策略化选股跟踪月报（9月）：8月高质量策略逆势反超，多策略稳定推荐多配价值、质量组合

Market Overview - In August, the overall A-share market experienced a decline, with the CSI 300 index returning -3.51%, the CSI 1000 at -5.31%, the CSI 500 at -5.06%, and the ChiNext index at -6.38% [10][11] - The top three performing sectors were coal, oil and petrochemicals, and home appliances, while various sectors including non-bank financials, media, banking, and food and beverage saw declines [10][11] Multi-Strategy Stock Selection - The multi-strategy stock selection combination recorded an absolute return of -3.25% in August, with a relative excess return of 0.91% compared to the CSI All Share Index. Year-to-date, the absolute return is -5.59%, with an excess return of 8.30% [2][19] - The strategy includes four sub-strategies: value stock strategy, growth stock strategy, quality stock strategy, and clearing stock strategy, with the value stock strategy holding the highest weight at approximately 56.98% [15][17] High-Quality Stock Strategy - The high-quality stock strategy recommended 15 stocks in September, primarily concentrated in the food and beverage sector, which accounted for about 47% of the total weight. In August, this strategy achieved an absolute return of -0.72%, with a relative excess return of 3.55% compared to the CSI All Share Index [2][3][19] - Year-to-date, the absolute return for the high-quality stock strategy is -16.48%, with a relative excess return of -4.19% compared to the CSI All Share Index [2][3] Value Stock Strategy - The value stock strategy recorded an absolute return of -3.93% in August, with a relative excess return of -1.25% compared to the National Value Index. Year-to-date, the absolute return is -10.23%, with a relative excess return of -14.13% [2][3] - The strategy's performance was analyzed by breaking it down into single PB-ROE factors, with the best performance observed in strategies that combined technical indicators, yielding a monthly return of -3.64% [2][3] Clearing Reversal Strategy - The clearing reversal strategy selected stocks from the agriculture, forestry, animal husbandry, fishery, and media sectors, achieving an absolute return of -3.26% in August, with a relative excess return of 0.90% compared to the CSI All Share Index [3][19] - Year-to-date, this strategy has an absolute return of -13.32%, with a relative excess return of -0.56% [3] "Dividend +" Preferred Stock Strategy - The "Dividend +" preferred stock strategy recorded an absolute return of -5.04% in August, with a relative excess return of -0.95% compared to the CSI All Share Index, and a relative excess return of 1.474% compared to the dividend yield index [3] - Year-to-date, this strategy has achieved an absolute return of 2.70%, with a relative excess return of 17.81% compared to the CSI All Share Index [3] Broker Gold Stock Strategy - The broker gold stock strategy saw a significant decline, with an absolute return of -7.99% in August and a year-to-date return of -34.38% [4][3] - The strategy's performance is notably lower compared to the overall broker gold stock coverage, with a relative excess return of -4.28% compared to the overall coverage and -4.26% compared to the CSI 800 index [4][3]