Core Insights - The report highlights the performance of various active quantitative strategies, with the Growth and Stability Portfolio achieving a year-to-date return of 40.33%, ranking in the top 7.12% among active equity funds [1][2][12] - The report tracks the absolute and relative performance of several enhanced portfolios, including the Excellent Fund Performance Enhancement Portfolio, the Exceeding Expectations Selection Portfolio, and the Broker's Golden Stock Performance Enhancement Portfolio [1][12][13] Excellent Fund Performance Enhancement Portfolio - This portfolio aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [3][16] - Year-to-date, the portfolio has achieved an absolute return of 13.04%, with a relative underperformance of -2.98% compared to the mixed equity fund index [20][21] Exceeding Expectations Selection Portfolio - The strategy involves selecting stocks based on exceeding expectations and analyst upgrades, focusing on both fundamental and technical criteria [4][21] - The portfolio has delivered a year-to-date absolute return of 29.80%, outperforming the mixed equity fund index by 13.79% [30][58] Broker's Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using a selection of stocks identified by brokers, aiming to optimize performance while maintaining alignment with the broker's stock pool [5][62] - Year-to-date, it has achieved an absolute return of 18.31%, with a relative outperformance of 2.29% compared to the mixed equity fund index [37][63] Growth and Stability Portfolio - The strategy employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements [6][38] - It has achieved a year-to-date absolute return of 35.91%, outperforming the mixed equity fund index by 19.89% [45][68]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin Securities, focusing on their absolute and relative returns against benchmarks, particularly the active equity fund median [2][3]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of 1.20% this week and 13.04% year-to-date, with a relative underperformance of -0.53% and -2.98% against the mixed equity fund index respectively [1][10]. - The "Super Expected Selection Portfolio" recorded an absolute return of 1.66% this week and 29.80% year-to-date, outperforming the mixed equity fund index by 13.79% this year [1][19]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of 2.51% this week and 18.31% year-to-date, with a relative outperformance of 2.29% against the mixed equity fund index [1][20]. - The "Growth and Stability Portfolio" achieved an absolute return of 3.30% this week and 35.91% year-to-date, outperforming the mixed equity fund index by 19.89% this year [1][27]. Group 2: Strategy Summaries - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median returns of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [7][33]. - The "Super Expected Selection Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria to build a robust stock selection [13][39]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is constructed using a selection of stocks from the brokerage's recommended list, optimizing for minimal deviation from the benchmark [16][43]. - The "Growth and Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [25][47].

Quantitative Models and Construction Methods - **Model Name**: "Offense and Defense Dividend 50 Portfolio" **Model Construction Idea**: This model aims to enhance returns by selecting high-dividend stocks with a balance of growth and stability, outperforming the benchmark dividend indices[6][15] **Model Construction Process**: The portfolio is constructed by combining stocks with high dividend yields, growth potential, and low volatility. The selection process involves filtering stocks based on dividend-related factors and optimizing the portfolio to achieve a balance between growth and defensive characteristics[6][15] **Model Evaluation**: The model demonstrates strong performance, consistently outperforming the benchmark dividend indices and ranking in the top percentile among dividend-focused funds[6][21] - **Model Name**: "Central SOE High Dividend 30 Portfolio" **Model Construction Idea**: This model focuses on central state-owned enterprises (SOEs) with high dividend payouts, aiming to capture stable returns from these entities[15] **Model Construction Process**: The portfolio is constructed by selecting 30 central SOEs with the highest dividend yields. The selection criteria emphasize stability and consistent dividend payouts[15] **Model Evaluation**: The model shows stable performance, delivering excess returns over the benchmark dividend indices[15][21] - **Model Name**: "Electronic Sector Enhanced Portfolios" **Model Construction Idea**: These models aim to enhance returns within the electronic sector by focusing on high-growth sub-sectors and leading companies in mature sub-sectors[15][31] **Model Construction Process**: 1. **Balanced Allocation Enhanced Portfolio**: This portfolio is constructed by evenly allocating weights across various electronic sub-sectors to achieve diversification[15] 2. **Sector Leader