Core Viewpoint - The recent performance of the market indicates a strong interest in dividend assets, with specific ETFs showing positive returns and consistent dividend distributions [1]. Group 1: ETF Performance - The CSI Dividend Quality ETF (159209) increased by 0.59% as of 11:12 AM on July 11, with net inflows observed during the trading session [1]. - The CSI Dividend Quality ETF announced its first dividend distribution of the year, with a payout of 0.003 yuan per share, resulting in a monthly dividend yield of 0.30%, with the record date set for July 14 [1]. - The Hong Kong Dividend Low Volatility ETF (520550) also declared its third dividend distribution of the year, with a payout of 0.004 yuan per share and a monthly dividend yield of 0.35% [1]. Group 2: Market Analysis - Recent data shows that dividend assets have attracted significant capital, driven by a decline in risk-free interest rates, making equity assets more attractive in terms of investment value [1]. - The current equity risk premium (ERP) for A-shares is at a historical high, highlighting the long-term allocation value of dividend assets [1]. - A combination of CSI Dividend and Hong Kong dividend assets can facilitate cross-asset allocation, potentially reducing portfolio volatility over the long term [1]. Group 3: Investment Characteristics - As "dividend-type" assets, ETFs offer low fees and stable, frequent dividend distributions, enhancing the holding experience for long-term investors [1].

没有股票账户的投资者可关注国泰富时中国A股自由现金流聚焦ETF发起联接A（023919），国泰富时 中国A股自由现金流聚焦ETF发起联接C（023920）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 自由现金流更适应当下宏观环境：当前低利率宽货币的环境下，自由现金流充足的公司，根据自由现金 流贴现模型其估值的抬升将强于自由现金流较弱的公司；在信用收紧的环境中，具备内生性自由现金流 创造能力的优质企业中具备安全边际，股价具有一定韧性。 自由现金流能够规避价值陷阱：自由现金流指标与公司基本面挂钩更为紧密，且更新频率相比股息率指 标更为迅速，公司经营情况的变化能够及时反映在指标中。规避在股息率估值逻辑下，因公司股价下跌 但股息率反而升高导致的价值陷阱。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数20 ...

Group 1 - The A-share market experienced fluctuations and corrections, with the Guozheng Free Cash Flow Index dropping over 0.25%, while stocks like Changhong Meiling and Zhongyuan Media led the gains [1] - As of July 6, a total of 688 listed companies have received bank support for stock repurchase and increase loans, with a cumulative loan limit exceeding 135.86 billion [1] - In 2023, 436 listed companies have received bank support for stock repurchase and increase loans, with a cumulative loan limit of 86.577 billion, indicating sustained interest in this new tool [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, addressing the limitations of traditional dividend strategies by focusing on internal growth capabilities and financial health [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 among the lowest in the market, maximizing benefits for investors [2]

上周，首批10只科创债ETF集中获批，填补了"科技金融"主题债券ETF的空白。科创债即由科技创新企 业发行，或募集资金主要用于支持科技创新领域的债券。作为创新工具，科创债承担着将资金活水精准 引流至科技创新领域的职责，是债券市场服务科技创新企业融资、培育新质生产力的重要工具。 近年来，我国科创债市场持续扩容，规模已突破2.2万亿元。在此背景下，科创债ETF富国（159200） 于今日正式发行，为个人投资者提供参与债市"科创板"投资的一大利器。 政策红利爆发 掘金万亿蓝海 自2021年试点以来，科创债就是国家政策高度倾斜的领域，也是当前债券市场的重点发展方向。近年 来，我国多部门协同推进科创债市场制度优化，尤其是今年以来，利好政策密集推出，为构建债市"科 创板"注入了强大动力。 规模中，占比超过10%，是唯一规模突破500亿元的产品。通过为政金债券ETF设立T+0的便捷交易机 制、协同做市商提供流动性支持，以及质押式回购功能，富国基金为政金债券ETF提供了良好的运作环 境。过去一年，政金债券ETF日均成交额超70亿元，2024年全年净值增长率为9.79%，成交活跃度与业 绩表现均位于市场同类前列，展现出了富国基 ...

