报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 4 0 只，合计发行规模为 308.59 亿元，较前一周有所减 少。此外，上周有 33 只基金首次进入发行阶段，本周将有 6 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 92 只基金， 较 上上周申报数量 有所增加。 申报的产品包括 3 只 FOF 、 3 只 QDII ， 17 只 ETF ，恒生 A 股电网设备 ETF 、国证石油天然 气 ETF 等。 上周 A 股市场主要宽基指数全线下跌，中小板指、上证综指、沪深 300 指 数收益靠前，收益分别为 -1.16% 、 -1.27% 、 -1.33% ，科创 50 、 创业板指、中证 500 指数收益靠后，收益分别为 -5.76% 、 -3.28% 、 -2.68% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周食品 饮 料 、 纺 织 服 装 、 银 行 收 益 靠 前 ， 收 益 分 别 为 4.44% 、 2.23% 、 2.08% ， 有 色 金 属 、 通 信 、 电 子 收 益 靠 ...

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0.24%，本年超额收益3.21%。 中证500指数增强组合本周超额收益0.53%，本年超额收益-0.27%。 中证1000指数增强组合本周超额收益1.63%，本年超额收益3.92%。 中证A500指数增强组合本周超额收益0.40%，本年超额收益3.28%。 二、本周选股因子表现跟踪 沪深300成分股中单季SP、SPTTM、单季EP等因子表现较好。 中证500成分股中一个月波动、三个月反转、一个月反转等因子表现较好。 中证1000成分股中一个月反转、三个月反转、非流动性冲击等因子表现较 好。 中证A500指数成分股中一个月波动、单季EP、三个月换手等因子表现较好。 公募基金重仓股中一个月波动、单季SP、SPTTM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1.24%，最低-1.45%，中位数 0.11%。 中证500指数增强产品本周超额收益最高1.27%，最低-0.80%，中位数 0.24%。 中证1000指数增强产品本周超额收益最高1.54%，最低-0.91%，中位数 0.22%。 中证A500指数 ...

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin JinGong, aiming to outperform the median returns of active equity funds, with a focus on four specific strategies: Excellent Fund Performance Enhancement, Exceeding Expectations Selection, Broker Golden Stocks Performance Enhancement, and Growth Stability Combination [2][3]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy had an absolute return of -2.39% this week and a year-to-date return of 6.17%, outperforming the mixed equity fund index by 0.00% and 1.42% respectively [1][10]. - The Exceeding Expectations Selection strategy reported an absolute return of -1.29% this week and a year-to-date return of 10.59%, with an outperformance of 1.10% and 5.84% against the mixed equity fund index [1][18]. - The Broker Golden Stocks Performance Enhancement strategy had an absolute return of -2.27% this week and a year-to-date return of 8.94%, outperforming the mixed equity fund index by 0.12% and 4.19% respectively [1][19]. - The Growth Stability Combination strategy reported an absolute return of -1.79% this week and a year-to-date return of 10.88%, with an outperformance of 0.60% and 6.12% against the mixed equity fund index [1][27]. Group 2: Strategy Details - The Excellent Fund Performance Enhancement strategy benchmarks against the median returns of active equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [5][32]. - The Exceeding Expectations Selection strategy selects stocks based on exceeding expectations events and analyst profit upgrades, focusing on both fundamental and technical criteria to build a portfolio [12][39]. - The Broker Golden Stocks Performance Enhancement strategy uses a stock pool from broker recommendations, optimizing the portfolio to minimize deviations from the stock pool while aiming to outperform the ordinary equity fund index [15][44]. - The Growth Stability Combination strategy employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings announcement dates and using multi-factor scoring to select high-quality stocks [21][47].

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2026年2月6日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为2.39%、 3.69%、3.07%、5.29%、4.95%、3.67%、4.48%、8.58%。中信一级行业指数中纺织服装、石油石化、建材、轻工制造、机械行业指数距离250日新 高较近，银行、综合金融、医药、食品饮料、农林牧渔行业指数距离250日新高较远。概念指数中，万得微盘股日频等权、家居用品、HJT电池、新能源、 光伏、石油天然气、造纸等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2026年2月6日，共1641只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是机械、电子、基础化工行业，创新高个股数量占 比最高的是有色金属、国防军工、石油石化行业。按照板块分布来看，本周制造、科技板块创新高股票数量最多；按 ...

