Market Trends and Highs Tracking - The report aims to track stocks, industries, and sectors that are reaching new highs, serving as market indicators [1][4] - As of September 12, 2025, the distance to the 250-day high for major indices is as follows: Shanghai Composite Index 0.33%, Shenzhen Component Index 0.43%, CSI 300 0.57%, CSI 500 0.00%, CSI 1000 1.04%, CSI 2000 1.56%, ChiNext Index 1.09%, and STAR Market 1.95% [6][23] - Certain sectors such as non-ferrous metals, comprehensive, media, agriculture, forestry, animal husbandry, and machinery are closer to their 250-day highs, while coal, banking, comprehensive finance, transportation, and food and beverage sectors are further away [8][23] Monitoring High-Performing Stocks - A total of 1,620 stocks reached a 250-day high in the past 20 trading days, with the highest number of new highs in the machinery, electronics, and basic chemicals sectors [2][13] - The highest proportion of new high stocks is found in non-ferrous metals (68.55%), electronics (45.47%), and comprehensive industries (43.48%) [13][15] - The technology and manufacturing sectors had the most stocks reaching new highs this week, with respective counts of 503 and 452 [15] Stable High-Performing Stocks Tracking - The report identifies 50 stable high-performing stocks based on analyst attention, relative strength, price path stability, and continuity of new highs [3][20] - The cyclical and technology sectors had the most stocks selected, with 17 stocks each, while the basic chemicals industry had the highest number of new highs within the cyclical sector [20][24]

市场上不乏表现亮眼的私募基金产品，但由于私募基金不像公募基金需要定期披露持仓， 私募产品的持仓及调仓数据难以直接获取。通过对个股披露的前十大股东和前十大流通股 东数据进行统计，我们可以间接观测私募管理人的股票持仓变动情况。 私募基金持仓行业变动 按中信一级行业划分，2025Q2电子、基础化工、医药行业中，参与统计的私募管理人进 入前十大名单的股票数量最多，具体数量分别为16、12、12。 相比于2025Q1，2025Q2私募管理人进入食品饮料、轻工制造、建材前十大名单的股票 数量最多，从电力设备及新能源、国防军工、钢铁前十大名单撤离的私募管理人最多。 私募管理人加仓/减仓个股排行 以私募管理人持仓股票数量变动占总股本的比例作为衡量依据，得到参与统计的私募基 金持股比例 增长最多 的20只股票列表。按中信一级行业划分，电子、基础化工、医药 行业个股的出现频率较高。个股层面而言，太极集团、索菲亚、天壕能源、会稽山、中 晟高科的私募基金持股比例增长最多。 纳入统计的私募管理人持股比例 降低最多 的20只股票中，按中信一级行业划分，电力 设备及新能源、电子、基础化工行业个股的出现频率较高。个股层面而言，百济神州- U ...

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, CSI 300, and Shenzhen Component Index gaining 2.35%, while the Sci-Tech 50, CSI 1000, and SME Index lost -5.42%, -2.59%, and -2.29% respectively [6][14] - The total trading volume of major indices decreased, except for the ChiNext Index, indicating a decline in market activity [17] - The People's Bank of China conducted a net withdrawal of 1,204.7 billion yuan through reverse repos, with a total of 2,273.1 billion yuan maturing [24] Fund Performance - Last week, the performance of active equity, flexible allocation, and balanced mixed funds was -0.57%, -0.49%, and -0.26% respectively [32] - Year-to-date, active equity funds have shown the best performance with a median return of 24.10%, followed by flexible allocation and balanced mixed funds at 17.59% and 10.09% respectively [34] - The median excess return for index-enhanced funds was 0.00%, while quantitative hedging funds had a median return of 0.21% last week [36] Fund Issuance - A total of 39 new funds were established last week, with a combined issuance scale of 27.573 billion yuan, an increase from the previous week [4] - 48 funds were reported for issuance, including 10 FOFs and 2 QDIIs, indicating a growing interest in diverse fund products [5] Regulatory Changes - The China Securities Regulatory Commission announced a revision to the sales fee management regulations for public funds, aiming to reduce investor costs by lowering subscription, purchase, and service fees [10] Index Adjustments - FTSE Russell announced adjustments to the FTSE China A50 Index, which will include new stocks such as BeiGene and WuXi AppTec, while removing others like China Nuclear Power and China Unicom [11][12]

