中信五风格-周期★☆☆ 金融工程组 张婧婕 Z0022617 010-58747784 gtaxinstitute@essence.com.cn 本报告版权属于国投期货有限公司 1 不可作为投资依据，转载请注明出处 基金市场回顾： 操作评级 股债策略收益小幅分化 金融工程周报 权益市场风格 2026年1月5日 周度报告 截至2025/12/31当周，通联全A（沪深京）、中证综合债与南 华商品指数周度涨跌幅分别为-0.31%、-0.20%、-0.71%。 公募基金市场方面，近一周股债策略收益表现分化，短期纯债 策略表现偏强，普通股票策略指数小幅收跌，中性策略产品涨 多跌少；商品方面贵金属ETF净值有所回调，黄金ETF调整幅 度大于白银，有色与能源化工ETF延续上行走势。 中信五风格方面，上周周期风格收涨，其余风格收跌；风格轮 动图显示近期稳定与消费风格相对强弱边际回落，五风格相对 强弱动量均环比走低。公募基金池方面，近一周消费与金融风 格基金平均表现跑赢基准，从基金风格系数走势来看市场对消 费风格偏移度有所回升；本周拥挤度指标相比上周有所升高， 成长风格基金拥挤度提升至历史中高分位区间。 Barra因子：近一周 ...

贵金属ETF收益表现偏强 金融工程周报 基金市场回顾： 操作评级 中信五风格-消费★☆☆ 金融工程组 张婧婕 Z0022617 010-58747784 gtaxinstitute@essence.com.cn 权益市场风格 本报告版权属于国投期货有限公司 1 不可作为投资依据，转载请注明出处 2025年12月29日 周度报告 截至2025/12/26当周，通联全A（沪深京）、中证综合债与南华 商品指数周度涨跌幅分别为2.73%、0.07%、4.00%。 公募基金市场方面，近一周权益策略收益反弹，增强指数策略上 涨2.82%；纯债策略收益分化，中长期纯债收益优于短期纯债； 商 品 类 ETF 走 强 ， 白 银 ETF 净 值 大 幅 上 行 ， 周 度 收 益 率 为 17.43%。 中信五风格方面，上周成长与周期风格表现偏强，消费风格小幅 收跌；风格轮动图显示近期稳定风格相对强弱边际回落，消费风 格相对强弱动量环比上升。公募基金池方面，近一周金融与成长 基金超额表现较优，从基金风格系数走势来看市场对成长与消费 风格偏移度小幅回升；本周拥挤度指标相比上周环比提高，周期 风格基金拥挤度回落至历史低分位区间，成 ...

成长因子收益边际回升 金融工程周报 基金市场回顾： 权益市场风格 2025年12月15日 周度报告 操作评级 中信五风格-成长★☆☆ 金融工程组 张婧婕 Z0022617 010-58747784 gtaxinstitute@essence.com.cn 本报告版权属于国投期货有限公司 1 不可作为投资依据，转载请注明出处 截至2025/12/12当周，通联全A（沪深京）、中证综合债与南华 商品指数周度涨跌幅分别为0.26%、0.11%、-1.21% 。 公募基金市场方面，近一周纯债策略收益小幅回升；权益策略中 普通股票策略收益表现相对偏强，贵金属ETF收益继续走高，白 银期货ETF上涨9.27%，能源化工与豆粕ETF有所回撤。 中信五风格方面，上周成长风格收涨，其余风格收跌；风格轮动 图显示成长与金融风格相对强弱边际提升，稳定风格相对强弱动 量显著走低。公募基金池方面，近一周金融风格基金平均超额表 现相对偏弱，从基金风格系数走势来看市场对周期风格偏移度有 所下降；本周拥挤度指标相比上周小幅回升，当前周期风格基金 拥挤度上升至近一年以来偏高分位区间，而金融与消费风格拥挤 度位于近一年偏低分位区间。 中性策略方 ...

