Group 1 - The report indicates that in October, the multi-strategy stock selection strategy had an absolute return of -0.82% and a relative excess return of -0.67% compared to the CSI All Share Index [2][30] - In November, the weight allocation for the quality stock selection strategy is the highest at approximately 43.37%, while the weight for the value stock selection strategy is the lowest at about 16.86% [2][19] - The report highlights that the absolute return for the "Dividend+" preferred stock strategy in October was 3.56%, with a relative excess return of 3.72% compared to the CSI All Share Index [5][18] Group 2 - The "Dividend+" preferred stock strategy included a total of 30 stocks with an average market capitalization of 140.19 billion, primarily concentrated in the banking and utilities sectors, accounting for 50% of the weight [5][24] - The moving average trend strategy achieved an absolute return of 5.41% in October, with a relative excess return of 5.57% compared to the CSI All Share Index [6][18] - The report notes that the absolute return for the extreme style high BETA stock selection strategy in October was 2.55%, with a relative excess return of -2.71% compared to the CSI All Share Index [4][18] Group 3 - The report states that the Sci-Tech Innovation Board strategy had an absolute return of -2.6% in October, but a strong performance year-to-date with an absolute return of 76.61% and a relative excess return of 23.39% compared to the CSI All Share Index [7][18] - The multi-strategy stock selection strategy's historical performance shows a significant relative excess return of 16.07% annualized compared to the CSI All Share Index from January 2017 to October 2025 [42][49] - The report emphasizes that the extreme style high BETA strategy's weight allocation for large-cap value stocks is the highest at 50%, while the weight for small-cap growth stocks is the lowest at 11.87% [4][53]

Market Overview - In August, the overall A-share market experienced an increase, with the CSI 300 index rising by 10.33%, the CSI 1000 index by 11.67%, the CSI 500 index by 13.13%, and the ChiNext index by 24.13% [16][17] - The top three performing sectors were communication, electronics, and non-ferrous metals, while the banking sector saw a decline [16] Multi-Strategy Stock Selection - The multi-strategy stock selection strategy achieved an absolute return of 13.14% in August, with an excess return of 2.17% relative to the CSI All Share Index [20][33] - The strategy's weight allocation for September shows the highest allocation to growth stocks at approximately 31.11%, while the lowest allocation is to value stocks at about 15.16% [3][22] - The strategy includes four sub-strategies: value stock strategy, growth stock strategy, quality stock strategy, and liquidation stock strategy, with adjustments based on risk parity and momentum optimization [22][38] Extreme Style High BETA Stock Selection - The extreme style high BETA stock selection strategy recorded an absolute return of 3.05% in August, with a relative excess return of -6.94% compared to the CSI All Share Index [5][21] - The weight allocation for September indicates the highest allocation to large-cap value stocks at approximately 64.58%, while the lowest allocation is to small-cap value stocks at about 35.42% [5][53] - The strategy's recommended portfolio includes 70 stocks, with a concentration in the banking sector, and an average market capitalization of 1471.25 billion [56] "Dividend +" Preferred Stock Strategy - The "Dividend +" preferred stock strategy achieved an absolute return of 3.74% in August, with an excess return of -6.33% relative to the CSI All Share Index [6][21] - The strategy's portfolio consists of 30 selected stocks, with an average market capitalization of 1261.08 billion, primarily concentrated in the banking and utilities sectors, accounting for 50% of the total weight [6] Moving Average Trend Strategy - The moving average trend strategy recorded an absolute return of 5.07% in August, with a relative excess return of 0.71% compared to the CSI All Share Index [7][21] - The strategy's portfolio includes 34 stocks, mainly in the non-ferrous metals and petroleum sectors, with a weight distribution of 40.15% [7] Sentiment Price-Volume Strategy - The sentiment price-volume strategy's top 50 portfolio achieved an absolute return of 19.76% in August, with an excess return of 8.14% relative to the CSI All Share Index [7][21] - The strategy's portfolio consists of 50 stocks, primarily in the electronics, machinery, and automotive sectors, with a weight of 58% [7] Sci-Tech Innovation Board Strategy - The Sci-Tech Innovation Board strategy achieved an absolute return of 18.41% in August, with a relative excess return of -7% compared to the CSI All Share Index [8][21] - The strategy's portfolio includes 30 stocks, predominantly in the electronics sector, with a weight of 90.24% [8]