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 [1][2][22] - The HuShen 300 index enhancement portfolio achieved an excess return of 0.86% this week and 16.44% year-to-date [8][22] - The CSI 500 index enhancement portfolio recorded an excess return of -0.49% this week and 9.76% year-to-date [8][22] - The CSI 1000 index enhancement portfolio had an excess return of 1.46% this week and 16.90% year-to-date [8][22] - The CSI A500 index enhancement portfolio saw an excess return of 0.69% this week and 9.70% year-to-date [8][22] Group 2 - In the HuShen 300 component stocks, factors such as single-season ROE, expected EPTTM, and single-season EP performed well [9][11] - In the CSI 500 component stocks, factors like expected PEG, single-season SP, and SPTTM showed strong performance [10][12] - For the CSI 1000 component stocks, factors including single-season revenue year-on-year growth, three-month reversal, and expected PEG performed well [14][15] - In the CSI A500 index component stocks, single-season ROE, single-season EP, and EPTTM were among the top-performing factors [17][18] Group 3 - The public fund index enhancement products showed varying excess returns, with the HuShen 300 index enhancement product having a maximum excess return of 1.44% and a minimum of -0.86% this week [25][26] - The CSI 500 index enhancement product had a maximum excess return of 1.48% and a minimum of -1.21% this week [26][28] - The CSI 1000 index enhancement product recorded a maximum excess return of 1.32% and a minimum of -0.81% this week [28][29] - The CSI A500 index enhancement product achieved a maximum excess return of 1.52% and a minimum of -0.87% this week [28][29]

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 benchmarks such as the active equity fund median and the mixed equity fund index [2][3][6]. Group 2 Active Quantitative Strategy Performance Tracking - The "Excellent Fund Performance Enhancement Portfolio" had an absolute return of -1.31% this week and a year-to-date return of 24.74%, ranking in the 48.80 percentile among active equity funds [1][14]. - The "Super Expected Selection Portfolio" reported an absolute return of -1.63% this week and a year-to-date return of 41.45%, ranking in the 17.96 percentile among active equity funds [1][25]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of -2.58% this week and a year-to-date return of 30.55%, ranking in the 36.12 percentile among active equity funds [1][36]. - The "Growth and Stability Portfolio" showed an absolute return of -0.07% this week and a year-to-date return of 49.12%, ranking in the 10.90 percentile among active equity funds [1][44]. Group 3 Excellent Fund Performance Enhancement Portfolio - This portfolio aims to outperform the median return of public active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [7][49]. - The portfolio's construction considers the median position of active equity funds, with a current position of 90% [7][49]. Group 4 Super Expected Selection Portfolio - This portfolio selects stocks based on the occurrence of super expected events and analyst profit upgrades, focusing on both fundamental and technical criteria [19][56]. - The portfolio's construction also considers a 90% position based on the mixed equity fund index [19][56]. Group 5 Brokerage Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using a selection of stocks from the brokerage golden stock pool, aiming to optimize performance while controlling deviations from the pool's characteristics [28][60]. - The portfolio also maintains a 90% position based on the ordinary equity fund index [28][60]. Group 6 Growth and 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 [37][64]. - The portfolio also maintains a 90% position based on the mixed equity fund index [37][64].

