Group 1: Monthly Performance of US Public Funds - In October 2025, the median performance of US equity funds was stronger than bond funds but weaker than international equity and asset allocation funds, with median returns of 0.56%, 0.89%, 0.51%, and 1.20% respectively [1][7][10] Group 2: Fund Flows and Inflows - In October 2025, active management funds saw a net inflow of $19 billion, while passive funds had a net inflow of $111.8 billion [8][20] - Open-end bond funds had a significant net inflow of $27.5 billion, while equity funds experienced a net outflow of $97 billion [25][23] - Among ETFs, equity and bond ETFs had net inflows of $104.4 billion and $49 billion respectively [25][23] Group 3: New Fund Issuance - A total of 62 new funds were established in October 2025, including 58 ETFs and 4 open-end funds, with 50 being equity funds, 10 bond funds, and 2 asset allocation funds [41][37] Group 4: Insights from Leading Asset Management Firms - Key themes from leading asset management firms included the outlook on US macroeconomic policies and foreign investment perspectives on the stock market [4][44] - The Federal Reserve's recent decision to lower interest rates by 25 basis points reflects a shift towards supporting the labor market amid rising employment risks [47] - Digital assets are expected to see increased institutional participation, with a focus on enhancing their utility beyond passive holding and speculation [47][48]

Market Overview - The A-share market saw a decline across major indices last week, with the Shanghai Composite Index down by -3.90% and the ChiNext Index down by -6.15% [6][14] - The banking, food and beverage, and media sectors performed relatively better, with returns of -0.87%, -1.36%, and -1.39% respectively, while the comprehensive, electric equipment and new energy, and basic chemicals sectors lagged behind with returns of -9.47%, -9.41%, and -8.24% [19][21] Fund Issuance and Performance - A total of 41 new funds were established last week, with a combined issuance scale of 356.35 billion yuan, marking an increase from the previous week [4] - 54 funds were reported for issuance, including 1 REITs and 3 FOFs, indicating a decrease in the number of new fund applications compared to the previous week [5][6] - The median returns for active equity, flexible allocation, and balanced mixed funds were -4.95%, -4.04%, and -3.13% respectively last week [35] Fund Manager Changes - There were changes in fund managers for 113 fund products across 41 fund companies last week, with notable changes at E Fund (12 funds), Changsheng Fund (11 funds), and Ping An Fund (8 funds) [45] Bond Market - The central bank's net reverse repurchase was 554 billion yuan, with a total of 16,760 billion yuan in net open market operations last week [22] - The yield on government bonds of various maturities decreased, with the yield spread widening by 1.22 basis points [24] ETF Developments - The first bond ETF in China surpassed 700 billion yuan in scale, reaching 723.73 billion yuan, a 147% increase from the end of 2024 [11] - The Shanghai and Shenzhen Stock Exchanges issued a revised notice on fund business operations, standardizing ETF naming conventions [10]

Group 1: Weekly Index Enhanced Portfolio Performance - The CSI 300 index enhanced portfolio recorded a weekly excess return of -0.71% and a year-to-date excess return of 16.74% [1][6] - The CSI 500 index enhanced portfolio achieved a weekly excess return of 0.12% and a year-to-date excess return of 6.85% [1][6] - The CSI 1000 index enhanced portfolio experienced a weekly excess return of -0.94% and a year-to-date excess return of 14.08% [1][6] - The CSI A500 index enhanced portfolio had a weekly excess return of -1.37% and a year-to-date excess return of 7.55% [1][6] Group 2: Stock Selection Factor Performance Tracking - In the CSI 300 component stocks, factors such as one-month volatility, one-month turnover, and three-month volatility performed well [1][9] - In the CSI 500 component stocks, factors like three-month institutional coverage, one-month reversal, and three-month reversal showed strong performance [1][9] - For the CSI 1000 component stocks, one-month turnover, three-month institutional coverage, and single-season ROA were among the best-performing factors [1][9] - In the CSI A500 index component stocks, one-month turnover, three-month turnover, and one-month volatility were notable performers [1][9] Group 3: Public Fund Index Enhanced Product Performance Tracking - The CSI 300 index enhanced products had a weekly excess return ranging from a maximum of 0.70% to a minimum of -1.26%, with a median of 0.09% [1][22] - The CSI 500 index enhanced products recorded a weekly excess return with a maximum of 1.17%, a minimum of -1.13%, and a median of 0.11% [1][24] - The CSI 1000 index enhanced products had a weekly excess return ranging from a maximum of 0.89% to a minimum of -1.38%, with a median of -0.05% [1][26] - The CSI A500 index enhanced products showed a weekly excess return with a maximum of 0.71%, a minimum of -0.86%, and a median of -0.04% [1][27]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin Securities, focusing on their absolute and relative returns against benchmarks, particularly the active equity fund median [2][3]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" recorded an absolute return of -5.06% this week and 18.71% year-to-date, ranking in the 59.18th percentile among active equity funds [1][11]. - The "Super Expected Selection Portfolio" had an absolute return of -5.67% this week and 33.39% year-to-date, ranking in the 26.72nd percentile among active equity funds [1][20]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" achieved an absolute return of -4.15% this week and 27.25% year-to-date, ranking in the 38.69th percentile among active equity funds [1][21]. - The "Growth and Stability Portfolio" saw an absolute return of -7.33% this week and 43.06% year-to-date, ranking in the 13.84th percentile among active equity funds [1][31]. Group 2: Strategy Summaries - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median returns of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [5][35]. - The "Super Expected Selection Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria [14][42]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is constructed using a selection of stocks from the brokerage's recommended list, optimizing for performance against the median of public funds [18][44]. - The "Growth and Stability Portfolio" employs a time-series evaluation method to identify growth stocks that are likely to outperform prior to earnings announcements, incorporating various risk management mechanisms [26][48].

