风格 Smart beta 组合跟踪周报：（2025.10.20-2025.10.24）-20251028

• The report discusses the construction of Smart Beta portfolios based on three styles: Value, Growth, and Small Cap, aiming for high beta elasticity and long-term stable excess returns[6] - The Value Smart Beta portfolio includes two configurations: Value 50 and Value Balanced 50, with respective annual returns of 15.59% and 20.85% as of October 24, 2025[4][7][8] - The Growth Smart Beta portfolio consists of Growth 50 and Growth Balanced 50, achieving annual returns of 26.78% and 29.68% respectively by October 24, 2025[4][7][17] - The Small Cap Smart Beta portfolio features Small Cap 50 and Small Cap Balanced 50, with annual returns of 45.58% and 42.21% respectively as of October 24, 2025[4][7][22] - Performance metrics for the portfolios include absolute returns, excess returns, and maximum relative drawdowns, with Small Cap 50 showing the highest excess return of 17.88% and maximum relative drawdown of 10.89%[7][22][26]