（文章来源：每日经济新闻） 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%，托管费年费率为0.05%，均 为市场最低费率水平，最大程度让利投资者。 中金公司报告梳理和总结了A股市场中主流风格所表现出来的日历效应，成长风格组合在1月和6、7月 有较显著超额收益，胜率达到90.9%。质量风格则体现"首尾双强"规律。1月（超额收益1.4%、胜率 81.8%）与12月（超额收益0.5%、胜率80%）是质量风格全年的优势月，800质量指数同样在1月和12月 表现相对突出。 11月14日，自由现金流ETF（159201）跟随大盘震荡调整，现跌约0.5%，持仓股华人健康、海陆重工、 中集车辆等领涨。自由现金流ETF近20个交易日有19个交易日获资金净流入，合计"吸金"超15亿元，资 金抢筹特征显著。自由现金流ETF最新规模达64.64亿元，创成立以来新高，领跑同类产品。 ...

Group 1 - The core viewpoint of the news highlights the resilience of the Guozheng Free Cash Flow Index, which rose approximately 0.35% despite a low opening on November 7, with significant gains from constituent stocks such as Hailu Heavy Industry and Yuntianhua [1] - The largest free cash flow ETF (159201) has seen net inflows for 9 out of the last 10 trading days, totaling 612 million yuan, reaching a new high of 5.598 billion yuan in total assets [1] - The trading volume of the free cash flow ETF surpassed 200 million yuan during the session, indicating active trading, with an average daily trading volume of 383 million yuan over the past week, ranking first among comparable funds [2] Group 2 - Zhongyuan Securities suggests that the anticipated interest rate cuts by the Federal Reserve have likely been priced in, and market volatility is expected to increase following the disclosure of Q3 reports from listed companies [2] - The market is expected to continue a structural fluctuation pattern, with recommendations to allocate low-volatility assets as a basic configuration [2] - The free cash flow ETF and its linked funds are designed to closely track the Guozheng Free Cash Flow Index, focusing on stocks with positive and high free cash flow, indicating strong quality and risk resistance suitable for long-term investment [2]

Group 1 - The three major stock indices opened lower on November 7, with the Shanghai Composite Index down 0.34%, the Shenzhen Component down 0.54%, and the ChiNext Index down 0.72% [1] - The National Index of Free Cash Flow showed resilience, with component stock HaiLu Heavy Industry hitting the daily limit, followed by gains in Changbao Co. and Yuntianhua [1] - The largest free cash flow ETF (159201) experienced net inflows in 9 out of the last 10 trading days, totaling 612 million yuan, reaching a new high of 5.598 billion yuan in total size since its inception [1] Group 2 - CITIC Construction Investment Securities noted that the acceleration of reforms and opening-up in China's capital market, along with the restructuring of public fund sales fees and increased insurance capital market entry, positions technology growth as the main investment theme [1] - The global economy is experiencing moderate growth, with domestic economic stability and enhanced consumer vitality, while non-real estate investment remains resilient [1] - Recommendations include increasing holdings in A-shares, favoring dividend and broad-based stocks, while suggesting a cautious approach to bond assets and a bullish outlook on precious and industrial metals, with oil prices expected to fluctuate [1] Group 3 - The Free Cash Flow ETF (159201) and its linked funds closely track the National Index of Free Cash Flow, addressing the shortcomings of traditional dividend strategies by focusing on internal growth capacity and emphasizing financial health and sustainability [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [2]

Core Viewpoint - The A-share market experienced a rebound on November 6, with the Shanghai Composite Index returning to 4000 points, indicating a positive shift in market sentiment and potential investment opportunities in the near future [1] Group 1: Market Performance - The National Free Cash Flow Index rose over 2.2%, with seven constituent stocks hitting the daily limit up, including Changbao Co., Haili Heavy Industry, Weichai Power, and others [1] - The largest free cash flow ETF (159201) followed the index's upward trend, attracting a total net inflow of 950 million yuan over the past 17 days, with intraday trading volume exceeding 330 million yuan [1] Group 2: Financial Indicators - National Investment Securities reported that the Q3 financial results for A-shares showed improvements in three core indicators: profit, revenue, and ROE compared to H1 [1] - The simultaneous improvement in free cash flow and net profit margin suggests that the earnings bottom for A-shares is becoming clearer, increasing the likelihood of a transition to a fundamental bull market over the next six months [1] Group 3: ETF and Fund Characteristics - The free cash flow ETF (159201) and its linked funds focus on industry leaders with abundant free cash flow, covering sectors such as non-ferrous metals, automotive, petrochemicals, and power equipment, which helps mitigate risks associated with single industry fluctuations [1] - The fund management annual fee is 0.15%, and the custody annual fee is 0.05%, both of which are among the lowest in the market [1]

Group 1 - The core viewpoint of the article highlights the fluctuations in the Guozheng Free Cash Flow Index, which experienced a slight decline of approximately 0.2% in intraday trading, while stocks like Hailu Heavy Industry reached the daily limit increase [1] - The largest free cash flow ETF (159201) has seen a continuous inflow of funds for 15 days, accumulating a total of 821 million yuan, bringing its latest scale to 5.398 billion yuan, marking a new high since its inception [1] - According to China Merchants Securities, the market is expected to maintain a period of consolidation in November, as it enters a vacuum phase for performance, events, and policies following the conclusion of the China-US trade talks, Q3 reports, and the Fourth Plenary Session [1] Group 2 - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance, suitable for long-term investment [1] - The annual management fee for the fund is set at 0.15%, and the custody fee is at 0.05%, both representing the lowest fee levels in the market, maximizing benefits for investors [1]