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

Group 1: Dividend Progress of Constituent Stocks - As of November 19, 2025, there are no companies in the proposal, decision, or implementation stages for dividends in the Shanghai 50 Index, with 3 companies not distributing dividends [1] - In the CSI 300 Index, 1 company is in the proposal stage, while 20 companies are not distributing dividends [1] - The CSI 500 Index has no companies in any dividend stages, with 46 companies not distributing dividends [1] - The CSI 1000 Index also has no companies in any dividend stages, with 139 companies not distributing dividends [1] Group 2: Industry Dividend Yield Comparison - The current dividend yield statistics show that the coal, banking, and steel industries rank the highest in terms of dividend yield among disclosed dividend proposals [1][4] Group 3: Realized and Remaining Dividend Yields - As of November 19, 2025, the realized dividend yields are as follows: - Shanghai 50 Index: 2.50% realized, 0.37% remaining [1][7] - CSI 300 Index: 2.01% realized, 0.22% remaining [1][7] - CSI 500 Index: 1.24% realized, 0.05% remaining [1][7] - CSI 1000 Index: 0.94% realized, 0.04% remaining [1][7] Group 4: Tracking of Index Futures Premium/Discount - As of November 19, 2025, the annualized discounts for index futures are as follows: - IH main contract: 1.49% [1] - IF main contract: 4.27% [1] - IC main contract: 11.18% [1] - IM main contract: 14.26% [1] Group 5: Methodology for Index Dividend Estimation - The report discusses the importance of estimating dividend points for index futures, as the dividend distribution affects the index point drop [2][26] - The methodology includes calculating the dividend points based on the dividend amount, total market value, and weight of constituent stocks [28][30] - The report emphasizes the need for accurate daily weight data for constituent stocks to refine the dividend impact on the index [32]

Market Review - The A-share market saw a decline across major indices, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively, while the STAR 50, ChiNext, and SME indices lagged with returns of -3.85%, -3.01%, and -1.71% [5][13] - The consumer services, textile and apparel, and pharmaceutical sectors performed well, with returns of 4.81%, 4.43%, and 3.29% respectively, while the communication, electronics, and computer sectors underperformed with returns of -4.90%, -4.44%, and -3.72% [5][19] - The central bank's net reverse repurchase operations amounted to 626.2 billion yuan, with a total market liquidity injection of 1.122 trillion yuan [5][22] Fund Issuance - A total of 25 new funds were established last week, with a combined issuance scale of 14.173 billion yuan, showing a decrease from the previous week [3] - 56 funds were reported for issuance, including 1 QDII and several ETFs focused on artificial intelligence, electricity utilities, and food sectors [4][5] Fund Performance - Active equity, flexible allocation, and balanced mixed funds had returns of -0.52%, -0.41%, and 0.03% respectively last week [32] - Year-to-date, alternative funds have shown the best performance with a median return of 32.08%, while active equity, flexible allocation, and balanced mixed funds had median returns of 28.48%, 21.69%, and 15.07% respectively [34] ETF Market - The "Southbound ETF" expansion added 6 ETFs to the Hong Kong Stock Connect list, increasing the total from 17 to 23, including those with US stock assets [7] - Several cross-border ETFs have been highlighted for premium risks due to significant trading price discrepancies compared to net asset values [9] Growth Style Funds - Several growth-style active equity funds have announced dividends for the first time since 2021, indicating a shift in distribution strategies [10][12] - Examples include E Fund's strategy growth fund and Wanji's two-year fixed open fund, which have reported substantial returns [11][12]