1. Report Industry Investment Rating - The report gives a "★☆☆" rating to the CITIC Five - Style - Growth, indicating a bullish bias but with limited trading opportunities on the market [4]. 2. Core Viewpoints - As of the week ending November 28, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond Index, and Nanhua Commodity Index were 2.87%, - 0.26%, and 1.99% respectively. In the public fund market, equity strategies rebounded in the past week, while medium - and long - term pure - bond strategies declined. The net value of silver futures ETF increased significantly by 5.07%, and the returns of energy and chemical ETFs stabilized and rebounded. Among the CITIC five - styles, all styles rose last Friday, with the growth style leading in terms of returns. The style rotation chart shows that the relative strength of the financial style declined, while that of the consumer style strengthened. The medium - and long - term momentum factor's return rebounded, with a weekly excess return rate of 1.66%. According to the latest score of the style timing model, the growth style strengthened this week, and the signal currently favors the growth style [3][4]. 3. Summary by Relevant Catalogs Fund Market Review - In the public fund market, equity strategies rebounded in the past week, with the ordinary stock strategy index rising 3.33%. Medium - and long - term pure - bond strategies declined. The net value of silver futures ETF increased by 5.07%, and the returns of energy and chemical ETFs stabilized and rebounded [4]. Equity Market Style - **CITIC Five - Style Performance**: All five styles of CITIC rose last Friday, with the growth style leading in returns. The style rotation chart shows that the relative strength of the financial style declined, and that of the consumer style strengthened. In the public fund pool, financial and growth - style funds outperformed their benchmarks on average in the past week. The market's deviation towards cyclical and financial styles increased. The congestion index changed little compared to last week, and the congestion of financial - style funds is currently in the relatively high - percentile range of the past year [4]. - **Neutral Strategy**: As of last week, the basis of stock index futures (futures - spot) fluctuated and weakened. The basis of IC and IM fell below the average of the past three months. Meanwhile, the average premium rate index of the corresponding ETFs of stock indices decreased month - on - month and dropped to the low - percentile range of the past three months [4]. - **Barra Factors**: The return of the medium - and long - term momentum factor rebounded in the past week, with a weekly excess return rate of 1.66%. The leverage and profitability factors weakened slightly. In terms of win - rate, the liquidity factor weakened, and the reversal factor rebounded. The cross - sectional rotation speed of factors continued to increase this week and is currently in the high - percentile range of the past year [4]. - **Style Timing**: According to the latest score of the style timing model, the growth style strengthened this week, and the stable style declined slightly. The current signal favors the growth style. The return of the style timing strategy last week was 0.80%, and the excess return compared to the benchmark balanced allocation was - 1.19% [4].

Report Investment Rating - The report gives an operation rating of ★☆☆ for CITIC's five-style - stable [4] Core View - In the week ending November 21, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -5.12%, -0.02%, and -1.81% respectively. The equity strategy index in the public fund market weakened, short - term pure bonds had strong returns, convertible bond strategies had a pullback, and the returns of non - ferrous and precious metal ETFs and energy and chemical ETFs declined. In the CITIC five - style, all styles fell last Friday, with the cycle and growth styles performing weakly. The style timing signal favors the stable style this week [3][4] Section Summaries Fund Market Review - The equity strategy index in the public fund market weakened collectively in the past week, with the ordinary stock index falling 5.13%. Short - term pure bond returns were strong, convertible bond strategy returns pulled back, non - ferrous and precious metal ETF returns adjusted, and energy and chemical ETF net values continued to decline [4] Equity Market Style - **CITIC Five - Style Performance**: All five styles closed down last Friday, with the cycle and growth styles having weak returns. The style rotation chart shows that the relative strength and relative strength momentum of the five styles declined. In the public fund pool, the average performance of cycle and consumption style funds outperformed the benchmark in the past week. The market's deviation from the financial and growth styles increased. The crowding indicator changed little compared to last week, and the growth and cycle styles were in the lower quantile range in the past year [4] - **Neutral Strategy**: As of last week, the basis of IH and IF (futures - spot) declined and fell below the range of one standard deviation below the three - month average. In contrast, the basis of IC and IM showed an upward trend. Recently, the average premium rate index of ETFs corresponding to stock indices rebounded, with the premium rate indices of CSI 500 and CSI 1000 ETFs rising more significantly [4] - **Barra Factors**: In the past week, the leverage and intraday volatility factors had better returns, with a weekly excess return of 1.14%. The returns of medium - and long - term momentum factors continued to weaken. In terms of winning rates, the residual momentum factor increased slightly, and the growth factor decreased. The cross - section rotation speed of factors this week was the same as last week and was in the higher quantile range in the past year [4] - **Style Timing Model**: According to the latest scoring results of the style timing model, the cycle style declined this week, and the growth style rebounded slightly. The current signal favors the stable style. The return of the style timing strategy last week was -3.94%, with an excess return of 0.59% compared to the benchmark equal - weighted allocation [4]

Report Industry Investment Rating - The operation rating for CITIC's five - style stability is ★☆☆, indicating a bullish bias but with limited operability in the market [4] Core Viewpoints - In the week ending November 7, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively. In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns. Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally. The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year. In the neutral strategy, the contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months. The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year. According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - The weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively [4] - In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns [4] Equity Market Style - Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally [4] - The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year [4] Neutral Strategy - The contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months [4] Barra Factor - The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year [4] Style Timing Model - According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4]

