1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Xin'ao Quant team combines human wisdom with intelligent algorithms, adopting the "HI + AI" investment concept to create an investment strategy with both depth and breadth, aiming to provide investors with long - term stable excess returns [2][14]. - The "Index Plus" concept proposed by the team does not require the proportion of constituent stocks of the benchmark index, but ensures that the overall characteristic style of the selected stocks meets the basic characteristics of the benchmark index, thus expanding the investment space and potentially obtaining higher excess returns [2][21]. - The team's product line is relatively complete, covering broad - based index plus, industry - style index plus, and quantitative fixed - income plus products, which can meet the quantitative product investment needs of various investors [2][22][25]. 3. Summary According to the Catalog 3.1 Section 1: Xin'ao HAI Quant Team - Combining Human Wisdom and Intelligent Algorithms to Create an Investment Strategy with Both Depth and Breadth - **1.1 Team Member Composition**: The team members have diverse backgrounds, including quantitative, algorithmic, industrial research, and macro backgrounds. This diversity allows members to leverage their expertise, achieve complementary advantages, broaden research ideas, and develop new product investment directions. The team has experienced investment managers and researchers with extensive research directions [8][9][10]. - **1.2 Team Investment Framework**: The team uses the "HI + AI" investment concept. "HI" represents in - depth research, where human insights are added to quantitative investment to enhance the investment effect of the quantitative model in aspects such as understanding event information, styles and industries, individual stock risk defense, and discovering potential forward - looking opportunities. "AI" represents breadth, using artificial intelligence algorithms and big - data support to contribute to investment, and actively exploring non - traditional data for investment logic construction [14][17]. 3.2 Section 2: Public Funds under Xin'ao Quant - Actively Managed Funds under the "Index Plus" Concept - **2.1 "Index Plus" Concept**: Different from traditional index enhancement, the "Index Plus" concept does not require the proportion of constituent stocks of the benchmark index, but ensures the style consistency, increasing the investment space and potentially obtaining higher excess returns with relatively controllable deviation [21][22]. - **2.2 Product Layout**: The products are mainly divided into broad - based index plus (tracking mainstream broad - based indexes and some special indexes), industry - style index plus (tracking industry - style indexes such as Kechuang Chuangye 50), and quantitative fixed - income plus, which can meet the needs of different investors [22][23]. 3.3 Section 3: Representative Broad - based "Index Plus" Product - Xin'ao Xingyao Zhixuan - **3.1 Performance**: Since 2024, Xin'ao Xingyao Zhixuan has outperformed the benchmark index (CSI 1000). As of March 31, 2025, the excess return since 2024 reached 10.00%. The monthly win - rate was 67%, and the average monthly excess return was 0.45% [29]. - **3.2 Position and Turnover Style**: In 2024, it adopted a high - turnover and diversified investment strategy, with a turnover rate of over 12 times and a very low concentration of the top 30 stocks (less than 20%). The heavy - position stocks rotated quickly, and the weight of the top - held stocks was low [33][37]. - **3.3 Return Split**: Stock - selection and trading contributed to excess returns. The absolute return sources of the fund were diverse, with advanced manufacturing and technological innovation contributing more, and the fund also had strong relative return - obtaining ability in consumption and cyclical sectors [41][45]. - **3.4 Industry and Style Exposure**: The industry deviation of the fund was relatively low, with small adjustments in different periods. In terms of style factors, the exposure in most factors tended to decrease in 2024H2 [50][51]. 3.4 Section 4: Representative Industry - Style "Index Plus" Product - Xin'ao Kechuang Chuangye Zhixuan - **4.1 Performance**: Since March 2024, Xin'ao Kechuang Chuangye Zhixuan has outperformed the benchmark index (Kechuang Chuangye 50). As of March 31, 2025, the excess return since March 2024 reached 16.18%. The monthly win - rate was 76.9%, and the average monthly excess return was 0.91% [55][57]. - **4.2 Position and Turnover Style**: In 2024, it adopted a moderately high - turnover strategy, with a turnover rate of about 7 - 8 times. The concentration was moderately low, with the top 10 stocks accounting for about 30% - 45%. The heavy - position stocks were relatively stable, but the weights were adjusted significantly [59][63]. - **4.3 Return Split**: Trading contributed more to excess returns. The fund had strong return - capturing ability in sectors emphasized by the Kechuang Chuangye index and could further increase product returns through stock - selection [65][68]. - **4.4 Industry and Style Exposure**: The fund moderately allocated to industries not covered by the index, such as automobiles and basic chemicals, while under - allocating to industries mainly covered by the index. In terms of style factors, the exposure in most factors decreased in 2024H2 [73][75].