公募基金量化遴选类策略指数跟踪周报（2025.11.30）：市场震荡因素缓解，关注短期低位布局机会-20251202

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market is expected to gradually return to an upward trend as the factors causing previous adjustments are digested and alleviated. It is a good time to make short-term low-level layouts. The stock fund enhancement strategy has more room for growth, and the evergreen low-volatility strategy can be used as a base configuration [3][4]. - The US stock market is in a high-level volatile pattern in the short term. In the long term, the main driving force of the technology development trend remains strong, and the long-term upward trend of the US stock market is still optimistic [5]. - Different fund strategies have different performance. The evergreen low-volatility fund strategy has shown strong stability, the stock fund enhancement fund strategy has high volatility, the cash gain fund strategy has continuously accumulated excess returns, and the overseas equity allocation fund strategy has high long-term allocation value [5][6]. Summary by Relevant Catalogs 1. Tool - based Fund Portfolio Performance Tracking - Evergreen Low - Volatility Fund Portfolio: It has maintained low - volatility characteristics for a long time, with significantly better volatility and maximum drawdown than the CSI Active Stock Fund Index. Since the strategy started on July 31, 2023, it has continued its low - volatility and small - drawdown attributes, showing both defensive and offensive capabilities [12][14]. - Stock Fund Enhancement Fund Portfolio: The strategy has been running for a short time, and its performance is close to that of the CSI Active Stock Fund Index. It is expected to have stronger elasticity when the market environment improves [12][17]. - Cash Gain Fund Portfolio: After double screening of risk elimination and scoring optimization, it has continuously outperformed the benchmark. Since the strategy started in late July 2023, it has accumulated more than 0.41% excess return [12][18]. - Overseas Equity Allocation Fund Portfolio: Since July 31, 2023, in the context of the Fed's interest - rate cut channel and the drive of artificial intelligence technology, it has accumulated a high level of excess return, and global allocation can increase the return of the equity investment portfolio [12][22]. 2. Tool - based Fund Portfolio Construction Ideas - Evergreen Low - Volatility Fund Portfolio: The goal is to select funds with long - term stable returns from high - equity - position actively managed funds. By adding restrictions on fund valuation levels, a low - volatility active equity fund portfolio is constructed [24][27]. - Stock Fund Enhancement Fund Portfolio: The goal is to meet the needs of equity fund investors with different risk preferences. By analyzing the source of fund returns and constructing a portfolio based on the significant continuity of Alpha returns, it is expected to bring excess performance [25][28]. - Cash Gain Fund Portfolio: A currency fund selection system is constructed by comprehensively considering various currency fund factors, helping investors obtain higher returns and reduce return volatility risks [25][29]. - Overseas Equity Allocation Fund Portfolio: Based on overseas equity market indices, by using long - term momentum and short - term reversal factors, an overseas equity allocation fund portfolio is constructed to assist investors in global investment [26][30].