1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report presents several ETF strategy indices constructed by Huabao Research, tracking their performance and positions on a weekly basis. These indices aim to achieve excess returns over the market through different methods, such as using multi - dimensional technical indicators, factor timing, and hot - spot tracking [4][5][6]. 3. Summary by Directory 1.1. Huabao Research Size Rotation ETF Strategy Index - **Strategy**: Uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index, deciding positions based on weekly output signals [4][14]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 20.30%, the excess return in the recent month is 0.36%, and the excess return in the recent week is 0.09%. The index return last week was 1.28%, compared to the CSI 800's 1.19% [4][13][14]. - **Position**: Holds 100% of the SSE 50 ETF (510300.SH) [18]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: Utilizes price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposures to 9 major Barra factors, covering mainstream broad - based index ETFs and some style/strategy ETFs [4]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 22.66%, the excess return in the recent month is 4.21%, and the excess return in the recent week is - 1.48%. The index return last week was - 0.29%, compared to the CSI 800's 1.19% [4][13][18]. - **Position**: Holds 25.07% of 300 Dividend Low - Volatility ETF (515300.SH), 25.01% of SSE 300 Dividend ETF (512530.SH), 25.00% of Dividend ETF (510880.SH), and 24.91% of Dividend Low - Volatility ETF (512890.SH) [22]. 1.3. Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy**: Adopts a multi - factor approach, including long - and medium - term fundamental analysis, short - term market trend tracking, and analysis of market participants' behaviors. It uses valuation and crowding signals to indicate industry risks and discovers potential sectors [5][22]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 33.49%, the excess return in the recent month is - 0.60%, and the excess return in the recent week is - 0.54%. The index return last week was 0.65%, compared to the CSI 800's 1.19% [5][13][22]. - **Position**: Holds 21.18% of Oil and Gas ETF (159697.SZ), 20.71% of Bank ETF (512800.SH), 19.62% of Power ETF (159611.SZ), 19.38% of Securities and Insurance ETF (512070.SH), and 19.10% of New Energy ETF (516160.SH) [26]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: Employs a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also predicts the market's large - and small - cap styles to adjust equity market positions [5][26]. - **Performance**: As of 2025/12/5, the excess return since 2024 is - 10.54%, the excess return in the recent month is 1.15%, and the excess return in the recent week is - 0.71%. The index return last week was 0.57%, compared to the SSE 300's 1.28% [5][13][26]. - **Position**: Holds 9.34% of 10 - Year Treasury Bond ETF (511260.SH), 5.91% of 500ETF Enhanced (159610.SZ), 5.80% of CSI 1000ETF (512100.SH), 32.51% of 300 Enhanced ETF (561300.SH), 23.23% of Short - Term Financing ETF (511360.SH), and 23.20% of Policy Financial Bond ETF (511520.SH) [30]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: Tracks and discovers hot - spot index products through market sentiment analysis, industry event tracking, investor sentiment and professional opinions, policy and regulation changes, and historical analysis, constructing an ETF portfolio to capture market hot - spots [6][29]. - **Performance**: As of 2025/12/5, the excess return in the recent month is 3.47%, and the excess return in the recent week is 1.17%. The index return last week was 1.94%, compared to the CSI All - Share Index's 0.77% [6][13][29]. - **Position**: Holds 36.33% of Non - Ferrous Metals 50ETF (159652.SZ), 24.20% of Hong Kong Stock Dividend ETF Bosera (513690.SH), 20.83% of Hong Kong Stock Connect Pharmaceutical ETF (513200.SH), and 18.65% of Short - Term Financing ETF (511360.SH) [32]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: Uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine learning. It reduces long - duration positions in the bond portfolio when the expected yield is below a certain threshold [6][32]. - **Performance**: As of 2025/12/5, the excess return in the recent month is 0.39%, and the excess return in the recent week is 0.20%. The index return last week was - 0.11%, compared to the ChinaBond Aggregate Index's - 0.32% [6][13][32]. - **Position**: Holds 50.01% of 10 - Year Treasury Bond ETF (511260.SH), 25.00% of Treasury Bond ETF 5 - 10 Years (511020.SH), and 24.98% of Policy Financial Bond ETF (511520.SH) [36].

