Quantitative Models and Construction Methods 1. Model Name: Layered Progressive Stock Selection for Profitability Factor - **Model Construction Idea**: The model aims to enhance the profitability factor by progressively filtering stocks based on historical ROE and financial stability, ensuring higher future ROE probabilities [38][35][36] - **Model Construction Process**: - Step 1: Select the top 100 stocks based on historical ROE (ROE_ttm) [38] - Step 2: From the top 100, further filter the top 50 stocks with the highest financial stability scores, which include metrics like ROE stability, revenue growth stability, and leverage stability [27][38] - Step 3: Construct an equal-weighted portfolio with the final 50 stocks [38] - **Model Evaluation**: The layered approach effectively reduces the probability of ROE decline by one interval (5%) and increases the likelihood of maintaining high ROE levels in the future [38][36] 2. Model Name: Dividend Growth Factorization - **Model Construction Idea**: This model predicts future dividend growth by constructing a stock pool based on historical dividend stability and earnings growth expectations [49][51] - **Model Construction Process**: - Step 1: Select stocks with stable dividend payout ratios over the past three years and positive earnings growth expectations [49] - Step 2: Select stocks with dividend amounts growing over the past two years and positive earnings growth expectations [49] - Step 3: Combine the two pools to form a comprehensive stock pool [49] - Step 4: Construct sub-factors such as dividend payout deviation, sell-side forecast count, and recent financial report growth, standardize and sum them, and take the maximum value across perspectives [51] - **Model Evaluation**: The model improves the prediction accuracy of dividend growth, achieving over a 10% improvement in win rates for both the CSI 300 and CSI 500 indices [51][52] 3. Model Name: Growth Factor Improvement via Reverse Exclusion - **Model Construction Idea**: Instead of further refining high-growth stocks, this model excludes stocks unlikely to achieve future net profit growth, enhancing the growth factor's predictive power [70][69] - **Model Construction Process**: - Step 1: Start with 100 high-growth stocks based on historical growth factors [70] - Step 2: Exclude stocks meeting any of the following conditions: - FY1 consensus forecast ≤ 0 - FY1 consensus forecast is null - Consensus forecast downgraded in the past 4, 13, or 26 weeks [70] - Step 3: Construct a portfolio with the remaining stocks [70] - **Model Evaluation**: The exclusion method significantly improves the prediction rate of actual net profit growth and reduces the probability of selecting companies with declining net profits [70][69] 4. Model Name: Composite Three-Factor Portfolio - **Model Construction Idea**: This model integrates the improved profitability, dividend, and growth factors into a unified portfolio to enhance index performance [81][83] - **Model Construction Process**: - Step 1: Combine the stock pools from the three improved factors (profitability, dividend, growth) [81] - Step 2: Select approximately 120 stocks from the combined pool, ensuring industry neutrality and periodic rebalancing [83] - **Model Evaluation**: The composite portfolio demonstrates consistent performance improvement over the equal-weighted three-factor portfolio, with notable gains in the CSI 300 and CSI 500 indices [83][86] 5. Model Name: Three-Factor Portfolio + Volume-Price Factors - **Model Construction Idea**: This model incorporates volume-price factors (low volatility, low liquidity, momentum) into the three-factor portfolio to capture additional returns during strong volume-price factor periods [100][97] - **Model Construction Process**: - Step 1: Start with the three-factor composite portfolio [100] - Step 2: Select the top 75 stocks based on volume-price factor scores (low volatility, low liquidity, momentum) [100] - Step 3: Construct an equal-weighted portfolio with the selected stocks [100] - **Model Evaluation**: The addition of volume-price factors further enhances long-term returns and maintains stable excess returns compared to the equal-weighted six-factor portfolio [100][103] 6. Model Name: 75+25 Composite Portfolio - **Model Construction Idea**: This model combines the three-factor portfolio with a 25-stock pool selected based on volume-price factors across the entire market, aiming to maximize expected returns [109][112] - **Model Construction Process**: - Step 1: Select 75 stocks from the three-factor portfolio [109] - Step 2: Select 25 stocks from the entire market based on volume-price factors (growth, profitability, low volatility, small market cap) [109] - Step 3: Combine the two pools into a 100-stock portfolio [109] - **Model Evaluation**: The 75+25 portfolio achieves significant improvements in annualized returns and Sharpe ratios, benefiting from the strong performance of volume-price factors in recent years [112][125] --- Model Backtest Results 1. Layered Progressive Stock Selection for Profitability Factor - CSI 300: Win rate improved from 78.03% to 86.28% [36] - CSI 500: Win rate improved from 78.72% to 86.55% [36] 2. Dividend Growth Factorization - CSI 300: Win rate improved from 54.90% to 73.24% [51] - CSI 500: Win rate improved from 40.14% to 54.28% [51] 3. Growth Factor Improvement via Reverse Exclusion - CSI 300: Win rate improved from 83.38% to 92.88% [69] - CSI 500: Win rate improved from 80.21% to 90.13% [69] 4. Composite Three-Factor Portfolio - CSI 300: Annualized return improved from 6.36% to 9.34%, Sharpe ratio improved from 0.34 to 0.49 [86] - CSI 500: Annualized return improved from 5.46% to 7.36%, Sharpe ratio improved from 0.26 to 0.34 [86] 5. Three-Factor Portfolio + Volume-Price Factors - CSI 300: Annualized return improved from 7.81% to 11.55%, Sharpe ratio improved from 0.40 to 0.62 [103] - CSI 500: Annualized return improved from 6.75% to 9.15%, Sharpe ratio improved from 0.32 to 0.45 [103] 6. 75+25 Composite Portfolio - CSI 300: Annualized return improved from 7.84% to 14.56%, Sharpe ratio improved from 0.41 to 0.75 [112] - CSI 500: Annualized return improved from 7.35% to 13.18%, Sharpe ratio improved from 0.36 to 0.62 [112]

Group 1 - A-shares have accelerated upward, with the Shanghai Composite Index breaking the high of 3731.69 points from February 2021, reaching 3741.29 points, marking a new high since August 2015 [1] - Since the beginning of 2025, global stock markets have shown strong performance, with the Korean Composite Index rising by 32.4%, the Hang Seng Index by 25.6%, and the German DAX by 22.1% [1] - The current low-risk interest rate environment, with the 10-year government bond yield between 1.65% and 1.80%, has driven A-share market performance, supported by dividend advantages and policy-driven capital inflows [1] Group 2 - The dynamic price-to-earnings (P/E) ratios for the CSI 300 Index and the SSE 50 Index are currently 13.5 times and 11.6 times, respectively, which are at the 75% to 85% historical percentile levels [2] - Compared to major overseas indices, A-share core indices have relatively low absolute P/E ratios, with the S&P 500 at 28.6 times and the FTSE 100 at 20 times [2] - The ChiNext Index and the STAR 50 Index have P/E ratios of 37.1 times and 149.5 times, respectively, indicating that domestic technology and growth sectors do not have a significant valuation advantage compared to overseas counterparts [2] Group 3 - The risk premium for the CSI 300 Index is currently at 5.6%, which is at a high historical percentile of 64.7%, indicating a favorable investment return compared to government bonds [3] - The dividend yield for the CSI 300 Index is 2.69%, which is at the 68.1% historical percentile, suggesting attractive dividend returns for core A-share assets [3] - Historical trends show that a declining dividend yield often accompanies a strengthening market, and the current yield remains significantly higher than the 10-year government bond yield [4] Group 4 - The current low interest rate environment enhances the attractiveness of A-shares for institutional investors seeking stable returns, with potential for significant upward movement in the CSI 300 Index if valuations align with overseas markets [4] - If the dividend yield of the CSI 300 Index approaches the current risk-free rate of around 1.75%, it could correspond to an index level of 6500 points, indicating substantial upside potential [4] - The analysis suggests that the current A-share market rally is primarily driven by valuation, with strong dividend appeal and policy support for capital inflows [4]

