As of April 20, 2026, 10:40, the CNI Free Cash Flow Index has decreased by 0.31%. Among the constituent stocks, there were mixed performances, with Zhuhai Group hitting the daily limit up of 10%, Fenghuo Communication rising by 5.97%, and Pinggao Electric increasing by 5.17%; Yun Aluminum led the decline, followed by China International Marine Containers and Shougang Group.
Recently, the A-share market has shown a clear rebound after previous adjustments. The short-term relative return advantage of dividend assets has narrowed compared to before, but its allocation logic has not been disrupted. A research report from CITIC Securities points out that the core of this round of dividend market is not about a broad rise in high dividends, but rather a systematic upgrade in market pricing logic from &#34;high dividend risk aversion&#34; to &#34;high-quality cash flow revaluation&#34;; the pressure from fixed income comparisons and the continuous expansion of insurance funds together form the underlying support for the revaluation of dividend value. Against the backdrop of fluctuating interest rate ranges and the strengthening trend of concentrated insurance capital, the mid-term allocation value of high-quality dividend assets still has strong support.
Data shows that as of March 31, 2026, the top ten weighted stocks in the CNI Free Cash Flow Index (980092) are SAIC Motor, China National Offshore Oil Corporation, Gree Electric Appliances, China COSCO Shipping, Great Wall Motors, Baosteel, China Aluminum, China Unicom, Weichai Power, and Chint Electric, with the top ten weighted stocks accounting for a total of 52.4%.
The cash flow ETF Harvest (159221) closely tracks the CNI Free Cash Flow Index, constructing a &#34;cash cow&#34; portfolio that combines profitability quality and dividend potential.
Off-exchange investors can also seize opportunities through the cash flow ETF Harvest off-exchange connection (024574)

159221

As of April 20, 2026, the CNI Free Cash Flow Index has fallen by 0.31%. Although the short-term yield advantage of dividend assets has narrowed, its allocation logic remains solid. CITIC Securities points out that the core of the current dividend market lies in the upgrade of market pricing logic, emphasizing the revaluation of high-quality cash flows. The mid-term allocation value of high-quality dividend assets still has strong support, and the cash flow ETF Harvest (159221) is receiving much attention, with investors able to seize opportunities through its over-the-counter connection (024574)

腾讯新闻 - 财经

Harvest CNI Free Cash Flow ETF

ZHUZHOU SMELTER

FiberHome

HPEC

Yunnan Aluminium

CIMC

Shougang

CITIC Securities Co., Ltd.

CITIC SEC

SAIC Motor

CNOOC

GREE

Cosco Ship Hold

COSCO SHIP HOLD

Great Wall Motor

GWMOTOR

Baosteel

CHALCO

China Unicom

CHINA UNICOM

Weichai Power

WEICHAI POWER

Chint Electrics

CNOOC-R

GWMOTOR-R

The mid-term allocation value of high-quality dividend assets still has strong support, and the cash flow ETF Harvest (159221) is receiving significant attention