【公募基金】把控节奏，方向不改——公募基金量化遴选类策略指数跟踪周报（2026.01.18）

Core Viewpoint - The A-share market shows strong performance at the beginning of 2026, with the Shanghai Composite Index rising to around 4200 points, but signs of overheating are evident in the overall market and certain sectors [3] - The market is experiencing resistance due to factors such as a "slow bull" tone, control over speculative trading, and significant outflows from broad-based funds, leading to a slight decline of -0.45% in the Shanghai Composite Index [3] Group 1: Market Analysis - The A-share market is expected to present investment opportunities despite short-term cooling, which is more about controlling the pace of upward movement rather than a change in market direction [4] - The overseas market is facing increased uncertainty due to geopolitical issues, U.S. economic data, and the independence of the Federal Reserve, which is suppressing overall market performance during the U.S. earnings season [3][4] Group 2: Fund Strategy Performance - The Changqing Low Volatility Fund Strategy Index recorded a weekly return of 0.281% and a monthly return of 2.503%, while the Stock Enhancement Fund Strategy Index achieved a weekly return of 0.694% and a monthly return of 6.142% [5][10] - The Cash Growth Fund Strategy Index outperformed the benchmark with a weekly return of 0.027%, accumulating a total excess return of 0.580% since its strategy inception [6][10] Group 3: Fund Strategy Insights - The Changqing Low Volatility Fund has maintained low volatility characteristics, significantly outperforming the benchmark in terms of both volatility and maximum drawdown, while achieving notable returns [11] - The Stock Enhancement Fund strategy aims to identify funds with strong alpha generation capabilities, showing potential for better performance as market conditions improve [13] - The Cash Growth Fund strategy has consistently outperformed its benchmark since its inception, providing effective cash management solutions for investors [14] - The Overseas Equity Allocation Fund has accumulated high excess returns since its strategy launch, benefiting from the global technology sector's momentum driven by AI [15] Group 4: Fund Selection Methodology - The report emphasizes the need for a quantitative approach to fund selection, adapting to changing market conditions and investor risk preferences [21] - The methodology includes constructing a low-volatility fund portfolio to meet defensive needs in high-risk environments while ensuring stable returns [23] - The report also outlines a selection system for money market funds to optimize short-term idle fund returns while minimizing risk [26] - For overseas investments, the report suggests a strategy based on momentum and reversal factors to select suitable QDII funds for global asset allocation [27]