Group 1 - The core viewpoint of the news highlights the confidence in the Chinese capital market's high-quality development, as evidenced by the self-purchase announcement from Fangzheng Fubang Fund, which invested 5 million yuan in its own fund [1] - The Fangzheng Fubang CSI All Share Free Cash Flow ETF is one of the first 12 approved ETFs focusing on free cash flow, which completed its fundraising on April 25 [1] - The importance of free cash flow as a key indicator of a company's true profitability and financial health is emphasized, especially in the context of increasing international market pressures and the need for companies to adapt to a high-quality growth model [2] Group 2 - The A-share market is currently viewed as highly attractive for investment, with the CSI 300 index's dynamic price-to-earnings ratio at 11.57, below the 10-year average of 11.86 [3] - The CSI 300 dividend yield has reached 3.58%, marking a historical high over the past decade, indicating a "high cost-performance" characteristic [3] - Institutional investors are showing confidence in the long-term value of the A-share market, as reflected in Fangzheng Fubang Fund's self-purchase announcement, which sends a strong bullish signal [3]

Group 1 - The core viewpoint is that institutional investors are showing confidence in the long-term value of the A-share market, as evidenced by the recent self-purchase announcement by Fangzheng Fubang Fund, which invested 5 million yuan of its own funds in its index fund [1] - Fangzheng Fubang Fund emphasizes the importance of focusing on the resilience of the domestic economic fundamentals amidst external uncertainties, highlighting the large domestic market, upgrading consumption structure, and continuous technological innovation as key drivers for stable economic growth [1] - The fund maintains a threefold confidence principle: confidence in China's economic structural transformation, long-term confidence in the improvement of domestic economic fundamentals, and confidence in its own active management capabilities [1] Group 2 - From a valuation perspective, the A-share market has entered an attractive allocation range, with the CSI 300 index's dynamic price-to-earnings ratio at 11.57 times, below the 10-year average of 11.86 times [2] - The CSI 300 dividend yield has reached 3.58%, marking a historical high over the past decade, indicating a "high cost-performance" characteristic [2] - The recovery trend of China's economic fundamentals is becoming clearer, providing long-term funds with "opportunities arising from declines," encouraging investors to rationally view short-term market fluctuations and actively seize low-position layout opportunities during quality asset valuation corrections [2]