Macro Economic Overview - The report indicates that the next important time point may be in the late third quarter of 2025, with a suggested asset allocation order of stocks > commodities > bonds > currency [2][4] - In the first half of 2025, China's actual GDP grew by 5.3% year-on-year, laying a good foundation for achieving the annual target of 5.0% [2][4] - Economic data from July shows signs of growth pressure, including weakened external demand due to increased tariffs from the US and sluggish domestic consumption [2][4] Asset Performance - The A-share market saw an increase, with the CSI 300 index rising by 2.37% and the CSI 300 stock index futures up by 2.83% [11][12] - Commodity futures showed mixed results, with coking coal futures up by 0.33% and iron ore down by 1.65% [11][12] - The yield on ten-year government bonds rose by 6 basis points to 1.75%, while active ten-year government bond futures fell by 0.26% [11][12] Policy Insights - The report emphasizes the importance of expanding domestic demand in the second half of the year, suggesting that policies should be implemented to enhance efficiency and release domestic demand [2][4] - It is noted that the fiscal policy may have room for further adjustments within the year, particularly in light of external pressures easing due to potential interest rate cuts by the Federal Reserve [2][4] Sector Performance - The report highlights that the TMT sector has shown significant growth, with the ChiNext index leading with an 8.58% increase, followed by the Shenzhen Component Index at 4.55% [35][36] - The report also notes that the banking sector has faced declines, with a drop of 3.22% [35][36] Financial Data - In July, new social financing amounted to 1.13 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating weak financing demand in the real economy [4][17] - The M2 money supply grew by 8.8% year-on-year, reflecting a relatively strong liquidity environment despite weak economic indicators [4][17]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 18, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.334%, 4.737%, 3.447% respectively. The latest changes ranged from - 0.033 (Italy) to 0.041 (UK), weekly changes from - 0.004 (Japan) to 0.173 (UK), monthly changes from - 0.126 (Switzerland) to 0.155 (France), and annual changes from - 0.274 (Japan) to 0.760 (UK) [2]. - **2 - Year Treasury Yields**: On August 18, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.740%, 3.959%, 1.956% respectively. The latest changes ranged from - 0.024 (Australia) to 0.070 (US), weekly changes from - 0.200 (US) to 0.186 (Italy), monthly changes from - 0.703 (Italy) to 0.553 (Japan), and annual changes showed various trends [2]. - **Exchange Rates**: On August 18, 2025, the US dollar - to - emerging - economy currency exchange rates such as South African rand, Brazilian real, etc. had different values. The latest changes ranged from - 0.69% (Russian ruble) to 0.65% (South African rand), weekly changes from - 2.35% (South African rand) to 0.38% (South Korean won), monthly changes from - 8.22% (Thai baht) to 0.77% (South Korean won), and annual changes also varied [2]. - **Stock Indices**: On August 18, 2025, major global stock indices like the Dow Jones, S&P 500, etc. had different closing values. The latest changes ranged from - 0.50% (Mexican index) to 0.21% (Nasdaq), weekly changes from - 0.18% (UK index) to 8.70% (Spanish index), monthly changes from 8.78% (Mexican index) to 44.46% (Spanish index), and annual changes also showed different trends [2]. - **Credit Bond Indices**: The latest changes in credit bond indices ranged from - 0.08% to 0.08%, weekly changes from - 0.06% to 0.56%, monthly changes from - 0.13% to 2.43%, and annual changes from 4.84% to 15.88% [2][3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3728.03, 4239.41, 2838.87, 2606.20, and 6668.17 respectively, with daily changes of 0.85%, 0.88%, 0.21%, 2.84%, and 1.52% [4]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.54, 