开源量化评论（116）：量化产品季度点评：宽基增强Q4超额优秀，885001增强产品备受关注

Group 1 - The report highlights that in 2025, the public quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices showed varying levels of excess returns, with the CSI 1000 enhanced products achieving the highest average excess return of 9.3% for the year [3][21] - The public quantitative CSI 300 enhanced products recorded an average excess return of 2.5% for 2025, with a quarterly excess return of 1.6% in Q4 [3][13] - The public quantitative CSI 500 enhanced products had an average excess return of 2.1% for 2025, with a quarterly excess return of 1.0% in Q4 [3][16] Group 2 - The report indicates that public quantitative dividend strategies achieved an average excess return of 4.2% in 2025, with top-performing products including Hai Fu Tong Dividend Preferred A and Guang Fa High Dividend Preferred A [4][29] - Public quantitative fixed income plus products had an average cumulative return of 4.9% in 2025, with leading products such as Fu Guo Xing Li Enhanced A and Fu Guo Feng Li Enhanced A [4][33] Group 3 - Private quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices outperformed public strategies, with the CSI 1000 enhanced products achieving an excess return of 15.1% for 2025 [5][40] - The private quantitative CSI 300 enhanced products recorded an excess return of 8.6% for the year, significantly higher than the public counterpart [5][37] - The private quantitative CSI 500 enhanced products achieved an excess return of 10.4% for 2025, again outperforming public strategies [5][38]