
Institution: Full A Free Cash Flow Rebounds! Low Rates 563770, 159119 Welcome Allocation Opportunities! Capital Expenditure Contraction Drives Cash Flow Recovery

The latest research report from Changjiang Securities shows that the free cash flow of A-shares is rebounding, and the turning point for cyclical manufacturing has arrived. The growth rate of corporate profits has slightly rebounded, fixed asset investment growth has slowed down, and capital expenditures are stable or rationally contracting. Financial data for the third quarter of 2025 indicates that the overall free cash flow (non-financial) is rebounding, mainly due to the contraction of capital expenditures. The China Merchants CSI All Share Cash Flow ETF (563770) and the China Merchants CSI 800 Cash Flow ETF (159119) are low-fee investment tools suitable for positioning in the cash flow improvement theme. Risk warning: Investment should be cautious