11.56, 31.94, 27.34, and 20.08 respectively, with环比 changes of 0.08, 0.04, 0.37, 0.00, and - 0.04 [4]. - **Risk Premium**: The 1/PE - 10 - year interest rate of S&P 500 and German DAX were - 0.68 and 2.22 respectively, with环比 changes of - 0.02 and 0.04 [4]. - **Fund Flows**: The latest values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 were 78.73, - 179.13, N/A, 216.70, and 110.91 respectively, and the 5 - day average values were - 306.54, - 333.88, N/A, 26.76, and 51.22 [4]. - **Trading Volume**: The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 27641.63, 6353.66, 1621.58, 5485.68, and 8295.86 respectively, with环比 changes of 5195.51, 1166.79, 199.53, 1082.87, and 1773.47 [4]. - **Main Contract Basis**: The basis of IF, IH, and IC were - 1.61, 9.53, and - 60.17 respectively, with basis ratios of - 0.04%, 0.34%, and - 0.90% [4] Treasury Bond Futures Trading Data - **Closing Prices**: The closing prices of T00, TF00, T01, and TF01 were 108.015, 105.455, 107.865, and 105.380 respectively, with daily changes of 0.00% [5]. - **Funding Rates**: The R001, R007, and SHIBOR - 3M were 1.5037%, 1.5030%, and 1.5490% respectively, with daily changes of 1.00 BP, 1.00 BP, and 0.00 BP [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Chinese economy is in a marginal de - leveraging process, with the liability growth rate of the real - sector expected to decline. The government aims to stabilize the macro - leverage ratio, and the monetary policy will generally remain neutral and difficult to be continuously loose. The market is currently affected by risk preference, and the subsequent trends of risk preference, economic recovery, and the US economy need to be focused on [2][3][7] - In the context of the contraction of the national balance sheet, the allocation of financial assets should adopt a dumbbell - shaped strategy. The bond market is the large base, and the stock market is the small head. The stock allocation strategy is dividend plus growth, and the bond allocation strategy is duration plus credit - sinking [25] - In the contraction cycle, the equity - bond ratio favors equities to a limited extent, and the value style is more likely to be dominant. Red - dividend stocks with characteristics of non - expansion, good profitability, and survival are recommended [12][67] 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis - **Liability Side**: In July 2025, the liability growth rate of the real sector was 9.0%, with a lower - than - expected rebound. It is expected to decline to 8.9% in August and further to 8% by the end of the year. The government's liability growth rate is also expected to decline from 15.7% in July to 14.8% in August and 12.5% by the end of the year. The money market has tightened marginally, and the peak of the money market in August was likely in the first week [2][3][21] - **Monetary Policy**: The trading volume of funds decreased last week, and the price was stable. The one - year Treasury yield rose to 1.37%, and the term spread widened. The estimated lower limit of the one - year Treasury yield is 1.3%, the ten - year Treasury yield is about 1.6%, and the thirty - year Treasury yield is about 1.8% [3][22] - **Asset Side**: After a brief stabilization in June, the physical volume data declined again in July. The annual real economic growth target for 2025 is about 5%, and the nominal economic growth target is about 4.9%. Whether this will be the central target for the next 1 - 2 years needs further observation [4][23] 3.2 Stock - Bond Ratio and Stock - Bond Style - **Market Performance Last Week**: The money market tightened marginally, but risk preference increased. Stocks rose, and bonds fell. The equity growth style was dominant, and the stock - bond ratio favored stocks, breaking through the previous high on August 15th [6][26] - **Future Outlook**: The trend of risk preference is uncertain. There are three possible scenarios: range - bound fluctuations, a short - term upward trend, or a fundamental change in the subjective weighting of Chinese profitability. A portfolio of growth - type equity assets and long - term bonds is recommended, with a 70% position in the CSI 1000 Index and a 