Core Viewpoint - The article provides a comprehensive analysis of market performance, highlighting the positive and negative returns of various factors across different stock pools and industries, indicating a mixed market sentiment and the effectiveness of specific investment strategies [4][5][6][7][8][9][10][11]. Factor Performance - In the overall market, the profit factor achieved a positive return of 0.61%, while market capitalization and momentum factors also showed positive returns of 0.25%, 0.24%, and 0.23% respectively, indicating a large-cap style market [4]. - In the CSI 300 stock pool, the best-performing factors included quarterly ROA (1.43%) and TTM sales ratio inverse (1.39%), while the logarithmic market cap factor showed a negative return of -1.70% [5]. - In the CSI 500 stock pool, the top factors were the 5-day average turnover rate (1.68%) and the correlation between intraday volatility and trading volume (1.66%), with the logarithmic market cap factor again underperforming at -1.21% [5]. Liquidity and Industry Performance - In the liquidity 1500 stock pool, the price-to-earnings ratio factor performed well with a return of 2.13%, while the 5-day reversal factor had a negative return of -1.44% [6]. - Across industries, fundamental factors like net asset growth rate and net profit growth rate showed consistent positive returns in textiles and non-bank financial sectors, while valuation factors like EP and BP also performed well in most industries [7]. Strategy Performance - The PB-ROE-50 combination achieved positive excess returns of 0.76% in the CSI 500 stock pool and 0.21% in the CSI 800 stock pool, while the overall market stock pool had a slight negative excess return of -0.09% [8]. - Public and private fund research strategies yielded positive excess returns of 0.42% and 0.29% respectively relative to the CSI 800 [9]. - The block trading combination underperformed with an excess return of -0.16% relative to the CSI All Index [10]. - The targeted issuance combination also showed negative excess returns of -2.30% relative to the CSI All Index [11].

Core Insights - The quantitative dividend index enhancement strategy is gaining popularity among private equity firms as a mainstream investment tool in a declining interest rate environment [1][2][6] Group 1: Private Equity Firms' Strategies - Private equity firms are increasingly focusing on quantitative dividend index enhancement strategies, which include value dividend index enhancement and low volatility dividend index enhancement strategies [2][3] - The value dividend index enhancement strategy aims to improve long-term returns within a value investment framework, while the low volatility strategy emphasizes defensive characteristics and long-term stability [2][3] - The dividend factor favors financially healthy companies with stable cash flows and a commitment to shareholder returns, leading to lower valuations and stronger downside protection [2][3] Group 2: Market Conditions and Suitability - The quantitative dividend index enhancement strategy is suitable for various market conditions, particularly in low interest rate environments, during market volatility, when value styles dominate, and in structural market scenarios [3][5] - The strategy is positioned as a defensive tool for risk-averse investors seeking stable cash flows, especially in a declining interest rate context [5][6] Group 3: Target Investor Segments - The strategy primarily targets three investor segments: risk-averse individual investors focused on capital preservation and cash flow, individuals with clear asset allocation frameworks seeking defensive tools, and institutional investors like insurance companies and pension funds looking for stable equity exposure [5][6] - The appeal of high dividend assets is increasing, with products designed to transmit dividend characteristics to fund holders [5][6] Group 4: Future Development Potential - The quantitative dividend index enhancement strategy has significant long-term development potential, supported by favorable policy environments, an expanding pool of dividend-paying companies, and increasing demand from long-term investors for stable and explainable equity instruments [6][7] - The strategy benefits from a natural capacity advantage, focusing on mid to large-cap mature companies, which enhances liquidity and aligns with large fund allocation needs [7]

