一 、成分股分红进度 截至2025年9月17日： 上证50指数中，有21家公司处于预案阶段，2家公司处于决案阶段，0家公司进入 实施阶段，24家公司已分红，3家公司不分红； 沪深300指数中，有86家公司处于预案阶段，13家公司处于决案阶段，9家公司进 入实施阶段，167家公司已分红，25家公司不分红； 中证500指数中，有59家公司处于预案阶段，30家公司处于决案阶段，17家公司 进入实施阶段，323家公司已分红，71家公司不分红； 中证1000指数中，有76家公司处于预案阶段，41家公司处于决案阶段，24家公司 进入实施阶段，657家公司已分红，202家公司不分红。 二、行业成分股股息率比较 我们对当前已披露分红预案的个股股息率进行了统计，其中，煤炭、银行和钢铁行业的股 息率排名前三。 三、已实现及剩余股息率 截至2025年9月17日： 上证50指数已实现股息率为2.18%，剩余股息率0.57%； 沪深300指数已实现股息率为1.75%，剩余股息率0.40%； 中证500指数已实现股息率为1.10%，剩余股息率0.14%； 中证1000指数已实现股息率为0.85%，剩余股息率0.09%。 四、股指期货升贴 ...

Market Overview - The A-share market saw all major indices rise last week, with the Sci-Tech 50, Small and Medium-sized Enterprises Index, and CSI 500 Index leading with returns of 5.48%, 3.66%, and 3.38% respectively, while the CSI 300, Shanghai Composite, and ChiNext Index lagged with returns of 1.38%, 1.52%, and 2.10% respectively [1][9] - In terms of trading volume, all major indices except the Sci-Tech 50 experienced a decline in trading volume last week [10] - The electronic, real estate, and agriculture sectors performed well, with returns of 5.98%, 5.82%, and 4.52% respectively, while the banking, comprehensive finance, and pharmaceutical sectors underperformed with returns of -0.64%, -0.58%, and -0.28% respectively [1][14] Fund Issuance and Performance - A total of 46 funds were reported last week, a decrease from the previous week, including 3 FOFs and 3 QDIIs [2] - Last week, 40 new funds were established with a total issuance scale of 21.794 billion yuan, which is a decrease from the previous week [3] - The Huashang Hong Kong Stock Connect Value Return Fund completed its fundraising on September 8, raising over 1 billion yuan with a subscription confirmation ratio of 32.95% [5] - The performance of open-end public funds showed that active equity, flexible allocation, and balanced mixed funds had returns of 2.18%, 1.73%, and 0.91% respectively [29][36] Fund Sales and Management - As of last week, there were 243 ordinary FOF funds, 119 target date funds, and 152 target risk funds in the open-end public fund category [35] - The top three fund sales institutions by equity fund holdings were Ant Fund, China Merchants Bank, and Tian Tian Fund, with holdings of 822.9 billion yuan, 492 billion yuan, and 349.6 billion yuan respectively [7] - The target date funds had the best median performance this year, with a cumulative return of 13.94% [36] Bond Market - As of last Friday, the central bank's reverse repo net injection was 196.1 billion yuan, with reverse repos maturing at 1,068.4 billion yuan, resulting in a net open market injection of 1,264.5 billion yuan [17] - The yield on government bonds of different maturities has increased, with credit spreads widening by 3.69 basis points [18][23] Sector Performance - Over the past month, the communication sector has seen the highest cumulative increase of 25.38%, while the comprehensive finance sector has experienced a cumulative decline of 5.53% [14] - Year-to-date, the communication, non-ferrous metals, and electronics sectors have shown high cumulative returns of 63.94%, 60.31%, and 38.03% respectively, while sectors like coal, transportation, and food and beverage have the lowest returns [14][16]

一、本周指数增强组合表现 沪深300指数增强组合本周超额收益0.61%，本年超额收益17.47%。 中证500指数增强组合本周超额收益-0.85%，本年超额收益8.97%。 中证1000指数增强组合本周超额收益-0.05%，本年超额收益17.24%。 中证A500指数增强组合本周超额收益-0.55%，本年超额收益9.19%。 二、本周选股因子表现跟踪 沪深300成分股中三个月机构覆盖、一个月波动、一年动量等因子表现较 好。 中证500成分股中一年动量、预期净利润环比、单季营收同比增速等因子表 现较好。 中证1000成分股中单季EP、3个月盈利上下调、单季ROE等因子表现较好。 中证A500指数成分股中一年动量、标准化预期外收入、单季营收同比增速等 因子表现较好。 公募基金重仓股中一年动量、单季营收同比增速、预期净利润环比等因子表 现较好。 三、本周公募基金指数增强产品表现跟踪 沪深300指数增强产品本周超额收益最高2.13%，最低-1.11%，中位数 0.05%。 中证500指数增强产品本周超额收益最高0.44%，最低-1.86%，中位 数-0.42%。 中证1000指数增强产品本周超额收益最高0.63%，最 ...