30% position in the 30 - year Treasury ETF [10][11][29] 3.3 Industry Recommendation - **Industry Performance Review**: The A - share market rose this week. The communication, electronics, non - bank finance, power equipment, and computer sectors had the largest increases, while the bank, steel, textile and apparel, coal, and public utilities sectors had the largest declines [35] - **Industry Crowding and Trading Volume**: As of August 15th, the top five crowded industries were electronics, computer, power equipment, machinery, and non - bank finance. The trading volume of the whole A - share market increased this week, with non - bank finance, real estate, and other sectors having the highest growth rates [36][38] - **Industry Valuation and Profitability**: The PE (TTM) of the comprehensive, communication, and other sectors increased the most this week, while the bank, steel, and other sectors declined. Industries with high 2024 full - year profit forecasts and relatively low current valuations include banks, coal, and oil and petrochemicals [41][42] - **Industry Prosperity**: External demand generally declined. The global manufacturing PMI decreased in July, and the CCFI index fell. Domestic indicators such as port throughput and industrial capacity utilization showed mixed trends [46] - **Public Fund Market Review**: In the second week of August, most active public equity funds outperformed the CSI 300. As of August 15th, the net asset value of active public equity funds was slightly higher than that in Q4 2024 [62] - **Industry Recommendation**: In the contraction cycle, the equity - bond ratio favors equities to a limited extent, and the value style is more likely to be dominant. An A + H red - dividend portfolio of 20 stocks and an A - share portfolio of 20 stocks, mainly concentrated in banks, telecommunications, and other industries, are recommended [12][67]

Economic Indicators - The 1-year Federal Reserve Financial Conditions Index (FCI-G Index) dropped to -0.4, the lowest since July of last year, indicating strong monetary policy support for corporate output and employment[9] - The 3-year FCI-G Index fell to -0.7, the lowest since April 2022, suggesting limited necessity for rate cuts compared to last year[9] Market Trends - As of August 8, the S&P 500 Index EPS growth reached 10%, significantly exceeding the expected 4%, reflecting robust U.S. economic growth[10] - Broad dollar speculative positions shifted from short to long, with net long positions reaching 31,000 contracts, the highest since April this year[10] Credit Market Developments - The proportion of banks tightening credit standards for large and medium-sized enterprises decreased from 18.5% to 9.5%, and for small enterprises from 15.9% to 8.2%[21] - The European Central Bank's deposit facility rate was reduced from 2.75% to 2%, yet broad credit expansion remains sluggish, with Eurozone M3 growth dropping to 3.3%, the lowest since September last year[17] Risk Premiums - The equity risk premium (ERP) for the CSI 300 Index is at 5.1%, one standard deviation above the 16-year average, indicating potential for valuation uplift[22] - The 10-year Chinese government bond arbitrage return is at 19 basis points, 49 basis points higher than December 2016 levels, suggesting favorable conditions for leveraged bond market strategies[27] Currency and Commodity Insights - The 3-month USD/JPY basis swap stood at -17.9 basis points, indicating a relaxed offshore dollar financing environment post-tariff adjustments[29] - The copper-to-gold price ratio fell to 2.9, while the offshore RMB exchange rate rose to 7.2, signaling diverging trends in global demand and currency valuation[34]

【资产配置快评】2025 年第 36 期 Riders on the Charts: 每周大类资产配置图 表精粹 ❖ 投资摘要： Without data, you're just another person with an opinion. 证 券 研 究 报 告 —William Edwards Deming 多资产配置研究 资产配置快评 2025 年 08 月 12 日 华创证券研究所 证券分析师：牛播坤 邮箱：niubokun@hcyjs.com 执业编号：S0360514030002 证券分析师：郭忠良 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《政治局会议后怎么看——总量"创"辩第 108 期》 2025-08-05 《资产配置快评 2025 年第 35 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-08-05 《资产配置快评 2025 年第 34 期：为潜在通胀上 行风险做准备—7月美联储议息会议点评2025 年 第 5 期》 2025-07-31 《资产配置快评 2025 年第 33 期： ...

