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, highlighting their excess returns and factor performance [1][2][5][18]. Group 2 - The performance of the HuShen 300 index enhancement portfolio showed an excess return of 0.63% for the week and 17.65% year-to-date [6][21]. - The performance of the Zhongzheng 500 index enhancement portfolio indicated an excess return of 0.30% for the week and 8.35% year-to-date [6][23]. - The Zhongzheng 1000 index enhancement portfolio achieved an excess return of 0.77% for the week and 18.22% year-to-date [6][24]. - The Zhongzheng A500 index enhancement portfolio reported an excess return of 1.57% for the week and 11.17% year-to-date [6][30]. Group 3 - In the HuShen 300 component stocks, factors such as expected EPTTM, one-month volatility, and BP performed well [7][9]. - For Zhongzheng 500 component stocks, factors like SPTTM, expected BP, and single-season EP showed strong performance [11][10]. - In Zhongzheng 1000 component stocks, EPTTM, SPTTM, and expected EPTTM were among the top-performing factors [13][12]. - The Zhongzheng A500 index component stocks saw single-season SP, SPTTM, and one-month volatility as the best-performing factors [15][14]. Group 4 - The public fund index enhancement products for HuShen 300 had a maximum excess return of 1.50%, a minimum of -1.62%, and a median of 0.22% for the week [21][20]. - The Zhongzheng 500 index enhancement products had a maximum excess return of 1.75%, a minimum of -0.67%, and a median of 0.49% for the week [25][22]. - The Zhongzheng 1000 index enhancement products reported a maximum excess return of 1.27%, a minimum of -0.86%, and a median of 0.45% for the week [24][29]. - The Zhongzheng A500 index enhancement products had a maximum excess return of 1.54%, a minimum of -1.64%, and a median of 0.34% for the week [30][26].

Core Viewpoint - The report tracks the performance of various active quantitative strategies, highlighting their absolute and relative returns against benchmarks, specifically focusing on the "Excellent Fund Performance Enhancement Portfolio," "Super Expected Selection Portfolio," "Brokerage Golden Stock Performance Enhancement Portfolio," and "Growth Stability Portfolio" [2][3][5]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of -0.98% this week and a year-to-date return of 29.30%, with a relative excess return of 0.54% against the mixed equity fund index [1][9]. - The "Super Expected Selection Portfolio" recorded an absolute return of 0.22% this week and 47.41% year-to-date, outperforming the mixed equity fund index by 1.74% [1][17]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of -1.51% this week and 34.07% year-to-date, with a slight excess return of 0.01% against the mixed equity fund index [1][18]. - The "Growth Stability Portfolio" posted an absolute return of -0.08% this week and 54.84% year-to-date, outperforming the mixed equity fund index by 1.44% [1][28]. Group 2: Strategy Summaries - The "Excellent Fund Performance Enhancement Portfolio" aims to benchmark against the median return of public active equity funds, utilizing quantitative methods to enhance performance based on the holdings of top-performing funds [5][32]. - The "Super Expected Selection Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria to build a robust portfolio [11][39]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" leverages the brokerage golden stock pool, optimizing the selection to maintain alignment with the performance of public equity funds [14][43]. - The "Growth Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [21][47].

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of October 10, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 0.94%, Shenzhen Component Index 2.70%, CSI 300 1.97%, CSI 500 2.00%, CSI 1000 1.49%, CSI 2000 2.61%, ChiNext Index 4.55%, and STAR Market 5.61% [5][23] - Among the CITIC primary industry indices, power and utilities, steel, building materials, non-ferrous metals, and basic chemicals are closest to their 250-day new highs, while food and beverage, banking, consumer services, comprehensive finance, and transportation are further away [8][23] Group 2 - A total of 1,235 stocks reached a 250-day new high in the past 20 trading days, with the most in the electronics, machinery, and basic chemicals sectors [2][13] - The highest proportion of new high stocks is found in non-ferrous metals, electronics, and electric equipment and new energy sectors, with respective proportions of 54.03%, 39.75%, and 35.05% [13][15] - The technology and manufacturing sectors had the most new high stocks this week, with 403 and 363 stocks respectively [15] Group 3 - The report identifies 50 stable new high stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability [3][24] - The cyclical and technology sectors had the most stable new high stocks, with 18 and 17 stocks respectively, with basic chemicals leading in the cyclical sector and electronics in the technology sector [19][24]

