Core Viewpoint - The recent volatility in the A-share market indicates that merely following market beta may not yield ideal returns, suggesting the need for products that capture alpha to navigate through fluctuations effectively [1]. Group 1: Performance of Enhanced ETFs - The Hu-Shen 300 Enhanced ETF (SH561990) has consistently outperformed the index since its inception, regardless of market conditions [2]. - From 2019 to 2024, only 75.29% of Hu-Shen 300 enhanced funds managed to outperform the index on average, with a notable drop in 2023 and 2024 where only 60% did so [4]. - The Hu-Shen 300 Enhanced ETF adopts a balanced style, focusing on cash flow and valuation to achieve superior performance without excessive style exposure [4]. Group 2: Annual Performance Data - The annual performance of the Hu-Shen 300 Enhanced ETF since inception shows the following net value growth percentages: - 2022: -17.69% (benchmark: -21.63%, excess return: 3.94%) - 2023: -9.59% (benchmark: -11.38%, excess return: 1.79%) - 2024: 18.19% (benchmark: 14.68%, excess return: 3.51%) - 2025 (projected): 0.44% (benchmark: -2.11%, excess return: 2.55%) - Since inception: 7.00% annualized excess return [5]. Group 3: Market Dynamics - The Hu-Shen 300 index is a core broad market index with significant capital inflow, leading to a total ETF scale of 10,442.67 billion, the largest among all indices [5]. - The Hu-Shen 300 index-linked ETFs have seen a 356% increase in scale since the central government announced its first increase in holdings [5]. Group 4: Alternative Investment Opportunities - The CSI 2000 Enhanced ETF (SZ159552) has outperformed the Hu-Shen 300 index by 11.58% since April 8, with a cumulative increase of 19.27% [9]. - The CSI 2000 Enhanced ETF achieved a year-to-date return of 22.93%, outperforming the Hu-Shen 300 index, which had a return of -1.76% [10]. - The top three performing sectors from April 8 to date are Beauty Care (22.01%), Media (17.65%), and Communication (16.88%), all of which did not surpass the CSI 2000 Enhanced ETF's performance [11]. Group 5: Strategic Recommendations - To capture both market beta and alpha, a combination of the balanced Hu-Shen 300 Enhanced ETF (SH561990) and the more volatile CSI 2000 Enhanced ETF (SZ159552) is recommended as a strategic approach [12].

Core Viewpoint - The A-share market has stabilized and shown a recovery in risk appetite, leading to a surge in private equity product registrations, particularly in quantitative strategies [1][2]. Private Equity Product Registration Surge - As of May 31, 2025, a total of 4,361 private equity securities products have been registered this year, marking a significant increase of 45.03% compared to the same period last year [1]. - In May alone, 870 private equity products were registered, reflecting a year-on-year growth of 77.19% [2]. - Stock strategies dominate the registered products, with 2,749 stock strategy products accounting for 63.04% of the total [2]. Market Dynamics and Investor Sentiment - High-net-worth clients are increasingly willing to enter the market through private equity channels, with significant net subscriptions reported by several firms, including a total of nearly 3 billion yuan in subscriptions for one firm [2]. - The market sentiment is improving, with the overall stock market valuation at a low point and risk premiums at historically high levels [2]. Quantitative Private Equity Products - The majority of registered products this year are from large quantitative private equity firms, with 40 out of 66 firms registering more than 10 products being large firms, and 31 of those being large quantitative firms [4]. - Quantitative private equity products have become increasingly important, with 1,930 products registered since 2025, representing 44.26% of the total private equity securities products [5]. Strategy Concentration in Quantitative Products - Within the quantitative products, stock strategies are predominant, with 1,339 stock strategy products registered, making up 69.38% of the total [5]. - The main development directions for quantitative products are index enhancement and quantitative CTA strategies [5]. Market Environment and Future Outlook - The current market environment is more active and favorable compared to last year, with high trading volumes providing more opportunities for quantitative strategies [6]. - The demand for diversified investment options is increasing among investors, contributing to the surge in private equity registrations [6].