Enhanced Portfolio**: This portfolio focuses on leading companies in mature sub-sectors, emphasizing their growth potential and market dominance[15][31] **Model Evaluation**: Both portfolios demonstrate positive returns, with the Sector Leader Enhanced Portfolio delivering higher excess returns relative to the electronic sector index[31] Model Backtesting Results - **Offense and Defense Dividend 50 Portfolio**: - Weekly excess return: ~1.41% over the CSI Dividend Total Return Index[6][21] - Year-to-date excess return: ~3.52% over the CSI Dividend Total Return Index[21] - Weekly performance percentile: ~11% among dividend-focused funds[6][21] - **Central SOE High Dividend 30 Portfolio**: - Weekly excess return: ~0.35% over the CSI Dividend Total Return Index[6][21] - **Electronic Sector Enhanced Portfolios**: - **Balanced Allocation Enhanced Portfolio**: Weekly excess return: ~0.89% over the electronic sector index[31] - **Sector Leader Enhanced Portfolio**: Weekly excess return: ~0.89% over the electronic sector index[31] Quantitative Factors and Construction Methods - **Factor Name**: Dividend Quality **Factor Construction Idea**: This factor evaluates the stability and sustainability of a company's dividend payouts[16][18] **Factor Construction Process**: The factor is calculated using metrics such as dividend payout ratio, historical dividend growth rate, and earnings stability. Companies with higher scores on these metrics are ranked higher[16][18] **Factor Evaluation**: The factor demonstrates strong predictive power for identifying high-performing dividend stocks[16][18] - **Factor Name**: Dividend Growth **Factor Construction Idea**: This factor focuses on the growth potential of a company's dividends over time[16][18] **Factor Construction Process**: The factor is derived from the historical growth rate of dividends and projected earnings growth. Companies with consistent and high dividend growth rates are ranked higher[16][18] **Factor Evaluation**: The factor shows significant excess returns compared to pure dividend yield factors[16][18] - **Factor Name**: Low Volatility Dividend **Factor Construction Idea**: This factor targets stocks with high dividend yields and low price volatility[16][18] **Factor Construction Process**: The factor is constructed by combining dividend yield with a volatility measure (e.g., standard deviation of returns). Stocks with high yields and low volatility are ranked higher[16][18] **Factor Evaluation**: The factor provides a defensive characteristic, outperforming during market downturns[16][18] Factor Backtesting Results - **Dividend Quality Factor**: - Weekly excess return: ~1.94% over the CSI Dividend Index[18] - **Dividend Growth Factor**: - Weekly excess return: ~0.92% over the CSI Dividend Index[18] - **Low Volatility Dividend Factor**: - Weekly excess return: ~0.69% over the CSI Dividend Index[18]

Core Insights - The report highlights the performance of various active quantitative strategies, with a focus on the "Excellent Fund Performance Enhancement Portfolio," "Expected Selection Portfolio," "Brokerage Golden Stock Performance Enhancement Portfolio," and "Growth Stability Portfolio" [1][12][30][37] Group 1: Excellent Fund Performance Enhancement Portfolio - The portfolio achieved an absolute return of -1.03% for the week and 11.69% year-to-date, ranking in the 46.32 percentile among active equity funds [20][16] - The strategy aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [3][50] Group 2: Expected Selection Portfolio - This portfolio recorded an absolute return of 2.16% for the week and 27.67% year-to-date, ranking in the 11.53 percentile among active equity funds [29][25] - The strategy selects stocks based on expected performance and analyst upgrades, focusing on both fundamental and technical criteria [4][56] Group 3: Brokerage Golden Stock Performance Enhancement Portfolio - The portfolio had an absolute return of -0.62% for the week and 15.41% year-to-date, ranking in the 33.73 percentile among active equity funds [36][32] - The strategy is based on a selection of stocks from the brokerage's top picks, aiming to optimize the portfolio while minimizing deviation from the benchmark [5][61] Group 4: Growth Stability Portfolio - This portfolio achieved an absolute return of 1.23% for the week and 31.57% year-to-date, ranking in the 8.19 percentile among active equity funds [45][40] - The strategy employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [6][67]

