震荡与风格轮动常态化，500指增配置价值提升

Core Viewpoint - The A-share market is experiencing significant structural fluctuations, with a rotation between technology growth and dividend value, highlighting the importance of structural allocation as a key strategy to navigate through market volatility [3]. Group 1: Index Configuration Value - The China Securities 500 Index (CSI 500) has re-emerged as a central asset due to its balanced exposure to mid-cap companies, avoiding the concentration seen in the CSI 300 and the high volatility of smaller cap indices [8]. - The index covers emerging industries such as electronics, power equipment, pharmaceuticals, computers, and new energy, with these sectors accounting for nearly 50% of the index, indicating strong growth potential driven by technological innovation and policy support [9]. - The average market capitalization of the CSI 500 constituents is approximately 33.4 billion, with a median of 29.5 billion, providing a balance of stability and growth potential compared to small and large-cap stocks [13]. - As of December 17, 2025, the CSI 500's price-to-earnings ratio is about 25 times, and the price-to-book ratio is approximately 2.2 times, positioning it at a medium valuation level compared to historical data, making it more attractive than larger indices [14]. Group 2: Enhanced Index Funds - Enhanced index funds based on the CSI 500 aim to improve return stability while maintaining a balanced exposure to the index, introducing systematic alpha sources to optimize risk-return structures [15]. - The China Europe CSI 500 Enhanced Index Fund A, established on May 6, 2022, has achieved a return of 44.01% over three years, significantly outperforming its benchmark [16]. - The fund employs a diversified, low-correlation factor strategy, utilizing extensive data and machine learning models to construct a return prediction system, aiming to reduce drawdowns and enhance return stability [17].