指数增强型基金，爆发式增长

Core Viewpoint - The explosive growth of index-enhanced funds in China is attributed to policy support, market demand, and product innovation, with new issuance exceeding 570 billion yuan this year, marking a historical high [2][4][6]. Fund Issuance and Performance - As of September 6, 2023, 113 new index-enhanced funds have been established, with a total issuance of 575.67 billion yuan, which is 2.77 times last year's total [4]. - The proportion of index-enhanced funds in new equity funds reached 20.42% and 7.63% in total new fund issuance, both at historical highs [4]. - Currently, 17 index-enhanced funds are in issuance, accounting for 24% of total new fund issuance, also a high level historically [5]. Investment Performance - The average excess return of index-enhanced funds this year is 3.76%, with the strongest performing product achieving nearly 20% excess return [10]. - Over the past three and five years, the average excess return rates for index-enhanced funds are 4.36% and 14.62%, respectively, indicating strong long-term performance [11]. Market Dynamics and Investor Sentiment - The growth in index-enhanced funds is driven by a favorable A-share market performance, increasing investor interest in equity assets, and a growing recognition of index products among investors [5][6]. - Institutional investors are increasingly recognizing the benefits of index-enhanced funds due to their longer investment horizons and clearer performance benchmarks [6]. Strategic Development - Mid-sized public funds are focusing on index-enhanced funds as a strategic choice to differentiate themselves and establish competitive advantages in a crowded market [7][8]. - The future enthusiasm for public fund layouts is expected to continue, with a focus on differentiated strategies and innovative quantitative models [12].