Group 1: Weekly Index Enhanced Portfolio Performance - The CSI 300 index enhanced portfolio achieved an excess return of 0.44% this week, with the same excess return for the year [8] - The CSI 500 index enhanced portfolio recorded an excess return of -1.80% this week, matching the year-to-date performance [8] - The CSI 1000 index enhanced portfolio saw an excess return of -2.20% this week, consistent with the year-to-date performance [8] - The CSI A500 index enhanced portfolio achieved an excess return of 0.61% this week, with the same year-to-date performance [8] Group 2: Stock Selection Factor Performance Tracking - In the CSI 300 component stocks, factors such as three-month institutional coverage, DELTAROA, and DELTAROE performed well [9] - In the CSI 500 component stocks, factors like quarterly net profit year-on-year growth, expected net profit quarter-on-quarter, and specificity showed strong performance [11] - In the CSI 1000 component stocks, factors such as one-year momentum, quarterly revenue year-on-year growth, and standardized expected external income performed well [14] - In the CSI A500 index component stocks, factors like quarterly net profit year-on-year growth, DELTAROE, and quarterly profit year-on-year growth showed strong performance [17] - In public fund heavy stocks, factors like quarterly net profit year-on-year growth, expected net profit quarter-on-quarter, and three-month reversal performed well [20] Group 3: Public Fund Index Enhanced Product Performance Tracking - The CSI 300 index enhanced products had a maximum excess return of 1.48%, a minimum of -1.42%, and a median of 0.09% this week [28] - The CSI 500 index enhanced products had a maximum excess return of 0.06%, a minimum of -3.87%, and a median of -1.38% this week [30] - The CSI 1000 index enhanced products had a maximum excess return of 1.11%, a minimum of -1.84%, and a median of -0.38% this week [29] - The CSI A500 index enhanced products had a maximum excess return of 2.21%, a minimum of -1.13%, and a median of -0.26% this week [28]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin JinGong, aiming to outperform the median returns of actively managed equity funds, with a focus on four specific strategies: Excellent Fund Performance Enhancement, Unexpected Selection, Broker Golden Stock Performance Enhancement, and Steady Growth Combination [2][3]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy achieved an absolute return of 4.86% this week, with a relative excess return of 0.06% compared to the mixed equity fund index [3][13]. - The Unexpected Selection strategy recorded an absolute return of 5.13% this week, with a relative excess return of 0.34% [3][24]. - The Broker Golden Stock Performance Enhancement strategy had an absolute return of 5.39% this week, with a relative excess return of 0.60% [3][34]. - The Steady Growth Combination strategy achieved an absolute return of 5.98% this week, with a relative excess return of 1.19% [3][43]. - Year-to-date, the Excellent Fund Performance Enhancement strategy ranks in the 42.03 percentile among active equity funds, while the Unexpected Selection ranks in the 38.48 percentile, Broker Golden Stock in the 35.18 percentile, and Steady Growth in the 28.46 percentile [3][13][24][34][43]. Group 2: Strategy Details - The Excellent Fund Performance Enhancement 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 [8][49]. - The Unexpected Selection strategy focuses on selecting stocks that show both fundamental support and technical resonance, aiming to build a portfolio of stocks with unexpected performance [18][53]. - The Broker Golden Stock Performance Enhancement strategy uses a stock pool from broker recommendations, optimizing the selection to control deviations from the overall market performance [26][58]. - The Steady Growth Combination strategy employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [35][64].

Market Trends and Highs - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of January 9, 2026, major indices such as the Shanghai Composite and Shenzhen Component are at 0.00% distance from their 250-day highs, while the CSI 300 is at 0.66% [5][23] - Among the CITIC first-level industry indices, home appliances, defense, non-ferrous metals, media, and electronics are closest to their 250-day highs, while food and beverage, banking, pharmaceuticals, real estate, and utilities are further away [8][24] High-Performing Stocks - A total of 911 stocks reached 250-day highs in the past 20 trading days, with the highest numbers in machinery, electronics, and basic chemicals [2][13] - The highest proportion of new high stocks is found in the defense, non-ferrous metals, and oil and petrochemical sectors, with respective proportions of 48.36%, 43.09%, and 32.00% [13][24] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with respective counts of 323 and 241 [15] Stable High-Performing Stocks - The report identifies 50 stable high-performing stocks based on analyst attention, relative strength, price path stability, and continuity of new highs [3][19] - The cyclical and technology sectors have the most stocks selected, with 22 and 14 respectively, and the non-ferrous metals and electronics industries leading within these sectors [19][24]

