Group 1: Weekly Index Enhanced Portfolio Performance - The CSI 300 index enhanced portfolio achieved an excess return of 0.51% this week and 21.85% year-to-date [7] - The CSI 500 index enhanced portfolio recorded an excess return of -0.73% this week and 6.17% year-to-date [7] - The CSI 1000 index enhanced portfolio had an excess return of -1.12% this week and 15.93% year-to-date [7] - The CSI A500 index enhanced portfolio saw an excess return of -0.28% this week and 10.62% year-to-date [7] Group 2: Factor Performance Tracking - In the CSI 300 component stocks, factors such as one-year momentum, standardized unexpected earnings, and expected net profit quarter-on-quarter performed well [10] - In the CSI 500 component stocks, factors like expected net profit quarter-on-quarter, standardized unexpected earnings, and DELTAROE showed strong performance [10] - For the CSI 1000 component stocks, factors including one-month reversal, single-quarter revenue year-on-year growth, and standardized unexpected income performed well [10] - In the CSI A500 index component stocks, factors such as expected net profit quarter-on-quarter, one-year momentum, and standardized unexpected earnings performed well [10] Group 3: Public Fund Index Enhanced Product Performance Tracking - The CSI 300 index enhanced products had a maximum excess return of 1.61%, a minimum of -0.73%, and a median of 0.01% this week [23] - The CSI 500 index enhanced products had a maximum excess return of 0.79%, a minimum of -2.23%, and a median of -0.49% this week [25] - The CSI 1000 index enhanced products had a maximum excess return of 1.74%, a minimum of -1.55%, and a median of -0.15% this week [24] - The CSI A500 index enhanced products had a maximum excess return of 0.97%, a minimum of -1.15%, and a median of -0.12% this week [28] Group 4: Public Fund Index Enhanced Product Scale - There are currently 79 CSI 300 index enhanced products with a total scale of 79.9 billion [20] - There are 76 CSI 500 index enhanced products with a total scale of 51.4 billion [20] - There are 46 CSI 1000 index enhanced products with a total scale of 21.4 billion [20] - There are 71 CSI A500 index enhanced products with a total scale of 26.3 billion [20]

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 Expectation 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 [6][33] - The portfolio's absolute return for the year is 32.05%, with a relative excess return of -1.98% compared to the mixed equity fund index [9][37] Super Expectation Selection Portfolio - This strategy selects stocks based on super expectation events and analyst profit upgrades, focusing on both fundamental and technical criteria to build a portfolio of stocks with strong support [11][40] - The portfolio's absolute return for the year is 44.40%, with a relative excess return of 10.36% compared to the mixed equity fund index [18][41] Broker Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using a selection of stocks from the broker golden stock pool, optimizing the combination to minimize deviation from the pool while aiming to outperform the ordinary stock fund index [14][42] - The portfolio's absolute return for the year is 41.60%, with a relative excess return of 7.57% compared to the mixed equity fund index [19][45] Growth Stability Portfolio - This strategy employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings announcement dates to capture excess returns effectively [23][46] - The portfolio's absolute return for the year is 55.51%, with a relative excess return of 21.48% compared to the mixed equity fund index [29][47]

报 告 摘 要 平稳创新高股票跟踪 我们根据分析师关注度、股价相对强弱、趋势延续性、股价路径平稳性、创新高持续性等角度，本周从全市场创新高股票中筛选出了包含中际旭创、英维 克、新易盛等50只平稳创新高的股票。按照板块来看，创新高股票数量最多的是周期、科技板块，分别有21、15只入选。其中，周期板块中创新高最多的 是有色金属行业；科技板块中创新高最多的是电力设备及新能源行业。 一 乘势而起：市场新高趋势追踪 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年12月26日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为1.63%、 0.89%、1.91%、1.19%、0.56%、0.05%、2.42%、12.56%。中信一级行业指数中国防军工、有色金属、建材、机械、轻工制造行业指数距离250日 新高较近，食品饮料、银行、医药、综合金融、房地产行业指数距离250日新高较远。概念指数中 ...

