Group 1 - The core viewpoint is that the central enterprise assessment system will be further optimized by 2025, emphasizing cash flow management, technological innovation, and market value management, with a goal of achieving "one increase, one stability, and four improvements" [1] - Policy initiatives are promoting market value management, encouraging investor communication, mergers and acquisitions, share buybacks, and dividends to enhance market recognition, along with providing low-cost relending support [1] - The equity incentive system for central enterprises is a crucial measure for deepening state-owned enterprise reform and enhancing corporate value, with a policy framework that binds core talent to corporate interests [1] Group 2 - Incentive tools include stock options and restricted stocks, with performance assessments linked to indicators such as ROE, cash flow, and R&D intensity [1] - A typical case is China Aluminum's setting of "low baseline, high growth" targets, emphasizing compound growth rates of net profit and EOE indicators [1] - The Central Enterprise Win-Win ETF (517090) tracks the FTSE China State-Owned Enterprises Open Win-Win Index, which selects 100 Chinese state-owned enterprises from A-share and Hong Kong markets, focusing on industries like public utilities, construction decoration, and transportation [1]