一、国信金工主动量化策略表现跟踪 本周， 优秀基金业绩增强组合 绝对收益2.52%，相对偏股混合型基金指数超额收 益0.12%。本年，优秀基金业绩增强组合绝对收益27.90%，相对偏股混合型基金 指数超额收益-2.68%。 今年以来，优秀基金业绩增强组合在主动股基中排名 48.66%分位点（1688/3469）。 本周， 超预期精选组合 绝对收益1.55%，相对偏股混合型基金指数超额收 益-0.85%。本年，超预期精选组合绝对收益43.65%，相对偏股混合型基金指数超 额收益13.07%。 今年以来，超预期精选组合在主动股基中排名20.21%分位点 （701/3469）。 本周， 券商金股业绩增强组合 绝对收益2.22%，相对偏股混合型基金指数超额收 益-0.18%。本年，券商金股业绩增强组合绝对收益33.45%，相对偏股混合型基金 指数超额收益2.87%。 今年以来，券商金股业绩增强组合在主动股基中排名 36.78%分位点（1276/3469）。 本周， 成长稳健组合 绝对收益2.83%，相对偏股混合型基金指数超额收益 0.43%。本年，成长稳健组合绝对收益53.34%，相对偏股混合型基金指数超额收 益 2 ...

Market Trends and Highs Tracking - The report aims to track stocks, industries, and sectors that are reaching new highs, serving as market indicators [1][4] - As of September 12, 2025, the distance to the 250-day high for major indices is as follows: Shanghai Composite Index 0.33%, Shenzhen Component Index 0.43%, CSI 300 0.57%, CSI 500 0.00%, CSI 1000 1.04%, CSI 2000 1.56%, ChiNext Index 1.09%, and STAR Market 1.95% [6][23] - Certain sectors such as non-ferrous metals, comprehensive, media, agriculture, forestry, animal husbandry, and machinery are closer to their 250-day highs, while coal, banking, comprehensive finance, transportation, and food and beverage sectors are further away [8][23] Monitoring High-Performing Stocks - A total of 1,620 stocks reached a 250-day high in the past 20 trading days, with the highest number of new highs in the machinery, electronics, and basic chemicals sectors [2][13] - The highest proportion of new high stocks is found in non-ferrous metals (68.55%), electronics (45.47%), and comprehensive industries (43.48%) [13][15] - The technology and manufacturing sectors had the most stocks reaching new highs this week, with respective counts of 503 and 452 [15] Stable High-Performing Stocks Tracking - The report identifies 50 stable high-performing stocks based on analyst attention, relative strength, price path stability, and continuity of new highs [3][20] - The cyclical and technology sectors had the most stocks selected, with 17 stocks each, while the basic chemicals industry had the highest number of new highs within the cyclical sector [20][24]

市场上不乏表现亮眼的私募基金产品，但由于私募基金不像公募基金需要定期披露持仓， 私募产品的持仓及调仓数据难以直接获取。通过对个股披露的前十大股东和前十大流通股 东数据进行统计，我们可以间接观测私募管理人的股票持仓变动情况。 私募基金持仓行业变动 按中信一级行业划分，2025Q2电子、基础化工、医药行业中，参与统计的私募管理人进 入前十大名单的股票数量最多，具体数量分别为16、12、12。 相比于2025Q1，2025Q2私募管理人进入食品饮料、轻工制造、建材前十大名单的股票 数量最多，从电力设备及新能源、国防军工、钢铁前十大名单撤离的私募管理人最多。 私募管理人加仓/减仓个股排行 以私募管理人持仓股票数量变动占总股本的比例作为衡量依据，得到参与统计的私募基 金持股比例 增长最多 的20只股票列表。按中信一级行业划分，电子、基础化工、医药 行业个股的出现频率较高。个股层面而言，太极集团、索菲亚、天壕能源、会稽山、中 晟高科的私募基金持股比例增长最多。 纳入统计的私募管理人持股比例 降低最多 的20只股票中，按中信一级行业划分，电力 设备及新能源、电子、基础化工行业个股的出现频率较高。个股层面而言，百济神州- U ...

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, CSI 300, and Shenzhen Component Index gaining 2.35%, while the Sci-Tech 50, CSI 1000, and SME Index lost -5.42%, -2.59%, and -2.29% respectively [6][14] - The total trading volume of major indices decreased, except for the ChiNext Index, indicating a decline in market activity [17] - The People's Bank of China conducted a net withdrawal of 1,204.7 billion yuan through reverse repos, with a total of 2,273.1 billion yuan maturing [24] Fund Performance - Last week, the performance of active equity, flexible allocation, and balanced mixed funds was -0.57%, -0.49%, and -0.26% respectively [32] - Year-to-date, active equity funds have shown the best performance with a median return of 24.10%, followed by flexible allocation and balanced mixed funds at 17.59% and 10.09% respectively [34] - The median excess return for index-enhanced funds was 0.00%, while quantitative hedging funds had a median return of 0.21% last week [36] Fund Issuance - A total of 39 new funds were established last week, with a combined issuance scale of 27.573 billion yuan, an increase from the previous week [4] - 48 funds were reported for issuance, including 10 FOFs and 2 QDIIs, indicating a growing interest in diverse fund products [5] Regulatory Changes - The China Securities Regulatory Commission announced a revision to the sales fee management regulations for public funds, aiming to reduce investor costs by lowering subscription, purchase, and service fees [10] Index Adjustments - FTSE Russell announced adjustments to the FTSE China A50 Index, which will include new stocks such as BeiGene and WuXi AppTec, while removing others like China Nuclear Power and China Unicom [11][12]