【导读】 瞄准科创赛道，银行理财加速掘金IPO 中国基金报记者 李树超 张玲 今年以来，在《关于推动中长期资金入市工作的实施方案》等政策推动下，银行理财积极参与打新，且对科技型公司尤其是科创板公司IPO 的关注度不断提高。 业内人士表示，未来打新市场有望保持活力，理财公司在挖掘权益市场机会时，可综合运用打新、量化、"固收+"等策略增厚产品收益。 银行理财积极参与打新 Wind数据显示，今年二季度仅有光大理财旗下一只产品参与信通电子IPO询价；三季度，光大理财、兴银理财、宁银理财合计10只产品参 与13只新股IPO询价；截至12月5日，四季度以来，光大理财、兴银理财、宁银理财合计11只产品参与17只新股IPO询价。 值得关注的是，理财公司对科技型公司尤其是科创板公司IPO的关注度较高。年内理财公司参与询价的IPO企业中，超半数为科创板或创业 板企业，涉及半导体、生物医药等行业。 在蔡梦苑看来，理财打新主要集中于科创领域的原因，一是科创板等板块的新股在上市初期通常表现强劲，其网下申购回报率较高；二是 科创板聚焦的"硬科技"领域，是新质生产力的集中体现，符合国家战略导向，较受市场资金青睐。 普益标准研究员付翘楚表示 ...

【导读】 稳健优势凸显，红利指增策略受追捧 中国基金报记者 任子青 在利率中枢下移的背景下，量化红利指数增强策略正成为私募机构的布局热点。茂源量化、 磐松资产、星阔投资等私募纷纷加码该赛道，红利指增策略已从细分领域走向主流配置，成 为满足投资者多元化投资需求、平衡组合风险的重要工具。 私募积极布局 排排网集团旗下融智投资FOF基金经理李春瑜表示，与比较流行的中证1000指增或中证2000 指增相比，量化红利指增策略有以下特征：一方面，策略因子更加偏向基本面因子，与以量 价因子为主的其他指增策略有明确区别；另一方面，风格稳定，防御性强。红利因子本身偏 爱财务状况健康、现金流稳定、乐于回馈股东的公司，因这类公司通常估值较低，抗跌性较 强。 星阔投资认为，红利类指数本身具备高股息、低回撤、稳健收益高、抗跌性强等特性，叠加 量化投资模型创造出的超额收益，使得红利指增策略具有可观的年化投资回报潜力。量化红 利策略的核心优势在于低波动性与长期稳健增长，投资者需要耐心持有，而非精准择时。 磐松资产称，红利指数在当前的市场环境中，具有应对低利率环境、缓解"资产荒"焦虑、获 取稳定现金流，以及顺应政策导向的战略配置优势。 此外 ...

- The report tracks the performance of various stock market indices, including A-shares, Hong Kong stocks, and US stocks, with a focus on the relative performance of different styles such as growth vs. dividend, small-cap vs. large-cap, and micro-cap vs. CSI 800[1][2][7] - The report highlights the valuation and equity-bond cost-effectiveness of A-shares, noting that the current PE_TTM of A-shares is at a historically high percentile, with marginal increases over the past week[41][42][46] - The report discusses the relative crowding and cost-effectiveness of different styles, with growth vs. dividend and micro-cap vs. CSI 800 being at historically high levels, while small-cap vs. large-cap is at a historically balanced level[72][75][78] - The report examines the impact of US Treasury yields on the performance of different styles, noting that the recent rise in US Treasury yields has led to growth outperforming dividends and large-cap underperforming small-cap, which is consistent with long-term trends[83][85][86] - The report tracks the performance of major funds, noting that most major fund indices have outperformed the Wind All A index over the past week, with the social security heavy index and the national team index leading the gains[89][93][95] - The report provides an overview of the bond market, noting that both Chinese and US Treasury yields have risen over the past week, with the China-US spread at a historically high level[112][113][114] - The report tracks the performance of the commodity market, noting that both Chinese and US commodity markets have risen over the past week, with the Nanhua Precious Metals Index and the CRB Metals Index leading the gains[123][124][125]