"券商金股"组合既能够体现总量分析师（如宏观、策略、金融工程等团队）自上而下的行业、板块及风格配置能力，又能够反映行业分析师自下而上的选股能力， 是券商研究所研究实力核心竞争力的体现。 一、券商金股股票池上月回顾 2025年9月，江波龙、协创数据、精智达等券商金股股票的月度上涨幅度靠前。 2025年9月，华安证券、华龙证券、方正证券收益排名前三，月度收益分别为 17.45%、15.17%、14.38%，同期偏股混合型基金指数收益5.52%，沪深300指数收 益3.20%。 2025年以来，东北证券、华鑫证券、国元证券收益排名前三，年度收益分别为 93.33%、90.50%、69.67%，同期偏股混合型基金指数收益35.37%，沪深300指数 收益17.94%。 二、券商金股股票池中选股因子表现 最近一个月，日内收益率、BP、波动率表现较好，总市值、SUE、单季度超预期 幅度表现较差； 今年以来，总市值、单季度营收增速、分析师净上调幅度表现较好，波动率、预 期股息率、BP表现较差。 三、券商金股股票池本月特征 截至2025年10月9日，共有42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304只A ...

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Group 1: Monthly Performance of US Public Funds - In August 2025, the median performance of US equity funds was stronger than that of bond funds and asset allocation funds, but weaker than international equity funds, with median returns of 2.73%, 2.81%, 0.99%, and 2.17% respectively [1][7][9]. Group 2: Fund Flows and Trends - In August 2025, the US market saw a net inflow of $56 billion into actively managed funds and $706 billion into passive funds. Notably, open-end equity funds experienced a net outflow of $608 billion, while ETFs saw significant inflows of $624 billion for equity ETFs and $481 billion for bond ETFs [8][20][24][26]. - The top 10 asset management firms in the US experienced net outflows in open-end funds, with Vanguard and Capital Group seeing the largest outflows of $191 billion and $100 billion respectively. Conversely, the top 10 firms in the ETF space saw net inflows, with Vanguard and iShares leading at $374 billion and $322 billion respectively [26][30]. Group 3: New Fund Issuance - In August 2025, a total of 41 new funds were established in the US market, comprising 35 ETFs and 6 open-end funds. Among these, 20 were equity funds, 16 were bond funds, and 5 were asset allocation funds [3][35][36]. Group 4: Insights from Overseas Asset Management Institutions - Recent themes of interest among leading overseas asset management firms include the trajectory of US and European policies and foreign capital perspectives on the stock market. Concerns about rising inflation risks and the potential for a shift in stock market outlook from bullish to neutral have been highlighted [4][37][39].

一、上周市场回顾 上周A股市场主要宽基指数走势出现分化，科创50、创业板指、中小板指收 益靠前，收益分别为6.47%、1.96%、1.75%，中证1000、上证综指、中 证500收益靠后，收益分别为-0.55%、0.21%、0.98%。 从成交额来看，除深证成指、中小板指和科创50指数外，上周主要宽基指 数成交额均有所下降。行业方面，上周电子、有色金属、电力设备及新能源 收益靠前，收益分别为3.67%、3.24%、3.21%，消费者服务、商贸零 售、轻工制造收益靠后，收益分别为-6.71%、-3.92%、-2.80%。 截至上周五，央行逆回购净投放资金6406亿元，逆回购到期18268亿元，净公 开市场投放24674亿元。除1年期和5年期外，不同期期限的国债利率有所上 行，利差扩大0.54BP。上周中证转债指数上涨0.94%，累计成交1627亿元，较 前一周减少125亿元。 上周共上报44只基金，较上上周申报数量有所增加。申报的产品包括4只FOF、 1只QDII，博时中证通用航空主题ETF、富国国证石油天然气ETF、鹏华上证科 创板芯片设计主题ETF、兴证全球沪深300质量ETF等。 9月25日，证监会官网显 ...

