策略环境跟踪月报：市场热点集中，指数增强未能跑赢指数

Group 1 - The report indicates that the A-share market showed a mixed performance in October, with the Shanghai Composite Index, CSI 500, and CSI 1000 experiencing changes of -3.16%, 2.75%, and 7.14% respectively, reflecting a divergence in market trends [66][68] - The report highlights that the policy stimulus is gradually fading, leading the market to return to rationality, while the basic recovery expectations and improved market sentiment are driving an increase in risk appetite [72][75] - The report notes that the industry return dispersion has risen to historical extremes, indicating significant differences between industries, and the speed of industry rotation has slowed down [72][78] Group 2 - The commodity market in October exhibited overall fluctuations, with geopolitical tensions in the Middle East pushing oil prices higher and gold prices significantly rising due to U.S. election uncertainties [67][69] - The report suggests that the commodity market is currently lacking a clear trend, but long-term trends in commodities are worth anticipating, recommending a focus on medium to long-term trend strategies [72][87] - The report mentions that the market's trading concentration has increased, with the top five industries' trading volume rapidly rising to historical extremes, indicating a shift from a broad bull market to a structural bull market [79][92] Group 3 - The report provides a performance review of public quantitative products, categorizing them into strict constraint, Smart Beta, and rotation types based on their deviation from benchmark indices [96] - In October, the public fund's performance for the CSI 300 index enhancement products showed a monthly change of -3.16%, with strict constraint type excess returns at -0.33% [97][99] - The report indicates that the public fund holding concentration has increased slightly, suggesting a shift from a strong small-cap style to a large-cap style, which may reduce the ability of quantitative strategies to achieve excess returns [85][96]