Market Trends and Highs Tracking - The report aims to track stocks, industries, and sectors that are reaching new highs, serving as market indicators. Increasing research supports the effectiveness of momentum and trend-following strategies [1][4][26] - As of September 5, 2025, the distance to the 250-day new highs for major indices are as follows: Shanghai Composite Index at 1.83%, Shenzhen Component Index at 1.86%, CSI 300 at 1.40%, CSI 500 at 2.76%, CSI 1000 at 3.41%, CSI 2000 at 3.64%, ChiNext at 0.00%, and STAR Market at 7.04% [6][24] High-Performing Sectors and Stocks - The sectors closest to their 250-day new highs include Power Equipment & New Energy, Nonferrous Metals, Basic Chemicals, Machinery, and Light Industry Manufacturing. In contrast, sectors like Coal, Food & Beverage, Transportation, Real Estate, and Banking are further from their new highs [9][24] - As of September 5, 2025, a total of 1,715 stocks reached 250-day new highs in the past 20 trading days, with the highest numbers in the Machinery, Electronics, and Basic Chemicals sectors [14][25] Concept Indices and Their Performance - Concept indices such as Wind Power, Sodium-ion Batteries, New Energy Vehicles, and Photovoltaics are also close to their 250-day new highs, indicating strong market interest in these areas [11][24] Stable High-Performing Stocks - The report identifies 50 stocks that have shown stable performance and continuous new highs, including Shenghong Technology, Shengyi Electronics, and Industrial Fulian. The Technology and Cyclical sectors have the most stocks in this category, with Electronics leading in Technology and Basic Chemicals in Cyclical [21][26]

Group 1 - The article emphasizes that analysts highlight "earnings exceed expectations" or "profits exceed expectations" in their reports, which reflects a comprehensive judgment based on objective earnings data and subjective research tracking [1][36] - As of August 31, 2025, a total of 5,383 A-share companies disclosed their 2025 interim reports, with 257 companies having at least one analyst report indicating "exceeding expectations" [4][37] - The median year-on-year net profit growth for the CSI 500 index component stocks is the highest at 8.53%, while the CSI 300 and CSI 1000 indices have median growth rates of 5.32% and 3.30%, respectively [7][37] Group 2 - The proportion of companies exceeding expectations in the CSI 300 index is the highest at 24.41%, with the financial sector showing the highest proportion of exceeding expectations companies [20][25] - Among different sectors, the financial sector has the highest proportion of exceeding expectations companies at 12.70%, while the technology sector shows the largest jump in stock prices following earnings announcements [25][28] - Notable companies that exceeded expectations in their 2025 interim reports include Cangge Mining, Tianfu Communication, and WuXi AppTec, based on their market performance post-earnings announcements [38]

Core Viewpoint - The article analyzes the actual holdings of institutional investors in ETFs using the "ETF Institutional Holding Penetration Algorithm," revealing a significant increase in institutional ownership across various asset classes and sectors from 2024H2 to 2025H1 [2][55]. By Asset Class - Institutional investors' holdings in equity ETFs rose to 64.64% in 2025H1, with bond, commodity, money market, and cross-border ETFs seeing increases to 91.43%, 19.06%, 70.74%, and 46.77% respectively [3][55]. - The total scale of equity ETFs increased from 26,409 billion to 30,022 billion, with institutional holdings growing from 16,071 billion to 19,406 billion [16]. By Sector - Institutional holdings in the technology sector increased significantly, from 36 billion in 2024H2 to 62.1 billion in 2025H1, while the consumer sector saw a smaller increase [4][28]. - The proportion of institutional investors in the cyclical sector rose from 27.42% to 37.95%, and in the financial sector from 25.75% to 35.98% [31]. By Thematic Focus - Institutional ownership in military, securities, and chip ETFs increased by 23.54%, 10.23%, and 8.78% respectively, while the proportion for dividend ETFs decreased by 13.24% [5][40][37]. - The military ETF saw the largest increase in institutional holdings, while the dividend ETF experienced the most significant decline [34][55]. By Broad Index - Institutional investors' holdings in major broad-based ETFs like A500 and CSI 300 increased significantly, with A500's institutional ownership rising from 54.06% to 63.41% [46][51]. - The institutional ownership proportions for CSI 300 and CSI 500 also saw notable increases, reflecting a broader trend of rising institutional investment in these indices [51][55].

