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]

Group 1 - The CSI 300 Index consists of 300 representative securities from the Shanghai and Shenzhen markets, reflecting the overall performance of large-cap stocks and benefiting from China's steady economic growth and continuous industrial optimization [1][5][60] - As of December 31, 2025, the average market capitalization of CSI 300 constituents reached 225.49 billion, significantly higher than that of the CSI 500 and other indices, indicating a strong leader effect [7][60] - The top ten weighted stocks account for a total of 23.08% of the index, with an average total market capitalization of 942.8 billion, showcasing competitive leading enterprises across various sectors [10][60] Group 2 - The CSI 300 Index is the preferred choice for broad-based allocation, with its fund size reaching nearly 1.2 trillion, accounting for almost 50% of all broad-based index funds [12][61] - From 2015 to 2025, the index's industry structure underwent significant transformation, with traditional finance and real estate weights declining, while emerging industries like electronics and new energy surged [15][61] - The concentration of the top three industries decreased from 40.24% to 35.85%, reflecting a shift from real estate and finance-driven growth to technology and innovation-driven growth [15][61] Group 3 - The CSI 300 Index shows strong growth potential, with projected EPS growth rates of 3.76% for 2024, 5.43% for 2025, and 11.46% for 2026, alongside net profit growth rates of 2.78%, 9.67%, and 9.40% respectively [17][60] - The index's profitability has been steadily increasing, indicating robust growth capabilities [17][60] Group 4 - The Huian CSI 300 Index Enhanced A fund, managed by Liu Yucai since September 27, 2023, employs an innovative fundamental quantitative investment approach, aiming for long-term value enhancement while controlling tracking error [20][61] - Since the strategy adjustment to "tight constraints, low deviation" at the end of 2024, the fund achieved a cumulative excess return of 7.23% in 2025, ranking first among peers [39][62] - The fund maintained a high stock position between 90%-95% since 2025, demonstrating a commitment to active management [44][62] Group 5 - The fund's stock turnover rate is significantly lower than the average of its peers, indicating strong stock selection capabilities, with average quarterly returns of 0.66% in 2025 [63][62] - The fund's performance in 2025 included a relative maximum drawdown of only -0.57%, ranking second among peers, and an annualized tracking error of 1.28% [41][62]

Market Review - The A-share market showed a mixed performance among major indices, with the CSI 500, CSI 1000, and Sci-Tech 50 indices leading with returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext, and Shanghai Composite indices lagged with returns of -0.62%, -0.34%, and 0.84% respectively [5][11] - The construction materials, oil and petrochemicals, and steel sectors performed well, with returns of 9.18%, 7.76%, and 6.98% respectively, while the banking, telecommunications, and food and beverage sectors underperformed with returns of -2.69%, -1.68%, and -1.57% respectively [17][18] Fund Issuance - A total of 42 new funds were established last week, with a total issuance scale of 444.54 billion yuan, showing an increase compared to the previous week [3] - 58 funds were reported for issuance last week, including 5 FOFs and 17 ETFs, indicating an increase in the number of applications [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.51%, 1.37%, and 1.37% respectively last week [29] - Alternative funds have shown the best performance this year, with a median return of 13.14%, while active equity, flexible allocation, and balanced mixed funds had median returns of 7.52%, 6.27%, and 5.09% respectively [29][37] Regulatory Updates - The China Securities Regulatory Commission (CSRC) issued guidelines for the performance comparison benchmarks of public funds, effective from March 1, 2026, to enhance investor protection and ensure the stability of performance benchmarks [7][8] New Market Entrants - Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, marking the third Japanese securities firm in China [9]

