---
title: "Institution: Full A Free Cash Flow Rebounds! Low Rates 563770, 159119 Welcome Allocation Opportunities! Capital Expenditure Contraction Drives Cash Flow Recovery"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282125355.md"
description: "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"
datetime: "2026-04-09T02:49:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282125355.md)
  - [en](https://longbridge.com/en/news/282125355.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282125355.md)
---

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

Changjiang Securities' latest research report points out that the free cash flow of A-shares is rebounding, and the turning point for cyclical manufacturing has arrived. Currently, the profit growth rate of large-scale enterprises has slightly rebounded, while the growth rate of fixed asset investment has slowed down, and capital expenditures are relatively stable or rationally contracting. Although it is difficult to see significant improvements in enterprises from a macro perspective, based on the cash flow situation of financial data in the third quarter of 2025, the free cash flow of the entire A-share market (excluding financials) is rebounding, mainly due to cash flow recovery brought about by the contraction of capital expenditures, reflecting that the financial condition of listed companies has improved from a micro perspective.

It is understood that the All Share Cash Flow ETF China Merchants (563770) tracks the CSI All Share Free Cash Flow Index, covering high-quality companies with abundant cash flow across the entire market; the 800 Cash Flow ETF China Merchants (159119) focuses on the CSI 800 Free Cash Flow Index, selecting leading companies with strong cash flow in the large and mid-cap segments. Both products have a management fee rate of 0.15% per year, making them low-cost tools for positioning in the theme of cash flow improvement. Against the backdrop of a prolonged "asset shortage," companies with abundant cash flow have stronger risk resistance and dividend potential.

Risk warning: Funds have risks, and investment should be cautious

### Related Stocks

- [159119.CN](https://longbridge.com/en/quote/159119.CN.md)
- [563770.CN](https://longbridge.com/en/quote/563770.CN.md)

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