Core Viewpoint - The AI Fund Yimin Dividend Growth Mixed (560002) reported a profit of 2.6389 million yuan for Q2 2025, with a weighted average profit per fund share of 0.006 yuan. The fund's net value growth rate was 0.95%, and its total size reached 289 million yuan by the end of Q2 2025 [3][14]. Fund Performance - As of July 17, the fund's unit net value was 0.667 yuan. Over the past three months, the fund's adjusted unit net value growth rate was 3.82%, ranking 266 out of 328 comparable funds. Over the past six months, the growth rate was 2.27%, ranking 262 out of 328. Over the past year, the growth rate was 10.79%, ranking 285 out of 312. Over the past three years, the growth rate was -3.00%, ranking 123 out of 248 [3][6]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.2116, ranking 134 out of 249 comparable funds. The maximum drawdown over the past three years was 33.7%, ranking 236 out of 250. The largest single-quarter drawdown occurred in Q1 2021, at 28.74% [8][10]. Investment Strategy - The fund is a flexible allocation fund primarily investing in TMT (Technology, Media, and Telecommunications) stocks. The fund management believes that the period from 2025 to 2027 will be crucial for the explosion of China's technology industry, particularly for small and medium-sized technology companies that are less burdened by traditional business models [3]. Portfolio Composition - As of June 30, the fund's average stock position over the past three years was 64.38%, compared to the industry average of 85.67%. The fund reached its highest stock position of 83.53% at the end of Q1 2021 and its lowest of 44.7% at the end of 2022 [13]. - The top ten holdings of the fund as of Q2 2025 included Beifang Huachuang, Huahai Qingshi, Zhaoyi Innovation, Kingsoft, Chipone, OmniVision, Newyea, Hushi Silicon Industry, Top Software, and Zhongji Xuchuang [18].

今年以来，中小市值策略成为量化投资的蓝海，尤其是小市值指增策略持续火热，备受市场关注。 据证券时报·券商中国记者了解，多家头部量化私募旗下相关产品年内收益率超过20%，部分甚至高达30%，超额收益表现亮眼。私募排排网最新数据也显示，上半 年百亿量化私募获利丰厚，平均收益率达13.54%，且全部实现正收益。 不过，随着小盘股估值的快速拉升，投资者警惕回撤风险，中小市值策略的持续性将面临考验。部分头部量化私募已开始优化策略模型，适当收紧风险敞口，甚至 选择封盘。 中小市值指增策略火热 自2024年9月以来，市场风格轮动频繁，大盘股表现乏力，而中小市值股票却频频走强。今年以来，小微盘股更是持续创新高，弹性十足。 其中，最具代表性的是中证2000指数，年内涨幅已达到16.41%，远远跑赢其他指数。与沪深300、中证500和中证1000指数相比，中证2000指数进一步聚焦小微 盘股。 据证券时报·券商中国记者了解，随着沪深300、中证500指增赛道的不断拥挤，中小市值股票则以其高波动性和充足的交易机会，成为量化策略争相布局的新蓝 海。一些头部量化私募纷纷调仓换股，显著增加了中小市值股票的配置比例。 记者从第三方渠道获悉 ...

Core Viewpoint - The small and mid-cap strategy has become a blue ocean for quantitative investment in 2023, particularly with the small-cap index enhancement strategy gaining significant attention in the market [1][4]. Group 1: Performance of Quantitative Private Equity - Several leading quantitative private equity products have achieved annual returns exceeding 20%, with some even reaching 30%, showcasing impressive excess returns [2][6]. - The average return for quantitative private equity firms with over 10 billion in assets reached 13.54% in the first half of the year, with all firms reporting positive returns [7][8]. Group 2: Market Dynamics and Strategy Shifts - The market has seen frequent style rotations since September 2024, with small and mid-cap stocks outperforming large-cap stocks, leading to a significant increase in the allocation of small-cap stocks by quantitative strategies [5][12]. - The CSI 2000 index has risen by 16.41% this year, significantly outperforming other indices, indicating a strong focus on small-cap stocks [5][6]. Group 3: Factors Driving Small-Cap Strategy Popularity - The small-cap strategy's success is attributed to a combination of market conditions, funding preferences, and technological advancements [10][11]. - The current market environment, characterized by wide fluctuations and increased stock volatility, provides ample trading opportunities for quantitative strategies [12]. - Supportive policies for "new productive forces" have made small-cap companies attractive for innovation, leading to a preference for high-tech, stable-return quantitative strategies [12][13]. Group 4: Risks and Adjustments - As small-cap stock valuations rise rapidly, the sustainability of the small-cap strategy faces challenges, with some quantitative firms tightening risk exposure and optimizing strategy models [3][15]. - The CSI 2000 index's price-to-earnings ratio stands at 135.1, indicating that current valuations are higher than 95% of historical levels, raising concerns about potential market corrections [16][18]. - Some quantitative firms have begun to diversify factors and reduce strategy homogeneity to maintain effective and stable returns amid increasing competition [18][19].

