指数静待突破，有小盘指增ETF今年已积累12个点超额

Core Viewpoint - Small-cap index enhancement products have shown remarkable excess returns this year, outperforming the CSI 300 index significantly [1][3]. Group 1: Market Performance - The $1000 ETF Enhancement (SZ159680) and the CSI 2000 Enhancement ETF (SZ159552) have outperformed the CSI 300 by approximately 10% and 24% respectively this year [1]. - As of the recent trading session, both ETFs recorded gains of 1.07% and 0.88%, continuing to outperform the CSI 300 [1]. Group 2: Reasons for High Excess Returns - The active performance of small-cap stocks is attributed to a favorable market environment, with indices like CSI 2000 and CSI 1000 showing high growth potential and short-term elasticity [3]. - Increased market attention and inflow of incremental funds into small-cap stocks have driven their prices higher [3]. - Quantitative strategies employed in index enhancements favor "high-low cut" reversal approaches, leading to higher excess returns during fast market rotations, which have been prevalent this year [3]. - Continuous liquidity easing, exemplified by the central bank's recent 1 trillion yuan reverse repurchase operation, benefits small-cap tech companies, suggesting potential for continued strong performance [3]. Group 3: Performance Metrics - The $1000 ETF Enhancement has achieved a 34% increase over the past year, outperforming the CSI 300 by nearly 27% and the benchmark by over 14% [5]. - The CSI 2000 Enhancement ETF has shown even more impressive growth, with a 23% increase this year and a total rise of 65% since September 2022, indicating strong upward momentum [5]. Group 4: Long-term Growth Potential - The long-term growth potential of index enhancements is closely tied to the growth prospects of the underlying index constituents, which are predominantly small and medium-sized tech companies [6]. - The CSI 1000 index includes 147 national-level specialized "little giant" enterprises, a higher proportion than that of the CSI 300 and CSI 500 indices [6]. - Key industries represented in the top five sectors of the CSI 1000 index include electronics (14.7%), pharmaceuticals (10.6%), and computer technology (8.1%), collectively accounting for nearly 48% of the index [6]. Group 5: Future Outlook - The year 2025 is anticipated to be a period of rapid development for emerging industries such as AI and robotics, presenting significant growth opportunities for many small and medium-sized enterprises [8]. - Index enhancements are expected to exhibit stronger explosive growth compared to traditional indices, with projections indicating that excess returns may reach new highs by year-end [8].