Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The A-share equity market showed strong performance throughout the week, with the Shanghai Composite Index rising 3.49%. The market sentiment remained high, and the fund strategy index of domestic equities also recorded varying degrees of gains. The stock fund enhancement strategy is recommended, followed by overseas equity strategy, and then the evergreen low-volatility strategy [2][3]. - The A-share market is expected to maintain an upward trend. The stock fund enhancement portfolio has more room for growth, while the evergreen low-volatility strategy can be used as a bottom position. The defensive sectors such as banks have increased in cost-effectiveness after adjustment [3]. - The US stock market has been rising due to factors such as the easing of tariff expectations, trade agreements, strong earnings reports of some technology companies, and increasing expectations of interest rate cuts. Although it showed high-level fluctuations in August, it is expected to regain upward momentum in September, and the long-term upward trend is still optimistic [4]. Summary by Relevant Catalogs 1. Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: It has maintained low - volatility characteristics, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Stock Fund Index. Since the strategy started on July 31, 2023, it has continued its low - volatility and small - drawdown attributes, with significant excess returns. It combines offensive capabilities while maintaining a defensive nature [13][15]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time, and its performance is close to the CSI Active Stock Fund Index. It is expected to have stronger elasticity when the market environment improves. It maintains a similar trend to the benchmark in a weak market environment [13][17]. - **Cash Enhancement Fund Portfolio**: After double screening of risk elimination and scoring optimization, it continuously outperforms the benchmark. Since the strategy started in late July 2023, the excess return has been continuously accumulated, with a cumulative excess return of more than 0.41% [13][18]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the boost of artificial intelligence on global technology stocks, it has accumulated a high level of excess returns. Global allocation can increase the return of the equity investment portfolio [13][22]. 2. Tool - based Fund Portfolio Construction Ideas - **Evergreen Low - Volatility Fund Portfolio**: It aims to select funds with long - term stable returns from high - equity - position actively managed funds. By adding restrictions on fund valuation levels, it constructs an actively managed equity fund portfolio with low - volatility characteristics from the two dimensions of net value performance and holding characteristics [24][27]. - **Stock Fund Enhancement Fund Portfolio**: It aims to meet the needs of equity fund investors with different risk preferences. By analyzing the source of fund returns and splitting the industry return and stock - selection excess ability of fund allocation, it constructs a portfolio strategy based on the significant persistence of alpha returns, which shows a high winning rate in the back - testing period [25][28]. - **Cash Enhancement Fund Portfolio**: It constructs a money fund selection system by comprehensively considering various money fund factors, helping investors obtain higher returns and reduce return volatility risks when investing in money funds [25][29]. - **Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it selects QDII equity funds corresponding to the indices to construct an overseas market selection portfolio through long - term momentum and short - term reversal factors, providing an auxiliary tool for investors to expand global investment [26][30].

Core Viewpoint - The A-share equity market has shown strong performance, with the Shanghai Composite Index rising by 3.49% this week, indicating sustained market enthusiasm and a high level of capital inflow into the market [3][4]. Quantitative Strategy Configuration Viewpoints - The ranking of fund strategies is as follows: Stock Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy, with the stock enhancement strategy showing greater potential in the current market environment [4]. - The A-share market is expected to maintain an upward trend despite potential short-term resistance, with limited room for pullbacks [4]. - The U.S. stock market has been buoyed by easing tariff expectations and strong earnings reports from tech companies, with a potential new round of interest rate cuts expected to provide further momentum [4][6]. Fund Strategy Performance - The Evergreen Low Volatility Fund Strategy recorded a weekly gain of 1.679%, but an excess return of -1.990%, indicating that while it has been stable, it may struggle to capture excess returns in a strong market [5][9]. - The Stock Enhancement Fund Strategy achieved a weekly return of 2.719% with an excess return of -0.949%, suggesting that it is well-positioned to capture alpha as the market evolves [5][9]. - The Cash Growth Fund Strategy yielded a return of 0.028%, outperforming the benchmark, with cumulative excess returns of 0.476% since its inception [5][9]. Overseas Equity Fund Strategy - The Overseas Equity Fund Strategy experienced a decline of -1.171% this week, with an excess return of -5.022%, reflecting the impact of tariff tensions and subsequent market adjustments [6][9]. - Despite recent volatility, the U.S. economy shows no significant signs of recession, and the ongoing technological advancements are expected to drive future growth in the U.S. stock market [6][9]. Fund Combination Construction Ideas - The company emphasizes the need for a quantitative approach to fund selection to meet the diverse needs of investors in different market environments and risk preferences [19][20]. - The Evergreen Low Volatility Fund aims to provide stable returns while minimizing volatility, making it suitable for risk-averse investors [21]. - The Stock Enhancement Fund focuses on identifying funds with strong alpha generation capabilities, aiming to deliver superior performance in favorable market conditions [22]. - The Cash Growth Fund is designed to optimize returns on cash management, ensuring investors can achieve higher yields with reduced risk [23]. - The Overseas Equity Fund seeks to provide global diversification by selecting high-potential international equity indices for investment [24].

