自由现金流ETF（159201）成分股聚焦自由现金流充裕的行业龙头，行业覆盖家用电器、汽车、有色金 属、电力设备、石油石化等高壁垒领域，行业分散性显著，有效规避单一行业波动风险，是底仓配置的 有利选择。基金管理年费率0.15%，托管年费率0.05%，均为市场最低费率水平。 （文章来源：每日经济新闻） 10月10日，A股三大指数集体低开，国证自由现金流指数低开后震荡上行，现涨约0.5%。成分股中，国 电南自、联发股份、白银有色涨停，秦安股份、海陆重工、兔宝宝、星湖科技等领涨。相关ETF方面， 同类规模最大的自由现金流ETF（159201）跟随指数上行，成交额率先突破2亿元，交投活跃。 东吴证券认为，传统日历效应下，长假后市场多呈现"涨多跌少"的格局。且今年长假前2个交易日，市 场已出现资金提前博弈反弹的动作，因此后市指数层面需重视量价的配合情况。长假期间，内外部消息 面较积极，尤其是美联储降息预期升温、AI产业趋势催化显著，预计短期内市场风格或偏向具备产业 消息面催化、远期成长属性更强和估值更低的方向。 ...

招商证券认为，展望10月，市场将会延续9月的趋势保持震荡上行且低斜率的走势。目前市场处在牛市 第二阶段的判断没有发生变化，增量资金持续流入的态势没有发生变化，而指数上行速度放缓后，增量 资金更加平稳，是驱动市场稳健上行的关键力量。 10月9日，A股三大指数集体高开后震荡上行，国证自由现金流指数高开高走，现涨约1.6%。成分股 中，海陆重工、白银有色、上海电气、太极实业等涨停，西部矿业、洛阳钼业、捷佳伟创等跟涨。相关 ETF方面，同类规模最大的自由现金流ETF（159201）跟随指数上行，成交额率先突破2亿元，交投活 跃。 （文章来源：每日经济新闻） 最低费率一档的自由现金流ETF（159201）紧密跟踪国证自由现金流指数，长期收益表现亮眼。自由现 金流选股策略具有良好的配置价值，其持仓结构相较于传统红利策略具有明显差异、在价值行情中进攻 性更强，可以作为防御型策略的优秀补充。 ...

那么，为什么是现在？小夏看来，核心原因可能指向两个方面：全球经济的巨大不确定性，以及当前资本市场的整体估值水平较高。（金融界20250806） 首先，我们正处在一个宏观环境异常复杂的时期。地缘政治冲突、主要经济体的通胀与利率政策走向、全球供应链的重构……这些因素交织在一起，使得预 测经济走势变得极为困难。在这种"迷雾"中，保持资金的流动性，就意味着保持了选择的灵活性。持有现金，本身就是一种规避不确定性风险的防御性策 略。 大家最近看到了没，咱们的股神巴菲特先生，把长期持有的中国新能源汽车巨头给清仓了。小夏还发现，巴菲特的公司在上半年里，依然在积极地囤积现 金，"股神"的这一系列操作，无疑向市场传递了一些信号。（智通财经20250921） 今天，小夏就想和大家聊聊，在这个充满不确定性的时代，我们该如何理解"现金为王"这句话，以及它对我们现阶段的投资启示。 我们看待股神这笔清仓操作时，或许不必过度解读其针对个别公司的意味。投资组合的调整是再正常不过的事情。更值得我们关注的，是这一行动背后的一 致性：持续的、大规模的现金积累。在小夏看来，这并非一时兴起。 回顾历史，每当巴菲特先生手握大量现金时，往往都预示着他对未来 ...

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，自由现金流策略弥补了传统红利策略在 行业覆盖广度和未来表现预判方面的不足，聚焦于内生增长能力，强调财务健康与可持续性，更契合追 求长期成长与资本增值的投资者需求。基金管理费年费率为0.15%，托管费年费率0.05%，均为市场最 低费率水平，最大程度让利投资者。 每日经济新闻 截至2025年9月25日13点30分，国证自由现金流指数上涨0.05%，成分股环旭电子涨停、太龙股 份、上海电气、洛阳钼业、凌云股份等涨幅居前。相关ETF方面，同类规模最大的自由现金流ETF （159201）跟随指数上行，盘中成交额率先达2.4亿元。截至9月24日，自由现金流ETF近1月日均成交 3.27亿元，排名可比基金第一。 南京证券表示，成长板块存在波动，存在较强政策预期的"反内卷"和"促内需"板块 ...

Group 1 - The A-share market showed upward movement on September 24, with the National Index of Free Cash Flow experiencing a slight decline of approximately 0.2% after opening lower [1] - Notable stocks included Hisense Visual, which hit the daily limit, and others like Taiji Industry, Anfu Technology, Shanghai Electric, and Yaxiang Integration, which saw gains exceeding 5% [1] - The largest free cash flow ETF (159201) recorded a trading volume surpassing 250 million yuan, indicating active trading [1] Group 2 - Huachuang Securities suggests that in the era of a stock economy, companies are shifting focus from scale to profitability and cash flow, with long-term excellent free cash flow potentially translating into shareholder returns [1] - The strategy for constructing a high free cash flow return portfolio emphasizes "high free cash flow returns" combined with "low investment and high profit distribution to shareholders," which tends to perform better in declining or volatile markets [1] - The free cash flow ETF (159201) targets industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, power equipment, and petrochemicals, effectively mitigating risks associated with single industry fluctuations [1] - The fund management annual fee is set at 0.15%, and the custody annual fee at 0.05%, both representing the lowest fee levels in the market [1]

