Core Viewpoint - The article emphasizes the importance of early retirement planning for young people, advocating for a systematic and diversified approach to pension investment through a "four-step method" [1][2]. Group 1: Trends in Retirement Investment - Young individuals are moving away from traditional retirement frameworks and are increasingly embracing smart retirement and diversified protection models [1]. - The expansion of personal pension funds is likely to make them a preferred choice for young people's retirement investments, offering tax advantages, low fees, and a closed mechanism that aligns with long-term financial goals [2]. Group 2: Four-Step Method for Asset Allocation - The first step involves calculating the required retirement savings, estimating that retirees will need 70% of their pre-retirement income, adjusted for a 3% annual inflation rate [3]. - The second step focuses on determining the risk tolerance to establish the investment ratio between equities and fixed income [4]. - The third step is about selecting specific investment vehicles, including personal pension funds, regular funds, REITs, gold ETFs, and short-term bond funds [4]. - The fourth step emphasizes the importance of regular portfolio adjustments, recommending that individuals review their investment ratios annually and aim to increase pension contributions to over 8% of their salary before age 30 [4]. Group 3: Integration of Advisory Services - The article suggests that combining investment advisory services with retirement planning can provide young investors with new options, allowing for a dual-track approach that balances locked-in investments with flexible adjustments [4].

Core Viewpoint - In a low-interest-rate and volatile market environment, investors prefer high-quality assets with stable long-term performance, with free cash flow being a key financial indicator for assessing a company's health and investment potential [2][4]. Group 1: Free Cash Flow and Investment Tools - Free cash flow is defined as the cash generated from operating activities after necessary capital expenditures, which can be distributed to shareholders or used for strategic investments [2]. - The recent launch of the cash flow ETF by Jiashi (159221.SZ) and its corresponding fund (A class: 024574; C class: 024575) provides investors with a new tool for allocating high-quality assets [2][18]. - The "core-satellite" investment strategy, which emphasizes a balanced portfolio with core assets, is gaining popularity among investors [3][11]. Group 2: National Free Cash Flow Index - The National Free Cash Flow Index focuses on companies with high free cash flow rates, ensuring that better-performing companies have higher weights in the index [4]. - The index consists mainly of financially healthy companies with fast earnings growth, particularly in the small and mid-cap sectors [4][5]. - As of July 7, 2025, 68% of the index's constituent stocks have a market capitalization below 20 billion, indicating a clear small-cap style [5]. Group 3: Performance Metrics - The average Return on Equity (ROE) of the index's constituent stocks is 12.7%, significantly higher than the 7.9% of the Wind All A Index and 9.5% of the CSI Dividend Index, ensuring sustainable dividend sources [8][13]. - Since its inception in 2012, the index has shown strong historical performance, rising from 1000 points to 7019.9 points by July 7, 2025, with an annualized return of 17.7% over 12 years and 25.45% over the last five years [8][9]. - The index has a maximum drawdown of 22.9% over the past five years, which is lower than the 42.4% maximum drawdown of the CSI 300 Index during the same period [9]. Group 4: Comparison with Other Indices - The National Free Cash Flow Index differs from traditional dividend strategies by focusing on the sufficiency and reasonableness of free cash flow rather than just high dividend yields [13][14]. - Compared to other free cash flow indices, the National Index has a more balanced industry coverage and a higher proportion of small-cap companies, combining growth potential with risk resistance [14][18]. - The Jiashi cash flow ETF and its linked funds have low management and custody fees of 0.15% and 0.05%, respectively, making them cost-effective options for investors [18]. Group 5: Investment Strategies - Investors can allocate 50%-70% of their portfolio to the Jiashi cash flow ETF during periods of macro uncertainty to reduce overall volatility [20]. - In bullish market phases, a 50%-60% allocation to the ETF can be combined with 40%-50% in thematic funds to capture growth opportunities while maintaining stability [20]. - For long-term wealth accumulation, investors are encouraged to consider monthly investments in the Jiashi cash flow ETF to leverage the performance of quality A-share companies and the fund's low fee structure [20].