证券研究报告 | 2026年01月24日 主动量化策略周报 微盘股领涨，四大主动量化组合本周均战胜股基指数 核心观点 金融工程周报 国信金工主动量化策略表现跟踪： 本周，优秀基金业绩增强组合绝对收益 1.95%，相对偏股混合型基金指数超 额收益 0.30%。本年，优秀基金业绩增强组合绝对收益 9.49%，相对偏股混 合型基金指数超额收益 1.35%。今年以来，优秀基金业绩增强组合在主动股 基中排名 35.77%分位点（1331/3721）。 本周，超预期精选组合绝对收益 4.65%，相对偏股混合型基金指数超额收益 3.00%。本年，超预期精选组合绝对收益 13.46%，相对偏股混合型基金指 数超额收益 5.33%。今年以来，超预期精选组合在主动股基中排名 14.97% 分位点（557/3721）。 本周，券商金股业绩增强组合绝对收益 2.96%，相对偏股混合型基金指数超 额收益 1.31%。本年，券商金股业绩增强组合绝对收益 10.04%，相对偏股 混合型基金指数超额收益 1.91%。今年以来，券商金股业绩增强组合在主动 股基中排名 31.77%分位点（1182/3721）。 本周，成长稳健组合绝对收益 5. ...

Group 1 - The core viewpoint of the article is to track the performance of various active quantitative strategies developed by GuoXin Securities, which aim to outperform the median returns of actively managed equity funds [2][3][5] - The report includes four main strategies: Excellent Fund Performance Enhancement Portfolio, Super Expectation Selection Portfolio, Broker Golden Stock Performance Enhancement Portfolio, and Growth Stability Portfolio [2][3][5] Group 2 Excellent Fund Performance Enhancement Portfolio - This portfolio aims to benchmark against the median returns of actively managed equity funds, utilizing quantitative methods to enhance performance based on the holdings of top-performing funds [6][32] - As of this week, the portfolio achieved an absolute return of 2.14% and a relative excess return of 1.44% against the mixed equity fund index [11][19] - Year-to-date, the portfolio has an absolute return of 28.34%, with a relative excess return of -3.00%, ranking in the 49.90th percentile among 3,469 active equity funds [11][19] Super Expectation Selection Portfolio - This portfolio selects stocks based on super expectation events and analyst upgrades, focusing on both fundamental and technical criteria to identify stocks with strong support [13][39] - For the week, the portfolio recorded an absolute return of 0.72% and a relative excess return of 0.01% against the mixed equity fund index [19][40] - Year-to-date, it has achieved an absolute return of 41.78% and a relative excess return of 10.44%, ranking in the 26.58th percentile among active equity funds [19][40] Broker Golden Stock Performance Enhancement Portfolio - This strategy utilizes a stock pool from broker recommendations, optimizing the portfolio to minimize deviations from the stock pool while aiming to outperform the ordinary equity fund index [16][41] - This week, the portfolio achieved an absolute return of 1.62% and a relative excess return of 0.91% against the mixed equity fund index [20][44] - Year-to-date, it has an absolute return of 36.74% and a relative excess return of 5.40%, ranking in the 34.33rd percentile among active equity funds [20][44] Growth Stability Portfolio - This portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings report dates to capture potential excess returns [25][45] - For the week, it recorded an absolute return of 0.09% and a relative excess return of -0.62% against the mixed equity fund index [28][46] - Year-to-date, the portfolio has achieved an absolute return of 49.78% and a relative excess return of 18.45%, ranking in the 17.50th percentile among active equity funds [28][46]