Group 1 - The petrochemical sector has entered a low-level fluctuation phase, with ample future elasticity expected as the industry recovers from a down cycle that began after reaching a historical profit peak in 2021. The sector is anticipated to benefit from the "anti-involution" policy and the recovery of domestic demand [1][2][44]. - The "anti-involution" policy is being upgraded, with the Ministry of Industry and Information Technology and six other departments issuing a growth stabilization plan for the petrochemical industry for 2025-2026, targeting an average annual growth of over 5% in added value [1][7][44]. - The cost side of the petrochemical industry has certain support, with IEA predicting global oil demand to remain between 104-105 million barrels per day from 2025 to 2030, and a low likelihood of significant drops in oil prices [1][9][11]. Group 2 - The CSI Petrochemical Industry Index (H11057.CSI) was launched on July 22, 2009, and includes all listed companies in the petrochemical sector from the CSI 800 index sample space. The index is heavily weighted towards basic chemicals (63.61%) and oil and petrochemicals (34.69%) [1][13][45]. - As of January 16, 2026, the CSI Petrochemical Industry Index has a price-to-earnings ratio of 15.44 and a price-to-book ratio of 1.55, indicating relatively low valuations compared to the CSI 800 index. The top ten weighted stocks account for 56.73% of the index [1][19][26][46]. - The average market capitalization of the index's constituent stocks is approximately 1580.30 billion, positioned between the CSI 300 and CSI 800 indices. The index's performance is expected to benefit from structural market trends in late 2025 [1][23][28][46]. Group 3 - The Huaxia CSI Petrochemical Industry ETF (159731) is designed to track the CSI Petrochemical Industry Index and was established on December 2, 2021. The fund manager, Mr. Dan Kuan, has extensive experience in managing index funds [1][33][47]. - As of January 16, 2026, the ETF has a circulation of 549 million shares and a scale of 5.22 billion, with a significant increase in circulation over the past year [1][35][47]. - Huaxia Fund Management Company, established in April 1998, is one of the first national fund management companies approved by the China Securities Regulatory Commission, managing over 900 billion in non-monetary ETF products, ranking first among fund companies [1][41][42].

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 HuShen 300 index enhancement portfolio showed an excess return of 0.88% for the week and 2.99% year-to-date [6][18]. - The performance of the Zhongzheng 500 index enhancement portfolio indicated an excess return of 0.68% for the week but a negative return of -0.92% year-to-date [6][18]. - The Zhongzheng 1000 index enhancement portfolio achieved an excess return of 1.44% for the week and 1.18% year-to-date [6][18]. - The Zhongzheng A500 index enhancement portfolio reported an excess return of 1.76% for the week and 3.50% year-to-date [6][18]. Group 3 - In the HuShen 300 component stocks, factors such as three-month volatility, illiquidity shock, and BP performed well [7][9]. - In the Zhongzheng 500 component stocks, factors like SPTTM, single-quarter SP, and single-quarter surprise magnitude showed strong performance [8][10]. - For Zhongzheng 1000 component stocks, standardized expected external income, single-quarter EP, and expected BP were among the top-performing factors [12][13]. - In the Zhongzheng A500 index component stocks, factors such as three-month turnover, three-month volatility, and one-month turnover performed well [15][16]. Group 4 - The public fund index enhancement products for HuShen 300 had a maximum excess return of 2.44%, a minimum of -0.52%, and a median of 0.38% for the week [22][24]. - The Zhongzheng 500 index enhancement products had a maximum excess return of 1.77%, a minimum of -1.45%, and a median of 0.07% for the week [24]. - The Zhongzheng 1000 index enhancement products achieved a maximum excess return of 3.29%, a minimum of 0.00%, and a median of 0.86% for the week [23][27]. - The Zhongzheng A500 index enhancement products reported a maximum excess return of 2.50%, a minimum of -0.54%, and a median of 0.31% for the week [25][28].

| 报 告 摘 要 | | --- | | 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1.95%，相对偏股混合型基金指数超额收 | | 益0.30%。本年，优秀基金业绩增强组合绝对收益9.49%，相对偏股混合型基金指 | | 数超额收益1.35%。 今年以来，优秀基金业绩增强组合在主动股基中排名35.77% | | 分位点（1331/3721）。 | | 本周， 超预期精选组合 绝对收益4.65%，相对偏股混合型基金指数超额收益 | | 3.00%。本年，超预期精选组合绝对收益13.46%，相对偏股混合型基金指数超额 | | 收益5.33%。 今年以来，超预期精选组合在主动股基中排名14.97%分位点 | | （557/3721）。 | | 本周， 券商金股业绩增强组合 绝对收益2.96%，相对偏股混合型基金指数超额收 | | 益1.31%。本年，券商金股业绩增强组合绝对收益10.04%，相对偏股混合型基金 | | 指数超额收益1.91%。 今年以来，券商金股业绩增强组合在主动股基中排名 | | 31.77%分位点（1182/3721）。 | | 绝对收益5.41%，相对 ...