Group 1: Weekly Index Enhanced Portfolio Performance - The CSI 300 index enhanced portfolio recorded an excess return of -0.17% for the week and 16.49% year-to-date [1][6] - The CSI 500 index enhanced portfolio achieved an excess return of 0.26% for the week and 8.94% year-to-date [1][6] - The CSI 1000 index enhanced portfolio had an excess return of 0.91% for the week and 17.72% year-to-date [1][6] - The CSI A500 index enhanced portfolio reported an excess return of -0.21% for the week and 9.06% year-to-date [1][6] Group 2: Stock Selection Factor Performance Tracking - In the CSI 300 component stocks, factors such as quarterly earnings surprises, year-on-year revenue growth, and quarterly ROE performed well [1][9] - In the CSI 500 component stocks, factors like three-month turnover, quarterly revenue year-on-year growth, and EPTTM one-year percentile showed strong performance [1][9] - For the CSI 1000 component stocks, factors including three-month institutional coverage, quarterly ROE, and executive compensation performed well [1][9] - In the CSI A500 index component stocks, factors such as quarterly revenue year-on-year growth, EPTTM one-year percentile, and quarterly ROE were notable [1][9] - Among publicly offered fund heavy stocks, factors like executive compensation, quarterly ROE, and three-month institutional coverage performed well [1][9] Group 3: Public Fund Index Enhanced Product Performance Tracking - The CSI 300 index enhanced products had a maximum excess return of 0.91%, a minimum of -1.54%, and a median of -0.17% for the week [1][22] - The CSI 500 index enhanced products recorded a maximum excess return of 1.63%, a minimum of -1.35%, and a median of -0.01% for the week [1][23] - The CSI 1000 index enhanced products achieved a maximum excess return of 1.66%, a minimum of -0.37%, and a median of 0.44% for the week [1][24] - The CSI A500 index enhanced products had a maximum excess return of 0.53%, a minimum of -0.76%, and a median of -0.11% for the week [1][26]

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][5] - 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][5] Group 2 Excellent Fund Performance Enhancement Portfolio - This strategy aims to benchmark against the median returns of actively managed equity funds, utilizing quantitative methods to enhance performance based on the holdings of top-performing funds [6][36] - As of this week, the portfolio achieved an absolute return of 0.35% and a relative excess return of -0.12% compared to the mixed equity fund index [10][38] - Year-to-date, the portfolio has an absolute return of 28.00% and ranks in the 54.37th percentile among active equity funds [10][39] Super Expected Selection Portfolio - This strategy selects stocks based on super expected events and analyst profit upgrades, focusing on both fundamental and technical criteria to build a portfolio [12][42] - This week, the portfolio recorded an absolute return of 0.70% and a relative excess return of 0.23% compared to the mixed equity fund index [20][44] - Year-to-date, it has achieved an absolute return of 46.54%, ranking in the 20.61st percentile among active equity funds [20][44] Broker Golden Stock Performance Enhancement Portfolio - This strategy utilizes 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 [17][46] - This week, the portfolio had an absolute return of -0.54% and a relative excess return of -1.01% compared to the mixed equity fund index [21][49] - Year-to-date, it achieved an absolute return of 33.26%, ranking in the 43.07th percentile among active equity funds [21][49] Growth Stability Portfolio - This strategy focuses on growth stocks, prioritizing those with upcoming earnings announcements to capture excess returns during favorable market conditions [27][50] - This week, the portfolio achieved an absolute return of 0.26% and a relative excess return of -0.22% compared to the mixed equity fund index [30][51] - Year-to-date, it has an absolute return of 51.84%, ranking in the 15.31st percentile among active equity funds [30][51]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of September 26, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.43%, Shenzhen Component Index 1.76%, CSI 300 0.95%, CSI 500 1.37%, CSI 1000 2.08%, CSI 2000 3.67%, ChiNext Index 2.60%, and STAR 50 Index 1.60% [6][24] - The sectors closest to their 250-day new highs include power equipment and new energy, non-ferrous metals, electronics, media, and machinery, while food and beverage, banking, coal, transportation, and comprehensive finance are further away [24] Group 2 - A total of 1,233 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the electronics, machinery, and basic chemicals sectors [13][24] - The highest proportion of new high stocks is found in non-ferrous metals (54.84%), electronics (37.45%), and power equipment and new energy (31.09%) [13][24] - The technology and manufacturing sectors had the most new high stocks this week, with 386 and 358 stocks respectively [15][24] Group 3 - The report identifies 50 stable new high stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability [25] - The technology sector had the most stable new high stocks, particularly in the electronics industry, while the manufacturing sector had the most in the machinery industry [20][25]