Group 1 - The main variable in the funding landscape is passive and individual funds, with public funds being the most elastic institutional capital, primarily driven by passive funds [3] - Future changes in public fund flows are expected to focus on institutional increases in broad index ETFs, with indices like CSI 300, SSE 50, and STAR 50 likely to see significant upward movement driven by capital [3] - Individual funds remain a crucial source of capital in thematic market trends, and once market upward expectations align, individual funds are anticipated to provide strong ongoing incremental capital [3]