Group 1 - The core viewpoint of the article highlights the significant performance of small-cap stocks, with "Super Small Cap" 1000 ETF and CSI 2000 Enhanced ETF rising by 1.30% and 1.42% respectively, achieving year-to-date gains of 24.80% and 47.74%, both reaching historical highs [1] - The sustained popularity of small-cap stocks is attributed to four main factors: increased market risk appetite, attractive valuation levels not yet at historical highs, the effectiveness of quantitative enhancement strategies, and continuous net inflows of capital leading to scale effects and liquidity advantages [1] - Industry experts caution that while potential interest rate cuts by the Federal Reserve in the third quarter may continue to favor growth styles, the uncertainties in the external environment and the already high short-term gains of small-cap stocks warrant vigilance against potential pullback risks [1]

Group 1 - The core viewpoint of the article highlights the ongoing recovery in the stock market, particularly focusing on the performance of small-cap stocks, which have seen significant gains year-to-date [1] - As of August 8, the "Super Small Cap" 1000 ETF (159680) and the CSI 2000 Enhanced ETF (159552) have increased by 23.55% and 46.20% respectively this year, with both experiencing net inflows during trading [1] - Market analysts attribute the sustained interest in small-cap stocks to four main factors: improved market risk appetite, attractive valuation levels, the effectiveness of quantitative enhancement strategies, and the liquidity advantages from continuous net inflows [1] Group 2 - Despite the positive outlook, industry experts caution that while potential interest rate cuts by the Federal Reserve in the third quarter may benefit growth styles, investors should remain vigilant about the risks of a market pullback due to external uncertainties and the already high short-term gains in small-cap stocks [1]

在近期市场对小盘股配置价值的热议中，招商基金旗下两只增强型ETF表现尤为亮眼。8月7日数据显 示，中证2000增强ETF（159552）单日获8300万元资金净流入，1000ETF增强（159680）吸筹近3000万 元，近5日合计资金流入达3.3亿元，持续领跑同类型产品。 作为目前市场上规模最大、流动性最佳的小盘指增ETF，两只产品年内表现抢眼：中证2000增强ETF收 益率突破40%，1000ETF增强收益率超20%，较基准指数均取得显著超额收益。 市场分析指出，小盘股持续受捧主要基于四大因素：一是市场风险偏好提升背景下，中小盘股的高成长 弹性特征；二是当前估值水平尚未触及历史高位，仍具配置价值；三是量化增强策略的有效性，这两只 产品成立以来每个季度均跑赢基准；四是资金持续净流入带来的规模效应和流动性优势。 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，投资 人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩并 ...

Core Viewpoint - The A-share market is experiencing fluctuations and consolidation, with significant inflows into small-cap ETFs driven by favorable policies and market conditions [1] Group 1: Market Performance - As of August 7, at 14:14, the 1000ETF Enhanced (159680) and the CSI 2000 Enhanced ETF (159552) fell by 0.29% and 0.16% respectively [1] - During the trading session, both ETFs saw a combined net inflow exceeding 80 million, with a total net inflow of over 200 million in the past five days [1] Group 2: Investment Strategy - The ongoing release of policies supporting specialized and innovative enterprises is enhancing the performance of quantitative enhancement strategies in small-cap stock investments [1] - The high volatility in the market is contributing to liquidity premiums, which is driving explosive growth in small-cap ETFs [1] - Investors are advised to adopt a phased investment strategy to manage risks, as some small-cap stock valuations are reaching historically high levels due to continuous capital inflows [1]

Group 1 - The core viewpoint of the article highlights the strong performance of the small-cap index, specifically the CSI 2000 Enhanced ETF (159552), which has seen a year-to-date increase of over 45%, leading the market among broad-based ETFs [1] - As of August 6, the fund has experienced a net inflow of over 180 million, with a total size exceeding 600 million, making it the largest in its category [1] - The fund's size has grown by 3944.79% year-to-date, reaching a historical high [1] Group 2 - Market analysis suggests that the high elasticity of small-cap stocks has been fully activated due to low interest rates and policy support for specialized and innovative enterprises, contributing to their leading role in the current market rally [1] - The rolling price-to-earnings ratio of the CSI 2000 index is approaching 140 times, which is at the 97th percentile over the past decade, indicating potential volatility risks due to tightening liquidity or shifts in market style [1] - Institutions recommend that investors adopt a strategy of gradually accumulating positions on dips to avoid chasing high prices, while also paying attention to the rebound opportunities of relatively reasonably valued large-cap blue-chip stocks to balance portfolio risks [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 shown strong performance, with a year-to-date increase of 43.67%, marking its 35th new high of the year [1] - The ETF has experienced significant trading activity, with a turnover rate of 13.08% and a net inflow of approximately 36 million yuan during the trading session, totaling over 100 million yuan in the last two days [1] - The fund's assets have surged by 3114.60% this year, surpassing 500 million yuan, setting a historical record [1] Market Analysis - The China Securities 2000 Index, representing small-cap stocks, is seen as having unique investment value in the current market environment, benefiting from specialized policies and the excess return capabilities of quantitative enhancement strategies [1] - Experts caution that the index's valuation is at a high level, suggesting that investors should adopt a phased investment strategy to manage volatility risks [1]

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：一是当前处于牛 市中期，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，如招商中证2000增强 ETF（159552）及中证1000增强ETF（159680）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。不过短期涨幅后的波动风险值得关注。 中小盘是今年当吃无愧的急先锋。数据显示，今年以来1000ETF增强(159680)累计涨20.79%，较基准指 数接近翻倍。资金热度不减，截至8月1日，该基年初以来累计净流入约2.1亿，年内规模增长104.15%， 创阶段新高。 ...

Group 1 - The core viewpoint of the article highlights the resilience of small and mid-cap stocks in the market despite recent adjustments, with the largest CSI 2000 Enhanced ETF (159552) achieving a cumulative increase of 40.29% year-to-date, marking it as the first broad index ETF to exceed a 40% rise this year [1] - The analysis suggests that the continued interest in small and mid-cap stocks is supported by several factors: the current mid-cycle bull market, the growth potential of small and mid-cap stocks, and their overall valuations not reaching historical highs, indicating room for relative value and growth premium [1] - Quantitative enhancement strategies are noted for their effectiveness in managing volatility and consistently generating excess returns, as evidenced by the performance of the CSI 2000 Enhanced ETF (159552) and the CSI 1000 Enhanced ETF (159680), which have outperformed their benchmarks since inception [1] - There is a continuous net inflow of funds into related ETFs, indicating strong liquidity and leading scale in the market [1] Group 2 - It is important to note that institutions have cautioned about the potential volatility risks following short-term price increases [1]