1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Views of the Report - Multiple - dimensional model signals suggest paying attention to the allocation value of the CSI 300 Index, and the CSI 300 Index - enhanced funds have obvious long - term excess returns [4]. - Among the CSI 300 Index - enhanced funds, two funds of China Europe Fund stand out with high excess returns and low correlations, showing effective and unique investment strategies [4]. 3. Summary According to the Directory 3.1 Model Signals: Multi - dimensional Hints to Focus on the Allocation Value of the CSI 300 - The trading volume proportion of the CSI 300 Index has recently increased. Since August, its trading volume proportion in the Wind All - A Index has significantly risen, indicating high market attention [4][9]. - The CSI 300 Index has three prominent features: high - quality fundamentals, high dividend cost - effectiveness, and a high proportion of stocks waiting to rise. It has leading ROE indicators, a dividend yield of 2.63% as of September 9, 2025, and less than 30% of its constituent stocks have risen by more than 20% this year [4][14][20]. - The model indicates that the large - cap style is dominant in the short term, and the CSI 300 Index, with strong large - cap attributes, is relatively prominent [4][23]. 3.2 CSI 300 Index - enhanced Funds: Investment Value and Strategy Analysis 3.2.1 Obvious Long - term Excess Returns of CSI 300 Index - enhanced Funds - From 2015 to September 5, 2025, the cumulative return of equally - weighted holding CSI 300 Index - enhanced funds was 92.89%, while that of the CSI 300 Index was 22.48%, with an excess return of 70.40% and an annualized excess return of 5.31% [4][26]. - In the past decade, the average and median annual excess returns of CSI 300 Index - enhanced funds have been positive, but the difficulty of achieving excess returns is increasing [30]. 3.2.2 Overall Development and Fund Manager Background Analysis - From 2016 to 2025, the scale of CSI 300 Index - enhanced funds increased by over 7 billion yuan, and its scale is less affected by market conditions [4][34]. - There are 11 fund managers with two CSI 300 Index - enhanced products each, and 8 products are managed by active fund managers. Among them, China Europe CSI 300 Index - enhanced fund has the best control of excess return drawdown [39][40]. 3.2.3 How to Select CSI 300 Index - enhanced Funds: Investment Strategy Classification and Analysis Dimensions - The sources of excess returns of index - enhanced funds can be attributed to investment ability, investment breadth, and investment opportunities. The first factor depends on the effectiveness of the manager's investment model [42]. - The investment decision - making process of quantitative index - enhanced funds can be divided into four steps, and the return prediction model is the most important. It can be roughly divided into four types: fundamental multi - factor model, stock - selection model based on volume - price or alternative data, machine - learning factor mining, and machine - learning prediction model [42]. - Public - offering index - enhanced funds can be divided into five schools, but performance differences are not obvious among different schools. The clustering analysis of the excess returns of CSI 300 Index - enhanced funds this year shows different representative funds for each category [48]. 3.3 Two CSI 300 Index - enhanced Funds of China Europe Fund: High Excess Returns and Low Correlations - The two funds of China Europe Fund have high excess returns and low correlations this year, indicating unique and effective investment strategies. If included in a FOF portfolio, they can reduce portfolio volatility and improve the return - risk ratio [51][53]. - China Europe CSI 300 Index - enhanced fund, co - managed by Qian Yating and Wang Jian, has a return of 20.10% this year, with an excess return of 6.75% compared to the CSI 300 Index. It combines fundamental and quantitative methods in portfolio construction [56][61]. - China Europe CSI 300 Quantitative Index - enhanced fund, managed by Qu Jing, has a return of 17.24% this year, with an excess return of 3.89% compared to the CSI 300 Index. It uses machine - learning models to predict stock returns and construct portfolios [57][61].