Core Insights - The report indicates that the public fund quantitative selection strategy index continues to reach new highs, with equity fund enhancement strategies maintaining high elasticity [1][3] - The A-share equity market has shown strong performance, with the Shanghai Composite Index breaking through key resistance levels, supported by multiple favorable factors that enhance market sentiment [3][4] - The report highlights that various strategy indices have recorded positive returns, with the Evergreen Low Volatility Strategy and Equity Fund Enhancement Strategy yielding returns of 1.990% and 2.284% respectively, indicating the latter's stronger elasticity [3][5] Quantitative Strategy Allocation Views - The preferred strategy ranking is Equity Fund Enhancement Strategy > Evergreen Low Volatility Strategy > Overseas Equity Strategy [4] - The report notes that the A-share market is experiencing a positive upward trend, with the technology growth sector gaining more attention and funds shifting towards related low-position sectors [4][5] - The Evergreen Low Volatility Strategy has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns [5][15] Performance Tracking of Fund Strategies - The Evergreen Low Volatility Fund Strategy has achieved a return of 1.990% this week, 4.909% over the past month, and 6.627% year-to-date, with a total return of 14.953% since its inception [13] - The Equity Fund Enhancement Strategy has recorded a return of 2.284% this week, 7.292% over the past month, and 11.397% year-to-date, with a total return of 19.794% since its inception [13] - The Cash Growth Fund Strategy has achieved a return of 0.028% this week, outperforming the benchmark, with cumulative excess returns exceeding 0.41% since its inception [18] Fund Strategy Construction Ideas - The report emphasizes the need for a quantitative approach to construct a fund selection pool that meets the diverse needs of investors in different market environments and risk preferences [22][29] - The Evergreen Low Volatility Fund Strategy aims to select funds with long-term stable return characteristics, focusing on funds with low volatility and drawdown levels [26] - The Equity Fund Enhancement Strategy seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in improving market conditions [27]

Core Viewpoint - The A-share market continues to show a slight decline under the influence of international geopolitical risks, but overall support remains strong, with opportunities for low-cost positioning in quality dividend sectors [2][3] Market Overview - The A-share market has experienced a slight pullback, with the Shanghai Composite Index reaching a low near 3350, but the decline is limited, indicating some support [2] - The overseas US stock market shows similar characteristics, with slight declines due to geopolitical influences and resistance at previous highs [2] - Increased risk aversion and a preference for quality dividend sectors have led to strong performance in low-volatility strategies [2] Quantitative Strategy Allocation - The recommended strategy allocation is: Enhanced Equity Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy [3] - The A-share market is showing signs of stabilization in technology growth sectors after adjustments, leading to a relatively optimistic outlook [3] - The performance of dividend and low-volatility sectors remains strong, but there may be a potential reduction in upward momentum due to the risk of declining dividend yields [3] Overseas Market Insights - The easing of US tariff attitudes has led to a rebound in the US stock market and other regions, with economic data exceeding expectations [4] - Short-term opportunities in overseas markets may arise from further easing of tariff risks and progress in trade negotiations [4] - The Nasdaq is approaching its early-year highs, and while upward momentum is expected, caution is advised due to high index levels [4] Fund Strategy Performance - The Evergreen Low-Volatility Fund Strategy recorded a return of -1.042% this week, with a cumulative excess return of 0.631% [5] - The Enhanced Equity Fund Strategy also saw a decline of -1.235%, with a cumulative excess return of 0.438% [5] - The Cash Growth Fund Strategy achieved a return of 0.031%, outperforming the benchmark [6] Fund Composition Insights - The Evergreen Low-Volatility Fund has maintained low volatility and drawdown characteristics, providing stable returns [12] - The Enhanced Equity Fund is still in its early stages, with performance closely aligned with the benchmark, but potential for stronger returns as market conditions improve [14] - The Cash Growth Fund has consistently outperformed its benchmark since its strategy launch, providing effective cash management options [15] - The Overseas Equity Allocation Fund has accumulated significant excess returns, benefiting from the global technology sector's growth [17]

