（2025.11.03-2025.11.07）：风格 Smart beta 组合跟踪周报-20251112

• The report focuses on the performance of Smart Beta portfolios, including Value, Growth, and Small-cap styles, constructed based on high beta elasticity and long-term stable excess returns objectives[6][7][8] - Value Smart Beta portfolios include "Value 50 Portfolio" and "Value Balanced 50 Portfolio", with weekly returns of 2.58% and 2.40%, respectively, and annual returns of 19.22% and 26.57%[4][7][8] - Growth Smart Beta portfolios include "Growth 50 Portfolio" and "Growth Balanced 50 Portfolio", with weekly returns of -0.09% and -0.37%, respectively, and annual returns of 26.63% and 30.58%[4][7][17] - Small-cap Smart Beta portfolios include "Small-cap 50 Portfolio" and "Small-cap Balanced 50 Portfolio", with weekly returns of 2.55% and -0.17%, respectively, and annual returns of 48.97% and 41.26%[4][7][20] - The report highlights the excess returns of these portfolios relative to their benchmarks, such as "Value 50 Portfolio" outperforming the benchmark by 0.41% weekly and 8.89% annually[7][8][13] - Growth portfolios showed mixed results, with "Growth Balanced 50 Portfolio" achieving positive annual excess returns of 1.07%, while "Growth 50 Portfolio" underperformed by -2.88% annually[7][17][19] - Small-cap portfolios demonstrated strong performance, with "Small-cap 50 Portfolio" achieving weekly excess returns of 2.02% and annual excess returns of 19.09%[7][20][25] - The report provides detailed performance metrics, including absolute returns, excess returns, and maximum relative drawdowns for each portfolio[7][8][20]