Report Industry Investment Rating - The operation rating for CITIC Five Styles - Finance is ★☆☆, indicating a bullish bias but with limited operability in the market [3][4]. Core Viewpoints - As of the week ending October 24, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 3.42%, -0.03%, and 0.94% respectively. In the public - fund market, enhanced index strategies led the gains with a weekly return of 3.89%. Neutral strategies had more gains than losses. Among commodities, precious - metal ETFs pulled back, while soybean - meal and non - ferrous - metal ETFs had a slight rebound, and energy - chemical ETFs stabilized [4]. - All CITIC five styles closed up last Friday, with the growth style leading in returns. The style rotation chart showed that the cyclical and consumer styles weakened compared to the previous period, and the growth style had a significant increase in the indicator momentum. In the public - fund pool, financial and cyclical style funds had better excess performance in the past week. The deviation of products from the consumer style increased marginally, and the overall market congestion indicator continued to rise this week, with the growth and financial styles in a historically high - congestion range [4]. - In the neutral strategy, the stock - index basis showed a marginal recovery trend during the week. The IC contract recovered to around 0.5 times the standard deviation above the three - month average. The average premium rates of the spot - index ETFs corresponding to IC and IM were relatively high, in the top 80% quantile range of the past three months [4]. - Among Barra factors, the medium - and long - term momentum factor had a better return performance this week, with a weekly excess return of 1.70%. The residual volatility and ALPHA factors retreated, and the winning rates of the dividend and leverage factors improved. The cross - section rotation speed of factors continued to increase this week, currently in the top 80% quantile range of the past year [4]. - According to the latest scoring results of the style timing model, the growth and financial styles recovered marginally this week, while the cyclical and stable styles declined. The current signal favors the financial style. The return of the style timing strategy last week was 1.45%, and the excess return compared to the benchmark balanced allocation was - 0.98% [4]. Summary by Related Catalogs Fund Market Review Recent Market Returns - The weekly, monthly, quarterly, and semi - annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in a chart [6]. - The maximum drawdowns of the main public - fund strategy indices in the past three months and their weekly returns are also shown in charts [6]. CITIC Style Index - The net - value trends of CITIC style indices (finance, cycle, consumption, growth, stability) from September 24 to October 23, 2025, are presented in a chart [8][9]. - The relative rotation chart of CITIC style indices shows the relative strength and relative - strength momentum of different styles in different time periods (recent week, last week, recent month, recent three months, recent six months, recent year) [10][11]. - The excess - return performance of fund style indices in different time periods is provided in a table [12]. - The fund - style congestion chart shows the congestion levels of cycle, growth, consumption, and finance styles from September 28 to October 26, 2025 [13]. Barra Factors - The style preference of Barra single factors is within the range of 0 - 1, with a higher value indicating a stronger preference. The excess - return performance of Barra single - factor style strategies and the net - value trends of Barra single - factor style excess since this year are presented in charts [14][16][18].

Report Investment Rating - The report gives a "★☆☆" rating to CITIC's five-style stability, indicating a slightly bullish view with limited operability in the market [5]. Core Viewpoints - In the week ending October 17, 2025, Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index had weekly returns of -3.39%, 0.21%, and -1.14% respectively. In the public fund market, equity long strategies retreated, pure bonds outperformed, neutral strategy products showed mixed performance, and among commodities, precious metal ETFs rose while non-ferrous metal ETFs declined, and energy chemical and soybean meal ETFs continued to weaken [5]. - Among CITIC's five styles, the financial style rose last week while others fell. The style rotation chart shows that the growth and consumption styles weakened marginally in terms of relative strength, and the financial style increased significantly in terms of indicator momentum. In the public fund pool, cyclical style funds had better excess performance in the past week, and other style funds underperformed the index on average. The product's deviation from cyclical and consumption styles increased marginally, and the overall market congestion indicator increased marginally this week, with the cyclical style currently in a historically high congestion range [5]. - In the neutral strategy, the stock index basis showed a marginal recovery trend last week. The IM contract rebounded from below the -2 standard deviation of the three - month average to within one standard deviation, and the premium rates of the corresponding spot index ETFs of IH and IF were in the top 20% quantile range of the past three months [5]. - Among Barra factors, the residual momentum factor had better performance in the past week with a weekly excess return of 2.49%, while the momentum and capital flow factors had excess drawdowns. The win - rates of the profitability and leverage factors improved. The cross - section rotation speed of factors increased significantly this week and is currently in a relatively high quantile range in the past year [5]. - According to the latest scoring results of the style timing model, the consumption and financial styles recovered marginally this week, the cyclical style declined, and the current signal favors the stable style. The return of the style timing strategy last week was 0.52%, with an excess return of 1.45% compared to the benchmark equal - weighted allocation [5]. Summary by Directory Fund Market Review - In the public fund market, equity long strategies had a drawdown in the past week, pure bonds had better