Core Insights - The report highlights the increasing volatility in global markets, with the "Evergreen Low Volatility Strategy" demonstrating its advantages in such conditions [2][3][5] - The A-share market is experiencing a fluctuating trend, with the Shanghai Composite Index stabilizing around 4000 points, indicating a challenging environment for capturing market movements [2][4] - The report suggests that despite short-term pressures, the market is expected to maintain an upward trend in the medium to long term, with limited downside potential [4][5] Quantitative Strategy Allocation Views - The report ranks the strategies as follows: Stock Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy, indicating a preference for more aggressive strategies in the current market [4] - The Evergreen Low Volatility Strategy has shown stable performance, with a return of 0.537% this week and an excess return of 1.412%, reflecting its role as a stabilizer in volatile markets [5][12] - The Stock Enhancement Strategy has underperformed slightly this week with a return of -0.056%, but it is expected to perform better in improved market conditions [6][17] Fund Performance Statistics - The Evergreen Low Volatility Fund Strategy has achieved a year-to-date return of 15.124%, significantly outperforming the benchmark [12] - The Overseas Equity Allocation Fund Strategy recorded a return of 0.638% this week, with a year-to-date return of 11.935%, indicating strong performance amid global market dynamics [7][12] - The Cash Enhancement Fund Strategy has consistently outperformed its benchmark, accumulating an excess return of 0.534% since its inception [6][18] Fund Strategy Construction Insights - The Evergreen Low Volatility Fund Strategy focuses on selecting funds with long-term stable returns, aiming to minimize volatility while maintaining decent returns [14][26] - The Stock Enhancement Fund Strategy seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in favorable market conditions [17][27] - The Cash Enhancement Fund Strategy emphasizes selecting funds with better yield performance, providing effective cash management solutions for investors [18][28] - The Overseas Equity Allocation Fund Strategy aims to expand global investment opportunities, leveraging trends in international markets to enhance returns [21][29]

Core Viewpoints - The market has shown signs of recovery from previous disturbances, with the Shanghai Composite Index rising above 3950 points, driven by increased confidence in industries and technology following the 20th Central Committee's Fourth Plenary Session [3] - The A-share market is expected to maintain an upward trend despite short-term resistance, with limited pullback space, suggesting a strategy of gradually accumulating positions [4][5] - The overseas market has seen reduced sensitivity to risks, with a positive outlook for U.S. stocks driven by strong technology trends and AI capital expenditures [5] Quantitative Strategy Allocation Views - The preferred strategy ranking is: Stock-based enhancement strategy > Overseas equity strategy > Evergreen low-volatility strategy [4] - The stock-based enhancement strategy has shown better performance compared to the evergreen low-volatility strategy, which serves as a foundational allocation to optimize portfolio volatility [4][5] Fund Strategy Performance - The Evergreen low-volatility fund strategy recorded a weekly return of 2.256%, while the stock-based enhancement strategy achieved 2.441% [9] - The cash-enhanced fund strategy yielded 0.026%, outperforming the benchmark [6] - The overseas equity allocation fund strategy recorded a return of 0.929%, indicating a strong long-term outlook for U.S. stocks amid technological advancements [6][9] Fund Composition Insights - The Evergreen low-volatility fund has maintained low volatility and drawdown characteristics, providing stable returns even during market fluctuations [10] - The stock-based enhancement fund strategy aims to identify funds with strong alpha generation capabilities, showing potential for better performance in improved market conditions [11] - The cash-enhanced fund strategy has consistently outperformed benchmarks, providing effective cash management solutions [13] - The overseas equity allocation fund has accumulated significant excess returns, benefiting from global technology trends and the Fed's monetary policy [16] Fund Construction Philosophy - The company employs quantitative methods to create a fund selection pool that meets diverse investor needs in varying market conditions [18] - The Evergreen low-volatility fund aims to provide stable returns in high-risk environments, appealing to conservative investors [20] - The stock-based enhancement fund focuses on identifying funds with strong stock-picking abilities to deliver excess returns [21] - The cash-enhanced fund strategy emphasizes selecting high-yield funds while minimizing volatility [22] - The overseas equity allocation fund strategy utilizes momentum and reversal factors to select high-performing international indices for investment [23]

股基增强策略 > 海外权益策略> 常青低波策略 A股方面，在经历前期的强势表现后，上证指数逐渐逼近4000点，市场已经积累较多盈利，在上行压力加大、止盈情绪抬升以及风险事件 加大不确定性，整体对市场形成一定短期压制。综合考虑中长期市场环境以及政策导向，市场有望保持向上的趋势，即使短期有所阻力， 回调空间也较为有限，市场高位震荡整固后有望重新开启上行趋势。当前处在关键阻力点位以及利好空窗期等多重因素交叠的时间区间， 市场或在当前点位区间震荡，策略上可采取逢低逐步吸纳筹码，布局整固后有望开启的上升空间。在A股权益基金策略内部，更具弹性的 股基增强组合依旧在当前时点有相对更大空间，在本轮上行行情中，股基增强策略表现持续优于常青低波策略。常青低波策略可作为打底 配置，优化组合波动特征，同时银行等防御风格板块在经历调整后性价比提升，长期配置价值提升。 海外方面，回顾近期动态，美股从计价关税预期缓解，再到与多数国家和地区达成贸易协议，市场持续减弱对于风险的计价，叠加近期的 部分科技公司强劲财报和降息预期升温的作用，美股持续上行。近期，美国政府停摆、关税担忧再起等风险因素扰动，美股呈现高位震荡 格局。中长期来看美股基本面和 ...

