Group 1 - The core viewpoint is that the CSI 300 Index has evolved over 20 years, reflecting the development of China's capital market and becoming a key resource allocation hub [1] - The CSI 300 Index was initially established as a pricing benchmark for investors, but its role has expanded due to ongoing market reforms and dynamic optimization of its compilation rules [1] - The index has attracted significant long-term capital, with social security and pension funds holding over 300 billion yuan in CSI 300 ETFs, enhancing its resource allocation function [1] Group 2 - The CSI 300 Index is also a crucial target for foreign institutions investing in Chinese assets, with the proportion of northbound capital holding CSI 300 constituent stocks increasing from about 2% in Q1 2019 to nearly 3% by May 2025 [2] - The index is expected to transition from a "local hub" to a "global asset allocation anchor," facilitating the flow of domestic and international capital [2]