returns, neutral strategy products showed mixed performance, precious metal ETFs in commodities had large increases, non - ferrous metal ETFs had a return correction, and energy chemical and soybean meal ETFs' net values continued to weaken [5]. - Among CITIC's five styles, the financial style rose last week while others fell. Cyclical style funds had better excess performance in the public fund pool, and other style funds underperformed the index on average. The product's deviation from cyclical and consumption styles increased marginally, and the overall market congestion indicator increased marginally this week, with the cyclical style in a historically high congestion range [5]. - In the neutral strategy, the stock index basis recovered marginally last week, and the premium rates of the corresponding spot index ETFs of IH and IF were in the top 20% quantile range of the past three months [5]. - Among Barra factors, the residual momentum factor had a weekly excess return of 2.49%, the momentum and capital flow factors had excess drawdowns, and the win - rates of the profitability and leverage factors improved. The factor cross - section rotation speed increased significantly and is in a relatively high quantile range in the past year [5]. - According to the style timing model, the consumption and financial styles recovered marginally this week, the cyclical style declined, and the style timing strategy had a return of 0.52% last week, with an excess return of 1.45% compared to the benchmark [5]. Recent Market Returns - The weekly, monthly, quarterly, and semi - annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in the report, along with data on the establishment scale of public funds in the past year, the maximum drawdown of major public fund strategy indices in the past three months, and the weekly returns of major public fund strategy indices [7]. CITIC Style Index - The net value trends of CITIC's financial, cyclical, consumption, growth, and stable style indices are shown, as well as the relative rotation chart of these style indices, which reflects the relative strength and momentum of different styles in different time periods [8][9]. - The excess return performance of CITIC style - based fund style indices in different time periods (weekly, monthly, quarterly, semi - annual, annual) is presented, along with the congestion levels of different styles (excluding the stable style due to data limitations) [10][11]. Barra Factors - The preference levels of Barra single - factors (ranging from 0 - 1) are shown, indicating the degree of preference for different factors. The excess return performance of Barra single - factor style strategies in different time periods (weekly, monthly) is also presented, as well as the excess net value trends of Barra single - factor styles since this year [13][14][17].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - As of the week ending on September 12, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 2.08%, -0.33%, and 0.02% respectively. The public - fund market showed a pattern of strong stocks and weak bonds, with enhanced strategy indices performing strongly, and precious - metal ETFs having rising returns while energy - chemical ETFs' returns declined [3]. - All the five - style indices of CITIC rose last week, with the growth style leading in returns. The financial style declined in relative strength, while the stability and growth styles had large increases in indicator momentum. Financial - style funds had better excess performance, and the deviation of products from growth and financial styles increased marginally [3]. - The overall market congestion decreased slightly this week, and the consumer style remained in a historically high - congestion range. In the neutral strategy, the stock - index basis fluctuated and recovered, and the ETF premium - rate index rose and then fell. The latest signal indicated a short - term decline risk for the IF basis [3]. - The momentum - reversal factor had better return performance with a weekly excess return of 2.00%, and the leverage factor's excess return continued to decline. The valuation and profit factors strengthened month - on - month in terms of winning rate. The factor cross - section rotation speed increased month - on - month and was in the low - to - middle historical range [3]. - According to the latest score of the style - timing model, the consumer and growth styles rebounded slightly this week, and the current signal favored the stability style. The style - timing strategy's return last week was 1.44%, with an excess return of - 0.41% compared to the benchmark balanced allocation [3]. Summary by Related Catalogs Market Performance - **Overall Market Index**: As of the week ending on September 12, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 2.08%, -0.33%, and 0.02% respectively [3]. - **Public - Fund Market**: The public - fund market showed a pattern of strong stocks and weak bonds. Enhanced strategy indices performed strongly with a weekly return of 2.17%. Precious - metal ETFs' returns continued to rise (gold ETF net value increased by 2.31%), while energy - chemical ETFs' returns continued to decline [3]. Style Analysis - **CITIC Five - Style Indices**: All five - style indices rose last week, with the growth style leading in returns. The financial style declined in relative strength, and the stability and growth styles had large increases in indicator momentum [3]. - **Fund Style**: Financial - style funds had a weekly excess return of 0.77%. The deviation of products from growth and financial styles increased marginally. The overall market congestion decreased slightly this week, and the consumer style remained in a historically high - congestion range [3]. Neutral Strategy - **Stock - Index Basis**: The stock - index basis (futures - spot) fluctuated and recovered. Some contracts of IH and IF were slightly at a premium, and the basis was within one - standard - deviation range of the one - month average. The ETF premium - rate index rose and then fell to the middle - level range of the past month, and the latest signal indicated a short - term decline risk for the IF basis [3]. Barra Factor - **Factor Return**: The momentum - reversal factor had a weekly excess return of 2.00%, and the leverage factor's excess return continued to decline. The valuation and profit factors strengthened month - on - month in terms of winning rate [3]. - **Factor Rotation**: The factor cross - section rotation speed increased month - on - month and was in the low - to - middle historical range [3]. Style - Timing Model - **Style Score**: The consumer and growth styles rebounded slightly this week, and the current signal favored the stability style [3]. - **Strategy Return**: The style - timing strategy's return last week was 1.44%, with an excess return of - 0.41% compared to the benchmark balanced allocation [3].

