Core Viewpoint - The launch of the Huabao Growth Enterprise Market Comprehensive Enhanced Strategy ETF (subscription code: 159292) marks a significant move for Huabao Fund, being its first index-enhanced ETF and one of the first in the market based on the Growth Enterprise Market Comprehensive Index [1][3]. Group 1: ETF Characteristics - The new ETF combines the benefits of an ETF with enhanced index strategies, aiming to achieve excess returns over the benchmark index while maintaining the flexibility and lower costs typical of ETFs [2]. - The ETF will adjust the weight of constituent stocks based on a quantitative model, allowing for active management to potentially outperform the Growth Enterprise Market Comprehensive Index [2][5]. Group 2: Market Context - The Growth Enterprise Market Comprehensive Index covers over 1,300 companies with a total market capitalization coverage of 98%, providing a balanced representation across various sectors and company sizes [6]. - Historically, the Growth Enterprise Market Comprehensive Index has outperformed major indices like the CSI 300 and the CSI 500, with a cumulative return of 220.41% since its inception, significantly exceeding the returns of its peers [6][7]. Group 3: Manager Expertise - The ETF will be managed by Wang Zheng, who has over 11 years of investment management experience, supported by a quantitative investment team with nearly 20 years of research in quantitative strategies [4][5]. - The management strategy will focus on fundamental factors such as valuation, growth, and profitability, as well as technical factors like market trends and liquidity, aiming for both effective tracking of the index and excess returns [5].

Core Viewpoint - The launch of the Huabao Growth Enterprise Board Comprehensive Enhanced Strategy ETF marks a significant move for Huabao Fund, being its first index-enhanced ETF and a rare addition to the market [1][3]. Group 1: ETF Launch and Features - Huabao Fund has officially launched the Huabao Growth Enterprise Board Comprehensive Enhanced Strategy ETF (subscription code: 159292) on August 6, following the achievement of over 100 billion yuan in equity ETF scale in July [1]. - This ETF is the first index-enhanced ETF under Huabao Fund and one of the first in the market to track the Growth Enterprise Board Comprehensive Index [1][3]. - The Shenzhen Stock Exchange has revised the Growth Enterprise Board Comprehensive Index to enhance its investment representation, including mechanisms for monthly removal of risk-warning stocks and negative ESG screening [1]. Group 2: Market Context and Performance - The Growth Enterprise Board Comprehensive Index covers over 1,300 companies with a total market capitalization coverage of 98%, providing a balanced distribution across various market capitalizations and industries [6][8]. - Historically, the Growth Enterprise Board Comprehensive Index has outperformed major indices like the CSI 300 and CSI 500, with a cumulative return of 220.41% since its base date, significantly exceeding the returns of its peers [8]. - As of July 31, 2025, the index's price-to-book ratio stands at 3.77, indicating a relatively low valuation compared to its historical maximum [8]. Group 3: Management and Strategy - The ETF will be managed by Wang Zheng, who has over 11 years of investment management experience, supported by a quantitative investment team that has been developing strategies since 2005 [4][5]. - The management strategy will focus on fundamental factors such as valuation, growth, and profitability quality, as well as technical factors like volume and capital flow, aiming for excess returns while effectively tracking the index [5]. - The ETF's launch is timely, as several key technology sectors within the Growth Enterprise Board are expected to emerge from cyclical lows, presenting growth opportunities for investors [8].

近年来指数化投资越来越受市场认可，而作为指数化产品中的新兴类别——指数增强ETF也在快速发 展。数据显示，自2021年12月首只指数增强策略ETF正式成立以来，截至2025年5月15日，A股市场共有 35只指增ETF，总规模67.20亿元。(数据来源：Wind，2025/5/15) 这类基金兼顾被动投资和主动管理的优点，在捕捉市场贝塔的同时，还能力争获得阿尔法收益，为场内 投资者提供了一种收益增厚的新工具。继2021年底推出中证500增强策略ETF(159610.SZ)后，近期权益 大厂景顺长城基金，发行了旗下第二只指数增强ETF——沪深300增强策略ETF(159238)。 指数增强ETF：兼具ETF主动增强优势 众所周知，被动投资具有投资透明度高、个股分散等显著优势，同时对于沪深300、中证A500等主流宽 基，能较好地反映A股市场整体表现。而从当前市场参与者的结构来看，A股市场仍存在超额收益挖掘 空间，加之结构行情明显，行业轮动与风格切换频繁，在此背景下，主动管理仍有较大的"用武"空间。 指数增强ETF，就是把指数投资和主动投资相结合，跟踪指数的同时，又具备获取超额收益的可能。这 类产品一方面具备交易灵 ...