9月23日，A股高开后下挫，三大指数集体翻绿，旅游、房地产等方向跌幅居前。国证自由现金流 指数低开后震荡下行，现跌约0.85%，成分股大洋电机涨停，上海建工、正泰电器、中煤能源等跟涨。 相关ETF方面，同类规模最大的自由现金流ETF（159201）跟随指数下行，成交额突破1.9亿元，交投活 跃且频现溢价交易。 招商证券认为，国庆长假前后，融资盘通常呈现出"节前收敛、节后迸发"的变化规律。国庆节前市 场走势往往较为平淡，而节后市场风险偏好则出现明显改善。9月美联储如期降息，从历史经验看，预 防式降息后A/H股在未来上涨概率较高。展望后市，中期角度可关注高内在回报率质量成长策略。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 自由现金流ETF（159201）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 ...

Core Viewpoint - The A-share market shows a positive trend with major indices opening higher, supported by strong macroeconomic resilience, improving corporate earnings, attractive global valuations, and enhanced liquidity [1] Market Performance - On September 23, the three major A-share indices opened higher: Shanghai Composite Index up 0.04%, ChiNext Index up 1.02%, and Shenzhen Component Index up 0.68% [1] - The National Index of Free Cash Flow opened lower but slightly declined, currently down about 0.3%, with leading stocks including Silver Nonferrous, Mulinsen, and Dayang Electric [1] Fund and Investment Strategy - The largest free cash flow ETF (159201) follows the National Index of Free Cash Flow and provides an opportunity for low-position investment as it adjusts with the index [1] - The strategy of free cash flow ETFs compensates for traditional dividend strategies by focusing on industry coverage and future performance predictions, emphasizing financial health and sustainability [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] Market Sentiment and Trends - The market's funding structure has significantly improved, with margin trading balances reaching historical highs but showing better health than in the past [1] - There is a positive cycle between foreign capital inflow and domestic investor confidence [1] - The medium to long-term investment focus should be on three main themes: technological innovation, overseas advantages, and quality dividends [1]

Group 1 - The A-share market experienced slight fluctuations after a small opening, with the Guozheng Free Cash Flow Index declining approximately 0.85% [1] - Major stocks such as Lianxu Electronics, Dayang Electric, and Debang Co. led the gains, while Shanghai Construction, Xuefeng Technology, and Shoulv Hotel faced declines [1] - The largest free cash flow ETF (159201) followed the index's fluctuations, presenting low-position investment opportunities [1] Group 2 - Goldman Sachs indicated that the current rally in the Chinese stock market (including A-shares and Hong Kong stocks) is based on a healthier foundation and is sustainable due to three main reasons: optimized market participant structure, reasonable valuation levels, and a lower margin balance relative to market value compared to 2015 [1] - Goldman Sachs is particularly focused on "anti-involution" policies and AI-related investment opportunities, which are expected to provide continuous growth momentum for the Chinese stock market [1] Group 3 - The free cash flow ETF (159201) focuses on industry leaders with abundant free cash flow, covering sectors such as automotive, home appliances, non-ferrous metals, power equipment, and oil and petrochemicals, effectively mitigating single industry volatility risks [1] - The fund management annual fee rate is 0.15%, and the custody annual fee rate is 0.05%, both of which are the lowest in the market [1]

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。 招商证券认为，国庆长假前后，融资盘通常呈现出"节前收敛、节后迸发"的变化规律。国庆节前市场走 势往往较为平淡，而节后市场风险偏好则出现明显改善。9月美联储如期降息，从历史经验看，预防式 降息后A/H股在未来上涨概率较高。展望后市，目前市场仍处于牛市阶段Ⅱ，驱动A股本轮上行的三大 原因没有发生变化，在政策出现明显转向之前，市场有望继续沿着低渗透率赛道的方向演绎。 每日经济新闻 9月22日，A股三大指数涨跌不一，国证自由现金流指数低开低走，现跌约0.6%。大洋电机涨停，安孚 科技、厦门国贸、宁波华翔等跟涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）跟随指 数下行，成交额突破1.5亿元，交投活跃。 ...

Group 1 - The Guozheng Free Cash Flow Index decreased by 0.27% as of September 19, 2025, at 10:35 [1] - Among the constituent stocks, Meiyingsen hit the daily limit up, while Xuefeng Technology and Tailong Co. also saw gains; Shanghai Construction fell to the daily limit down, with Dayang Motor and Xinhua Department Store also declining [1] - The Free Cash Flow ETF (159201) dropped by 0.63%, with the latest price at 1.11 yuan [1] Group 2 - The Free Cash Flow ETF has attracted a total of 113 million yuan in inflows over the past 14 trading days [1] - Shanghai Securities indicated that significant adjustments during the A-share market's upward trend are normal fluctuations and do not signify the end of the bullish trend [1] - The Free Cash Flow ETF focuses on industry leaders with abundant free cash flow, covering sectors such as automotive, home appliances, non-ferrous metals, power equipment, and oil and petrochemicals, effectively mitigating single-industry volatility risks [1] Group 3 - The fund management annual fee rate is 0.15%, and the custody annual fee rate is 0.05%, both of which are the lowest in the market [1]