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - A-shares rebounded after the tariff shock, but the continued rebound momentum weakened this week. The CSI All-Share Index rose slightly by 0.3%, while the CSI Active Equity Fund Index, representing fund performance, declined slightly by 0.23%. The Evergreen Low-Volatility Strategy continued to benefit from the volatile market, rising 0.87% this week and recording an excess return of 1.1% [3]. - The quantitative strategy allocation preference is: Evergreen Low-Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy. The Evergreen Low-Volatility Strategy in A-shares is expected to have higher cost-effectiveness and is suitable for a defensive and offensive strategy. Overseas, the US stock market may be near a short-term bottom, and investors with low overseas positions can consider appropriate layout. In the long term, the US stock market is still optimistic [4]. - Among equity fund strategies, the Evergreen Low-Volatility Fund Strategy rose by 0.873% and recorded an excess return of 1.103%. The Equity Fund Enhancement Fund Strategy also rose, with a return of 0.345% and an excess return of 0.575%. The Cash Enhancement Fund Strategy achieved a return of 0.031%, better than the benchmark. The Overseas Equity Allocation Fund Strategy rebounded, recording a return of 3.463%. Global investment still has strong diversification value [5][6]. Summary by Directory 1. Toolized Fund Portfolio Performance Tracking - **1.1 Evergreen Low-Volatility Fund Portfolio**: It has maintained low volatility characteristics for a long time, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has achieved significant excess returns, demonstrating both defensive and offensive capabilities [14]. - **1.2 Equity Fund Enhancement Fund Portfolio**: The strategy has been running for a short time, and its performance is similar to the CSI Active Equity Fund Index. It is expected to have stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. - **1.3 Cash Enhancement Fund Portfolio**: After double screening of risk elimination and scoring optimization, it has continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the cumulative excess return has exceeded 0.29%, providing a reference for investors in cash management [18]. - **1.4 Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the drive of artificial intelligence on global technology stocks, it has accumulated a high level of excess returns. Global allocation can enhance the returns of equity portfolios [21]. 2. Toolized Fund Portfolio Construction Ideas - **2.1 Evergreen Low-Volatility Fund Portfolio**: The strategy aims to select funds with long-term stable returns from high-equity-position actively managed funds. By adding restrictions on fund valuation levels, it constructs an actively managed equity fund portfolio with low volatility characteristics from both the net value performance and position characteristics dimensions [26]. - **2.2 Equity Fund Enhancement Fund Portfolio**: The strategy aims to further meet the needs of equity fund investors with different risk preferences. It constructs a portfolio with a higher risk - volatility level and offensive capabilities by digging into fund managers with stronger Alpha - mining capabilities in actively managed equity funds [27]. - **2.3 Cash Enhancement Fund Portfolio**: Based on multi - dimensional characteristic factors of money market funds, it constructs a money market fund screening system to help investors optimize the returns of short - term idle funds and reduce return volatility risks [23][28]. - **2.4 Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it constructs an overseas equity allocation fund portfolio by using long - term momentum and short - term reversal factors to select appropriate QDII funds, providing an auxiliary tool for investors to expand global investment [25][29].