Group 1 - The core viewpoint of the articles highlights the growing appeal of enhanced index ETFs, which combine passive investment with active management to capture market beta while striving for alpha returns [1][2] - In response to market opportunities, Invesco Great Wall Fund has launched its second enhanced index ETF, the CSI 300 Enhanced Strategy ETF, following the introduction of the CSI 500 Enhanced Strategy ETF in late 2021 [1] - The CSI 300 index, tracked by the new ETF, consists of 300 large-cap, liquid stocks from the Shanghai and Shenzhen markets, representing 55.82% of the total market capitalization, 60.74% of revenue, and 80.68% of net profit in the A-share market [1] Group 2 - The fund employs a "passive + active" management model, co-managed by Zhang Xiaonan, an experienced passive investor, and Guo Lin, a new generation active equity fund manager [2] - Zhang Xiaonan noted that the CSI 300 index currently has strong support from policy, capital, and valuation, indicating a high allocation value [2] - The enhanced index strategy aims to balance risk and return by sharing overall market gains while optimizing factors through active management to achieve excess returns [2]

Core Viewpoint - Index-enhanced ETFs are rapidly developing as a new category of index products, combining the advantages of passive investment and active management to capture market beta while striving for alpha returns [1][2]. Group 1: Market Overview - As of May 15, 2025, there are 35 index-enhanced ETFs in the A-share market with a total scale of 6.72 billion yuan [1]. - The first index-enhanced strategy ETF was launched in December 2021, indicating a growing acceptance of index-based investment strategies [1]. Group 2: Product Characteristics - Index-enhanced ETFs combine index tracking with the potential for excess returns, offering features such as trading flexibility, transparency in holdings, and relatively low fees [2]. - In the U.S. market, as of the end of 2024, there are 1,696 actively managed ETFs with a total scale of 857.9 billion USD, accounting for 8.09% of the total ETF market [2]. Group 3: Specific Product Insights - The newly issued Hu-Shen 300 Enhanced Strategy ETF (159238) tracks the Hu-Shen 300 index, which consists of 300 large-cap, liquid stocks that contribute significantly to the A-share market's total market value, revenue, and net profit [3]. - The Hu-Shen 300 index accounts for 55.82% of the total market value, 60.74% of revenue, and 80.68% of net profit in the A-share market [3]. Group 4: Management Strategy - The fund employs a "passive + active" management model, co-managed by experienced passive investor Zhang Xiaonan and emerging active equity fund manager Guo Lin [4]. - The previous performance of the index-enhanced ETF managed by the same team showed a net value growth rate of 10.49% in 2024, outperforming the benchmark index's increase of 5.46% during the same period [4].

Core Viewpoint - The recent surge in the issuance and reporting of enhanced strategy index funds indicates a growing interest in these investment vehicles within the Chinese capital market [1][4]. Group 1: Fund Issuance and Performance - The Morgan CSI A500 Enhanced Strategy ETF (563550) completed its issuance on April 30, with a total scale of 1.016 billion yuan [1]. - As of May 7, the largest two enhanced index ETFs in the market had scales of 1.998 billion yuan and 742 million yuan respectively [2]. - The Morgan CSI A500 Enhanced Strategy ETF is the first of its kind to complete fundraising and has the largest fundraising scale among enhanced index ETFs in the past two years [2]. Group 2: Investment Strategy and Market Trends - The fund's management has committed to investing no less than 54 million yuan of its own capital into the newly launched equity public fund, with a minimum holding period of one year [2]. - The CSI A500 index, which the ETF tracks, includes 500 stocks representing various industries, ensuring a balanced coverage of core assets in the A-share market [3]. - Enhanced strategy index funds have seen a new issuance scale of nearly 25 billion yuan this year, accounting for about 20% of new stock fund issuances [4]. Group 3: Market Support and Economic Policies - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, providing approximately 1 trillion yuan in long-term liquidity to the market [5]. - The total quota for two capital market support tools was combined to 800 billion yuan, which is expected to benefit large-cap stocks [5].