来源：同壁财经 今年以来小盘持续占优。中证2000增强ETF(159552)今年以来累计涨53.95%，较基准指数超额19.27%；资金热度不减， 年初以来累计净流入超11.5亿，年内规模增长7904.28%，成为ETF市场现象级单品。 分析指出，近期市场关注中小盘股后续空间。分析认为，支撑其配置价值的理由包括：一是当前市场风险偏好持续走 高，具备成长弹性的中小盘股增强仍为市场焦点；二是其整体估值尚未达历史高位，相对价值及成长溢价逻辑仍存空 间；三是量化增强策略能有效应对波动、持续创造超额收益，如招商基金1000ETF增强(159680)、中证2000增强 ETF(159552)成立以来季季跑赢基准，年内超额显著；四是相关ETF资金持续净流入，规模领先，流动性充裕。但专业人 士的恳切提醒不容忽视：美联储Q3降息或利好成长风格，提供宽松环境，但外部不确定性高，小市值风格短期已处于高 位，警惕回调风险。 ...

Group 1 - The small-cap index has shown strong performance recently, with the CSI 2000 Enhanced ETF (159552) achieving a cumulative increase of 53.95% year-to-date, outperforming the benchmark index by 21.74% [1] - As of August 21, the cumulative net inflow for the year has exceeded 1.15 billion, with a year-to-date scale growth of 7871.11%, reaching approximately 1.3 billion, marking a historical high [1] Group 2 - Analysts highlight the ongoing interest in small-cap stocks, supported by several factors: the current market risk appetite is rising, making growth-oriented small-cap stocks a focal point [3] - The overall valuation of small-cap stocks has not yet reached historical highs, indicating that relative value and growth premium logic still have room to grow [3] - Quantitative enhancement strategies have proven effective in managing volatility and consistently generating excess returns, as evidenced by the performance of the Zhao Shang Fund 1000 ETF Enhanced (159680) and the CSI 2000 Enhanced ETF (159552), both of which have outperformed their benchmarks since inception [3] - Continuous net inflows into related ETFs indicate strong liquidity and leading scale in the market [3]

Group 1 - The core viewpoint of the article highlights the strong performance of small-cap indices, particularly the CSI 2000 Enhanced ETF (159552), which has seen a cumulative increase of 53.95% year-to-date, outperforming the benchmark index by 21.74% [1] - As of August 21, the cumulative net inflow into the ETF has exceeded 1.15 billion, with a year-to-date scale growth of 7871.11%, reaching approximately 1.3 billion, marking a historical high [1] - Analysts suggest that the market's focus on small-cap stocks is supported by several factors, including rising market risk appetite, relatively low overall valuations, and the effectiveness of quantitative enhancement strategies in generating excess returns [1] Group 2 - The article notes that the quantitative enhancement strategies, such as those employed by the China Merchants Fund 1000 ETF Enhanced (159680) and the CSI 2000 Enhanced ETF (159552), have consistently outperformed their benchmarks since inception, with significant excess returns this year [1] - Continuous net inflows into related ETFs indicate strong liquidity and leading scale in the market [1] - Despite the positive outlook, professionals caution about potential risks, including high external uncertainties and the possibility of a short-term correction in small-cap styles, especially with the Federal Reserve's potential interest rate cuts in Q3 [1]

8月21日，两市午后跳水。截至14时31分，"小盘双子星"中证2000增强ETF(159552)、1000ETF增强 (159680)分别跌0.84%、0.61%，年内分别涨54.11%、30.60%。Wind Level2实时行情显示，盘中二者双 双获得资金逆市净流入。 分析指出，近期市场关注中小盘股后续空间。分析认为，支撑其配置价值的理由包括：一是当前市场风 险偏好持续走高，具备成长弹性的中小盘股增强仍为市场焦点；二是其整体估值尚未达历史高位，相对 价值及成长溢价逻辑仍存空间；三是量化增强策略能有效应对波动、持续创造超额收益，如招商基金 1000ETF增强(159680)、中证2000增强ETF(159552)成立以来季季跑赢基准，年内超额显著；四是相关 ETF资金持续净流入，规模领先，流动性充裕。但专业人士的恳切提醒不容忽视：美联储Q3降息或利好 成长风格，提供宽松环境，但外部不确定性高，小市值风格短期已处于高位，警惕回调风险。 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考 ...