1. 不看市场情绪冷热 2. 不追涨杀跌 3. 不迷信股价高低 一、芯片新贵的资本盛宴 当沐曦股份以104.66元/股的发行价登陆科创板时，我盯着屏幕上那个56.35倍的市销率数字，不禁会心一笑。作为量化投资的实践者，这个数字让我想起了 十年前第一次用「量化交易系统」时的震撼——原来市场的真相都藏在数据里。 这家由AMD前科学家创立的GPU企业，三年营收增长40倍的神话确实耀眼。但更让我在意的是国家人工智能产业投资基金的现身——2.38%的战略配售比 例，就像围棋中的"天元"落子，暗藏玄机。在量化世界里，我们管这叫"聪明钱标记"，这些机构的动向往往比财报数字更能说明问题。 二、我的牛市生存法则 十年量化生涯教会我一个真理：牛市里「适时换股」强于「盲目持股」。前者是冲浪高手借势而行，后者就像不会游泳的人抱着一块浮木随波逐流。我的交 易系统里刻着三条铁律： 三、华为概念背后的数据密码 就像2024年的黄金行情，当时多少人看着菜百股份8倍PE和16%的业绩增长就冲进去？结果呢？我的系统清晰显示「机构库存」持续下降，这就像看着潮水 退去还坚持留在沙滩上。 但戏剧性的是，2025年同样的黄金牛市，同样的菜百股份，走势却 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来， A股、港股、美股震荡上行，均录得不同程度涨幅 。截至11月底，年内上证指数、深证成指和创业板指分别上涨约16.02%、 24.67%、42.54%；港股的恒生指数和恒生科技指数涨幅均超过25%；美股方面，纳斯达克指数涨幅领先，累计上涨约21%，标普500指数涨幅为 16.45%。 在这样的市场环境下， 不少证券投资类私募凭借出色的业绩表现获投资者认可，从而实现规模显著增长 。根据中基协发布的最新私募基金管理 人登记及产品备案月报，截至2025年10月末，存续私募基金管理规模首次突破22万亿元，创下历史新高。其中，私募证券投资基金规模达7.01 万亿元，较2024年末增加1.8万亿元，增幅超过34%，成为本轮私募规模增长的"主力军"。 那么，随着私募行业迈入22万亿元的新时代，是否大多数机构都实现了规模跃升？有哪些私募管理人的规模正快速上升？他们的业绩表现如何？ 本文将为读者一一揭晓。 （需要说明的是， 根据中国基金业协会规模分类，证券投资类私募的管理规模被划分为 "0-5亿、5-10亿、10-20亿、20-50亿、50-100亿、10 ...

（原标题：私募发行大爆发！单月备案量大增近30%） 临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据证券时报·券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中 国记者反映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加 快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无 ...

Core Viewpoint - The private equity fund industry in China is experiencing a surge in product registrations, with November 2025 seeing a significant increase of nearly 30% compared to October, marking the second-highest monthly registration volume of the year [1][3]. Group 1: Registration Data - A total of 1,285 private equity products were registered in November, a substantial rise from 994 in October, reflecting a 29.28% increase [3]. - The strong registration activity indicates a robust desire among private equity firms to "replenish ammunition" before the year-end, potentially boosting market sentiment for the end of the year and early next year [3][8]. Group 2: Strategy Trends - Stock strategies remain the dominant focus for private equity firms, with 849 stock strategy products registered in November, accounting for 66.07% of total registrations [3]. - The demand for diversified asset allocation is growing, with multi-asset strategy products reaching 193 registrations (15.02%) and futures and derivatives strategies at 121 registrations (9.42%) [4]. Group 3: Quantitative Private Equity - Quantitative private equity products accounted for 565 registrations in November, representing 43.97% of all registered products, highlighting the increasing importance of quantitative investment in the private equity sector [6]. - Within quantitative strategies, stock strategies dominate with 402 registrations, making up nearly half of all stock strategy registrations in the market [7]. Group 4: Market Outlook - Private equity firms are optimistic about future market conditions, believing that equity asset valuations are now reasonable and that economic stabilization is underway, prompting proactive product registrations to capture upcoming market opportunities [8]. - The decline in risk-free interest rates has diminished the appeal of traditional fixed-income products, driving investors towards private equity securities with higher return potential [8]. Group 5: Industry Dynamics - The registration data illustrates a pronounced "Matthew Effect" in the private equity industry, with 719 firms registering products in November, and 49 active firms registering five or more products, predominantly large quantitative firms [10]. - Among the top registrants, 30 firms manage over 10 billion, showcasing the advantages of established firms in brand influence, research capabilities, and resource channels [10][11].