市场狂欢，超额靠边？8月仅两成跑出正超额，念觉、明汯、蒙玺等逆市而上！

Core Viewpoint - The stock market experienced a broad rally in August, but there was significant divergence among individual stocks, leading to a general decline in excess returns for quantitative strategies. Only 20.83% of the 696 quantitative long products achieved positive excess returns in August [2][3]. Summary by Sections Market Performance - In August, the quantitative long strategies saw a decline in excess returns, particularly after the second week, when technology stocks like Yizhongtian, Hanwujing, and Industrial Fulian became the main drivers of market gains, while other sectors lagged [2][3]. - The average excess return for quantitative long products was -2.28% for the month, with only 145 out of 696 products achieving positive excess returns [3]. Weekly Performance Breakdown - Week 1: Average excess return of 0.81%, with 84.20% of products achieving positive excess [3]. - Week 2: Average excess return of -1.06%, with only 21.98% of products achieving positive excess [3]. - Week 3: Average excess return of -0.61%, with 23.85% of products achieving positive excess [3]. - Week 4: Average excess return of -1.99%, with only 12.21% of products achieving positive excess [3]. Notable Products - Despite the overall decline, 20 products managed to achieve positive excess returns for all four weeks in August, including "Mingyue Songjian Zhaozhao 1" managed by Huang Chen and "Nianjue Lianzhen Quantitative Selected Excellent 1" managed by Wang Xiao [3][4]. - The top-performing product in August was "Nianjue Lianzhen Quantitative Selected Excellent 1," which achieved a significant excess return, outperforming other quantitative long products [9]. Performance by Fund Size - Over 100 Billion: 51 products achieved positive excess returns, with a total excess return of -1.69% [5][10]. - 50-100 Billion: 20 products achieved positive excess returns, with a total excess return of -1.35% [10][11]. - 20-50 Billion: 9 products achieved positive excess returns, with a total excess return of -2.53% [13]. - 10-20 Billion: 14 products achieved positive excess returns, with a total excess return of -2.57% [16]. - 5-10 Billion: 19 products achieved positive excess returns, with a total excess return of -2.55% [18]. - 0-5 Billion: 32 products achieved positive excess returns, with a total excess return of -3.02% [20]. Key Players - Mingyue Songjian Zhaozhao 1 and Nianjue Lianzhen Quantitative Selected Excellent 1 were highlighted for their strong performance in August [4][9]. - Mingyue Investment and Mengxi Investment were noted for their significant number of products achieving positive excess returns [8][9].