Performance of Index Enhancement Portfolios - The CSI 300 index enhancement portfolio recorded an excess return of -0.22% for the week and 18.41% year-to-date [1][6] - The CSI 500 index enhancement portfolio had an excess return of -0.52% for the week and 7.09% year-to-date [1][6] - The CSI 1000 index enhancement portfolio showed an excess return of -0.12% for the week and 16.38% year-to-date [1][6] - The CSI A500 index enhancement portfolio achieved an excess return of 0.01% for the week and 9.75% year-to-date [1][6] Stock Selection Factor Performance Tracking - In the CSI 300 component stocks, factors such as three-month volatility, one-month volatility, and three-month reversal performed well [1][9] - In the CSI 500 component stocks, factors like one-month turnover, BP, and illiquidity shock showed strong performance [1][9] - For the CSI 1000 component stocks, factors such as illiquidity shock, expected net profit month-on-month, and EPTTM one-year percentile performed well [1][9] - In the CSI A500 index component stocks, factors like three-month volatility, one-month volatility, and one-month turnover performed well [1][9] Public Fund Index Enhancement Products Performance Tracking - The CSI 300 index enhancement products had a maximum excess return of 1.15%, a minimum of -2.04%, and a median of 0.19% for the week [1][20] - The CSI 500 index enhancement products recorded a maximum excess return of 2.03%, a minimum of -0.65%, and a median of 0.27% for the week [1][21] - The CSI 1000 index enhancement products had a maximum excess return of 1.84%, a minimum of -0.95%, and a median of 0.00% for the week [1][23] - The CSI A500 index enhancement products achieved a maximum excess return of 0.94%, a minimum of -0.47%, and a median of 0.16% for the week [1][25] Public Fund Index Enhancement Product Quantity and Scale - There are currently 76 CSI 300 index enhancement products with a total scale of 77.9 billion [1][19] - There are 74 CSI 500 index enhancement products with a total scale of 50.5 billion [1][19] - There are 46 CSI 1000 index enhancement products with a total scale of 21.4 billion [1][19] - There are 68 CSI A500 index enhancement products with a total scale of 25.3 billion [1][19]

Group 1 - The core viewpoint of the article is to track the performance of various active quantitative strategies developed by GuoXin Securities, focusing on their relative performance against the active equity fund median [2][3][6]. - The report includes four main strategies: Excellent Fund Performance Enhancement Portfolio, Super Expected Selection Portfolio, Broker Golden Stock Performance Enhancement Portfolio, and Growth Stability Portfolio [2][3][6]. Group 2 Excellent Fund Performance Enhancement Portfolio - This portfolio aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [7][36]. - As of this week, the portfolio's absolute return is -1.80%, with a year-to-date return of 25.03%, ranking in the 58.46 percentile among active equity funds [11][38]. Super Expected Selection Portfolio - This portfolio selects stocks based on the criteria of exceeding expectations and analyst upgrades, focusing on both fundamental and technical analysis [13][42]. - The portfolio's absolute return this week is -2.36%, with a year-to-date return of 41.40%, ranking in the 27.15 percentile among active equity funds [21][43]. Broker Golden Stock Performance Enhancement Portfolio - This strategy utilizes a stock pool from broker recommendations and aims to optimize the portfolio while controlling deviations in stock selection and style [19][44]. - The portfolio's absolute return this week is -2.34%, with a year-to-date return of 32.74%, ranking in the 42.32 percentile among active equity funds [22][45]. Growth Stability Portfolio - This portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings report dates to capture potential excess returns [27][48]. - The portfolio's absolute return this week is 0.29%, with a year-to-date return of 54.37%, ranking in the 11.65 percentile among active equity funds [31][49].

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][26] - As of November 14, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 0.97%, Shenzhen Component Index at 3.71%, CSI 300 at 2.52%, and others [6][26] - Among the CITIC first-level industry indices, textiles and apparel, light industry manufacturing, comprehensive, transportation, and steel industries are closest to their 250-day new highs, while food and beverage, comprehensive finance, defense, automotive, and computer industries are further away [9][26] Group 2 - A total of 1,080 stocks reached a 250-day new high in the past 20 trading days, with the highest number in the basic chemical, machinery, and electric power equipment and new energy sectors [2][14][26] - The highest proportion of new high stocks is found in the coal, steel, and non-ferrous metal industries, with respective proportions of 50.00%, 39.62%, and 37.90% [14][26] - By sector distribution, the cyclical and manufacturing sectors had the most new high stocks, with 358 and 304 stocks respectively [17][26] Group 3 - The report identifies 39 stocks that have shown stable new highs, with the majority coming from the cyclical and manufacturing sectors, specifically in basic chemicals and machinery [19][22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path smoothness, and continuity of new highs [21][27] - The report emphasizes the importance of tracking leading stocks that consistently reach new highs as indicators of market and industry trends [13][27]