Group 1 - The core viewpoint is that foreign capital is expected to continue flowing back into China, driven by new public fund assessment regulations and a shift from short-term to long-term pricing in the market, potentially leading to a "cash is king" scenario [1] - The popularity of DeepSeek and the U.S. trade tensions have significantly altered global perceptions of Chinese assets, with patience during the policy process increasing [1] - As China's macroeconomic logic becomes clearer and its technological capabilities are recognized and priced in, the trend of foreign capital returning to Chinese assets is seen as a matter of timing [1] Group 2 - The reform of public funds is anticipated to encourage institutional investors to focus more on pricing core companies rather than chasing industry trends, leading to a gradual decrease in active holding ratios [1] - These marginal capital trends and changes in investment behavior are expected to drive the market style back towards industry leaders with barriers and pricing power, thus reviving the focus on core assets [1] - The Cash Flow ETF (159399) is designed to select stocks based on free cash flow, tracking the FTSE China A-Share Free Cash Flow Focus Index, and excludes financial and real estate sectors to highlight the top 50 stocks with the highest free cash flow rates [1] Group 3 - The Cash Flow ETF (159399) has a "monthly assessment and distribution" mechanism for dividends and has completed its third consecutive dividend distribution since its listing, enhancing the holding experience for investors [1]