Group 1 - The core viewpoint of the article highlights the dividend progress of constituent stocks in major indices as of December 24, 2025, indicating a lack of active dividend distributions across various indices [1][3] - In the Shanghai Stock Exchange 50 Index, no companies are in the proposal, decision, or implementation stages for dividends, with 4 companies not distributing dividends [1] - The Shanghai and Shenzhen 300 Index has 1 company in the proposal stage, while 21 companies are not distributing dividends [1] - The China Securities 500 Index and the China Securities 1000 Index show similar trends, with no companies in any dividend stages and a significant number not distributing dividends [1] Group 2 - The article provides a comparison of dividend yields across industries, with coal, banking, and steel sectors ranking the highest in terms of dividend yield [2][4] - As of December 24, 2025, the realized dividend yields for major indices are as follows: Shanghai Stock Exchange 50 Index at 2.70% with a remaining yield of 0.15%, Shanghai and Shenzhen 300 Index at 2.19% with a remaining yield of 0.08%, China Securities 500 Index at 1.23% with a remaining yield of 0.02%, and China Securities 1000 Index at 0.97% with a remaining yield of 0.01% [1][9] Group 3 - The article tracks the annualized premium and discount of stock index futures as of December 24, 2025, with the IH main contract showing an annualized premium of 2.65%, while the IF, IC, and IM main contracts show annualized discounts of 4.05%, 5.50%, and 8.67% respectively [1][4] - The article emphasizes the importance of considering dividend impacts when calculating the premium and discount of stock index futures, as dividend distributions can lead to a natural decline in index points [2][24] Group 4 - The article outlines the methodology for estimating dividend points in stock indices, noting that the price index reflects the impact of dividend distributions differently than total return indices [24][29] - It discusses the need for accurate data on constituent stock weights and dividend amounts to improve the precision of dividend point estimations [31][32] - The article also highlights the predictive accuracy of the dividend point estimation model, showing that it performs well for the Shanghai Stock Exchange 50 and Shanghai and Shenzhen 300 indices, with a deviation of around 5 points [42][44]

Market Performance - Most indices showed an upward trend on December 22, 2025, with the CSI 500 index performing well, increasing by 1.20%. The Shanghai Composite Index rose by 0.69%, and the Shenzhen Composite Index increased by 1.13% [6][10] - The ChiNext Index had a notable performance, rising by 2.23%, while the CSI 500 Growth Index also performed well, increasing by 1.62% [6][10] - The communication, non-ferrous metals, electronics, consumer services, and comprehensive finance sectors performed well, with returns of 4.24%, 2.53%, 2.52%, 2.41%, and 2.17% respectively. In contrast, the media, banking, textile and apparel, light industry manufacturing, and electric utility sectors showed poor performance, with returns of -0.55%, -0.54%, -0.51%, -0.42%, and -0.28% respectively [10] Market Sentiment - Market sentiment was high on December 22, 2025, with 104 stocks hitting the daily limit up and 8 stocks hitting the limit down. The limit-up stocks had a closing return of 2.28%, while the limit-down stocks had a return of 1.06% [2][14][16] - The sealing rate was 71%, a decrease of 2% from the previous day, and the consecutive limit-up rate was 25%, also down by 2% [18] Market Capital Flow - As of December 19, 2025, the margin trading balance was 25,038 billion yuan, with a financing balance of 24,871 billion yuan and a securities lending balance of 167 billion yuan. The margin trading balance accounted for 2.6% of the circulating market value, and margin trading accounted for 10.1% of the market transaction volume [3][21][24] Premium and Discount - On December 19, 2025, the ETF with the highest premium was the Southern Sci-Tech Growth ETF, with a premium of 1.49%. The ETF with the highest discount was the Industrial Bank's CSI 50 ETF, with a discount of 0.51% [4][26] - The average discount rate for block trades over the past six months was 6.63%, with a discount rate of 5.21% on December 19, 2025 [28] Institutional Attention and Rankings - In the past week, the stocks with the most institutional research were Chang'an Automobile, Boying Welding, Shenkong Co., and others, with Chang'an Automobile being researched by 214 institutions [5][34] - On December 22, 2025, the top ten stocks with net inflow from institutional special seats included Shennong Agriculture, Xue Ren Group, and others, while the top ten stocks with net outflow included Tongyu Communication, Jingzhida, and others [38][39]

