Market Review - The A-share market showed a mixed performance among major indices, with the Small and Medium-sized Board Index, CSI 300, and ChiNext Index yielding returns of 1.83%, 1.54%, and 1.50% respectively, while the Sci-Tech 50, CSI 1000, and CSI 500 indices lagged with returns of -0.35%, 0.56%, and 0.81% respectively [6][12] - The steel, banking, and building materials sectors performed well, with returns of 5.27%, 3.78%, and 3.63% respectively, while comprehensive finance, computer, and overall sectors underperformed with returns of -4.45%, -0.86%, and -0.72% respectively [18][19] - The People's Bank of China conducted a net withdrawal of 1.3753 trillion yuan through reverse repos, with a total of 2.0275 trillion yuan maturing [20] Fund Issuance - A total of 23 new funds were established last week, with a total issuance scale of 5.328 billion yuan, which is a decrease compared to the previous week [4][43] - Among the newly established funds, 41.72 billion yuan was from equity funds, 0.89 billion yuan from mixed funds, and 10.67 billion yuan from bond funds, while no new alternative or money market funds were issued [43][44] - There were 36 funds that entered the issuance phase last week, and 41 funds are expected to start issuing this week [4][47] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.16%, 0.99%, and 0.99% respectively last week [31] - Year-to-date, alternative funds have shown the best performance with a median return of 11.34%, while active equity, flexible allocation, and balanced mixed funds had median returns of 6.02%, 3.47%, and 2.06% respectively [31][33] - The median excess return for index-enhanced funds was 0.17%, while quantitative hedging funds had a median return of 0.33% last week [34] New Fund Models - On July 4, the China Securities Regulatory Commission reported the application of 11 new floating-rate products, including those from major fund companies such as Bank of China Fund and Ping An Fund, with fee rates set at three levels: 1.2%, 1.5%, and 0.6% [7][8] New Index Launch - On June 30, the Beijing Stock Exchange and China Securities Index Co., Ltd. launched the North Exchange Specialized and Innovative Index, which selects the top 50 "little giant" companies based on market capitalization to reflect the overall performance of specialized and innovative companies listed on the North Exchange [10][11]

Group 1: Weekly Index Enhanced Portfolio Performance - The CSI 300 index enhanced portfolio achieved an excess return of 1.17% this week and 8.03% year-to-date [1][2] - The CSI 500 index enhanced portfolio recorded an excess return of 0.73% this week and 8.82% year-to-date [1][2] - The CSI 1000 index enhanced portfolio had an excess return of 1.10% this week and 13.66% year-to-date [1][2] - The CSI A500 index enhanced portfolio saw an excess return of 0.69% this week and 8.18% year-to-date [1][2] Group 2: Stock Selection Factor Performance Tracking - In the CSI 300 component stocks, factors such as single-season EP, EPTTM, and expected EPTTM performed well [1] - In the CSI 500 component stocks, factors like single-season ROE, DELTAROE, and single-season EP showed strong performance [1] - In the CSI 1000 component stocks, standardized expected external profit, EPTTM, and single-season EP were among the top performers [1] - In the CSI A500 index component stocks, expected EPTTM, EPTTM, and single-season ROE were notable factors [1] Group 3: Public Fund Index Enhanced Product Performance Tracking - The CSI 300 index enhanced products had a maximum excess return of 1.02%, a minimum of -0.37%, and a median of 0.08% this week [1] - The CSI 500 index enhanced products achieved a maximum excess return of 1.87%, a minimum of -0.44%, and a median of 0.38% this week [1] - The CSI 1000 index enhanced products recorded a maximum excess return of 1.06%, a minimum of -0.43%, and a median of 0.38% this week [1] - The CSI A500 index enhanced products had a maximum excess return of 0.73%, a minimum of -0.19%, and a median of 0.17% this week [1]