Market Overview - In September, domestic stock market indices showed a comprehensive increase, with the ChiNext Index rising significantly by 12.04%, while the CSI 1000 had a smaller increase of 1.83%. Year-to-date, the ChiNext Index has performed strongly with a gain of 51.20%, compared to a weaker performance of the CSI 300 at 17.94% [1][4]. - In terms of market style, small-cap stocks outperformed large-cap stocks in September, and growth stocks outperformed value stocks. Year-to-date, the ChiNext Small Cap Index has increased by 28.12%, while the ChiNext Large Cap Index has only risen by 17.64%. The Guozheng Growth Index has shown a gain of 30.64%, while the Guozheng Value Index has only increased by 4.61% [1][5]. - The best-performing sectors in September were Power Equipment and New Energy (+18.64%), Nonferrous Metals (+12.44%), and Electronics (+10.28%). Conversely, the worst-performing sectors were Comprehensive Finance (-8.04%), Banking (-6.65%), and Defense and Military Industry (-6.62%) [1][10]. - In the bond market, the total wealth index for corporate bonds decreased by 0.04%, while the total wealth index for government bonds fell by 0.52%. Year-to-date, corporate bonds have performed better with a gain of 1.46%, compared to a loss of 0.42% for government bonds [1][5]. - In the commodity market, major domestic commodity indices showed mixed results in September, with the Nanhua Gold Index rising by 11.05% and the Nanhua Agricultural Products Index declining by 2.79%. Year-to-date, the Nanhua Gold Index has increased by 39.76%, while the Nanhua Energy and Chemical Index has decreased by 10.57% [1][5]. - In overseas markets, major stock indices showed mixed results in September, with the Hang Seng Technology Index rising by 13.95% and the German DAX Index declining by 0.09%. Year-to-date, the Hang Seng Technology Index has performed well with a gain of 44.71%, while the French CAC40 Index has shown a decline of 6.98% [1][7]. ETF Strategy Performance - As of September 30, 2025, the Style Rotation Portfolio has shown outstanding cumulative returns since inception at 118.04%, surpassing its benchmark by 76.98%. The 80/20 Rotation Portfolio has also performed well with a cumulative return of 56.82%, exceeding its benchmark by 16.30% [2][11]. - The Valuation Selection ETF has demonstrated strong performance this year with a cumulative return of 44.33%, exceeding its benchmark by 39.72%. The Global Allocation Portfolio has achieved a cumulative return of 23.66% this year, surpassing its benchmark by 10.01% [2][11]. - The Dynamic Duration Strategy has shown a cumulative return of 19.41% since inception, exceeding its benchmark by 4.01%. The Asset Rotation Strategy has performed well this year with a cumulative return of 25.44%, surpassing its benchmark by 19.87%. The Asset Rotation Strategy 2.0 has also shown a cumulative return of 23.21% this year, exceeding its benchmark by 17.64% [2][11].