数据说明：华商沪深300指数增强基金的募集期为2025年8月4日至2025年8月15日。本基金的具体投资比 例和投资策略详见基金法律文件。文中行业及指数数据来自万得信息、中证指数及华商基金。截至2025 年6月30日，邓默具有14.1年证券从业经历，其中4.3年证券研究经历，9.8年证券投资经历。邓默历任基 金：华商新量化灵活配置混合A 2015.09.09至今、华商量化进取灵活配置混合2015.09.09至今、华商动态 阿尔法灵活配置混合2018.02.23至今、华商红利优选灵活配置混合2019.03.08至今、华商品质慧选混合 2022.03.08至今、华商新量化灵活配置混合C 2022.07.07至今、华商大盘量化精选灵活配置混合 2015.09.09至2017.04.26、华商电子行业量化股票发起式2019.09.17至2020.12.15、华商计算机行业量化股 票发起式2019.10.30至2020.12.15、华商量化优质精选混合2020.10.28至2024.01.23、华商中证A500指数 增强2024.11.01至今、华商中证500指数增强2025.06.17至今，华商中证800指数增强20 ...

在多重利好持续作用下，近期中国股市呈现出积极的上涨态势，投资者对优质核心资产的配置需求显著 提升。华商基金凭借在指数增强领域的专业优势，推出华商沪深300指数增强基金（A类：024313 / C 类：024314），通过核心资产贝塔加主动阿尔法的双轮驱动策略，助力投资者把握核心资产配置机遇。 该基金将于8月15日结束募集。 作为华商基金指数增强家族的重要成员，华商沪深300指数增强基金锚定中国资本市场的旗舰指数之一 ——沪深300指数。该指数汇聚了沪深两市市值大、流动性好的300家龙头企业，前三大行业主要为金 融、工业、信息技术，反映出周期+防御+成长的多元组合特征，既能把握传统行业估值修复机会，又 能参与新兴产业发展红利，是分享中国经济增长的"核心载体"，堪称资产配置组合中的"压舱石"。 华商沪深300指数增强基金融合了华商基金在主动管理领域的深厚积淀与量化投资的先进技术，力求实 现"指数β+量化α"的双重收益潜力。有数据显示，沪深300指数等主流指数增强产品的年化超额收益普遍 在3%~8%区间，且波动率中位数低于对应ETF，为投资者在波动市中提供了更优的风险收益比。 该基金拟由华商基金量化投资团队的两位核 ...

Core Insights - The small-cap stocks have paused while large-cap stocks take the lead in the market rally, with significant capital inflow into the market [1] - The CSI 2000 Enhanced ETF (159552) has attracted over 140 million in capital, reaching a historical high, and its fund size has surpassed 1 billion [1] - The CSI 2000 Enhanced ETF has increased over 100% in the past year and nearly 50% year-to-date, leading the market in broad index ETFs [1] - The ETF has consistently generated excess returns each quarter since its inception, totaling over 40%, earning it the title of "King of Index Enhancements" [1] Market Conditions - The high volatility of small-cap stocks has been fully released due to the dual stimulus of a low-interest-rate environment and policies favoring specialized and innovative enterprises [1] - The rolling price-to-earnings ratio of the CSI 2000 index is nearing 140 times, which is at a historical high over the past decade, indicating a potential risk for investors [1] Investment Strategy - Professional institutions recommend a strategy of gradually building positions during market pullbacks rather than chasing high prices [1] - It is advised to allocate some investments to large-cap blue-chip stocks with more attractive valuations to achieve risk hedging in investment portfolios [1]

