--- title: "Southern Fund's free cash flow ETF has seen net inflows for 9 consecutive days; institutions: A-share free cash flow is rebounding, and the turning point for cyclical manufacturing has arrived" type: "News" locale: "en" url: "https://longbridge.com/en/news/280083877.md" description: "The Southern Fund's Free Cash Flow ETF (Southern, 159232) has seen continuous net inflows for the past 9 days. Institutional analysis indicates that the free cash flow of A-shares is recovering, and the turning point for the cyclical manufacturing sector has arrived. The Southern Free Cash Flow ETF traded 15.8855 million yuan, while the tracked CSI All Share Free Cash Flow Index fell by 1.65%. The improvement in the overall A-share (non-financial) free cash flow is mainly due to a contraction in capital expenditures, with the cyclical sector's free cash flow showing a year-on-year increase, and the decline in the technology sector's free cash flow narrowing. This ETF serves as a tool for investors to allocate quality assets by tracking companies with high free cash flow rates" datetime: "2026-03-23T01:54:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280083877.md) - [en](https://longbridge.com/en/news/280083877.md) - [zh-HK](https://longbridge.com/zh-HK/news/280083877.md) --- # Southern Fund's free cash flow ETF has seen net inflows for 9 consecutive days; institutions: A-share free cash flow is rebounding, and the turning point for cyclical manufacturing has arrived As of March 23, 2026, 09:34, the Free Cash Flow ETF Southern (159232) traded at 15.8855 million yuan, tracking the index CSI All Share Free Cash Flow Index (932365) which fell by 1.65%. As of March 20, the Free Cash Flow ETF Southern (159232) had a net subscription of 79 million yuan on the previous trading day, achieving continuous net inflows over the past 9 days. Institutional analysis indicates that the free cash flow of A-shares is currently rebounding, and the turning point for the cyclical manufacturing sector has arrived. The free cash flow of the entire A-share market (excluding financials) is recovering, primarily due to cash flow restoration from reduced capital expenditures, reflecting an improvement in the financial condition of listed companies from a micro perspective. By sector, the free cash flow of the cyclical sector has increased year-on-year, mainly due to passive improvements from decreased capital expenditures and reduced increases in working capital. The year-on-year decline in the free cash flow of the technology sector has narrowed, and the year-on-year increase in earnings before interest and taxes has turned positive. Historically, during the phase when the year-on-year increase in free cash flow for the entire A-share market (excluding financials) turns positive, the cyclical manufacturing sector often enters an upward trend. Currently, investment opportunities in the cyclical manufacturing industry can be explored from the perspective of free cash flow recovery. During the process of the Producer Price Index (PPI) turning positive year-on-year, the free cash flow index is likely to outperform, and industries that recover free cash flow first often see the highest gains. The Free Cash Flow ETF Southern (159232) closely tracks the CSI All Share Free Cash Flow Index, which selects 100 listed companies with high free cash flow rates as index samples to reflect the overall performance of listed companies with strong cash flow creation capabilities. The top ten weighted stocks in the index are China National Offshore Oil Corporation, SAIC Motor Corporation, Gree Electric Appliances, China COSCO Shipping Corporation, Aluminum Corporation of China, TCL Technology, Muyuan Foods, Chint Electric, Baosteel, and Great Wall Motors. The Free Cash Flow ETF Southern (159232) aims to track high free cash flow rate enterprises, eliminating "paper wealth" and selecting core assets that truly possess sustainable profitability and dividend strength, making it a powerful tool for investors to allocate quality assets and smooth investment volatility in the current market environment. 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