Group 1 - DeepSeek's emergence accelerates AI application proliferation and boosts chip companies' technological iteration, injecting growth momentum into the Sci-Tech Innovation Board [1] - As of May 30, 2025, the Sci-Tech Innovation Board has 587 listed companies with a total market capitalization of 6.64 trillion yuan, establishing itself as a core area for cutting-edge technology in China [1] - The launch of the TaiKang Sci-Tech Innovation Index Enhanced Fund on June 9 aims to help investors seize opportunities in the "Sci-Tech + Broad-based" index [1] Group 2 - The Sci-Tech Innovation Index covers 570 constituent stocks, representing over 97% of the total market capitalization of the Sci-Tech Innovation Board, providing a comprehensive view of China's technology innovation industry [2] - The index encompasses all 16 primary industries and 44 secondary industries, achieving a coverage rate of 96%, surpassing existing indices like Sci-Tech 50, 100, and 200 [5] Group 3 - The average and median market capitalization of the Sci-Tech Innovation Index constituents are 12.3 billion yuan and 5.3 billion yuan, respectively, aligning closely with the overall market [9] - The median R&D expense as a percentage of revenue for the index constituents is 12.5%, significantly higher than other broad-based indices, indicating strong innovation vitality [9] Group 4 - The expected profit growth for the Sci-Tech Innovation Index is projected to reach 84.95% in 2024, with an annualized growth rate of 39.26% from 2024 to 2025, outpacing the Shanghai and Shenzhen indices [12] - Since its base date of December 31, 2019, the Sci-Tech price index has achieved a cumulative return of 13.7%, outperforming the Sci-Tech 50, 100, and the CSI 300 indices [15] Group 5 - Current market conditions favor the allocation to the Sci-Tech Innovation Index, supported by strong policy backing and an expected global liquidity increase due to potential interest rate cuts by the Federal Reserve [18] - The core industries within the Sci-Tech Innovation Board are experiencing positive trends, with sectors like semiconductors and AI applications showing signs of recovery and growth [18] Group 6 - The rapid inclusion mechanism for new stocks on the Sci-Tech Innovation Board enhances the potential for excess returns, providing more alpha opportunities for actively managed index funds [19] - The Sci-Tech Innovation Index's diversified characteristics reduce investment risks associated with single market cap fluctuations, making it suitable for various market environments [15] Group 7 - The TaiKang Sci-Tech Innovation Index Enhanced Fund aims to leverage a dual strategy of index Beta and quantitative Alpha enhancement to achieve stable growth in returns [21] - The fund is managed by an experienced fund manager, Yuan Shuai, who has demonstrated strong performance in managing various funds across A-share and Hong Kong markets [22] Group 8 - The Sci-Tech Innovation Board is positioned as a key area for technological breakthroughs and an important direction for asset allocation, with the TaiKang Sci-Tech Innovation Index Enhanced Fund being launched to facilitate investment in future technologies [23]

Group 1: Index Investment Growth - The appeal of index investment has been increasingly recognized by investors over the past three years, leading to rapid growth in index fund sizes, particularly in enhanced strategy index funds, which have seen a hot layout from investors [1] - As of this year, 57 enhanced strategy index funds have been issued or are in the process of being issued, with a total scale exceeding 29 billion yuan [1] Group 2: Zhongzheng 500 Index Characteristics - The Zhongzheng 500 Index has become one of the most representative mid-cap growth broad-based indices in the A-share market, consisting of 500 stocks that exclude the top 300 by market capitalization [2] - This index focuses on growth blue chips and industry leaders that align with industrial policy, showcasing both growth and value attributes, indicating potential long-term investment value [2] - The sample companies in the Zhongzheng 500 Index primarily have market capitalizations between 10 billion and 50 billion yuan, with an average market cap of approximately 25.7 billion yuan and a median of about 23.7 billion yuan [2] Group 3: Industry Distribution and Performance - The Zhongzheng 500 Index covers 11 primary and 33 secondary industries, with the largest secondary industry weight at around 8%, indicating a balanced and low concentration industry distribution [3] - The index includes both traditional industries and high-growth sectors, capturing growth dividends from emerging industries, suggesting high growth potential and investment value in the medium to long term [3] - Historical performance shows that the Zhongzheng 500 Index has a cumulative return of 470.33% since its base date, with an annualized return of 9.19%, outperforming the Shanghai Composite Index and the CSI 300 Index [3] Group 4: Enhanced Strategy Funds - Enhanced strategy funds aim to achieve returns that exceed the benchmark index while tracking it, utilizing subjective or quantitative adjustments to the investment portfolio [4] - Research indicates that Zhongzheng 500 enhanced strategy funds have achieved positive excess returns over their benchmarks, particularly notable in the long term, with median returns of 4.86%, 6.80%, and 24.65% over the past year, three years, and five years, respectively [4] - The management of enhanced strategy funds requires a high level of skill in stock selection and market timing, likened to piloting an aircraft with the flexibility to adjust within certain limits [5] Group 5: Fund Management Team - The Huashang Zhongzheng 500 Enhanced Index Fund is managed by a team of experienced quantitative investment professionals, including Dr. Deng Mo and Dr. Hai Yang, who bring extensive backgrounds in quantitative analysis and investment research [7][10] - Dr. Deng Mo has over 13 years of experience in investment research and management, focusing on a balanced investment style that combines quantitative models with active management [7] - Dr. Hai Yang specializes in integrating fundamental research with quantitative thinking, emphasizing systematic risk and return monitoring across different sectors [10] Group 6: Market Environment - The A-share market has seen increased trading activity since the "924" market rally, supported by policy boosts and improved investor sentiment, creating a favorable environment for enhanced strategy indices [10]