Core Insights - Small-cap stocks have emerged as the primary source of returns in the A-share market this year, with the China Securities 2000 Enhanced ETF (159552) leading the way with a year-to-date increase of 44.05% and a one-year increase exceeding 96% [1][4] - The enhanced ETF's superior performance is attributed to a quantitative strategy that systematically exploits pricing inefficiencies in small-cap stocks rather than relying on speculative bets on specific sectors [3][2] Performance Metrics - The China Securities 2000 Enhanced ETF has achieved a cumulative return of 88.45% since its inception, outperforming the China Securities 2000 index by 38.62% [1][3] - The index itself has seen a rise of over 68% since September 24, 2024, making it a key driver of the current market rally [9][10] Market Dynamics - The small-cap sector is benefiting from supportive policies aimed at specialized and innovative enterprises, with the China Securities 2000 index constituents being core representatives of small and micro enterprises [7] - High liquidity, with daily trading volumes averaging over 1 trillion, provides an ideal environment for quantitative strategies to effectively capture stock opportunities [8] - The structural characteristics of small-cap stocks, including high elasticity and growth potential, enhance their performance in a volatile market [9] Fund Flows and Investor Sentiment - On August 5, 2025, the China Securities 2000 Enhanced ETF experienced a net inflow of 72.93 million, indicating strong investor interest and confidence in the "small-cap + enhanced" strategy [11] - The ETF's assets have surged over 30 times this year, approaching 600 million, positioning it as the largest among similar enhanced ETFs [11]

Fund Overview - The fund is named E Fund ChiNext Index Enhanced Securities Investment Fund, with A class fund share code 025164 and C class fund share code 025165 [20] - It is a contract-based open-end, stock-type index fund [20] - The fund's management and registration institution is E Fund Management Co., Ltd., and the custodian is Agricultural Bank of China [20] Fund Raising Details - The fund will be publicly offered from August 18, 2025, to August 29, 2025, with a maximum fundraising limit of 8 billion RMB [5][23] - If the total effective subscription amount exceeds 8 billion RMB, the fund manager will implement a proportionate confirmation method to control the scale [2][5] - The minimum subscription amount for individual investors is 1 RMB through non-direct sales institutions, while it is 50,000 RMB through the direct sales center [4] Fund Share Classes - The fund has two share classes: A class, which charges subscription fees, and C class, which does not charge subscription fees but incurs sales service fees during the holding period [25][28] - Each share class will have its own net asset value calculated and published separately [2] Investment Objectives - The fund aims to achieve investment returns that exceed the performance benchmark while controlling the average tracking deviation and annualized tracking error [21] Subscription Process - Investors can subscribe multiple times during the fundraising period, and there is no upper limit on the total subscription amount for individual investors, provided it does not lead to a single investor holding over 50% of the fund shares [4][5] - Subscription applications must be confirmed by the registration institution, and once confirmed, they cannot be revoked [5][34] Index Composition - The fund's benchmark index is the ChiNext Index, which includes A-shares listed on the Shenzhen Stock Exchange that meet specific criteria [9][10] - The selection process for index constituents involves evaluating market capitalization, trading volume, and compliance with regulatory standards [11][12] Fund Management and Operations - The fund management company may adjust the fundraising arrangements based on various factors [8] - The fund's assets will be verified by a qualified accounting firm after the fundraising period ends [61]

Core Insights - The China Securities 2000 Enhanced ETF (159552) has reached a new historical high, with a closing price of 1.767 and approximately 10 million in net subscriptions during the morning session [1] - The ETF has seen continuous inflows, with around 100 million in net inflows over the last five trading days and over 200 million in the past two months [3] - Year-to-date, the ETF has increased by 35.61%, outperforming its benchmark index by over 17%, and its total assets have surged by 1531.71% since the beginning of the year [3] Performance Analysis - Since its inception on June 19, 2023, the ETF has achieved cumulative excess returns of over 30%, with a total return exceeding 75% when combined with the 43.54% increase of the underlying index [4] - The ETF's strategy focuses on capturing alpha through quantitative methods, leveraging behavioral biases and pricing errors prevalent among retail investors in the A-share market [4] - Monthly performance data indicates that the ETF consistently generates excess returns, regardless of market fluctuations, demonstrating strong predictability and sustainability [7] Market Dynamics - The ETF's appeal lies in its ability to combine beta (index potential) and alpha (excess returns), making it attractive to a wide range of investors [4] - The ongoing structural characteristics of the China Securities 2000 index continue to provide opportunities for quantitative strategies to exploit pricing inefficiencies [4]