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Core Viewpoint - The article discusses the performance of public quantitative index-enhanced funds in the A-share market, highlighting the importance of both offensive and defensive capabilities in achieving excess returns during a steady bull market [3][4]. Group 1: Market Overview - The A-share market has shown a steady upward trend, with the Shanghai Composite Index surpassing 3900 points, reaching a nearly ten-year high [3]. - The average return of 138 Hu-Shen 300 index-enhanced products this year is 19.17%, with an average offensive capability of 0.982 and a defensive capability of 0.912 [5]. Group 2: Offensive and Defensive Capabilities - Offensive capability (upside capture ratio) measures a fund's sensitivity to market increases, with values greater than 1 indicating stronger performance against the benchmark [3]. - Defensive capability (downside capture ratio) measures a fund's sensitivity to market declines, with values less than 1 indicating better performance in down markets [3]. Group 3: Top Performing Funds - The top three Hu-Shen 300 index-enhanced funds based on offensive capability are: 1. Fu Rong Hu-Shen 300 Index Enhanced A: Offensive capability of 1.19, defensive capability of 0.93, and a return of 27.07% [5][6]. 2. Ping An Hu-Shen 300 Index Quantitative Enhanced A: Offensive capability of 1.13, defensive capability of 0.88, and a return of 26.17% [6]. 3. China Europe Hu-Shen 300 Index Enhanced A: Offensive capability of 1.11, defensive capability of 0.83, and a return of 27.69% [5]. Group 4: Performance of Other Indexes - The average return of 212 Zhong Zheng 500 index-enhanced products this year is 29.69%, with an average offensive capability of 0.920 and a defensive capability of 0.824 [7]. - The top three Zhong Zheng 500 index-enhanced funds are: 1. Penghua Zhong Zheng 500 Index Enhanced A: Offensive capability of 1.01, defensive capability of 0.66, and a return of 41.63% [7]. 2. Changcheng Zhong Zheng 500 Index Enhanced A: Offensive capability of 1.00, defensive capability of 0.81, and a return of 36.44% [7]. 3. Tianhong Zhong Zheng 500 Index Enhanced A: Offensive capability of 1.00, defensive capability of 0.81, and a return of 35.47% [7]. Group 5: Insights on Fund Managers - Fund manager Meng Yaqiang of Fu Rong focuses on a macro-level quantitative approach, combining fundamental analysis with models to avoid factor distortion [6]. - Fund manager Su Junjie of Penghua employs a unique AI and fundamental quantitative model to capture excess returns [8]. - Fund manager Zuo Jinbao of Changxin uses a multi-factor model based on financial statements and stock price volatility to achieve superior returns [11].