Group 1 - The integration of digital technology and the real economy is crucial for building a modern industrial system, with talent being a fundamental driver of industrial innovation and development [1] - Dongguan, known as the "world's factory," is projected to see a 6.9% year-on-year growth in industrial added value in 2024, with advanced manufacturing and high-tech manufacturing growing by 11.1% and 12.7% respectively [1] - The Songshan Lake Developer Village aims to support the digital transformation of Dongguan's manufacturing industry through collaboration and innovation among developers [2][3] Group 2 - The Songshan Lake Developer Village, established in partnership with Huawei Cloud, serves as a hub for developers to create applications and solutions for local enterprises [2] - The Developer Village has attracted 29 companies, including CSDN and local enterprise Tailin, enhancing its collaborative ecosystem [3] - The village plans to provide comprehensive lifecycle services to at least 150 local enterprises over the next three years [4] Group 3 - Financial support is being provided to developers in the village through various subsidies, including credit loan interest subsidies and patent pledge loan subsidies, to foster a thriving developer ecosystem [5] - The establishment of the Dongguan Songshan Lake Technology Finance Gathering Area aims to enhance the financial ecosystem, offering policy financing products to support enterprise development [6] Group 4 - The Huawei Cloud Songshan Lake Developer Innovation Center is focused on helping developers expand globally by leveraging Huawei's global service capabilities [7] - The company "Today Talent," established in the Developer Village, has successfully implemented its AI digital assistants in Shenzhen, covering various government departments [7][8] - "Today Talent" is preparing to expand its services to overseas markets, focusing on customer service and digital product introductions [8]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-27 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20250624：Risk-off 阶段开启，risk-on 后转向成长 轮动变化的节奏来看，当前资金形态和风格节奏与 2024 年年初、2024 年 年末以及 2025 年 3 月末的风格轮动或有类似。初期均以 TMT 板块表现 为主，随后在量能逐步收窄的过程中，向上游资源、金融轮换，随后短期 向消费、制造板块和 TMT 等相对强势的板块略反弹，最后轮动回资源和 金融板块。当前宏观经济基本面相对 2024 年末和 2025 年 3 月末并未发 生根本性改变，后续的行业轮动变化的节奏可能延续前期的资金端行为 主导，经历过小盘的提升后，随着小盘轮动到极值，逐步向大盘价值、稳 定板块切换，短期以防御模式应对。 参考今年以来 ETF 净流入的方向， 防御模式下 A50、沪深 300 指数作为底仓，优先选择高股息中更为稳定 的银行、运营商、公用事业、家电龙头等稳定的板块进行防守。在政策力 度加强、市场明朗后，下一步的反攻方向优先选择筹码出清后的成长板 块，往政 ...

（责任编辑：张晓波 ） 申万宏源证券分析称，自由现金流对周期股具有一定的择时效果。从财报指标的角度分析，周期股 处于上行周期时，股票的自由现金流率较衰退期比较高，通过自由现金流率，在一定程度上可以筛选出 处于上行期的周期股，对经济周期表现出较强的适用性。 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。 6月26日，A股市场主要指数涨跌分化，国证自由现金流指数盘中飘红，成分股振华重工、洛阳钼 业、太极实业等领涨。相关ETF方面，低费率的自由现金流ETF（159201）跟随指数小幅上行，最新规 模为37.21亿元，领跑同类产品。 【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.hex ...

Group 1 - The A-share market showed mixed performance on June 25, with the oil and gas sector continuing to decline, while the National Certificate Free Cash Flow Index slightly decreased by about 0.1% [1] - Weichai Heavy Machinery reached the daily limit increase, with Chongqing Department Store, Anfu Technology, and Yaxiang Integration leading the gains [1] - The low-fee Free Cash Flow ETF (159201) followed the index adjustment, with the latest scale at 3.735 billion yuan, leading similar products [1] Group 2 - Huaxi Securities noted that the market is in a recovery phase after a significant decline, remaining within a fluctuation framework since mid-May [1] - The narrative of overseas "chaotic era" has not changed, with the outbreak of geopolitical conflicts in the Middle East and the involvement of the U.S. increasing uncertainty [1] - In light of potential negative events, the strategy of "taking profits" may be a relatively stable trading approach, emphasizing the importance of allocating to safe-haven assets [1] Group 3 - The Free Cash Flow ETF (159201) closely tracks the National Certificate 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 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]

截至2025年6月24日15:00，国证自由现金流指数(980092)强势上涨1.02%，成分股苏美达收涨7.16%，欧 圣电气收涨6.03%，潍柴重机收涨4.96%，紫江企业、亚太股份、等个股跟涨。自由现金流ETF(159201) 收涨0.81%， 实现3连涨。最新价报1元。 流动性方面，自由现金流ETF盘中换手7.87%，成交2.94亿元。拉长时间看，截至6月23日，自由现金流 ETF近1年日均成交2.95亿元，排名可比基金第一。 规模方面，自由现金流ETF近1周规模增长1367.46万元，实现显著增长，新增规模位居可比基金第一。 份额方面，自由现金流ETF近1周份额增长4700.00万份，实现显著增长，新增份额位居可比基金第一。 数据显示，杠杆资金持续布局中。自由现金流ETF最新融资买入额达247.64万元，最新融资余额达 2281.14万元。 跟踪精度方面，截至2025年6月23日，自由现金流ETF今年以来跟踪误差为0.150%，在可比基金中跟踪 精度最高。 从估值层面来看，自由现金流ETF跟踪的国证自由现金流指数最新市盈率（PE-TTM）仅11.71倍，处于 近1年16.3%的分位，即估值低于近1年 ...

量化金融研究丨深度报告 [Table_Title] 广发中证智选高股息策略 ETF（159207）：聚焦 高息资产，把握低风险下高确定性 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中证智选高股息策略指数选取 50 只连续分红且现金分红预案股息率较高的上市公司证券作为 指数样本，以反映股息率较高上市公司证券的整体表现。该指数由中证指数公司发布，指数代 码：932305.CSI，指数简称：智选高股息。智选高股息指数在全区间的年化收益率达到 13.37% （2005 年 12 月 31 日至 2025 年 6 月 11 日），超越中证 500（10.63%）、沪深 300（7.92%） 等宽基指数以及中证红利指数（10.09%）等高股息策略指数。广发中证智选高股息策略 ETF （159207）采用指数化投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] SAC：S0490524080006 SAC：S0490513030001 邓元哲 覃川桃 SFC：BUT353 [Table ...