Report Investment Rating - The operation rating for the CITIC five-style - Cycle is ★☆☆ [4] Core Viewpoints - As of the week ending August 8, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 1.94%, 0.03%, and -0.36% respectively. In the public fund market, index enhancement strategies led in returns with a weekly increase of 1.65%. In the equity product segment, market neutral strategies generally had more gains than losses. For bonds, convertible bond returns rebounded, but the growth of short - and medium - to long - term pure bond funds slowed compared to the previous week. Among commodity funds, energy and chemical ETFs remained weak, while precious metals saw a rebound in returns, with the net value of silver ETFs rising significantly by 3.84% [4] - In the CITIC five - style, the style index closed up last Friday, with the cycle style leading in returns, rising 3.49%. The style rotation chart showed a slight recovery in the relative strength of the financial and cycle styles, and all five styles strengthened in terms of indicator momentum. Among the public fund pools, the excess returns of consumer - style funds recovered in the past week, with a weekly excess return of 1.06%, while the average return of cycle - style funds did not outperform the benchmark. From the trend of fund style coefficients, some consumer - style funds shifted towards the growth style. Currently, the market congestion is in the historically high - congestion range [4] - In terms of Barra factors, the ALPHA factor had a better return performance in the past week, with a weekly excess return of 0.34%. The returns of the valuation and residual volatility factors weakened. In terms of win - rate, the reversal - type factors strengthened marginally, while the profitability and liquidity factors declined slightly. This week, the cross - sectional rotation speed of factors increased compared to the previous week and is currently in the historically low - quantile range [4] - According to the latest scoring results of the style timing model, the cycle and financial styles recovered this week, while the consumer style declined. The current signal favors the cycle style. The return of the style timing strategy last week was 0.77%, with an excess return of - 1.02% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - In the public fund market, index enhancement strategies led in returns with a weekly increase of 1.65%. Market neutral strategies in equity products generally had more gains than losses. Convertible bond returns rebounded, but the growth of short - and medium - to long - term pure bond funds slowed compared to the previous week. Energy and chemical ETFs remained weak, while precious metals saw a rebound in returns, with the net value of silver ETFs rising significantly by 3.84% [4] Equity Market Style - The CITIC five - style index closed up last Friday, with the cycle style leading in returns, rising 3.49%. The relative strength of the financial and cycle styles slightly recovered, and all five styles strengthened in terms of indicator momentum. The excess returns of consumer - style funds recovered in the past week, with a weekly excess return of 1.06%, while the average return of cycle - style funds did not outperform the benchmark. Some consumer - style funds shifted towards the growth style, and the market congestion is in the historically high - congestion range [4] Barra Factors - The ALPHA factor had a better return performance in the past week, with a weekly excess return of 0.34%. The returns of the valuation and residual volatility factors weakened. The reversal - type factors strengthened marginally, while the profitability and liquidity factors declined slightly. The cross - sectional rotation speed of factors increased compared to the previous week and is currently in the historically low - quantile range [4] Style Timing Model - The cycle and financial styles recovered this week, while the consumer style declined. The current signal favors the cycle style. The return of the style timing strategy last week was 0.77%, with an excess return of - 1.02% compared to the benchmark balanced allocation [4]