Core Insights - The rapid development of passive investment has led to increased institutional focus on enhanced index funds, which combine the advantages of passive indexing and active management [1][2] Group 1: Performance Metrics - As of October 15, the average return of passive index funds over the past year was 31.68%, while enhanced index funds achieved a return of 35.34%, with nearly all funds generating positive returns [1] - Several products tracking indices such as rare metals, CSI 2000, semiconductors, and artificial intelligence reported returns exceeding 50% over the past year [1] Group 2: New Fund Developments - Approximately 140 new enhanced index funds have been established in 2023, more than doubling the total from 2024, with an additional six funds awaiting issuance [1] Group 3: Advantages of Enhanced Index Funds - Enhanced index funds benefit from the growth of ETFs, which have clear risk-return characteristics, allowing enhanced index products to compete effectively with ETFs after accounting for fees [2] - The total market size for enhanced index products is currently around 300-400 billion, indicating significant growth potential [2] - Fund managers have the flexibility to achieve excess returns through active management and strategic stock selection beyond the benchmark index [2] Group 4: Emerging Trends in Quantitative Investing - A new category referred to as "air index enhancement" is gaining popularity, where investment decisions are made based on quantitative models without tracking any specific index [3] - The Longsheng Shengfeng Mixed Fund exemplifies this approach by focusing on a refined selection of stocks from the CSI A500 index, targeting small and medium-sized industry leaders [3] - As of the second quarter, there were 277 quantitative stock selection funds with a total management scale of 90.32 billion, showcasing their broader investment scope and higher performance elasticity [3]
量化新方向 机构多维度布局指数增强基金
Shang Hai Zheng Quan Bao·2025-10-19 12:31