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Core Insights - In 2025, enhanced index funds showed significant performance differentiation, with an average net value growth rate exceeding 32% and over 80% achieving positive excess returns [1][2] - The trend towards diversified and refined enhancement strategies is expected to continue, with a focus on achieving stable performance against benchmarks [1][10] Performance Highlights - As of the end of 2025, 291 enhanced index funds had an average net value growth rate of 32.51% and an average excess return of 5.35%, with nearly 80% achieving positive excess returns [2][3] - Small-cap and technology-focused enhanced index products performed particularly well, with notable funds like Dongcai Zhongzheng Nonferrous Metals Enhanced Index and Huabao Zhongzheng Rare Metals Theme achieving returns of 91.50% and 88.55% respectively [2][3] Fund Performance Analysis - 52 enhanced index funds achieved excess returns exceeding 10%, with the highest being Huitye National Index 2000 Enhanced Fund at 25.22% [3][4] - Performance varied significantly among funds tracking the same broad index, with some funds underperforming by nearly 33 percentage points [7][8] Market Trends and Strategies - The performance of enhanced index products was influenced by market conditions, with small-cap stocks showing higher volatility and effective pricing, benefiting quantitative models [8][9] - The application of multi-factor quantitative enhancement strategies was key to achieving excess returns, considering various factors such as fundamentals and technical indicators [9][12] Future Outlook - The trend towards diversification and refinement in enhancement strategies is expected to continue, with AI integration in investment processes anticipated to deepen [10][11] - Enhanced index products will need to adapt to different market conditions and investor needs, focusing on long-term stable excess returns and effective risk modeling [12]