三是"未来关注的方向"。赵永刚判断，指数化投资已进入新阶段，ETF成交额占比显著提升，新生代投 资者接受度远超预期，国内发展空间仍大。他提出未来五大方向：综合类指数、差异化策略指数、沪深 港互联互通、恒定比例多资产指数，以及结合衍生品的创新型策略产品。 对于如何把握下半年投资机会，易方达基金指数研究部总经理助理、基金经理李树建表示，投资往往存 在"看到的机会与实际兑现的收益差距很大"的情况，而ETF能够帮助投资者克服心理上的波动与频繁换 股的困境。他举例指出，恒生创新药ETF、香港证券等ETF在今年涨幅超过一倍，相比个股操作，ETF 在把握主线趋势方面具备优势。 国泰基金总经理助理、量化投资部总监梁杏表示，本轮行情的上涨不仅依托政策面与资金面的支持，更 来自市场信心逐步恢复的推动。在她看来，科技板块具备长期成长潜力，而红利产品则在低利率环境下 展现出防御和稳定分红优势。二者结合，不仅能够平衡风险与收益，也有助于投资者在多变的市场环境 中实现攻守兼备。 雪球表示，未来将继续携手基金公司、行业专家与广大投资者，探索更加多元化和前瞻性的投资路径， 助力指数投资走向更广阔的未来。 中证报中证网讯（记者 张凌之）8月2 ...

Group 1: Investment Opportunities by Style - The report emphasizes that in the medium to low-frequency dimension, the main returns for investors come from core beta opportunities, with value strategies represented by low valuation and PB-ROE metrics, and dividend strategies characterized by high safety margins [13][15]. - Growth investment, represented by companies with higher growth rates, has been a mainstream strategy in the A-share market, focusing on stocks with strong fundamental resilience [15]. - The performance of various style strategies year-to-date shows that extreme styles may not dominate due to rotation, and adjustments in investment frameworks can help mitigate risks associated with beta misalignment [16][19]. Group 2: Long-term Excess Returns from Overseas Style Strategies - Japan's high dividend advantage became prominent after the 1990s bubble burst, with sustained benefits from a low growth and low interest rate environment [30][32]. - The report notes that Japanese companies have a stable dividend policy, contributing to a favorable environment for dividend growth, which has reached around 20% in recent years [39]. - In the U.S., high dividend strategies outperformed during the early 2000s, particularly during the tech bubble burst, highlighting their defensive characteristics amid economic volatility [40][41]. Group 3: Active Strategy Smart Beta Indexation - The report discusses the increasing popularity of Smart Beta strategies, which combine active management with passive investment principles, allowing for targeted exposure to specific factors [56].

Core Viewpoint - Multiple large public funds have announced further reductions in the valuation of Hong Kong-listed company Nohow Health, indicating a loss of confidence among fund managers due to rising accounts receivable and delayed financial disclosures [1][2][3]. Valuation Adjustments - From June 27 to June 30, several public funds, including Penghua Fund, Chuangjin Hexin Fund, and Yinhua Fund, announced valuation adjustments for Nohow Health, with the lowest valuation set at 1.20 HKD per share, down from approximately 3 HKD per share at the end of May [2][3]. - Yinhua Fund disclosed a valuation of 1.20 HKD per share effective June 30, 2025, while other funds like Southern Fund and Chuangjin Hexin Fund set valuations at 1.24 HKD and 1.30 HKD per share, respectively [4]. - Some funds, such as Penghua Fund and Bosera Fund, maintained relatively higher valuations of 2.52 HKD and 3.33 HKD per share, respectively, indicating a divergence in valuation perspectives among funds [4]. Company Background and Financial Concerns - Nohow Health, known as a leading company in cancer early screening, was once a star stock in the Hong Kong pharmaceutical sector, with a market capitalization reaching around 40 billion HKD [5][6]. - The company reported a revenue of 765 million CNY in 2022, but accounts receivable surged by 336.8% to 584 million CNY, raising concerns among fund managers about potential financial instability [6]. - By mid-2023, revenue increased to 821 million CNY, but accounts receivable soared to 1.017 billion CNY, further heightening investor anxiety [6]. Impact of Suspension and Management Changes - Nohow Health has been suspended since March 2024 due to allegations of financial fraud, leading to multiple valuation downgrades from 14.14 HKD per share to as low as 1.20 HKD per share [7][8]. - The resignation of the company's founder and CEO, Zhu Yeqing, due to health reasons has also contributed to a loss of trust among fund managers [8]. - The inability to timely disclose financial reports has exacerbated the situation, with the company facing potential delisting risks if suspended for 18 months [8]. Investment Strategy Insights - The issues surrounding Nohow Health highlight a shift in public funds' investment strategies in the Hong Kong market, emphasizing the importance of cash flow and financial stability [9]. - Fund managers are advised to focus on companies with strong cash flows and reasonable valuations, avoiding those that may present "pseudo-growth" opportunities [9].

Group 1 - The concept of free cash flow is crucial in Buffett's value investment philosophy, reflecting a company's ability to return value to shareholders and creditors, as well as its capacity for future development [1] - Free cash flow has advantages over net profit as it is derived from the cash flow statement, which has higher transparency and is less susceptible to manipulation [1] - Recent market trends show an increase in cash flow ETFs, which primarily use free cash flow yield as a selection criterion, indicating a long-term effectiveness of cash flow strategies in the A-share large and mid-cap stock selection [1][2] Group 2 - Cash flow ETFs and strategies are considered to have advantages over dividend strategies, as they can better avoid value traps and provide timely insights into a company's cash flow [2] - The FTSE Free Cash Flow Index has shown a remarkable annualized return of over 20% from the end of 2013 to 2024, with a higher proportion of central state-owned enterprises and companies with high dividend yields and low valuations [2] - Recent policy changes, including the new "National Nine Articles" and market value management regulations, encourage companies with high free cash flow to convert it into dividends and buybacks, enhancing shareholder returns [3] Group 3 - The upcoming dividend season and potential easing of external trade tensions create an opportunity for cash flow ETFs to be a core asset allocation, suggesting a strategy of gradual accumulation during market dips [3]