Group 1 - The core viewpoint of the article is to track the performance of various active quantitative strategies developed by GuoXin JinGong, which aim to outperform the median returns of actively managed equity funds [2][3][4] - The report includes four main strategies: Excellent Fund Performance Enhancement Portfolio, Expected Surprises Selection Portfolio, Broker Golden Stock Performance Enhancement Portfolio, and Growth Stability Portfolio [2][3][4] Group 2 - The Excellent Fund Performance Enhancement Portfolio achieved an absolute return of 0.21% this week and 6.35% year-to-date, ranking in the 46.53 percentile among active equity funds [15][8] - The Expected Surprises Selection Portfolio had an absolute return of 2.46% this week and 17.50% year-to-date, ranking in the 12.42 percentile among active equity funds [16][20] - The Broker Golden Stock Performance Enhancement Portfolio recorded an absolute return of 1.07% this week and 10.21% year-to-date, ranking in the 29.98 percentile among active equity funds [28][29] - The Growth Stability Portfolio achieved an absolute return of 2.00% this week and 24.13% year-to-date, ranking in the 6.00 percentile among active equity funds [37][34] Group 3 - The Excellent Fund Performance Enhancement Portfolio is constructed by benchmarking against the median returns of actively managed equity funds, utilizing quantitative methods to enhance performance [4][47] - The Expected Surprises Selection Portfolio selects stocks based on expected earnings surprises and analyst upgrades, focusing on both fundamental and technical analysis [13][53] - The Broker Golden Stock Performance Enhancement Portfolio is based on a selection of stocks from the broker's golden stock pool, optimized to minimize deviation from this pool [24][58] - The Growth Stability Portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [31][62]

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 July 4, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 0.50%, Shenzhen Component Index 8.58%, CSI 300 6.44%, CSI 500 6.62%, CSI 1000 4.53%, CSI 2000 1.33%, ChiNext Index 15.45%, and STAR Market 12.60% [5][27] High-Performing Sectors and Stocks - The sectors closest to their 250-day new highs include Power and Utilities, Banking, Non-ferrous Metals, Agriculture, Forestry, Animal Husbandry, and Pharmaceuticals, with distances of 0.00%, 0.00%, 1.49%, 1.65%, and 5.72% respectively [8][27] - Conversely, sectors further from their 250-day new highs include Coal, Food and Beverage, Real Estate, Consumer Services, and Oil and Petrochemicals [8][27] Monitoring New High Stocks - A total of 892 stocks reached a 250-day new high in the past 20 trading days, with the highest numbers in Basic Chemicals, Pharmaceuticals, and Machinery sectors, totaling 124, 115, and 95 stocks respectively [13][27] - The highest proportion of new high stocks is found in Banking, Comprehensive Finance, and National Defense industries, with respective proportions of 88.10%, 40.00%, and 33.61% [13][27] Stable New High Stocks Selection - The report identifies 33 stable new high stocks, with the majority from the Technology and Manufacturing sectors, specifically 9 and 8 stocks respectively [22][28] - The Electronics industry within the Technology sector and the Machinery industry within the Manufacturing sector have the most new high stocks [22][28] Concept Indices Performance - Concept indices such as Bank Selection, Innovative Drugs, and others are also close to their 250-day new highs, indicating strong performance in these areas [10][27]

Key Points - The article discusses the dividend progress of constituent stocks in major indices as of July 2, 2025, highlighting the number of companies at various stages of dividend declaration and implementation [1][3][9] - It provides a comparison of dividend yields across different industries, noting that coal, banking, and steel sectors have the highest yields [4] - The realized and remaining dividend yields for major indices are presented, with the Shanghai 50 Index having a realized yield of 1.28% and a remaining yield of 0.99% [7][18] - The article tracks the premium/discount situation of stock index futures, indicating annualized discounts for various contracts, with the IC contract showing a discount of 10.65% [1][8][12] Dividend Progress of Constituent Stocks - As of July 2, 2025, the dividend status for the Shanghai 50 Index includes 0 companies in the proposal stage, 18 in the decision stage, 2 in the implementation stage, 27 that have paid dividends, and 3 that will not pay dividends [1][3] - For the CSI 300 Index, there are 2 companies in the proposal stage, 102 in the decision stage, 16 in the implementation stage, 154 that have paid dividends, and 26 that will not pay dividends [1][3] - The CSI 500 Index has 2 companies in the proposal stage, 98 in the decision stage, 26 in the implementation stage, 297 that have paid dividends, and 77 that will not pay dividends [1][9] - The CSI 1000 Index shows 1 company in the proposal stage, 148 in the decision stage, 57 in the implementation stage, 584 that have paid dividends, and 210 that will not pay dividends [1][9] Industry Dividend Yield Comparison - The article presents statistics on the current dividend yields of stocks with disclosed dividend proposals, ranking coal, banking, and steel industries as the top three sectors [4] Realized and Remaining Dividend Yields - The realized and remaining dividend yields for major indices as of July 2, 2025, are as follows: - Shanghai 50 Index: Realized yield of 1.28%, remaining yield of 0.99% [7] - CSI 300 Index: Realized yield of 1.07%, remaining yield of 0.87% [7] - CSI 500 Index: Realized yield of 0.95%, remaining yield of 0.35% [7] - CSI 1000 Index: Realized yield of 0.73%, remaining yield of 0.23% [7] Stock Index Futures Premium/Discount Tracking - The article tracks the annualized discounts for stock index futures as of July 2, 2025: - IH main contract: annualized discount of 0.28% [1] - IF main contract: annualized discount of 2.35% [1] - IC main contract: annualized discount of 10.65% [1] - IM main contract: annualized discount of 14.77% [1]