Market Review - The A-share market saw all major broad-based indices rise, with the ChiNext Index, Sci-Tech 50, and SME Index leading gains at 7.74%, 7.49%, and 4.47% respectively, while the Shanghai Composite, CSI 1000, and CSI 300 lagged behind with returns of 0.84%, 1.03%, and 2.71% respectively [5][14] - The total net asset value of public funds reached a historical high of 35.08 trillion yuan as of the end of July 2025, an increase of 682.99 billion yuan compared to the end of June 2025 [11] - The central bank's net reverse repurchase operations amounted to 196.1 billion yuan, with a total of 22.731 trillion yuan in net open market operations [22][24] Fund Performance - Last week, newly established funds totaled 44, with a combined issuance scale of 27.205 billion yuan, showing an increase from the previous week [3] - Active equity, flexible allocation, and balanced mixed funds reported returns of 2.12%, 1.77%, and 1.51% respectively [33] - Year-to-date, active equity funds have performed the best with a median return of 25.09%, while flexible allocation and balanced mixed funds reported median returns of 19.08% and 10.88% respectively [36] Fund Issuance - A total of 46 funds were reported for issuance last week, including 9 FOFs and various ETFs focused on sectors such as new energy and technology [4][5] - This week, 42 funds are set to begin issuance, indicating a robust pipeline for new fund products [3] Central Huijin's ETF Holdings - Central Huijin's ETF investments reached 1.29 trillion yuan, covering 48 ETFs with a total holding of 383.5 billion shares [7] - The largest increases in holdings were seen in the Huatai-PB CSI 300 ETF, with an increase of 11.237 billion shares, followed by the Huaxia CSI 300 ETF and E Fund CSI 300 ETF [9][10] Industry Performance - The telecommunications, non-ferrous metals, and electronics sectors led the weekly gains with returns of 12.55%, 7.59%, and 5.94% respectively, while coal, transportation, and food and beverage sectors lagged with returns of -5.99%, 0.92%, and 1.21% [19][21] - Year-to-date, the telecommunications sector has shown the highest cumulative return of 62.57%, while the coal sector has the lowest at -5.99% [21] Bond Market - The central bank's net reverse repurchase operations and the downward trend in bond yields, except for the 10-year bonds, indicate a shift in the bond market dynamics [22][24] - The median premium rate for convertible bonds decreased to 23.78%, reflecting a reduction in market activity [28]

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 fund indices effectively, showcasing the analytical capabilities of brokerage firms [2][37]. - In August 2025, the top-performing stocks in the brokerage golden stock pool included Huasheng Tiancai, Hanwujing-U, and Siquan New Materials, with significant monthly increases [1][3]. - The top three brokerages by monthly returns were Kaiyuan Securities, AVIC Securities, and China Merchants Securities, with returns of 26.42%, 25.08%, and 24.07% respectively, outperforming the mixed equity fund index and the CSI 300 index [6][10]. Group 2 - The brokerage golden stock pool showed strong performance in factors such as quarterly net profit growth, quarterly ROE, and quarterly revenue growth, while factors like BP, intraday return, and expected dividend yield performed poorly [21][23]. - As of September 1, 2025, there were 39 brokerages publishing golden stocks, resulting in a total of 301 unique A-shares after deduplication, with significant allocations in the electronics, machinery, and basic chemical industries [23][27]. - The brokerage golden stock performance enhancement portfolio achieved an absolute return of 15.49% for the month and 34.01% year-to-date, outperforming the mixed equity fund index by 3.59% and 5.72% respectively [33][38]. Group 3 - The article highlights the interaction between brokerage analysts and public fund managers, indicating that the recommendations from brokerage analysts can significantly influence market attention towards certain stocks [13][27]. - The article also discusses the identification of stocks with relatively low market attention that have been recommended as golden stocks, suggesting potential investment opportunities [29][30]. - The performance of the brokerage golden stock industry portfolio showed excess returns in the electronics, electric new energy, and basic chemical industries for the month, while the year-to-date performance highlighted excess returns in electronics, automotive, and agriculture sectors [17][23].