Group 1: Dividend Progress of Constituent Stocks - As of January 7, 2026, there are no companies in the proposal, decision, or implementation stages for dividends in the Shanghai 50 Index, and 4 companies do not plan to distribute dividends [1][3] - In the CSI 300 Index, there are also no companies in the proposal, decision, or implementation stages, with 25 companies not distributing dividends [1][3] - The CSI 500 Index has 1 company in the proposal stage, with 63 companies not distributing dividends [1][3] - The CSI 1000 Index has 1 company in the proposal stage, with 187 companies not distributing dividends [1][3] Group 2: Dividend Yield Comparison by Industry - 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 [4] Group 3: Realized and Remaining Dividend Yields - As of January 7, 2026, the realized dividend yield for the Shanghai 50 Index is 0.00%, with a remaining yield of 2.34% [8] - The CSI 300 Index has a realized yield of 0.00% and a remaining yield of 1.85% [8] - The CSI 500 Index shows a realized yield of 0.00% and a remaining yield of 1.14% [8] - The CSI 1000 Index has a realized yield of 0.00% and a remaining yield of 0.89% [8] Group 4: Tracking of Index Futures Premium/Discount - As of January 7, 2026, the annualized discount for the IH main contract is 0.28%, for the IF main contract is 2.69%, for the IC main contract is 2.47%, and for the IM main contract is 12.36% [1][3] - The report will regularly track the premium/discount levels of index futures, considering the impact of dividends on the index [2] Group 5: Methodology for Dividend Point Estimation - The report outlines a methodology for estimating dividend points, which is crucial for accurately assessing the premium/discount of index futures [28] - The methodology includes obtaining constituent stock weights, dividend amounts, total market capitalization, and index closing prices [30] - The estimation process involves predicting net profits and dividend payout ratios based on historical data [33][38] Group 6: Historical Accuracy of Dividend Point Estimation - The accuracy of the dividend point estimation model has been analyzed, showing that predictions for the Shanghai 50 and CSI 300 indices are generally accurate within 5 points, while the CSI 500 and CSI 1000 indices have a slightly larger error margin of around 10 points [44] - The model demonstrates good predictive accuracy for the main contracts of index futures [44]

Market Performance - The overall market rose on January 6, 2026, with the CSI 500 index performing well, increasing by 2.13%. The Shanghai Composite Index rose by 1.50%, and the Shenzhen Composite Index increased by 1.40% [1][6] - Among sectors, non-ferrous metals, non-bank financials, defense and military industry, oil and petrochemicals, and basic chemicals showed strong performance with returns of 4.25%, 3.82%, 3.30%, 2.85%, and 2.69% respectively. In contrast, communication, food and beverage, home appliances, banking, and consumer services sectors performed poorly with returns of -0.87%, 0.45%, 0.48%, 0.50%, and 0.61% respectively [1][8] - Concept themes such as stock trading software, titanium dioxide, vanadium-titanium, PTA, and rare metals performed well with returns of 9.18%, 6.09%, 6.02%, 5.81%, and 5.75% respectively, while concepts like optical modules, base stations, optical communication, Google supply chain, and Shein partners performed poorly with returns of -1.85%, -1.13%, -0.92%, -0.91%, and -0.85% respectively [1][11] Market Sentiment - Market sentiment was high on January 6, 2026, with 141 stocks hitting the daily limit up and 2 stocks hitting the limit down. Stocks that were limit up the previous day opened higher and closed with a return of 5.76%, while limit down stocks had a return of 0.26% [2][15][18] - The sealing rate was 83%, up 7% from the previous day, and the consecutive sealing rate was 41%, up 11% from the previous day, indicating a strong market sentiment and a new high for the consecutive sealing rate in nearly a month [2][20] Market Capital Flow - As of January 5, 2026, the margin trading balance was 25,606 billion yuan, with a financing balance of 25,434 billion yuan and a securities lending balance of 172 billion yuan. The margin trading balance accounted for 2.6% of the circulating market value, and margin trading accounted for 11.4% of the market transaction volume [3][25] Premium and Discount - On January 5, 2026, the bank AH preferred ETF had the highest premium at 2.19%, while the Hong Kong-Shenzhen 300 ETF had the highest discount at 1.11%. The average discount rate for block trades over the past six months was 6.66%, with a discount rate of 9.01% on that day [4][30][32] - The annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 index futures were 0.85%, 3.79%, 11.15%, and 13.61% respectively. On January 6, 2026, the annualized premium rate for the SSE 50 index futures was 0.51%, while the CSI 300 and CSI 500 index futures had annualized discount rates of 1.41% and 1.89% respectively [4][36] Institutional Attention and Rankings - In the past week, the stocks with the most institutional research were Guangliwei, Tianyang Technology, Dingtong Technology, Liugong, Zhumi Group, Puris, Zhongke Jiangnan, and Hengyi Petrochemical, with Guangliwei being researched by 96 institutions [5][37] - On January 6, 2026, the top ten stocks with net inflow from institutional special seats included Liou Shares, Haige Communication, Daoshi Technology, and others, while the top ten stocks with net outflow included Tongyu Communication, Yingliu Shares, and others [5][41][44]

