指数基金产品研究系列报告之二百六十：天弘基金指数增强业务：产品布局丰富、历史业绩长期稳健

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As of October 31, 2025, Tianhong Fund has 18 index - enhanced products with a total management scale of 11.947 billion yuan. The product line comprehensively covers broad - based and industry indices, with a leading number of products in the market [2][5]. - Tianhong Fund's index - enhanced products have shown excellent long - term historical performance and outstanding performance this year. The company's unified quantitative system supports a high - consistency performance output ability [18][23]. - Tianhong Fund has a continuously iterative investment framework, a new paradigm of index - enhanced investment with high AI content, and is building a research - investment integrated platform TIRD to improve investment and research efficiency [30][32]. - The fund managers have rich quantitative industry and investment experience, contributing to stable excess returns [33]. 3. Summary According to the Catalog 3.1 Tianhong Fund's Index - Enhanced Product Line: Comprehensive Coverage of Broad - Based and Industry Indices, Leading in the Number of Products in the Market - Overall Situation: Tianhong Fund's index - enhanced business started in the second half of 2019. As of October 31, 2025, there are 18 index - enhanced products (only counting main - code funds), with a total management scale of 11.947 billion yuan. Among them, there are 12 broad - based index - enhanced products (including 2 enhanced - strategy ETFs) with a scale of about 10.7 billion yuan, and 6 industry - themed index - enhanced products with a scale of about 1.2 billion yuan [2][5]. - Broad - Based Index Coverage: The product line fully covers major broad - based indices in the market, spanning different market - value styles from CSI 300 to SSE 2000, covering large, medium, and small market - value dimensions. It also has multiple broad - based index - enhanced products in the main board, GEM, and STAR Market. In addition to comprehensive index coverage, Tianhong Fund has innovated in product forms, providing both off - exchange ordinary index - enhanced funds and on - exchange index - enhanced ETFs, creating an "on - and off - exchange linked, well - equipped" product ecosystem [7][9]. - Industry Index - Enhanced Product Layout: Tianhong Fund actively explores niche industry tracks, building a competitive industry index - enhanced product line, which is different from most peers focusing on broad - based indices. It ranks second in the market for industry index - enhanced funds, showing forward - looking product layout capabilities. It has systematically deployed index - enhanced products in five key areas: technology, consumption, medicine, advanced manufacturing, and new energy, helping investors capture structural opportunities [11][15]. 3.2 Long - Term Historical Performance is Outstanding, and Product Performance is Comprehensive and Prominent - High - Consistency Systematized Ability: As of October 31, 2025, 4 broad - based index - enhanced products of Tianhong Fund have been in operation for more than three years. In the past three years, these four products have shown excellent and highly consistent excess - return capabilities in the same - type benchmark index - enhanced funds, with their excess - return rankings all in the top 40% and an average ranking percentile of 31.89%. They also show a scientific return - risk allocation level, with their information - ratio rankings all in the top 40% and an average ranking percentile of 28.57%. All products' information - ratio rankings are not inferior to their excess - return rankings, indicating reasonable risk control [18][19]. - Outstanding Long - Term Historical Performance - A Replicable and Expandable Investment Paradigm: Tianhong Fund's operation mode for long - term stable excess performance can be replicated and expanded in industry index - enhanced products. Five index - enhanced fund products were established between 2020 - 2022, and their excess - return rates compared to the benchmark since their establishment range from 3% to 28%, showing better performance than the benchmark, especially in elastic industries such as advanced manufacturing and technology TMT [21]. - Excellent Performance This Year: As of October 31, 2025, Tianhong Fund's index - enhanced products have shown excellent performance in the overall upward market this year. Three products, including the SSE 2000 Index - Enhanced, CSI 1000 Enhanced Strategy ETF, and CSI 1000 Index - Enhanced, have an excess - return rate of more than 10% compared to the benchmark. Except for the SSE STAR Market 100 Index - Enhanced, which slightly underperformed the benchmark, the rest of the products achieved varying degrees of excess returns. Most of the index - enhanced products achieved an excess return of more than 5% compared to the benchmark this year [23][26]. 3.3 Continuously Iterative Investment Framework, a New Paradigm of Index - Enhanced Investment with High AI Content - Investment Strategy Framework: Tianhong's index - enhanced product series aims to obtain stable excess returns. It relies on a rich Alpha - factor system, a complete risk - control system, and diversified portfolio - construction strategies. The company has deep - rooted in the traditional fundamental multi - factor system and actively deployed AI technology in recent years, introducing machine - learning methods. It has developed and applied multiple algorithm models in real - time, using diverse feature factors constructed from mixed - frequency data [30]. - Research - Investment Integrated Platform TIRD: To address the problems in the traditional public - fund research - investment platform, Tianhong Fund is building the TIRD platform. This platform can ensure the accumulation and clarity of research, quantifiable assessment, iterative strategy accumulation, and interpretable performance evaluation. It transforms from a distributed platform to a collaborative one, achieving complete knowledge retention, timely sharing, smooth strategy generation, and clear team incentives [32]. 3.4 Team Members - Rich Quantitative Industry and Investment Experience - Fund manager Yang Chao has a master's degree in mathematics and financial computing from the University of Wales, Swansea. He has 15 years of securities industry experience and 10 years of index - enhanced and quantitative fund management experience. He has a mature index - enhanced investment strategy and has contributed stable excess returns. He has worked in multiple fund companies and is currently the general manager of the Index and Quantitative Investment Department at Tianhong Fund, managing multiple index - enhanced products [33].