Core Viewpoint - The recent performance of the bond market shows a slight rebound, while the stock market faces some resistance, leading to a primarily fluctuating trend in investments [1] Product Overview - The product "智盈添金最低持有300天理财产品2号" from Huishang Bank has a minimum holding period of 300 days and focuses on fixed income investments [6] - As of the end of Q2 this year, the product's investment in funds reached 62.71%, which is significantly higher than typical fixed income products that primarily invest directly in bonds [4][13] Investment Strategy - The product employs a strategy that includes quantitative fund selection, with the top ten holdings consisting entirely of public funds, indicating a reliance on fund manager selection capabilities [4][13] - The product's investment strategy is categorized into three main approaches: asset allocation strategy, fund investment strategy, and bond investment strategy [17] Performance Metrics - The average yield of the "智盈添金" series products was 2.13% last year, with a net value growth rate of 1.42% in the first half of this year, annualized to approximately 2.84% [5] - The product scored 25 in yield, 92 in risk control, 11 in risk-adjusted return, and 58 in comprehensive fee rate, ranking it 128th, 238th, 189th, and 192nd respectively among 356 similar products [5] Risk and Fee Structure - The product has a risk level classified as secondary (medium-low), with a maximum drawdown since inception of 10.63% [12][18] - The new redemption fee structure introduced by the CSRC on September 5 requires a minimum redemption fee of 1.5% for holdings less than seven days, which may impact the product's fund investments [4] Comparative Analysis - The product's annualized return since inception is 4.52%, outperforming 67.13% of similar products, while its recent one-month annualized return is 2.41%, beating 40.17% of similar products [11][12] - The product's overall performance is considered average compared to peers, particularly due to the recent underperformance of some funds within its portfolio [8][17]

Core Viewpoint - The A-share equity market has shown strong performance, with the Shanghai Composite Index rising by 3.49% this week, indicating sustained market enthusiasm and a high level of capital inflow into the market [3][4]. Quantitative Strategy Configuration Viewpoints - The ranking of fund strategies is as follows: Stock Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy, with the stock enhancement strategy showing greater potential in the current market environment [4]. - The A-share market is expected to maintain an upward trend despite potential short-term resistance, with limited room for pullbacks [4]. - The U.S. stock market has been buoyed by easing tariff expectations and strong earnings reports from tech companies, with a potential new round of interest rate cuts expected to provide further momentum [4][6]. Fund Strategy Performance - The Evergreen Low Volatility Fund Strategy recorded a weekly gain of 1.679%, but an excess return of -1.990%, indicating that while it has been stable, it may struggle to capture excess returns in a strong market [5][9]. - The Stock Enhancement Fund Strategy achieved a weekly return of 2.719% with an excess return of -0.949%, suggesting that it is well-positioned to capture alpha as the market evolves [5][9]. - The Cash Growth Fund Strategy yielded a return of 0.028%, outperforming the benchmark, with cumulative excess returns of 0.476% since its inception [5][9]. Overseas Equity Fund Strategy - The Overseas Equity Fund Strategy experienced a decline of -1.171% this week, with an excess return of -5.022%, reflecting the impact of tariff tensions and subsequent market adjustments [6][9]. - Despite recent volatility, the U.S. economy shows no significant signs of recession, and the ongoing technological advancements are expected to drive future growth in the U.S. stock market [6][9]. Fund Combination Construction Ideas - The company emphasizes the need for a quantitative approach to fund selection to meet the diverse needs of investors in different market environments and risk preferences [19][20]. - The Evergreen Low Volatility Fund aims to provide stable returns while minimizing volatility, making it suitable for risk-averse investors [21]. - The Stock Enhancement Fund focuses on identifying funds with strong alpha generation capabilities, aiming to deliver superior performance in favorable market conditions [22]. - The Cash Growth Fund is designed to optimize returns on cash management, ensuring investors can achieve higher yields with reduced risk [23]. - The Overseas Equity Fund seeks to provide global diversification by selecting high-potential international equity indices for investment [24].