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - Amid escalating global political and economic uncertainties and significant asset price fluctuations due to tariff tensions, the Evergreen Low-Volatility Strategy maintained its low-volatility defensive nature, serving as a stabilizer in the portfolio. This week, the active equity fund index dropped 3.9%, while the Evergreen Low-Volatility Strategy only fell 2.7%, achieving an excess return of 1.2% [3]. - The preference for quantitative strategies is: Evergreen Low-Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy. For A-shares, the short- to medium-term view is upgraded to neutral. The Evergreen Low-Volatility Strategy is expected to offer better cost-effectiveness and is suitable for a balanced offensive and defensive strategy. As the tense situation eases, a shift to more aggressive strategies can be considered [4]. - Overseas markets have experienced a significant short-term decline. The US stock market may be approaching a short-term bottom. Investors with low overseas positions can consider appropriate bottom - fishing. In the long run, the US stock market is still expected to reverse and rise, and global investment has strong diversification value [5]. - The Evergreen Low-Volatility Fund Strategy is still worth allocating due to its stability and the potential attention from long - term funds with low - risk preferences. The Equity Fund Enhancement Strategy's excess performance awaits a market turnaround. The Cash Enhancement Fund Strategy has achieved continuous excess returns, and the Overseas Equity Allocation Fund Strategy has long - term investment value despite short - term setbacks [5][6][7]. Summary by Directory 1. Tool - based Fund Portfolio Performance Tracking 1.1 Evergreen Low - Volatility Fund Portfolio - The Evergreen Low - Volatility Fund Portfolio has long maintained low - volatility characteristics, with significantly better portfolio volatility and maximum drawdown than the CSI Active Equity Fund Index. Since the strategy's launch on July 31, 2023, it has continued to show low drawdowns during market fluctuations and achieved good returns during rebounds, demonstrating both defensive and offensive capabilities [14]. 1.2 Equity Fund Enhancement Fund Portfolio - The Equity Fund Enhancement Fund Portfolio has been in operation for a short time. Its performance is close to the CSI Active Equity Fund Index. It is expected to have stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. 1.3 Cash Enhancement Fund Portfolio - After double - screening of risk elimination and scoring optimization, the Cash Enhancement Fund Portfolio has consistently outperformed its benchmark. Since the strategy's launch at the end of July 2023, it has accumulated an excess return of over 0.29%, providing a reference for investors in cash management [18]. 1.4 Overseas Equity Allocation Fund Portfolio - As a supplementary investment tool in the A - share equity market, since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of global technology stocks by artificial intelligence, the Overseas Equity Allocation Selected Fund Portfolio has accumulated high - level excess returns. Global allocation can enhance the returns of equity investment portfolios [21]. 2. Tool - based Fund Portfolio Construction Ideas 2.1 Evergreen Low - Volatility Fund Portfolio - The Evergreen Low - Volatility Fund Portfolio Strategy aims to select funds with long - term stable returns from actively managed high - equity - position funds. By considering factors such as historical drawdown, volatility, and valuation, a low - volatility active equity fund portfolio is constructed [26]. 2.2 Equity Fund Enhancement Fund Portfolio - The Equity Fund Enhancement Fund Portfolio Strategy aims to meet the needs of investors with higher risk preferences. It selects fund managers with strong Alpha - mining capabilities from actively managed equity funds. Based on the analysis of fund return sources, a portfolio strategy is constructed, which shows a high holding - period win rate in back - testing [27]. 2.3 Cash Enhancement Fund Portfolio - A currency fund selection system is constructed by considering various factors such as management fees, duration, leverage, institutional holding ratio, and deviation. This system helps investors select currency funds with higher returns and lower return volatility [28]. 2.4 Overseas Equity Allocation Fund Portfolio - In QDII funds, based on long - and short - term technical indicators, index momentum, and reversal effects, equity indices of multiple countries or regions are screened. QDII equity funds corresponding to the selected indices are used to construct an overseas market selected portfolio, meeting investors' needs for global allocation [25].