Market Overview - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 500, and CSI 300 yielding returns of 0.03%, 0.00%, and -0.28% respectively, while the STAR 50, ChiNext, and Shenzhen Component Index had returns of -2.99%, -2.26%, and -0.89% respectively [5][15] - The trading volume of major indices decreased last week, with the average daily trading volume for major indices falling within the historical percentile range of 55%-75% over the past 52 weeks [18][20] - In terms of industry performance, retail trade, consumer services, and non-bank financials led with returns of 6.58%, 4.4%, and 2.99% respectively, while power equipment and new energy, electronics, and machinery lagged with returns of -3.09%, -3.02%, and -1.71% respectively [22][23] Fund Issuance and Performance - A total of 40 new funds were established last week, with a total issuance scale of 183.21 billion yuan, showing an increase compared to the previous week [4] - The number of funds reported for issuance last week was 41, which is a decrease from the previous week, including 1 REITs, 1 QDII, and 2 FOFs [5] - The median performance of alternative funds this year has been the best, with a return of 52.67%, while the median returns for active equity, flexible allocation, and balanced mixed funds were 27.29%, 20.97%, and 15.16% respectively [33][40] ETF Market - As of December 19, 2025, the total scale of China's ETF market reached 5.83 trillion yuan, a significant increase of 56% from 3.73 trillion yuan at the end of 2024, with a net increase of 2.09 trillion yuan [10] - The top ten ETFs with the highest scale growth this year included the CSI 300 Index ETF, which saw a scale increase of over 173.1 billion yuan, and the gold ETF, which increased by over 150 billion yuan [13] - The thematic ETFs performed notably well, with the Hong Kong Stock Connect Innovative Drug Index ETF showing a staggering growth rate of 2923.19%, followed by the Robot Index ETF at 489.63% [13] Asset Management Scale - As of December 17, 2025, the total scale of asset management products from various financial institutions reached 80.03 trillion yuan, with public funds accounting for 36.74 trillion yuan [9] - The scale of private asset management products from securities companies and their subsidiaries was 6.37 trillion yuan, while private funds reached 21.99 trillion yuan [9]

Group 1: Weekly Index Enhanced Portfolio Performance - The CSI 300 index enhanced portfolio achieved an excess return of 0.62% this week and 20.75% year-to-date [1][9] - The CSI 500 index enhanced portfolio recorded an excess return of -0.37% this week and 6.86% year-to-date [1][9] - The CSI 1000 index enhanced portfolio had an excess return of 0.97% this week and 16.87% year-to-date [1][9] - The CSI A500 index enhanced portfolio reported an excess return of 0.85% this week and 10.70% year-to-date [1][9] Group 2: Factor Performance Tracking - In the CSI 300 component stocks, factors such as DELTAROE, dividend yield, and DELTAROA performed well [1][10] - In the CSI 500 component stocks, factors like expected BP, BP, and three-month institutional coverage showed strong performance [1][12] - For the CSI 1000 component stocks, factors such as expected PEG, single-quarter SP, and SPTTM performed well [1][15] - In the CSI A500 index component stocks, factors like three-month turnover, dividend yield, and DELTAROE showed good performance [1][19] - In public fund heavy stocks, factors like BP, SPTTM, and expected BP performed well [1][23] Group 3: Public Fund Index Enhanced Product Performance Tracking - The CSI 300 index enhanced products had a maximum excess return of 1.38%, a minimum of -0.44%, and a median of 0.41% this week [1][28] - The CSI 500 index enhanced products achieved a maximum excess return of 1.55%, a minimum of -0.51%, and a median of 0.46% this week [1][30] - The CSI 1000 index enhanced products recorded a maximum excess return of 1.57%, a minimum of -0.32%, and a median of 0.57% this week [1][31] - The CSI A500 index enhanced products had a maximum excess return of 1.29%, a minimum of -0.35%, and a median of 0.43% this week [2][36]