Group 1 - The core viewpoint of the article is to track the performance of various active quantitative strategies developed by GuoXin Securities, focusing on outperforming the median returns of actively managed equity funds [2][3][31] - The report includes four main strategies: Excellent Fund Performance Enhancement Portfolio, Super Expectation Selected Portfolio, Broker Golden Stock Performance Enhancement Portfolio, and Growth Stability Portfolio [2][3][31] Group 2 Excellent Fund Performance Enhancement Portfolio - This strategy aims to benchmark against the median returns of actively managed equity funds, utilizing quantitative methods to enhance performance based on the holdings of top-performing funds [6][31] - As of this week, the portfolio has an absolute return of -1.03% and a relative excess return of -0.65% compared to the mixed equity fund index [10][34] - Year-to-date, the portfolio has achieved an absolute return of 11.69% and ranks in the 46.32 percentile among active equity funds [10][35] Super Expectation Selected Portfolio - This strategy selects stocks based on exceeding expectations and analyst upgrades, focusing on both fundamental and technical criteria to build a portfolio [13][38] - This week, the portfolio has an absolute return of 2.16% and a relative excess return of 2.55% compared to the mixed equity fund index [18][34] - Year-to-date, it has achieved an absolute return of 27.67% and ranks in the 11.53 percentile among active equity funds [18][39] Broker Golden Stock Performance Enhancement Portfolio - This strategy utilizes a stock pool from broker recommendations, optimizing the portfolio to minimize deviations from the stock pool while aiming to outperform the average performance of ordinary equity funds [16][40] - This week, the portfolio has an absolute return of -0.62% and a relative excess return of -0.24% compared to the mixed equity fund index [19][34] - Year-to-date, it has achieved an absolute return of 15.41% and ranks in the 33.73 percentile among active equity funds [19][41] Growth Stability Portfolio - This strategy focuses on growth stocks, prioritizing those with upcoming earnings announcements to capture excess returns during favorable periods [24][44] - This week, the portfolio has an absolute return of 1.23% and a relative excess return of 1.61% compared to the mixed equity fund index [27][34] - Year-to-date, it has achieved an absolute return of 31.57% and ranks in the 8.19 percentile among active equity funds [27][45]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - This week, the market sentiment recovered, with the Sci - tech Innovation Board leading the rise. Small and micro - cap stocks remained active, and dividend assets with relatively strong defensive attributes also achieved positive returns. Among the dividend sub - sectors, the central and state - owned enterprise dividend series index had a more prominent performance, with an average increase of about 2.44%. The A - share industries continued to diverge, and the commodity market was strong under the "anti - involution" market. In the electronics sector, semiconductor equipment and optical components led the gains. The dividend and electronics enhanced portfolios had weak excess performance, but the electronics balanced allocation enhanced portfolio outperformed the median return of active technology funds [2][7]. 3. Summary by Related Catalogs 3.1 Introduction of Active Quantitative Products - Since July 2023, the Yangtze River Quantitative Finance team has launched multiple active quantitative products such as the dividend selection strategy and the industry high - win - rate strategy. The active quantitative product weekly report is launched to track the performance of active quantitative strategies, including new strategy releases and the return performance of existing strategies [6][13]. 3.2 Strategy Tracking 3.2.1 Dividend Series - Market performance: The market sentiment recovered, with the Sci - tech Innovation 50 and the Sci - tech Innovation Composite Index rising about 4.63% and 3.95% respectively this week. Small and micro - cap stocks were active. Dividend assets achieved positive returns, and the central and state - owned enterprise dividend series index had an average increase of about 2.44%. - Strategy performance: Although the central and state - owned enterprise high - dividend 30 portfolio achieved positive returns, affected by the cyclical product market, both dividend portfolios failed to outperform the CSI Dividend Total Return Index. Since the beginning of 2025, the offensive and defensive dividend 50 portfolio has an excess return of about 1.91% and ranks at about the 44th percentile among all dividend - type funds [7][15][21]. 3.2.2 Electronics Series - Market performance: A - share industries continued to diverge. The commodity market was strong, with raw materials and energy rising about 5.25% and 4.97% respectively. The public utilities and financial sectors significantly corrected. In the electronics sector, semiconductor equipment and optical components rose about 6.59% and 5.10% respectively, far ahead of other sub - tracks. - Strategy performance: This week, the electronics balanced allocation enhanced portfolio achieved positive returns and outperformed the median return of active technology funds, but both electronics portfolios failed to outperform the electronics total return index. Since the beginning of 2025, both portfolios have outperformed the electronics industry index, with excess returns of about 1.96% and 2.98% for the electronics balanced allocation enhanced portfolio and the electronics sector preferred enhanced portfolio respectively [7][24][31].

