experienced a collective decline in the afternoon, with sectors such as non-ferrous metals and energy showing gains, leading to an increase in related indices [1] - The Guozhen Free Cash Flow Index rose by 0.4%, while the Guozhen Value 100 Index increased by 0.3%, and the Guozhen Growth 100 Index fell by 1.0% [1] - The Free Cash Flow ETF (E Fund, 159222) has seen continuous net inflows for 16 trading days, totaling over 100 million yuan [1] Index Performance - The Guozhen Value 100 Index, which employs a "high dividend + high free cash flow + low price-to-earnings ratio" screening system, focuses on value stocks and has shown stable historical performance [1] - The Guozhen Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] - The Value ETF (159263) and Free Cash Flow ETF (E Fund, 159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1] Sector Composition - The Guozhen Growth 100 Index consists of 100 stocks with a significant focus on growth, with over 65% of its composition in information technology and materials sectors [3] - The Guozhen Value 100 Index is composed of 100 stocks with a strong value orientation, with over 65% in consumer discretionary, financials, and industrial sectors [3] - The Free Cash Flow Index includes 100 stocks with high free cash flow levels, with over 70% in industrials, materials, and consumer discretionary sectors [3]

Core Viewpoint - The market is experiencing fluctuations with the technology growth sector showing significant declines, while the "Dividend+" index demonstrates strong defensive characteristics [1] Group 1: Market Performance - As of the midday close, the CSI Dividend Index and the National Free Cash Flow Index both fell by 0.4%, while the National Value 100 Index decreased by 0.3% [1] - Recent data indicates that the Dividend ETF from E Fund (515180) has seen a net inflow of over 250 million yuan in the past week, and the Free Cash Flow ETF (159222) has experienced continuous capital accumulation for 15 trading days [1] Group 2: Historical Index Performance - The historical performance of the CSI Dividend Index shows a decline of 7% in 2013, followed by a peak increase of 58% in 2014, and fluctuating results in subsequent years [5] - The National Value 100 Index recorded a 2% increase in 2013, with a notable 64% rise in 2014, but faced a decline of 16% in 2018 [5] - The National Free Cash Flow Index had a decrease of 3% in 2013, with a peak increase of 57% in 2014, and also faced a decline of 15% in 2018 [5]

Core Viewpoint - The A-share market experienced a collective rise, with technology sectors such as CPO, optical communication, and electronic components leading the gains, while value styles remained stable [1] Group 1: Market Performance - The Guozheng Growth 100 Index increased by 3%, while both the Guozheng Value 100 Index and the Guozheng Free Cash Flow Index rose by 0.1% [1] - Value ETF (159263) and E Fund Free Cash Flow ETF (159222) saw significant capital inflows during the trading session [1] Group 2: Industry Insights - Since 2018, following China's entry into the mature industrialization phase, investor focus on free cash flow has notably increased, leading to significant excess returns in industries with improved free cash flow (FCFF) [1] - Current "anti-involution" policies are driving a contraction in manufacturing capital expenditure, resulting in a "passive improvement" of free cash flow [1] - The Federal Reserve's interest rate cuts are expected to facilitate the return of cross-border capital, potentially enhancing the EBIT of manufacturing and consumption sectors, leading to an "active improvement" in free cash flow [1]

A股今日集体上行，成长风格涨幅居前，价值风格小幅上涨。截至收盘，国证成长100指数上涨3.8%，国证价值100指数、国证自由现金流指数均上涨0.8%。 相关ETF获资金加仓，价值ETF（159263）和自由现金流ETF易方达（159222）月内分别获2.5亿元和9000万元资金净流入。 信达证券表示，A股近两个月的风格切换与扩散，主要在于年底进入业绩空窗期，市场缺乏高频的季报业绩验证，因此市场波动大多来自估值和预期。当前 小盘风格转向大盘风格比较确定，后续若有政策催化或居民资金流入，低位价值风格可能会有较强表现。 每日经济新闻 ...

Core Viewpoint - The article emphasizes the importance of dividend strategies in investment, highlighting their ability to provide stable returns and lower volatility compared to other investment options, especially in the context of changing market sentiments over the past decade [1][2]. Summary by Sections Dividend Strategy Overview - The dividend strategy has shown a cumulative increase of 150.71% over the past decade, significantly outperforming the CSI 300 total return index (41.73%) and the Wind All A index (42.88%) [1]. - The dividend strategy is considered suitable for family asset allocation as a foundational asset [1]. Value Investment Principles - Value investing focuses on long-term cash flow returns, as defined by Graham in "Security Analysis," emphasizing the importance of cash flow over the type of asset [3]. - Buffett's distinction between investors and speculators highlights the focus on cash flow generation and the quality of business models [3]. Indicators of Dividend Stocks - High dividend yield indicates a company's ability to generate consistent cash flow and suggests a strong business model with good governance [4]. - Historical data shows that companies like Philip Morris have provided substantial returns through consistent cash flow and dividends, even during industry downturns [4]. Suitable Indices for Long-term Investment - Three indices suitable for long-term investment include the National Value 100 Total Return Index, National Free Cash Flow Total Return Index, and CSI Dividend Total Return Index, all showing lower volatility and higher returns [10][18]. - The National Free Cash Flow Total Return Index has the highest annualized return of 16.8% over the past decade, while the CSI Dividend Total Return Index has the lowest volatility at 17.6% [11][12]. Investment Strategies - A balanced approach to investing in the three indices can optimize returns and reduce volatility, with a proposed "index allocation combination" yielding a 262% return over the past decade [20][22]. - Investors can customize their allocations based on the characteristics of each index, using the CSI Dividend Index for defensive positions and the National Free Cash Flow Index for growth opportunities [23][24]. ETF Recommendations - Recommended ETFs include the Value ETF tracking the National Value 100 Index, the Free Cash Flow ETF tracking the National Free Cash Flow Index, and the Dividend ETF tracking the CSI Dividend Index, all designed to align with value investing principles [27].

Core Insights - The National Securities Value 100 Index and the National Securities Free Cash Flow Index both increased by 0.5%, while the National Securities Growth 100 Index decreased by 0.02% [1] - Related ETFs saw significant inflows, with the Value ETF (159263) and the Free Cash Flow ETF (E Fund, 159222) experiencing net subscriptions of 2 million and 4 million units respectively [1] Group 1: Index Performance - The National Securities Value 100 Index employs a "high dividend + high free cash flow + low price-to-earnings ratio" screening system, focusing on value stocks with a stable historical performance [1] - The National Securities Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] Group 2: ETF Details - The Value ETF (159263) tracks the National Securities Value 100 Index, which consists of 100 stocks with a focus on value, primarily in the consumer discretionary, financial, and industrial sectors, which together account for over 65% of the index [3] - The Free Cash Flow ETF (E Fund, 159222) tracks the National Securities Free Cash Flow Index, comprising 100 stocks with high free cash flow levels, with over 70% of the index represented by industrials, materials, and consumer discretionary sectors [3]

Core Insights - The market experienced fluctuations with a focus on value style, as evidenced by the performance of various indices [1] - The Guozheng Value 100 Index increased by 0.1%, while the Guozheng Free Cash Flow Index and Guozheng Growth 100 Index decreased by 0.02% and 0.3% respectively [1] - The E Fund Free Cash Flow ETF (159222) saw a net subscription of 3 million units during the morning session [1] Index Performance - The Guozheng Value 100 Index utilizes a 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 rate, combining high dividends with growth potential [1] Investment Opportunities - The Value ETF (159263) and E Fund Free Cash Flow ETF (159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1]