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 and Stability Portfolio" [2][3]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of -0.12% this week and 28.19% year-to-date, with a relative excess return of 0.49% against the mixed equity fund index [1][10]. - The "Super Expected Selection Portfolio" recorded an absolute return of -1.06% this week and 40.29% year-to-date, with a relative excess return of 9.76% against the mixed equity fund index [1][19]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of -0.99% this week and 35.38% year-to-date, with a relative excess return of 4.85% against the mixed equity fund index [1][20]. - The "Growth and Stability Portfolio" posted an absolute return of 0.73% this week and 50.88% year-to-date, with a relative excess return of 20.34% against the mixed equity fund index [1][28]. Group 2: Strategy Descriptions - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [6][33]. - 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 stock selection [12][39]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is constructed using a stock pool from brokerage recommendations, optimizing the selection to maintain alignment with the performance of the brokerage stock pool [16][41]. - The "Growth and Stability Portfolio" employs a time-series evaluation method to identify growth stocks that are likely to outperform around earnings announcements, using a multi-factor scoring system for stock selection [25][45].

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年12月19日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为3.45%、 4.26%、3.78%、5.03%、4.16%、2.16%、6.08%、14.98%。中信一级行业指数中轻工制造、有色金属、通信、国防军工、消费者服务行业指数距离 250日新高较近，食品饮料、综合金融、房地产、医药、建筑行业指数距离250日新高较远。概念指数中，十大军工集团、卫星导航、家居用品、卫星互联 网、金属非金属、航天军工、林木等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年12月19日，共620只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是机械、电子、基础化工行业，创新高个股数量占 比最高的是国防军工、有色金属、轻工制造行业。按照板块分布来看，本周制造、科技板块创新高股票 ...

Key Points - The article discusses the dividend progress of constituent stocks in major indices as of December 17, 2025, highlighting that no companies in the Shanghai 50, CSI 500, and CSI 1000 indices have declared or implemented dividends, while only one company in the CSI 300 is in the proposal stage [1][3] - The article provides a comparison of dividend yields across different industries, noting that coal, banking, and steel sectors have the highest yields [2][4] - The realized and remaining dividend yields for various indices are reported, with the Shanghai 50 index having a realized yield of 2.54% and a remaining yield of 0.27%, while the CSI 1000 index has a realized yield of 0.97% and a remaining yield of 0.01% [1][8] - The article tracks the premium and discount of stock index futures, indicating annualized discounts for various contracts, with the IM contract showing a discount of 9.94% [1][4] Dividend Progress of Constituent Stocks - As of December 17, 2025, the Shanghai 50 index has 0 companies in the proposal, decision, or implementation stages, and 4 companies that do not pay dividends [1][3] - The CSI 300 index has 1 company in the proposal stage, 0 in decision or implementation stages, and 21 companies that do not pay dividends [1][3] - The CSI 500 and CSI 1000 indices show similar trends with no companies in the proposal, decision, or implementation stages, and 54 and 149 companies not paying dividends, respectively [1][3] Industry Dividend Yield Comparison - The article highlights that the coal, banking, and steel industries rank highest in terms of dividend yields among the disclosed dividend proposals [2][4] Realized and Remaining Dividend Yields - The realized dividend yields as of December 17, 2025, are as follows: - Shanghai 50: 2.54% realized, 0.27% remaining - CSI 300: 2.11% realized, 0.16% remaining - CSI 500: 1.22% realized, 0.02% remaining - CSI 1000: 0.97% realized, 0.01% remaining [1][8] Stock Index Futures Premium and Discount Tracking - The article tracks the annualized discounts for stock index futures as of December 17, 2025: - IH contract: 0.29% - IF contract: 3.74% - IC contract: 4.69% - IM contract: 9.94% [1][4]