主动量化收涨，指增超额回落

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report focuses on the performance of the quantitative fund market, summarizing the performance of major indices and quantitative funds in the past week, the overall performance and distribution of different types of public - offering quantitative funds, and the top - performing quantitative funds this week. It shows that A - shares rose overall this week, while the excess returns of quantitative funds declined. Active quantitative funds rose, while the excess returns of index - enhanced funds fell, with only the CSI 300 index - enhanced funds recording positive excess returns [1][2][4]. 3. Summary by Relevant Catalog 3.1 Near - Week Performance of Major Indices and Quantitative Funds - A - shares rose overall from June 23rd to June 27th, 2025, with the CSI 300, CSI 500, and CSI 1000 having weekly returns of 1.95%, 3.98%, and 4.62% respectively [3][8]. - Active quantitative funds rose 2.83%, while the excess returns of index - enhanced funds declined. Only the CSI 300 index - enhanced funds had a positive average excess return of 0.07%, while the CSI 500 and CSI 1000 index - enhanced funds had average excess returns of - 0.35% and - 0.20% respectively. Market - neutral funds fell slightly by 0.10% [4][11]. 3.2 Performance of Different Types of Public - Offering Quantitative Funds - CSI 300 Index - Enhanced Funds: In the past week, the return was 2.02%, the excess return was 0.07%, the maximum drawdown was - 0.75%, and the excess maximum drawdown was - 0.27% [15]. - CSI 500 Index - Enhanced Funds: The past - week return was 3.63%, the excess return was - 0.35%, the maximum drawdown was - 0.31%, and the excess maximum drawdown was - 0.48% [15]. - CSI 1000 Index - Enhanced Funds: The past - week return was 4.42%, the excess return was - 0.20%, the maximum drawdown was - 0.41%, and the excess maximum drawdown was - 0.44% [16]. - Other Index - Enhanced Funds: The past - week return was 3.30%, the excess return was - 0.05%, the maximum drawdown was - 0.60%, and the excess maximum drawdown was - 0.39% [16]. - Active Quantitative Funds: The past - week return was 2.83%, the maximum drawdown was - 0.49%, and the return dispersion was 1.51% [17]. - Market - Neutral Funds: The past - week return was - 0.10%, the maximum drawdown was - 0.26%, and the return dispersion was 0.53% [17]. 3.3 Performance Distribution of Different Types of Public - Offering Quantitative Funds The report presents the performance trends of different types of public - offering quantitative funds in the past six months, as well as the performance distribution in the past week and the past year. Index - enhanced funds show their excess return performance [18]. 3.4 Top - Performing Public - Offering Quantitative Funds - CSI 300 Index - Enhanced Funds: Funds such as Anxin Quantitative Selection CSI 300 Index - Enhanced had good performance, with a past - week excess return of 0.88% [32]. - CSI 500 Index - Enhanced Funds: Funds like Suxin CSI 500 Index - Enhanced had a past - week excess return of 0.63% [33]. - CSI 1000 Index - Enhanced Funds: ICBC CSI 1000 Enhanced Strategy ETF had a past - week excess return of 1.24% [34]. - Other Index - Enhanced Funds: China Merchants Shanghai Composite Index - Enhanced had a past - week excess return of 1.10% [35]. - Active Quantitative Funds: Jinxin Quantitative Selection had a past - week return of 8.11% [36]. - Market - Neutral Funds: China Post Absolute Return Strategy had a past - week return of 1.50% [37].