Economic Indicators - The US added 73,000 non-farm jobs in July, significantly below the expected 104,000, with the unemployment rate rising to 4.2%[3] - The probability of a rate cut by the Federal Reserve in September is now at 88.90%, up from 80.30% the previous week[3] Market Trends - Global stock markets mostly rose this week, driven by expectations of monetary easing following Trump's nomination of Stephen Moore to the Federal Reserve[3] - The 10-year US Treasury yield increased by 4 basis points to 4.27%, while the US dollar index slightly declined, remaining below 100[3] Fund Flows - In the past week, overseas active funds saw an outflow of $0.96 million, while passive funds experienced a larger outflow of $3.44 million from the Chinese market[17] - Domestic funds also faced outflows, with $0.50 million leaving the market, and foreign funds withdrawing $4.40 million[17] Valuation Metrics - The equity risk premium (ERP) for all A-shares decreased from 64% to 62%, while the Shanghai Composite Index's ERP fell from 57% to 53%[3] - The risk-adjusted returns for the S&P 500 increased from the 48th percentile to the 55th percentile, indicating improved performance expectations[3] Sector Performance - In the US market, funds flowed into the communication, technology, and utilities sectors, while energy, healthcare, and financial sectors saw outflows[3] - In the Chinese market, funds flowed into financials, consumer, and technology sectors, with outflows from infrastructure, real estate, and healthcare[3]

Summary of Key Points from Conference Call Industry or Company Involved - The discussion revolves around the relationship between the equity market, specifically the 中证 500 Index, and the bond market, particularly the 10-year government bond yield. Core Insights and Arguments - There exists a "seesaw effect" between the stock market and the bond market, where the 中证 500 Index and the 10-year government bond yield are positively correlated. Specifically, for every 100-point increase in the 中证 500 Index, the 10-year bond yield rises by approximately 0.9 basis points [1][2][5]. - The Bernanke three-factor model effectively decomposes the yield of the 10-year government bond, achieving an R-squared value of 0.85 when fitted to data since 2016. This model uses the 7-day reverse repo rate as a proxy for short-term rates, current CPI for inflation expectations, and the difference between social financing and M2 to represent economic conditions [1][4][7]. - The relationship between the 中证 500 Index and the 10-year bond yield shows a leading effect, indicating that an increase in the stock index can lead to a rise in bond yields in the following month [2][11]. - The bond market has already absorbed the impact of the recent rise in the equity market, with an increase of about 4-5 basis points in the bond yield since mid-June [14]. - If the equity market rises by an additional 5%, it could exert an extra pressure of about 3 basis points on the bond market, pushing yields to a range of 1.70% to 1.75%. A further 10% increase in the equity market could raise yields by approximately 6 basis points, resulting in a range of 1.75% to 1.80% [2][14]. Other Important but Possibly Overlooked Content - Different equity indices have varying degrees of influence on the 10-year bond yield. The 中证 1,000 and 中证 2000 indices show weaker correlation with the bond market compared to larger indices like the 上证综指 and 深证成指 [8][9]. - The structural integrity of the model is affected by the inclusion of large-cap indices, which can disrupt the original model's structure, particularly the impact of social financing minus M2 [9]. - The current market environment has led to a notable increase in the correlation between the 中证 500 Index and the 10-year bond yield, a phenomenon not seen in the past decade. This is attributed to stable fundamental and monetary conditions [15].

Core Viewpoint - The article discusses the performance of various stock indices, particularly focusing on dividend indices and their investment strategies, highlighting the importance of valuation and market conditions in investment decisions. Group 1: Market Performance - The overall market opened lower but rebounded slightly by the close, with the CSI All Share Index showing a minor decline, maintaining a rating of 4.6 stars [1] - Large-cap stocks experienced slight gains, while small-cap stocks saw minor declines [2] - Dividend and value styles showed slight increases, whereas growth styles like the ChiNext Index experienced minor declines [3][4] Group 2: Dividend Indices - The article emphasizes that dividend indices are strategy-based indices that select stocks according to specific criteria [11] - Historical examples illustrate how certain sectors, like banking and real estate, have been included in dividend indices based on their high dividend yields during specific market conditions [13][16] - The mechanism of indices allows for a natural turnover, removing stocks that no longer meet the criteria, as seen in past market cycles [21][23] Group 3: Investment Strategies - Investors are encouraged to consider undervalued investments in dividend indices, as these tend to have lower volatility compared to the overall market, approximately 70% of the market's volatility [25] - Investing during undervalued periods can enhance future cash flow returns and reduce downside risk, making dividend indices suitable for such strategies [30][32] - The article provides a valuation table for various dividend indices, including metrics like earnings yield, P/E ratio, and dividend yield, to assist investors in making informed decisions [34] Group 4: Fund Performance - A summary of various funds tracking dividend indices is provided, detailing their performance metrics such as average annual dividends and tracking indices [36] - The article mentions the availability of updated valuation data for dividend indices through a mini-program, allowing investors to access real-time information [37] Group 5: Upcoming Events - A live session is scheduled to discuss the characteristics of the Free Cash Flow Index and its relationship with dividend and value indices, indicating ongoing educational efforts for investors [38]