Core Insights - The report highlights the performance of various quantitative investment strategies, with a focus on the "Excellent Fund Performance Enhancement Portfolio," "Expected Selection Portfolio," "Brokerage Golden Stock Performance Enhancement Portfolio," and "Growth Stability Portfolio" [12][13][16][38]. Group 1: Excellent Fund Performance Enhancement Portfolio - The portfolio achieved an absolute return of 2.29% this week, with a relative excess return of 0.48% compared to the mixed equity fund index [21][37]. - Year-to-date, the portfolio has an absolute return of 12.86%, but a relative excess return of -1.63% against the mixed equity fund index [21][37]. - The portfolio ranks in the 44.05 percentile among active equity funds, with a ranking of 1528 out of 3469 [21][37]. Group 2: Expected Selection Portfolio - This portfolio recorded an absolute return of 0.45% this week, with a relative excess return of -1.36% compared to the mixed equity fund index [30][37]. - Year-to-date, it has an absolute return of 24.97% and a relative excess return of 10.48% against the mixed equity fund index [30][37]. - The portfolio ranks in the 13.64 percentile among active equity funds, with a ranking of 473 out of 3469 [30][37]. Group 3: Brokerage Golden Stock Performance Enhancement Portfolio - The portfolio achieved an absolute return of 1.75% this week, with a relative excess return of -0.06% compared to the mixed equity fund index [37][38]. - Year-to-date, it has an absolute return of 16.12% and a relative excess return of 1.64% against the mixed equity fund index [37][38]. - The portfolio ranks in the 32.52 percentile among active equity funds, with a ranking of 1128 out of 3469 [37][38]. Group 4: Growth Stability Portfolio - This portfolio recorded an absolute return of 0.28% this week, with a relative excess return of -1.52% compared to the mixed equity fund index [48][38]. - Year-to-date, it has an absolute return of 29.97% and a relative excess return of 15.49% against the mixed equity fund index [48][38]. - The portfolio ranks in the 8.27 percentile among active equity funds, with a ranking of 287 out of 3469 [48][38]. Group 5: Market Overview - The median stock return this week was 1.72%, with 73% of stocks rising and 27% falling; the median return for active equity funds was 1.81%, with 88% of funds rising and 12% falling [52]. - Year-to-date, the median stock return is 15.73%, with 81% of stocks rising and 19% falling; the median return for active equity funds is 11.54%, with 94% of funds rising and 6% falling [52].

Core Viewpoint - The article provides a comprehensive performance tracking of various active quantitative strategies by GuoXin JinGong, highlighting their absolute and relative returns against the benchmark of active equity funds, with a focus on identifying investment opportunities and risks in the current market environment [2][3]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of 2.29% this week and 12.86% year-to-date, ranking in the 44.05 percentile among active equity funds [12][6]. - The "Super Expected Selection Portfolio" had an absolute return of 0.45% this week and 24.97% year-to-date, ranking in the 13.64 percentile among active equity funds [9][13]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" recorded an absolute return of 1.75% this week and 16.12% year-to-date, ranking in the 32.52 percentile among active equity funds [22][19]. - The "Growth and Stability Portfolio" achieved an absolute return of 0.28% this week and 29.97% year-to-date, ranking in the 8.27 percentile among active equity funds [23][24]. Group 2: Strategy Descriptions - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median return of active equity funds by utilizing quantitative methods to enhance the selection of top-performing funds [4][33]. - The "Super Expected Selection Portfolio" focuses on stocks with upward revisions in earnings forecasts, selecting those with strong fundamentals and technical support to construct a high-potential stock portfolio [37][9]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is built on a selection of stocks recommended by brokerage analysts, optimizing the portfolio to align closely with the performance of the brokerage stock pool [41][17]. - The "Growth and Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [46][47].

