Report Industry Investment Rating - The operation rating for CITIC's five - style stability is ★☆☆, indicating a bullish bias but with limited operability in the market [4] Core Viewpoints - In the week ending November 7, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively. In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns. Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally. The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year. In the neutral strategy, the contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months. The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year. According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - The weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively [4] - In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns [4] Equity Market Style - Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally [4] - The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year [4] Neutral Strategy - The contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months [4] Barra Factor - The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year [4] Style Timing Model - According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4]

Overall Summary - The report is a weekly financial engineering report on the fund market, covering market performance, style analysis, and factor performance as of August 1, 2025 [3]. Market Performance - In the week ending August 1, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -1.14%, 0.13%, and -2.46% respectively [3]. - In the public - fund market, there was a divergence in stock - bond returns in the past week, with medium - and long - term bonds outperforming. The index weekly return was 0.14%. Passive index returns in the equity market weakened, neutral strategy products mostly rose, pure - bond strategy returns in the bond market rebounded, convertible bond returns declined, and silver and energy - chemical ETFs in the commodity market significantly corrected, while gold and soybean meal ETFs had slightly weaker returns [3]. Style Analysis 1. Zhongxin Five - Style Index - Last Friday, the style index closed down, with growth and consumption relatively stronger. The style rotation chart showed that the relative strength of each style decreased month - on - month, and the cyclical style had a large decline in the indicator momentum [3]. - In the public - fund pool, the average return of consumption - style funds in the past week did not outperform the benchmark index, while cyclical and growth - style funds had better excess performance. The style coefficients of growth and stable styles slightly increased [3]. - The growth style rose to a historically high - congestion range [3]. 2. Style Timing Model - According to the latest scoring results of the style timing model, the financial style weakened marginally this week, the stable style rebounded, and the current signal favored the consumption style. The return of the style timing strategy last week was -0.41%, and the excess return compared to the benchmark balanced allocation was 0.97% [3]. Barra Factor Performance - In the past week, the return of the residual volatility factor continued to strengthen, with a weekly excess return of 1.02%. The returns of the profitability and liquidity factors weakened. In terms of winning rate, the capital flow factor strengthened marginally, and the leverage and residual momentum factors decreased month - on - month [3]. - This week, the cross - sectional rotation speed of factors decreased marginally and was currently in a historically low - quantile range [3].