自由现金流是红利分配的基础，但更侧重企业内生增长能力， 而红利策略侧重股息分配结果，两类策 略通常在行业分布上有一定互补性。此外，自由现金流策略或可作为平衡成长股投资的底仓工具，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，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。 11月18日，国证自由现金流指数低位震荡，现跌约1.2%，成分股亚翔集成、联发股份、指南针等领 涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）跟随指数调整，迎低位布局机会。自由 现金流ETF近7天获得连续资金净流入，最高单日获得2.4亿元净流入，合计"吸金"10.63亿元，最新规模 达66.56亿元，创成立以来新高。 招商证券分析称，本周继续维持震荡市的判断，核心原因有两点：一是交易维度仍未好转，二是基本面 维度有喜有忧。风格观点上，从看好小盘风格再度转向看好大盘风格，核心原因是虽然存量资金有切换 至小盘风格的动能，但增量资金却开始给出近半年内少见的连续收缩信号。 （文章来源：每日经济新闻） ...

Core Insights - The A-share market is experiencing a recovery, with the Guozheng Free Cash Flow Index showing a slight adjustment, down approximately 0.2%, while stocks like Taiji Industry, Hengdian East Magnetic, and Jiejia Weichuang are leading the gains [1] - Over 600 listed companies in the A-share market have distributed more than 300 billion yuan in cash dividends as of October 23, with an additional 300 billion yuan in dividends pending [1] - Increased dividend payouts by listed companies signify a critical shift in the capital market from a focus on financing to one on returns, enhancing the attractiveness of long-term capital [1] Free Cash Flow and Dividend Strategy - Free cash flow serves as a foundational indicator for dividend distribution, emphasizing a company's internal growth capacity, while dividend strategies focus on the outcome of dividend payments [2] - The Free Cash Flow ETF (159201) and its linked funds closely track the Guozheng Free Cash Flow Index, with management fees at 0.15% and custody fees at 0.05%, representing the lowest rates in the market [2] - Companies with high free cash flow and strong dividend intentions tend to outperform in stock price, suggesting that incorporating a dividend factor into free cash flow strategies can enhance performance [1][2]

Core Insights - The A-share market experienced a mixed performance after a collective high opening, with the Guozheng Free Cash Flow Index rising approximately 0.7% during intraday trading [1] - Leading stocks included Silver Nonferrous, Dongfang Tower, Shaanxi Coal, and China Aluminum [1] - The largest free cash flow ETF (159201) followed the index upward, with trading volume exceeding 210 million yuan, indicating active trading and frequent premium transactions [1] Group 1: Market Performance - A-share indices opened high but showed divergence in performance [1] - The Guozheng Free Cash Flow Index saw a rise of about 0.7% during the day [1] - The largest free cash flow ETF (159201) experienced a trading volume that surpassed 210 million yuan [1] Group 2: Investment Strategies - Huachuang Securities noted a significant narrowing of the AH premium over the past year, attributed to lower premiums for newly listed companies in Hong Kong and the convergence of stock prices in both markets [1] - The shift in investment strategy is influenced by long-term funds, particularly insurance capital, increasing allocations to Hong Kong stocks based on dividend yield perspectives [1] - The free cash flow strategy focuses on a company's internal growth capabilities, while dividend strategies emphasize distribution results, indicating a complementary relationship between the two [1] Group 3: Fund Management - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index [1] - The annual management fee for these funds is set at 0.15%, and the custody fee is 0.05%, both representing the lowest fee levels in the market [1]

Group 1 - The National Index of Free Cash Flow has increased by 0.27% as of September 12, 2025, with notable gains in stocks such as Weichai Heavy Machinery and Xinhua Department Store [1] - The Free Cash Flow ETF (159201) has seen a recent average daily trading volume of 340 million yuan over the past month, ranking first among comparable funds [1] - The Free Cash Flow ETF has reached a new high in size at 4.625 billion yuan, leading among comparable funds [1] Group 2 - The Free Cash Flow ETF has achieved a net value increase of 12.56% over the past six months, with a maximum single-month return of 7% since inception [1] - The ETF has a historical monthly profit probability of 81.97% and a 100% profit probability for holding over six months [1] - The Free Cash Flow Index (980092) includes top-weighted stocks such as SAIC Motor, China National Offshore Oil, and Midea Group, with the top ten stocks accounting for 57.95% of the index [2] Group 3 - The Free Cash Flow ETF focuses on industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, power equipment, and oil and petrochemicals [5] - The fund's management fee is 0.15% per year, and the custody fee is 0.05% per year, both of which are among the lowest in the market [5]