Group 1 - Liu Yu has been appointed as the new chairman of Xingzheng Asset Management, succeeding Sun Guoxiong, who has retired to a secondary role [1] - Under Sun Guoxiong's leadership, Xingzheng Asset Management focused on absolute returns, obtained public fund licenses, and increased its management scale to over 100 billion yuan [1] - Liu Yu brings extensive financial industry experience, having held various significant positions, which may lead to new development strategies for the company [2] Group 2 - The stamp duty on securities transactions increased significantly, with a 58% year-on-year growth in the first four months, indicating heightened activity in the A-share market [3] - The increase in trading volume is expected to benefit brokerage firms in the short term and attract more capital into the market in the long term [3] - This trend reflects a positive market sentiment and may contribute to the stability and healthy development of the capital market [3] Group 3 - A total of 59 index-enhanced funds have been established this year, raising over 30.5 billion yuan, a 17-fold increase compared to the same period last year [4] - The surge in index-enhanced fund issuance indicates strong investor interest in this strategy, potentially increasing market share for related fund companies [4] - The influx of capital into these funds may affect the demand for related stocks, injecting new vitality into the market [4] Group 4 - Guotai Haitong repurchased 1 million shares for a total amount of 17.6 million yuan, reflecting the company's confidence in its own value [5] - This share buyback is expected to enhance investor confidence and support the stock price, potentially leading other companies in the financial sector to adopt similar measures [6] - Overall, this action may improve market liquidity and alleviate market pressure, positively influencing market sentiment [6]

乘着指数基金大发展的"东风"，指数增强策略基金迎来爆发式增长。截至5月21日，今年以来指数增强 基金共成立了59只(按基金主代码口径)，已超过去年全年数量，同比增长超400%。与此同时，在当前存 续的300余只指数增强基金中，近八成今年以来的收益超过业绩比较基准。不过，在业内人士看来，由 于普通投资者认知度不高、超额收益获取不稳定等原因，指数增强基金的发展依然面临瓶颈。记者注意 到，不少公募开始在指增基金中引入AI技术，以实现更稳定和高效的超额收益挖掘能力。(上海证券报) ...

Group 1 - The private equity securities fund industry has shown strong performance in 2023, with an average return of 2.52% as of April 30, and nearly 70% of products achieving positive returns [1] - Multi-asset strategy products lead the market with an average return of 2.87%, while stock strategy products follow closely with a return of 2.56% [1] - The performance of futures and derivatives strategies, combination fund strategies, and bond strategies also demonstrated strong market adaptability, with average returns of 2.34%, 2.10%, and 1.87% respectively [1] Group 2 - Index enhancement strategies have delivered impressive results, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [2] - Large private equity firms with over 10 billion in assets have achieved an average return of 7.53% in their index enhancement products, with all products realizing positive excess returns [2] - Smaller private equity firms also performed well, with average returns between 6% to 7% across various asset sizes, maintaining excess returns above 9% [2] Group 3 - The strong performance of index enhancement products is attributed to improved market liquidity, increased trading activity, and high market volatility, which create favorable conditions for excess return generation [3] - The unique "dual-drive" advantage of index enhancement strategies allows them to benefit from overall market gains (Beta returns) while also employing refined Alpha strategies to enhance returns [3] - This structure of "market Beta as a foundation, active Alpha as an enhancement" demonstrates significant competitiveness in the current market environment [3]