1 美股启示录：科技力量的发展壮大 一、 捕捉小盘科技行情的机会 科技力量的崛起推动资本市场由传统行业向科技集中 。美股前十大巨头中科技板 块个股占比显著提升；纳斯达克科技指数成分股市值占比由1990年的1.51%提升至 2025年的52.20%，生成式AI周期下，英伟达市值一度升至约4.5万亿美元，科技资 产已成为全球资本市场核心配置方向之一。 小盘交投活跃，牛市行情的领头羊 。市场主线扩散过程中，小盘股往往成为牛市 行情的领头羊。在A股历轮牛市中，中证1000、中证2000等小盘指数涨幅显著领 先宽基指数；本轮2024年"9·24"行情启动以来，中证2000指数涨幅已超100%，小 盘风格阶段性占优。 宽松流动性为小微盘行情提供支撑 。宏观层面，2025年12月M2同比增速升至 8.5%，一年期同业拆借利率由2024年末的2.50%降至1.96%。利率中枢下移与风险 偏好回升共同改善小盘资产的交易环境。 二、科技邂逅小盘：中证360互联网+大数据100（930734.CSI）投资价值分析 中证360互联网+大数据100指数（930734.CSI） 发布于2015年08月10日，是由大成基 金定制开发的量化 ...

一、券商金股股票池上月回顾 2026年1月，卓易信息、宏景科技、圣晖集成等券商金股股票的月度上涨幅度靠 前。 2026年1月，中邮证券、申万宏源证券、华龙证券收益排名前三，月度收益分别为 18.34%、17.37%、16.64%，同期偏股混合型基金指数收益7.32%，沪深300指数收 益1.65%。 2026年以来，中邮证券、申万宏源证券、华龙证券收益排名前三，年度收益分别 为18.34%、17.37%、16.64%，同期偏股混合型基金指数收益7.32%，沪深300指数 收益1.65%。 二、券商金股股票池中选股因子表现 最近一个月，总市值、单季度净利润增速、分析师净上调比例表现较好，盈余公 告后跳空超额、单季度ROE、日内收益率表现较差； 今年以来，总市值、单季度净利润增速、分析师净上调比例表现较好，盈余公告 后跳空超额、单季度ROE、日内收益率表现较差。 三、券商金股股票池本月特征 截至2026年2月2日，共有41家券商发布本月金股。在对券商金股股票池进行去重 后，总共有273只A股。 从 绝 对 占 比 来 看 ， 本 期 券 商 金 股 在 电 子 (12.83%) 、 机 械 (9.44%) 、 基 ...

Group 1 - The core viewpoint of the article is to track and analyze the performance of various index enhancement portfolios and the factors influencing stock selection across different indices [1][2][5][18]. Group 2 - The performance of the CSI 300 index enhancement portfolio this week showed an excess return of 0.00%, with a year-to-date excess return of 3.00% [6][22]. - The CSI 500 index enhancement portfolio had an excess return of 0.01% this week, but a year-to-date excess return of -0.88% [6][24]. - The CSI 1000 index enhancement portfolio achieved an excess return of 0.90% this week, with a year-to-date excess return of 2.17% [6][25]. - The CSI A500 index enhancement portfolio reported an excess return of -0.53% this week, with a year-to-date excess return of 2.90% [6][28]. Group 3 - In the CSI 300 component stocks, factors such as expected PEG, quarterly ROA, and EPTTM performed well [7][9]. - In the CSI 500 component stocks, factors like dividend yield, EPTTM, and BP showed strong performance [11][10]. - For the CSI 1000 component stocks, factors including quarterly ROA, quarterly ROE, and standardized expected non-operating income performed well [13][12]. - In the CSI A500 index component stocks, factors such as dividend yield, quarterly revenue growth year-on-year, and quarterly ROA were notable [15][14]. Group 4 - The public fund index enhancement products for the CSI 300 had a maximum excess return of 1.08% and a minimum of -1.05% this week, with a median of -0.02% [22][20]. - The CSI 500 index enhancement products had a maximum excess return of 1.72% and a minimum of -0.67% this week, with a median of 0.29% [24][23]. - The CSI 1000 index enhancement products reported a maximum excess return of 0.96% and a minimum of -0.97% this week, with a median of 0.18% [26][25]. - The CSI A500 index enhancement products had a maximum excess return of 1.14% and a minimum of -1.73% this week, with a median of -0.00% [28][27].