Market Review - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 500, and SME Index gaining 0.13%, 0.09%, and -0.01% respectively, while the ChiNext, CSI 300, and SZSE Component Index fell by -1.25%, -0.59%, and -0.58% respectively [5][12] - The financial, oil and petrochemical, and defense industries performed well, with returns of 5.13%, 3.92%, and 3.83% respectively, while retail, utilities, and food and beverage sectors lagged with returns of -3.13%, -2.35%, and -2.28% respectively [5][18] - The People's Bank of China conducted a net reverse repurchase of 1.171 trillion yuan, with a total of 1.3236 trillion yuan maturing, resulting in a net open market injection of 152.6 billion yuan [20] Fund Performance - Last week, actively managed equity, flexible allocation, and balanced mixed funds reported returns of -0.71%, -0.38%, and -0.56% respectively [30] - Year-to-date, alternative funds have shown the best performance with a median return of 52.59%, while actively managed equity, flexible allocation, and balanced mixed funds have median returns of 29.97%, 23.26%, and 16.21% respectively [32] Fund Issuance - A total of 35 new funds were established last week, with a total issuance scale of 11.916 billion yuan, a decrease from the previous week [41] - The majority of new funds were passive index funds (12 funds) and equity mixed funds (8 funds), with issuance scales of 4.116 billion yuan and 0.473 billion yuan respectively [42] Regulatory Updates - The China Securities Regulatory Commission revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," effective January 1, 2026, to lower investor costs and standardize the sales market [6][10] - E Fund announced a collective name change for its 45 ETF products, becoming the first company to complete standardized naming for all its ETFs [7] Industry Developments - China Construction Bank launched the "Longying Plan" on January 1, 2026, aimed at providing customized FOF market services, marking a significant move into wealth management by state-owned banks [8]

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][7][28] - In December 2025, the top-performing stocks in the brokerage golden stock pool included XW Communication, Maiwei Co., and Yaxiang Integration, with significant monthly increases [1][3][4] - The top three brokerages by monthly returns were Huachuang Securities, Guojin Securities, and Changcheng Securities, with returns of 17.26%, 12.74%, and 11.36% respectively, compared to 3.06% for the mixed equity fund index and 2.28% for the CSI 300 index [6][10] Group 2 - The brokerage golden stock pool showed a high allocation in the electronics (14.04%), non-ferrous metals (9.93%), and basic chemicals (8.96%) sectors, with notable increases in non-ferrous metals (+3.13%) and defense industry (+1.93%) [25][18] - The performance of the brokerage golden stock performance enhancement portfolio yielded an absolute return of 5.24% for December 2025 and 40.66% for the year, outperforming the mixed equity fund index by 2.18% and 7.47% respectively [33][27] - The article highlights the importance of analyst recommendations, noting that stocks with fewer prior recommendations tend to gain more market attention once included in the golden stock pool [22][20]

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-0.59%，本年超额收益20.90%。 中证500指数增强组合本周超额收益-0.54%，本年超额收益5.45%。 中证1000指数增强组合本周超额收益-0.19%，本年超额收益15.64%。 中证A500指数增强组合本周超额收益-0.24%，本年超额收益10.26%。 二、本周选股因子表现跟踪 沪深300成分股中标准化预期外盈利、DELTAROA、DELTAROE等因子表现 较好。 中证500成分股中SPTTM、单季SP、单季营收同比增速等因子表现较好。 中证1000成分股中非流动性冲击、三个月机构覆盖、三个月反转等因子表现 较好。 中证A500指数成分股中特异度、SPTTM、标准化预期外盈利等因子表现较 好。 公募基金重仓股中一年动量、单季EP、股息率等因子表现较好。 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0.59%，最低-0.68%，中位 数-0.01%。 中证500指数增强产品本周超额收益最高0.28%，最低-0.84%，中位 数-0.39%。 中证1000指数增强产品本周超额收益最高0.52%，最低-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] - 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] Group 2 Excellent Fund Performance Enhancement Portfolio - This portfolio aims to benchmark against the median returns of actively managed equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [7][33] - As of this week, the portfolio achieved an absolute return of -0.14% and a relative excess return of 0.50% against the mixed equity fund index [10][19] - Year-to-date, the portfolio's absolute return is 31.88%, with a relative excess return of -1.31%, ranking in the 47.33 percentile among active equity funds [10][19] Super Expected Selection Portfolio - This portfolio selects stocks based on super expected events and analyst profit upgrades, focusing on both fundamental and technical criteria to identify stocks with strong support [12][39] - This week, the portfolio recorded an absolute return of -1.52% and a relative excess return of -0.89% against the mixed equity fund index [19][40] - Year-to-date, the portfolio's absolute return is 42.21%, with a relative excess return of 9.02%, ranking in the 30.33 percentile among active equity funds [19][40] Broker Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using a selection of stocks from the broker golden stock pool, optimized to minimize deviation from the pool while aiming to outperform the ordinary equity fund index [16][42] - This week, the portfolio achieved an absolute return of -0.67% and a relative excess return of -0.04% against the mixed equity fund index [20][43] - Year-to-date, the portfolio's absolute return is 40.66%, with a relative excess return of 7.47%, ranking in the 32.60 percentile among active equity funds [20][43] Growth Stability Portfolio - This portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings report dates to capture excess returns effectively [28][46] - This week, the portfolio recorded an absolute return of 0.09% and a relative excess return of 0.73% against the mixed equity fund index [28][47] - Year-to-date, the portfolio's absolute return is 55.66%, with a relative excess return of 22.47%, ranking in the 14.93 percentile among active equity funds [28][47]

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