当前全球格局面临深度调整，处于新一 轮科技革命和产业变革加速演进的关键时期，科技创新活动 愈发密 集活跃。 在此环境下， 中小市值企业不仅是经济韧性的重要支撑，也是国家科技创新活力 的具体承载。 由于相比大型企业更具灵活性，中小市值企业在 向专业化、精细化、特色化持续发展 的过程中，有望逐渐在产业链中构筑起不可替代的竞争力。 中小市值上市公司作为经济韧性的重要支撑，其健康发展既是完善产业结构和释放创新活力的关键一 环，也是提高多层次资本市场服务覆盖面和精准度的重要实践。在初评会上，主办方代表第一财经总 经理汪钧、安永大中华区业务主管合伙人毕舜杰、矽亚资产管理首席执行官陈加凤，先后发言致辞， 并表示对中小市值企业的发展予以高度关注。 汪钧表示，无论是推动经济发展潜力军的价值发现，还是推动深化改革中的资本市场的资源配置引 导，研究中国中小市值上市公司成长性意义深远。 "我们看到，当前内外部环境仍存在不确定性，技 术迭代对企业的影响也仍在持续，中小企业仍然需要各方携手护航，这是我们和'未来20'共同的使 命。 以持续跟踪和系统研究资本市场中小市值企业的成长发展潜力为目标， 2 024 年第一财经携手安永 （中国）、 ...

消息面上，5月21日中国证监会发布《关于修改的决定》，新规建立重组股份对价分期支付机制，有利 于中小市值公司收购大体量标的资产，尤其聚焦新质生产力领域的成长型企业；5月26日《2024年中国 中小企业融资发展报告》显示，2024年我国中小企业规模持续扩大，高质量发展成效显著，融资市场整 体呈现稳步增长态势。 华西证券指出，5月19-23日中证1000表现落后，同时拥挤度未显著变化，与中证2000情况不同。原因在 于资金对"可能小"的市值需求持续提升，中证1000或已难以满足这一标准，体现出资金对"小微盘"的要 求正不断走向极致。当前市场呈现"哑铃型"结构，代表大盘核心品种的上证50和代表小微盘品种的中证 2000&万得微盘股指数继续走强。 中证1000增强ETF（159679）跟踪的是中证1000指数（000852），该指数由中证指数有限公司编制，覆 盖广泛行业领域，综合反映中小市值上市企业的整体市场表现。该指数以高成长性和显著波动性为特 点。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 非完全进化体 来源：雪球 过去几年 ， 我们部分持仓基于低市盈率 、 较高股息率筛选细分行业竞争格局稳固的中小市值龙 头公司进行投资 。 即便同样承受了经济景气回落的压力 ， 但因买得足够便宜 ， 整体还是获得 了一定相对收益 。 基本 " 躲开 " 了这一期间 ， 消费 、 互联网 、 医药 、 新能源等领域核心 资产从估值高位持续回落的过程 。 去年下半年以来 ， 内外部环境冲击及不确定性进一步加剧 。 缺少足够产业链地位的中小市值公 司 ， 即便作为某一细分行业的龙头 ， 盈利的稳定性也经常遭受各种考验 。 在行业竞争加剧与 外部利空冲击下 ， 公司治理中的各种问题也更容易暴露出来 。 即便这些公司的管理层相比国内大多数企业已经属于最优秀的一批 。 但应知道 ， 中国绝大多数 行业龙头公司的发展历程也才10-20年 。 有很多问题与考验尚未遭遇 ， 最典型的诸如应对官僚 体系问题 、 股权架构制约问题 、 二代接班及职业经理人体系建立 、 全球化过程中应对各类政 策风险的能力 ， 包括公平公开的对待各类投资者的 ...