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-0.66%，相对偏股混合型基金指数超额收 益0.10%。本年，优秀基金业绩增强组合绝对收益8.77%，相对偏股混合型基金指 数超额收益1.45%。 今年以来，优秀基金业绩增强组合在主动股基中排名32.95% 分位点（1226/3721）。 本周， 超预期精选组合 绝对收益-1.26%，相对偏股混合型基金指数超额收 益-0.50%。本年，超预期精选组合绝对收益12.03%，相对偏股混合型基金指数超 额收益4.72%。 今年以来，超预期精选组合在主动股基中排名14.65%分位点 （545/3721）。 本周， 券商金股业绩增强组合 绝对收益1.29%，相对偏股混合型基金指数超额收 益2.05%。本年，券商金股业绩增强组合绝对收益11.47%，相对偏股混合型基金 指数超额收益4.15%。 今年以来，券商金股业绩增强组合在主动股基中排名 16.69%分位点（621/3721）。 本 周 ， 成 长 稳 健 组 合 绝 对 收 益 -1.73% ， 相 对 偏 股 混 合 型 基 金 指 数 超 额 收 益-0.97%。本年，成长稳健组合绝对收益 ...

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of January 30, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.14%, Shenzhen Component Index 1.62%, CSI 300 1.76%, CSI 500 2.68%, CSI 1000 2.55%, CSI 2000 3.34%, ChiNext Index 1.24%, and STAR 50 Index 2.99% [6][26] - Among the CITIC first-level industry indices, the sectors closest to their 250-day new highs are Communication, Oil & Petrochemicals, Building Materials, Nonferrous Metals, and Light Industry Manufacturing [9][26] Group 2 - A total of 1,606 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the Machinery, Electronics, and Basic Chemicals sectors [2][14] - The sectors with the highest proportion of new high stocks are Nonferrous Metals (70.73%), National Defense & Military Industry (63.11%), and Oil & Petrochemicals (62.75%) [14][26] - The manufacturing and technology sectors had the most new high stocks this week, with 513 and 497 stocks respectively [17][26] Group 3 - The report identifies 50 stocks with stable new highs, including Purun Co., Yaxiang Integration, and Yuanjie Technology, primarily from the cyclical and technology sectors [3][22] - The cyclical sector had the most new high stocks, particularly in the Basic Chemicals industry, while the technology sector saw the most in the Electronics industry [22][27]

Overview of Public FOF Funds in Q4 2025 - As of Q4 2025, there are 549 FOF products in the market with a total scale of 244.188 billion yuan, an increase of 26.20% compared to Q3 2025 [1][2] - FOFs are categorized into three types based on the proportion of equity assets: bond-type FOFs (less than 30%), balanced FOFs (30% to 60%), and equity-type FOFs (more than 60%) [3] - The scale of bond-type FOFs reached 161.113 billion yuan, accounting for 65.98% of the total market FOF scale, which has been increasing since Q1 2024 [4] FOF Fund Manager Preferences - The top three actively managed equity funds with the most FOF holdings are: 1. Fuquan Stable Growth A (31 FOFs) 2. Boda Jiuhang C (22 FOFs) 3. Zhongou Dividend Enjoyment A (21 FOFs) [20] - The largest FOF holdings by scale are: 1. Xingquan Business Model Preferred A (4.77 billion yuan) 2. Yifangda Information Industry Selected C (3.65 billion yuan) 3. Yifangda Kerong (3.59 billion yuan) [20] Changes in FOF Fund Manager Allocations - In Q4 2025, the most net increased actively managed equity funds by FOFs are: 1. Yifangda Reform Dividend (4 FOFs) 2. Jingshun Longcheng Stable Return C (3 FOFs) 3. Zhongou Small Cap Growth C (3 FOFs) [33] - The largest net increase in scale for actively managed equity funds is for Jingshun Longcheng Stable Return C (0.66 billion yuan) [34] FOF Stock Investment Situation - By Q4 2025, 168 FOFs directly invested in stocks, with the highest proportion in balanced FOFs, followed by equity-type FOFs [1] - The top three stocks held by FOFs are: 1. Zijin Mining 2. Ningde Times 3. Hanwujing-U [1] Performance of Different Types of FOFs - In Q4 2025, the median returns for different types of FOFs are: - Bond-type FOFs: 0.33% - Balanced FOFs: -0.64% - Equity-type FOFs: -1.21% [13] - The top-performing bond-type FOFs in Q4 2025 are: 1. Tianhong Pension Target 2030 One-Year Holding (2.92%) 2. Ping An Yingyue Stable Return One-Year Holding A (1.81%) 3. Guotai Ruiyue Three-Month Holding (1.80%) [15][16] FOF Configuration by Fund Managers - The top three fund managers with the most FOF configurations in Q4 2025 are: 1. Yang Meng 2. Fan Yan 3. Liu Jianwei [1] - The most configured bond-type fund is Guangfa Pure Bond A, held by 32 FOFs [27]