Group 1 - The core viewpoint of the article is to track the performance of various index enhancement portfolios and the factors influencing stock selection across different indices [1][2][22] - The HuShen 300 index enhancement portfolio achieved an excess return of 0.86% this week and 16.44% year-to-date [8][22] - The CSI 500 index enhancement portfolio recorded an excess return of -0.49% this week and 9.76% year-to-date [8][22] - The CSI 1000 index enhancement portfolio had an excess return of 1.46% this week and 16.90% year-to-date [8][22] - The CSI A500 index enhancement portfolio saw an excess return of 0.69% this week and 9.70% year-to-date [8][22] Group 2 - In the HuShen 300 component stocks, factors such as single-season ROE, expected EPTTM, and single-season EP performed well [9][11] - In the CSI 500 component stocks, factors like expected PEG, single-season SP, and SPTTM showed strong performance [10][12] - For the CSI 1000 component stocks, factors including single-season revenue year-on-year growth, three-month reversal, and expected PEG performed well [14][15] - In the CSI A500 index component stocks, single-season ROE, single-season EP, and EPTTM were among the top-performing factors [17][18] Group 3 - The public fund index enhancement products showed varying excess returns, with the HuShen 300 index enhancement product having a maximum excess return of 1.44% and a minimum of -0.86% this week [25][26] - The CSI 500 index enhancement product had a maximum excess return of 1.48% and a minimum of -1.21% this week [26][28] - The CSI 1000 index enhancement product recorded a maximum excess return of 1.32% and a minimum of -0.81% this week [28][29] - The CSI A500 index enhancement product achieved a maximum excess return of 1.52% and a minimum of -0.87% this week [28][29]

一、国信金工主动量化策略表现跟踪 本周， 优秀基金业绩增强组合 绝对收益-1.31%，相对偏股混合型基金指数超额收 益-0.71%。本年，优秀基金业绩增强组合绝对收益24.74%，相对偏股混合型基金 指数超额收益-2.77%。 今年以来，优秀基金业绩增强组合在主动股基中排名 48.80%分位点（1693/3469）。 本周， 超预期精选组合 绝对收益-1.63%，相对偏股混合型基金指数超额收 益-1.03%。本年，超预期精选组合绝对收益41.45%，相对偏股混合型基金指数超 额收益13.93%。 今年以来，超预期精选组合在主动股基中排名17.96%分位点 （623/3469）。 本周， 券商金股业绩增强组合 绝对收益-2.58%，相对偏股混合型基金指数超额收 益-1.98%。本年，券商金股业绩增强组合绝对收益30.55%，相对偏股混合型基金 指数超额收益3.03%。 今年以来，券商金股业绩增强组合在主动股基中排名 36.12%分位点（1253/3469）。 本周， 成长稳健组合 绝对收益-0.07%，相对偏股混合型基金指数超额收益 0.53%。本年，成长稳健组合绝对收益49.12%，相对偏股混合型基金指数超额 ...

Market Trends and Highs Tracking - The report aims to track stocks, industries, and sectors that are reaching new highs, serving as market indicators. Increasing research supports the effectiveness of momentum and trend-following strategies [1][4][26] - As of September 5, 2025, the distance to the 250-day new highs for major indices are as follows: Shanghai Composite Index at 1.83%, Shenzhen Component Index at 1.86%, CSI 300 at 1.40%, CSI 500 at 2.76%, CSI 1000 at 3.41%, CSI 2000 at 3.64%, ChiNext at 0.00%, and STAR Market at 7.04% [6][24] High-Performing Sectors and Stocks - The sectors closest to their 250-day new highs include Power Equipment & New Energy, Nonferrous Metals, Basic Chemicals, Machinery, and Light Industry Manufacturing. In contrast, sectors like Coal, Food & Beverage, Transportation, Real Estate, and Banking are further from their new highs [9][24] - As of September 5, 2025, a total of 1,715 stocks reached 250-day new highs in the past 20 trading days, with the highest numbers in the Machinery, Electronics, and Basic Chemicals sectors [14][25] Concept Indices and Their Performance - Concept indices such as Wind Power, Sodium-ion Batteries, New Energy Vehicles, and Photovoltaics are also close to their 250-day new highs, indicating strong market interest in these areas [11][24] Stable High-Performing Stocks - The report identifies 50 stocks that have shown stable performance and continuous new highs, including Shenghong Technology, Shengyi Electronics, and Industrial Fulian. The Technology and Cyclical sectors have the most stocks in this category, with Electronics leading in Technology and Basic Chemicals in Cyclical [21][26]