Group 1 - In April 2025, the equity market experienced a decline due to external shocks, leading to increased risk aversion and an overall market pullback [2][10] - The commodity market showed a mixed performance, initially declining before recovering, with significant internal sector differentiation [10][11] Group 2 - The public quantitative strategy performance statistics indicate that the CSI 300 index had a monthly decline of 3.00%, with strict constraint type excess returns of 0.21%, SmartBeta excess returns of 0.09%, and rotation type excess returns of 0.13% [3][13] - The CSI 500 index saw a monthly decline of 3.86%, with strict constraint type excess returns of -0.07%, SmartBeta excess returns of 0.31%, and rotation type excess returns of 0.29% [3][17] - The CSI 1000 index experienced a monthly decline of 4.44%, with strict constraint type excess returns of 1.12%, SmartBeta excess returns of 1.20%, and rotation type excess returns of 1.59% [3][22] Group 3 - In the private equity strategy sector, the long strategy for the CSI 300 index had the smallest decline at -2.64%, while the quantitative stock selection strategy yielded a return of -2.72% [4][30] - The absolute return strategies showed the best performance with the ETF arbitrage strategy achieving an annualized return of 14.46%, followed by the market neutral strategy with an annualized return of 6.17% [4][30] - The quantitative CTA strategy in the commodity and derivatives private equity strategies achieved an annualized return of 10.49%, while the futures arbitrage strategy had an annualized return of 6.07% [4][35]

Group 1 - The Morgan CSI A500 Enhanced Strategy ETF (563550) is the first listed enhanced strategy ETF in China, officially launched on May 16 [1] - The fund was established on May 8 with a total size of 1.016 billion yuan and 7,765 effective subscription accounts, marking the largest fundraising scale for an enhanced index ETF in the past two years [1] - The fund manager has invested 30 million yuan of its own funds in the ETF, demonstrating confidence in the investment value of the CSI A500 index [1] Group 2 - As of April 2025, the CSI A500 index has achieved a cumulative return of 343.21% since its base date, with an annualized return of 7.83%, indicating strong long-term performance [2] - The CSI A500 index is considered an ideal target for enhanced strategies due to its broad sample domain, balanced industry distribution, and inclusion of leading companies in emerging industries [2] - The fund manager anticipates a recovery in the A-share market's risk appetite, with potential opportunities for low-cost positioning in core assets as inventory and capacity cycles are expected to resonate positively in the second half of the year [2] Group 3 - The Morgan CSI A500 Enhanced Strategy ETF aims to help investors achieve excess returns on core Chinese assets at a low cost [3] - Morgan Asset Management is committed to providing distinctive ETF products and differentiated investment experiences, leveraging international perspectives and local practices [3]

Core Insights - Despite overall poor performance of major indices this year, index-enhanced private equity products have shown strong investment capabilities, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [1] - A significant 95.53% of the 649 index-enhanced products reported positive excess returns, indicating robust performance across the board [1] Performance by Management Scale - Top-tier private equity firms have excelled, with 148 index-enhanced products managed by firms with over 10 billion in assets achieving an average return of 7.53% and an average excess return exceeding 10%, with all products reporting positive excess returns [1] - Mid-sized private equity firms also demonstrated strong competitiveness, with products in the 5-10 billion, 20-50 billion, and 0-5 billion asset ranges showing average returns of 6.42%, 6.73%, and 6.20% respectively, all with positive excess returns [1] Performance by Product Size - Products from private equity firms with 50-100 billion in assets showed average returns of 6.51% and excess returns of 8.70%, while those from firms with 10-20 billion in assets had lower performance, with average returns of 4.26% and excess returns of 6.86% [2] Strategy Type Performance - "Other index-enhanced" products emerged as the top performers, with 56 products reporting an average return of 9.69% and an average excess return of 14.47%, all achieving positive excess returns [2] - Air index-enhanced products also performed well, with 240 products showing an average return of 7.10% and an average excess return of 11.02%, with 92.92% of these products achieving positive excess returns [2]