Core Insights - The report highlights the performance of various active quantitative strategies, indicating that the "Growth and Stability Portfolio" has achieved a year-to-date return of 33.13% [1][2] - The "Excellent Fund Performance Enhancement Portfolio" has shown an absolute return of 10.32% this year, ranking in the 45.63 percentile among active equity funds [1][2] - The "Expected Selection Portfolio" has outperformed the benchmark with a year-to-date return of 24.40%, ranking in the 11.53 percentile among active equity funds [1][2] - The "Brokerage Golden Stock Performance Enhancement Portfolio" has achieved a year-to-date return of 14.13%, ranking in the 31.39 percentile among active equity funds [1][2] Summary by Sections Excellent Fund Performance Enhancement Portfolio - The portfolio aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [3][19] - This week, the portfolio achieved an absolute return of 2.75%, with a year-to-date return of 10.32%, underperforming the benchmark by 0.31% [1][23] - The portfolio's ranking among active equity funds is 1583 out of 3469, placing it in the 45.63 percentile [1][23] Expected Selection Portfolio - This portfolio selects stocks based on expected performance and analyst profit revisions, focusing on both fundamental and technical criteria [4][24] - The portfolio achieved an absolute return of 3.68% this week and 24.40% year-to-date, outperforming the benchmark by 0.62% [1][33] - It ranks 400 out of 3469 in the active equity fund category, placing it in the 11.53 percentile [1][33] Brokerage Golden Stock Performance Enhancement Portfolio - The strategy utilizes a stock pool from brokerage recommendations, aiming to optimize the portfolio while minimizing deviations from the benchmark [5][34] - This week, the portfolio achieved an absolute return of 1.91%, with a year-to-date return of 14.13%, outperforming the benchmark by 1.67% [1][41] - The portfolio ranks 1089 out of 3469 in the active equity fund category, placing it in the 31.39 percentile [1][41] Growth and Stability Portfolio - The portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements [6][42] - This week, the portfolio achieved an absolute return of 2.15%, with a year-to-date return of 29.61%, outperforming the benchmark by 17.15% [1][50] - It ranks 252 out of 3469 in the active equity fund category, placing it in the 7.26 percentile [1][50]

Core Viewpoint - The article provides a comprehensive performance tracking of various active quantitative strategies by GuoXin JinGong, focusing on their absolute and excess returns compared to the mixed equity fund index, highlighting the effectiveness of these strategies in outperforming the market [2][3][4]. Group 1: Performance Tracking of Quantitative Strategies - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of 2.75% this week and 10.32% year-to-date, ranking in the 45.63 percentile among active equity funds [1][12]. - The "Super Expectation Selected Portfolio" recorded an absolute return of 3.68% this week and 24.40% year-to-date, ranking in the 11.53 percentile among active equity funds [1][9]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of 1.91% this week and 14.13% year-to-date, ranking in the 31.39 percentile among active equity funds [1][21]. - The "Growth and Stability Portfolio" posted an absolute return of 2.15% this week and 29.61% year-to-date, ranking in the 7.26 percentile among active equity funds [1][22]. Group 2: Strategy Descriptions - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median return of active equity funds by utilizing quantitative methods based on the holdings of top-performing funds [4][34]. - The "Super Expectation Selected Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical analysis [9][38]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is constructed using a stock pool from brokerage recommendations, optimizing for individual stock and style deviations [16][42]. - The "Growth and Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture excess returns [19][47]. Group 3: Historical Performance - The "Excellent Fund Performance Enhancement Portfolio" has achieved an annualized return of 20.31% from January 2012 to June 2025, outperforming the mixed equity fund index by 11.83% [35][37]. - The "Super Expectation Selected Portfolio" has an annualized return of 30.55% since January 2010, exceeding the mixed equity fund index by 24.68% [39][41]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" has an annualized return of 19.34% from January 2018 to June 2025, outperforming the mixed equity fund index by 14.38% [43][46]. - The "Growth and Stability Portfolio" has achieved an annualized return of 35.51% since January 2012, exceeding the mixed equity fund index by 26.88% [48].