量化指增基金超额呈现边际修复

• The valuation factor has been weak this month, with significant pullbacks at the beginning of the month[2] - Growth, profitability, small-cap, and reversal factors have shown relative strength, presenting positive returns outside the CSI 500 constituent stock pool[2] - The small-cap factor has been leading in terms of average long-short returns this month, mainly due to its advantage in the CSI 300 constituent stock pool[3] - The excess returns of quantitative index-enhanced funds have shown marginal recovery this month, with the CSI 300 index-enhanced funds leading in excess returns[4] - The median returns of CSI 1000 and CSI A500 index-enhanced funds have returned to near the benchmark[4] - The excess returns of CSI 500 index-enhanced funds have slightly recovered from the beginning of the month but still show significant excess pullbacks overall[4] - The average long-short returns of factors such as volatility, turnover rate, and other defensive volume-price factors have been under pressure, showing significant pullbacks on average[3] - The excess returns of public quantitative index-enhanced funds are tracked based on the performance of their net value curves, with the CSI 300 index-enhanced funds showing the most significant excess returns this month[4] - The performance of classic factors such as valuation, growth, profitability, small-cap, reversal, volatility, turnover rate, and expectation factors is tracked in different stock pools, including CSI 300, CSI 500, CSI 1000, and all A-shares[9] - The performance of large category factors and their sub-factors is displayed, with blue-marked large category factors and their sub-factors used to synthesize them[9] - The Rank IC values of factors in the CSI 300 constituent stock pool are tracked monthly to evaluate their effectiveness[10] - The Rank IC values of factors in the CSI 500 constituent stock pool are tracked monthly to evaluate their effectiveness[11] - The Rank IC values of factors in the CSI 1000 constituent stock pool are tracked monthly to evaluate their effectiveness[12] - The Rank IC values of factors in the all A-shares stock pool are tracked monthly to evaluate their effectiveness[13] - The performance of long-short combinations of factors is evaluated by constructing industry-neutral long-short combinations based on the scores of large category factors in different stock pools[14] - The average returns of long-short combinations of factors in different stock pools are tracked monthly[15][16][18][20][21][22] - The excess returns of quantitative index-enhanced funds tracking CSI 300, CSI 500, CSI 1000, and CSI A500 indices are tracked, with the top 10 representative funds presented for each category[23][25][31][37][42] - The excess returns and maximum drawdowns of quantitative index-enhanced funds are tracked and presented in bubble charts, with the size of the bubbles representing the fund size as of Q4 2025[26][32][38][43][46]