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots, with a focus on the effectiveness of momentum and trend-following strategies [1][4] - As of January 23, 2026, the Shanghai Composite Index, Shenzhen Component Index, and other major indices have varying distances from their 250-day highs, with the Shanghai Composite at 0.70% and the Shenzhen Component at 0.00% [5][25] - Among the CITIC first-level industry indices, sectors such as machinery, automotive, non-ferrous metals, textiles, and steel are closest to their 250-day highs, while food and beverage, banking, agriculture, pharmaceuticals, and non-bank financials are further away [8][25] Group 2 - A total of 1,464 stocks reached 250-day highs in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals sectors [2][13] - The highest proportion of new high stocks is found in the defense, non-ferrous metals, and oil and petrochemicals sectors, with respective proportions of 63.11%, 61.79%, and 48.00% [13][15] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with respective counts of 482 and 459 [15] Group 3 - The report identifies 50 stocks with stable new highs, focusing on analyst attention, relative strength, price path stability, and continuity of new highs, with the most stocks from the cyclical and technology sectors [3][20] - The cyclical sector has the highest number of new highs in the basic chemicals industry, while the technology sector has the most in the electronics industry [20][26]

Fund Position Monitoring - The median position of ordinary equity funds is 91.51%, and for mixed equity funds, it is 90.42%, showing a slight decrease compared to the previous quarter. The current positions are at historical percentiles of 92.19% and 95.31% respectively [1][6] - The average Hong Kong stock allocation for ordinary equity funds is 11.89%, down by 1.1% from the previous quarter, while for mixed equity funds, it is 14.56%, down by 2.54% [11][6] - The number of funds investing in Hong Kong stocks is 243 for ordinary equity funds and 1692 for mixed equity funds, with a total allocation ratio of 59.59% [11][9] Fund Holding Concentration Monitoring - The proportion of heavy-weight stocks in equity allocation is 55.03%, remaining stable compared to the previous period. The total number of stocks held by fund managers increased to 2467 from 2379, indicating greater diversity in stock holdings [10][6] Sector Allocation Monitoring - The disclosed allocation weights for the main board, ChiNext, and Sci-Tech Innovation Board are 49.04%, 20.96%, and 13.89% respectively, with a significant decrease in Hong Kong stock allocation to 16.11% [21][23] - The allocation to large cycle sectors increased by 4.3% to 26.13%, while technology and pharmaceutical sectors saw reductions of 2.94% and 1.59% respectively [23][21] Industry Allocation Monitoring - The top three industries by allocation weight are electronics (23.01%), communication (11.08%), and electric power equipment and new energy (9.28%) [26][25] - The industries with the most active increases in allocation are non-ferrous metals (1.22%), basic chemicals (1.13%), and non-bank financials (0.81%), while the most reduced allocations are in computing (-1.34%), media (-0.98%), and national defense and military industry (-0.75%) [27][25] Individual Stock Allocation Monitoring - The stocks with the highest absolute market value allocations are Zhongji Xuchuang (768 billion), Xinyi Sheng (638 billion), and Ningde Times (630 billion) [30][29] Performance Fund and Billion Fund Industry Allocation Monitoring - The top three industries allocated by performance funds are communication (32.74%), electronics (27.73%), and non-ferrous metals (12.72%) [34][35] - The top three industries allocated by billion-scale funds are electronics (27.21%), communication (13.47%), and pharmaceuticals (10.45%) [34][35]

Group 1 - The commercial aerospace sector has significant market potential, with the global space economy expected to reach $612 billion in 2024, of which commercial aerospace revenue is projected to be $480 billion, accounting for 78% [2][4] - China's commercial aerospace market has rapidly grown from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan in 2024, with an annual compound growth rate of about 22%. The market is expected to reach between 7 trillion and 10 trillion yuan by 2030 [4][6] - Countries are accelerating their efforts to secure satellite frequency and orbital resources, which are considered strategic assets. The "first come, first served" rule by the International Telecommunication Union (ITU) reshapes the competition landscape [6][8] Group 2 - The CSI Satellite Industry Index (931594.CSI) includes up to 50 listed companies involved in satellite manufacturing, launching, ground equipment, navigation, and communication, reflecting the overall performance of the satellite industry [16] - The index is heavily weighted towards the defense and military industry, with a weight of 59.26%. Companies within the index generally have high R&D expenditures, with 38% of constituent stocks spending over 20% of their revenue on R&D [18][21] - The index's revenue growth is projected at 18.12% for 2024, with net profit growth expected to be 222.01% in 2025, 48.86% in 2026, and 32.34% in 2027 [25] Group 3 - The China Securities Index Satellite Industry ETF (159218) is designed to track the CSI Satellite Industry Index and was established on May 14, 2025. The fund aims to minimize tracking deviation and error [42][43] - As of January 13, 2026, the ETF's circulation reached 2.115 billion shares, with a scale of 4.744 billion yuan, indicating significant recent growth and investor interest [44] - The fund manager, Ms. Xu Rongman, has extensive experience in managing index funds, overseeing products with a total scale exceeding 40 billion yuan [46]