Group 1 - The core viewpoint of the article highlights the strong performance of the A-share equity market, with the Shanghai Composite Index breaking through last year's high points and maintaining an upward trend despite short-term adjustments [3][4] - The article emphasizes the effectiveness of various fund strategies, particularly the stock enhancement strategy, which is expected to accumulate excess returns as the market environment improves [5][20] - The overseas equity market is also recovering, driven by easing tariff expectations and strong earnings from tech companies, although caution is advised for short-term investments due to potential risks in the upcoming months [4][14] Group 2 - The "Evergreen Low Volatility Fund" has shown strong stability and lower volatility compared to the benchmark, making it suitable for risk-averse investors [8][19] - The "Stock Enhancement Fund" aims to identify undervalued companies and is expected to perform better as market conditions improve, despite its recent performance being close to the benchmark [9][20] - The "Cash Growth Fund" has consistently outperformed its benchmark, providing a reliable option for cash management with accumulated excess returns since its strategy launch [11][21] - The "Overseas Equity Allocation Fund" has benefited from the global tech growth trend and is positioned to provide additional returns through diversified investments [14][22]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The A-share equity market showed strong performance throughout the week, with major fund strategy indices hitting new highs. Overseas equities also resumed their upward trend after an early - month shock, and the market was less sensitive to risk factors [2]. - The recommended order of quantitative strategy allocation is: stock fund enhancement strategy > evergreen low - volatility strategy > overseas equity strategy. The A - share market is expected to maintain an upward trend, and the stock fund enhancement portfolio has more room. The evergreen low - volatility strategy can be used as a base configuration, and defensive sectors like banks still have high long - term allocation value. Overseas, the US stock market has been rising, but it's not advisable to chase high in the short term, while maintaining a long - term optimistic view [3][4]. 3. Summary by Related Catalogs 3.1 Quantified Strategy Allocation View - **A - share Market**: The Shanghai Composite Index is strong, breaking through multiple round - number points and last year's high. The market is expected to keep rising, with limited callback space. The stock fund enhancement portfolio has more room, and the evergreen low - volatility strategy and defensive sectors have long - term value [3]. - **Overseas Market**: The US stock market has been rising due to various factors. It's not advisable to chase high in the short term, but the long - term upward trend is still optimistic, and attention should be paid to potential dips for layout [4]. - **Equity Fund Strategies**: The evergreen low - volatility fund strategy rose this week with a return of 1.897% and an excess return of - 2.355%. It can reduce portfolio volatility and is still worth being a base - position configuration. The stock fund enhancement fund strategy rose with a return of 1.922% and an excess return of - 2.330%. The cash - enhancing fund strategy had a return of 0.028%, outperforming the benchmark. The overseas equity allocation fund strategy rose with a return of 1.868% and an excess return of - 1.045% [4][5]. 3.2 Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: It has low - volatility characteristics, with significantly better volatility and maximum drawdown than the CSI Active Stock Fund Index. It has achieved significant excess returns since the strategy started in July 31, 2023, and has both defensive and offensive capabilities [11][13]. - **Stock Fund Enhancement Fund Portfolio**: Since the strategy started recently, its performance is close to the CSI Active Stock Fund Index. It is expected to have more elasticity when the market environment improves and can maintain a similar trend to the benchmark in a weak market [11][16]. - **Cash - Enhancing Fund Portfolio**: After double - screening, it continuously outperforms the benchmark, and has accumulated an excess return of over 0.41% since July 2023, providing a reference for cash management [11][17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of AI technology, it has accumulated high - level excess returns, and global allocation can increase portfolio returns [11][20]. 3.3 Tool - based Fund Portfolio Construction Ideas - **General Idea**: Use quantitative methods to build a new - style fund selection pool for different market environments and risk - preference investors. For money funds and bond funds, also use quantitative methods to develop relevant tool - based portfolios [23]. - **Evergreen Low - Volatility Fund Portfolio**: Select funds with long - term stable returns from high - equity - position actively managed funds. Consider factors such as maximum drawdown, volatility, and valuation to build a low - volatility active equity fund portfolio [26]. - **Stock Fund Enhancement Fund Portfolio**: Aims to meet the needs of high - risk - preference investors. Select fund managers with strong alpha - mining ability, and build a portfolio based on the continuation of alpha returns [27]. - **Cash - Enhancing Fund Portfolio**: Build a money - fund selection system considering multiple factors to help investors obtain higher returns and reduce return volatility [28]. - **Overseas Equity Allocation Fund Portfolio**: Select QDII equity funds corresponding to overseas equity indices based on long - and short - term technical indicators, momentum, and reversal effects to meet the needs of global allocation [25][29].