Core Viewpoint - A-shares opened lower on November 4, with the Shanghai Composite Index down 0.08%, the ChiNext Index down 0.2%, and the Shenzhen Component Index down 0.23%. The market is experiencing a potential shift in investment style and sector focus, influenced by recent fund reports and seasonal effects [1]. Group 1: Market Performance - The National Free Cash Flow Index opened lower but showed slight declines after initial fluctuations, with stocks like Hailu Heavy Industry hitting the daily limit up [1]. - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 15 days, totaling 821 million yuan, bringing its latest scale to 5.398 billion yuan, a record high since its inception [1]. Group 2: Investment Trends - CITIC Construction Investment Securities indicated a possible switch in A-share main lines and styles, with the electronic sector's allocation exceeding 25% and growth style surpassing 60%, both at the highest levels since 2010, potentially leading to structural adjustments [1]. - From a seasonal perspective, year-end profit-taking typically favors large-cap value styles, suggesting a shift in investment strategy [1]. Group 3: Fund Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Free Cash Flow Index, focusing on industry leaders with abundant free cash flow across sectors like non-ferrous metals, automotive, petrochemicals, and power equipment, effectively mitigating single-industry volatility risks [1]. - The fund management annual fee is 0.15%, and the custody annual fee is 0.05%, both representing the lowest fee levels in the market [1].

Core Viewpoint - A-shares experienced a decline on November 3, but the National Index of Free Cash Flow rebounded, indicating potential improvement in the market fundamentals and a transition towards a bull market based on future earnings outlook [1] Group 1: Market Performance - Major A-share indices opened lower and continued to decline, while the National Index of Free Cash Flow saw a recovery, currently up approximately 0.15% [1] - Stocks such as Yaxiang Integration and Hailu Heavy Industry hit the daily limit up, with Shanghai Construction and China National Offshore Oil Corporation also showing gains [1] Group 2: Fund Inflows - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 14 days, totaling 739 million yuan, bringing its latest scale to 5.262 billion yuan, a record high since its inception [1] Group 3: Financial Indicators - Guotou Securities reported that the third-quarter results for A-shares showed improvements in three core indicators: profit, revenue, and ROE compared to the first half of the year [1] - The simultaneous improvement in free cash flow and net profit margin suggests that the earnings bottom for A-shares is becoming clearer, increasing the likelihood of a transition to a fundamental bull market over the next six months [1] Group 4: ETF Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1] - The ETF is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]

Core Viewpoint - The A-share market indices have shown upward movement, with the Guozheng Free Cash Flow Index experiencing a notable increase, indicating a positive trend in companies with stable free cash flow [1] Group 1: Market Performance - On October 29, the A-share major indices rose, with the Guozheng Free Cash Flow Index fluctuating and increasing by approximately 0.45% during the trading session [1] - Leading stocks included Yun Aluminum Co., Shenhuo Co., China Aluminum, and Guodian Nanzi, which contributed to the index's performance [1] Group 2: Fund Inflows - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 11 days, totaling 538 million yuan, bringing its latest scale to 5.043 billion yuan, a record high since its inception [1] Group 3: Investment Strategy - Huachuang Securities suggests that in a low-interest-rate environment, the compounding effect of stable free cash flow is a cornerstone for a long-term bull market [1] - The shift in economic operation models indicates a change in the long-term logic of stock market pricing, moving from front-end expansion to back-end cautious management and cash flow accumulation [1] Group 4: Fund Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, focusing on listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [1] - These funds are characterized by higher long-term returns and lower volatility, making them suitable for allocation in the current phase of high-quality economic growth [1] - The management and custody annual fee rates of the funds are among the lowest in the market [1]

Core Viewpoint - The stock market experienced a decline on October 22, with the Shanghai Composite Index down by 0.52%, the Shenzhen Component Index down by 0.7%, and the ChiNext Index down by 0.73%. However, the National Index of Free Cash Flow showed a slight increase of approximately 0.2% [1]. Group 1: Market Performance - The three major stock indices opened lower, with specific declines noted for each index [1]. - The National Index of Free Cash Flow is undergoing fluctuations but has shown a slight upward trend [1]. Group 2: Fund Inflows - The largest free cash flow ETF (159201) has seen a continuous net inflow of funds over the past six days, totaling 209 million yuan, indicating significant capital attraction [1]. Group 3: Future Market Outlook - According to Hu Long Securities, after the short-term disturbances are digested, the market is expected to stabilize due to positive policy factors and continued moderate monetary easing by the central bank, alongside resilient external demand and gradual recovery in domestic demand [1]. - De Bond Securities suggests that with the peak of third-quarter earnings disclosures approaching, a balanced allocation strategy may remain favorable in the short term [1]. Group 4: ETF Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1]. - The ETF is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1]. - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1].

Core Viewpoint - The A-share market experienced fluctuations and a decline on October 17, with the Guozheng Free Cash Flow Index dropping approximately 1%, while stocks such as Silver Nonferrous, Caibai Co., and Shenhuo Co. led the gains [1] Group 1: Market Performance - The largest free cash flow ETF (159201) followed the index adjustment, with trading volume exceeding 190 million yuan during the session, indicating active trading and frequent premium transactions [1] - The free cash flow ETF has attracted a total of 98.26 million yuan over three consecutive days, showing significant capital inflow characteristics [1] Group 2: Earnings Forecast - According to Zhongyuan Securities' research report, due to a low base last year, most industries are expected to see a rebound in profit growth in the third quarter, which will strengthen market confidence fundamentally [1] - There is a gradual shift of household savings towards the capital market, creating a continuous source of incremental funds [1] Group 3: Investment Opportunities - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1] - The index is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and meeting long-term investment needs [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]