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds, showcasing the analytical capabilities of brokerage firms [2][28]. - In June 2025, the top-performing stocks included Giant Network, Shenghong Technology, and Inner Mongolia First Machinery Group, with monthly returns of 63.09%, 32.64%, and 12.94% respectively [3][6]. - The top three brokerages in terms of monthly returns were Guoyuan Securities (19.64%), Shenwan Hongyuan Securities (14.75%), and Minsheng Securities (10.27%), outperforming the mixed equity fund index (4.34%) and the CSI 300 index (2.50%) [3][5][6]. Group 2 - As of July 1, 2025, 43 brokerages published their golden stocks, resulting in a total of 294 unique A-shares after deduplication [19][24]. - The highest allocations in the golden stock pool were in the electronics (13.08%), machinery (8.21%), and basic chemicals (7.18%) sectors, with notable increases in electronics (+5.23%) and power equipment & new energy (+1.98%) [24][19]. - The performance of the brokerage golden stock performance enhancement portfolio showed an absolute return of 5.34% for the month and 10.59% year-to-date, outperforming the mixed equity fund index by 1.00% and 2.73% respectively [29][30]. Group 3 - The article highlights the strong alpha generation capability of the brokerage golden stocks, with the ability to identify stocks that have received less market attention but are recommended by analysts [21][26]. - The analysis of stock selection factors indicated that single-quarter revenue growth, SUR, and analyst net upgrade magnitude performed well recently, while expected dividend yield and volatility showed weaker performance [18][17]. - The brokerage golden stock index yielded a return of 3.71% for the month and 6.89% year-to-date, compared to the mixed equity fund index returns of 4.34% and 7.86% respectively [9][30].

Market Review - Last week, major broad-based indices in the A-share market rose across the board, with the ChiNext Index, CSI 1000, and CSI 500 leading with returns of 5.69%, 4.62%, and 3.98% respectively, while the Shanghai Composite Index, CSI 300, and SME Board Index lagged with returns of 1.91%, 1.95%, and 2.55% respectively [5][16] - The trading volume of major broad-based indices increased last week, with all indices positioned within the 50%-75% historical percentile range over the past 52 weeks [17][19] - The People's Bank of China conducted a net injection of 1.0672 trillion yuan through reverse repos, with a total market injection of 2.0275 trillion yuan [24] Fund Performance - Last week, the median returns for active equity, flexible allocation, and balanced mixed funds were 2.72%, 2.08%, and 1.30% respectively [35] - Year-to-date, alternative funds have performed the best with a median return of 10.18%, while active equity, flexible allocation, and balanced mixed funds have median returns of 4.84%, 2.32%, and 1.10% respectively [35][42] - The median excess return for index-enhanced funds last week was 0.04%, while quantitative hedging funds had a median return of -0.03% [38] Fund Issuance - Last week, 42 new funds were established with a total issuance scale of 32.274 billion yuan, a decrease from the previous week [3] - A total of 28 funds were reported for issuance last week, including 3 FOFs and 2 REITs [4][5] ETF Market Developments - The China Securities Regulatory Commission (CSRC) announced that the Sci-Tech Innovation Board ETFs will be included in the fund advisory configuration range, promoting the aggregation of medium- to long-term funds towards new productive forces [7][8] - Several fund companies have changed the on-market abbreviations of their ETFs to better reflect product characteristics and reduce confusion [12][15] Public Fund Scale - As of the end of May 2025, the total net asset value of public funds reached a historical high of 33.74 trillion yuan, an increase of 625.533 billion yuan from the end of April 2025 [9]