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-share and US stock equity markets both showed strong performances after short-term adjustments. All strategy indices gained positive returns this week, with defensive-style sectors that had experienced longer pullbacks performing better, and domestic equity portfolios achieving excess returns. The Evergreen Low-Volatility Strategy and Stock Fund Enhancement Strategy earned 1.826% and 1.620% respectively, while the Overseas Equity Strategy recorded a 0.610% return [2]. - The quantitative strategy configuration preference is: Stock Fund Enhancement Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy. The A-share market is expected to maintain an upward trend, with limited downside potential. The Stock Fund Enhancement Strategy has more room, the Evergreen Low-Volatility Strategy can serve as a base allocation, and defensive sectors like banks still have high long-term allocation value. For the US stock market, it's not advisable to chase high in the short term, but its long-term upward trend is still optimistic, and attention should be paid to potential pullbacks for bottom-fishing opportunities [3][4]. Summary by Relevant Catalogs 1. Toolized Fund Portfolio Performance Tracking - **Evergreen Low-Volatility Fund Portfolio**: Maintained low volatility characteristics, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has continued to have low volatility and small drawdowns, achieving significant excess returns and showing both defensive and offensive capabilities [14]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time, and its performance is similar to the CSI Active Equity Fund Index. It is expected to have stronger elasticity when the market environment improves, and can maintain a similar trend to the benchmark in a weak market [16]. - **Cash Enhancement Fund Portfolio**: Through double screening of risk elimination and scoring optimization, it continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, providing an effective reference for investors in cash management [17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the boost of artificial intelligence technology to global technology stocks, it has accumulated a high level of excess returns, and global allocation can enhance the returns of equity investment portfolios [20]. 2. Toolized Fund Portfolio Construction Ideas - **Active Equity Funds**: Combine fund holding dimension factors and net value dimension factors to construct a low-volatility fund portfolio strategy to meet the defensive needs of investors in high-risk markets and provide stable returns for medium-risk preference investors. Also, construct a fund portfolio strategy with similar risk and volatility characteristics to the equity fund benchmark index to provide a more aggressive option for high-risk preference investors [21]. - **Money Market Funds**: Build a money market fund screening system based on multi-dimensional characteristic factors to select money market funds with better performance and help investors optimize short-term idle funds' returns [22]. - **QDII Funds**: Screen equity indices of multiple countries or regions based on long- and short-term technical indicators, index momentum, and reversal effects, and select corresponding QDII equity funds to construct an overseas market selection portfolio to meet investors' needs for global allocation [24].

Core Viewpoint - The A-share equity market has shown resilience after a brief adjustment following the Shanghai Composite Index's breakthrough of 3600 points, indicating a potential upward trend despite short-term resistance [3][4]. Market Performance - The A-share market rebounded near the 20-day moving average, achieving five consecutive days of gains and closing above 3600 points for four days [3]. - The U.S. equity market also stabilized and rebounded quickly after initial pressure from non-farm employment data, reflecting strong performance [3]. - Various strategy indices recorded positive returns, with defensive style sectors outperforming after a prolonged correction [3]. Strategy Performance - The "Evergreen Low Volatility Strategy" and "Enhanced Equity Strategy" achieved returns of 1.826% and 1.620% respectively, while overseas equity strategies recorded a return of 0.610% [4][5]. - The "Evergreen Low Volatility Strategy" has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns [10]. - The "Enhanced Equity Strategy" has performed closely to the benchmark, with potential for greater elasticity as market conditions improve [11]. Overseas Market Insights - The U.S. market has benefited from easing tariff expectations and strong earnings reports from tech companies, leading to a sustained upward trend [5]. - Despite being at historically high levels, the U.S. market is expected to maintain a long-term upward trend, with a focus on potential pullback opportunities for strategic positioning [5]. - The overseas equity allocation strategy has accumulated significant excess returns since its inception, driven by the tech sector's growth and the easing of tariff tensions [15]. Fund Strategy Overview - The "Cash Growth Fund Strategy" achieved a return of 0.027%, outperforming the benchmark, with cumulative excess returns since inception exceeding 0.39% [6][13]. - The "Overseas Equity Allocation Fund Strategy" has shown strong performance since July 31, 2023, benefiting from the Fed's easing cycle and the global tech sector's momentum [15][19]. - The report emphasizes the importance of a diversified approach to fund selection, utilizing quantitative methods to identify suitable funds across different market conditions [18][19].