Group 1 - The core viewpoint of the article is to track the performance of various index enhancement portfolios and stock selection factors across different indices, highlighting their excess returns and factor performance over recent periods [1][2][3]. Group 2 - The performance of the CSI 300 index enhancement portfolio showed an excess return of -0.11% for the week and 6.68% year-to-date [5]. - The CSI 500 index enhancement portfolio recorded an excess return of -0.18% for the week and 7.95% year-to-date [5]. - The CSI 1000 index enhancement portfolio had an excess return of -0.79% for the week and 12.30% year-to-date [5]. - The CSI A500 index enhancement portfolio reported an excess return of -0.26% for the week and 7.34% year-to-date [5]. Group 3 - In the CSI 300 component stocks, factors such as quarterly profit growth year-on-year, three-month reversal, and specificity performed well [6]. - In the CSI 500 component stocks, factors like one-year momentum, specificity, and quarterly revenue growth year-on-year showed strong performance [6]. - For the CSI 1000 component stocks, one-year momentum, three-month reversal, and standardized unexpected earnings were notable [6]. - In the CSI A500 index component stocks, quarterly profit growth year-on-year, three-month reversal, and one-year momentum were effective [6]. Group 4 - The public fund index enhancement products for the CSI 300 had a maximum excess return of 0.98%, a minimum of -0.64%, and a median of 0.20% for the week [19]. - The CSI 500 index enhancement products had a maximum excess return of 0.82%, a minimum of -1.45%, and a median of -0.17% for the week [19]. - The CSI 1000 index enhancement products recorded a maximum excess return of 1.47%, a minimum of -1.10%, and a median of 0.01% for the week [19]. - The CSI A500 index enhancement products had a maximum excess return of 0.95%, a minimum of -0.48%, and a median of 0.11% for the week [19].

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin Securities, focusing on their ability to outperform the median returns of actively managed equity funds, with specific emphasis on four main strategies: Excellent Fund Performance Enhancement, Expected Surprises Selection, Broker Golden Stocks Performance Enhancement, and Growth Stability Combination [2][31]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy achieved an absolute return of 3.68% this week and 6.12% year-to-date, ranking in the 41.19th percentile among active equity funds [12][6]. - The Expected Surprises Selection strategy recorded an absolute return of 1.78% this week and 14.68% year-to-date, ranking in the 14.67th percentile among active equity funds [9][13]. - The Broker Golden Stocks Performance Enhancement strategy had an absolute return of 2.36% this week and 9.03% year-to-date, ranking in the 29.66th percentile among active equity funds [22][17]. - The Growth Stability Combination strategy achieved an absolute return of 3.41% this week and 21.70% year-to-date, ranking in the 5.71st percentile among active equity funds [23][24]. Group 2: Excellent Fund Performance Enhancement - This strategy benchmarks against the median returns of actively managed equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [4][32]. - The strategy's year-to-date performance shows a net value increase of 6.12%, compared to a 6.87% increase in the benchmark index [6][12]. Group 3: Expected Surprises Selection - The strategy selects stocks based on expected earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria to build a portfolio of stocks with strong support [36][9]. - Year-to-date, this strategy has outperformed the benchmark index by 7.81%, with a total return of 14.68% [9][13]. Group 4: Broker Golden Stocks Performance Enhancement - This strategy is based on a selection of stocks identified by broker recommendations, aiming to optimize the portfolio while controlling deviations from the broker stock pool [41][16]. - The year-to-date performance of this strategy shows a return of 9.03%, outperforming the benchmark index by 2.17% [22][17]. Group 5: Growth Stability Combination - This strategy employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [46][19]. - The year-to-date performance of this strategy is 21.70%, significantly exceeding the benchmark index by 14.83% [23][24].

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, serving as market indicators and highlighting the effectiveness of momentum and trend-following strategies [1][4] - As of June 27, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 1.88%, Shenzhen Component Index at 9.71%, CSI 300 at 7.86%, CSI 500 at 7.38%, CSI 1000 at 5.07%, CSI 2000 at 1.91%, ChiNext Index at 16.70%, and STAR 50 Index at 12.30% [5][25] - The industry indices that are closest to their 250-day new highs include comprehensive finance, non-ferrous metals, banking, communication, and defense industries, while coal, food and beverage, real estate, oil and petrochemicals, and consumer services are further away [8][25] Group 2 - A total of 832 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the pharmaceutical, basic chemicals, and machinery industries, totaling 122, 105, and 80 stocks respectively [2][13] - The highest proportion of new high stocks is found in the banking, comprehensive finance, and textile and apparel industries, with proportions of 92.86%, 36.36%, and 26.26% respectively [13][15] - The manufacturing and cyclical sectors had the most new high stocks this week, with 229 and 197 stocks respectively, while the proportions of new highs in various indices are: CSI 2000 at 15.20%, CSI 1000 at 11.80%, CSI 500 at 12.40%, CSI 300 at 14.33%, ChiNext at 6.00%, and STAR 50 at 8.00% [15] Group 3 - The report identifies 32 stocks that are considered stable new highs, including Shenghong Technology, Shijia Photon, and Giant Network, with the technology and large financial sectors having the most stocks selected, totaling 8 and 7 respectively [3][20][26] - The technology sector's highest number of new highs is in the electronics industry, while the banking industry leads in the large financial sector [20][26] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path stability, and continuity of new highs [18][19]