量化选股基金录得负收益，平均收益-2.13%，市场中性录得正收益，平均 收益 0.20%；指增基金中，除 300 指增，其他各类指增本周的超额收益相 比上周有小幅回升，沪深 300 指增、中证 500 指增、中证 1000 指增、其 他指增分别录得-0.06%、0.22%、0.26%和 0.18%的超额收益。 ❑风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述，并 不预示其未来表现，亦不构成投资收益的保证或投资建议。 证券研究报告 | 基金研究（公募） 2026 年 03 月 07 日 A 股整体收跌，指增超额小幅回升 量化基金周度跟踪（20260302-20260306） 本报告重点聚焦量化基金市场表现，总结近一周主要指数和量化基金业绩表现、 不同类型公募量化基金整体表现和业绩分布，以及本周收益表现较优的量化基 金，供投资者参考。 ❑市场整体表现： 本周（3 月 2 日-3 月 6 日）A 股整体收跌，指增超额小幅回升。 ❑主要指数表现： A 股整体收跌，其中沪深 300、中证 500、中证 1000 近一周收益率分别为 -1.07%、-3.44%和-3.64%。 ❑各类基金表现： 徐燕红 ...

证券研究报告 | 2026年03月07日 **Acknowledgments** I would like to thank my supervisor, for his kind of support. I would like to thank my supervisor, for his kind of support. 核心观点 金融工程周报 ETF 业绩表现 上周（2026 年 03 月 02 日至 2026 年 03 月 06 日，下同）股票型 ETF 周度收益率中位数为-2.34%。宽基 ETF 中，沪深 300ETF 涨跌幅中位 数为-1.07%，跌幅最小。按板块划分，周期 ETF 涨跌幅中位数为-1.29%， 跌幅最小。按主题进行分类，银行 ETF 涨跌幅中位数为 1.57%，收益最 高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 1.97 亿元，总体规模减少 772.18 亿元。在宽基 ETF 中，上周科创板 ETF 净赎回最少，为 17.77 亿元；按板块来看， 周期 ETF 净申购最多，为 461.31 亿元；按热点主题来看，资源 ETF 净 申购最多，为 380.96 亿 ...

2月28日，海淀新春第一会——"海淀区2026经济社会高质量发展大会"召开。投资界在现 场获悉，中关村科学城科技成长四期基金、中关村科学城科技成果转化基金联袂发布，总规 模高达100亿元。 此次发布的中关村科学城科技成长四期基金，是以项目直投和子基金相结合的方式，投资早 期项目、成长期项目为主。其中，母基金规模70亿元，覆盖海淀区1+X+1现代产业体系及 市级未来产业领域，重点合作早期投资能力突出的子基金管理机构。 LP 最大创投活水到位 2 月 28 日 ， 京 津 冀 区 域 基 金 工 商 注 册 信 息 发 生 变 更 ， 注 册 资 本 从 296.46 亿 元 增 至 500 亿 元，多家金融机构新进成为出资人，其中包括3家险资机构，即新华保险、中汇人寿、中再 寿险，这也是首批投资国家创投引导基金区域基金的险资机构。 「解码LP」系投资界旗下专注LP报道公众号，关注各地基金政策，捕捉LP最新动态，欢迎关注！ 根据公开信息统计：本周（3月1日-3月6日）LP动态共32起。 LP 200亿，澳门引导基金出炉 投资界-解码LP获悉，澳门将注资110亿澳门元，设立一支200亿澳门元的政府引导基金。 印象中 ...

聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 整理丨王满华 来源丨LP波谱 上海又有大动作了。 以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 将为上海本地即将赴港上市的三大先导产业企业，在IPO这一关键节点上提供来自本土资本的强力支 撑。 事实上，地方政府基金作为港股基石投资人的角色，早在2023年便已显现。当年上市的优必选、智 行汽车科技、第四范式、易点云等企业背后，均有地方国资加注，此后两年这一趋势愈发明显。不过 在此之前，地方政府的出资方式多由下属国资平台直接投资，此次上海推出的"沪港基石基金"，正是 对这一模式的突破性创新。 作为全国首只、上海市级层面发起设立的市场化运作证券类港股基石基金，它标志着地方政府参与港 股IPO投资的方式，正从"单点支持"走向"系统化、基金化、专业化"。 不得不说，上海再一次走在了创新的前列。 除了上海的消息外，本周LP圈共有17条消息，推荐关注70亿元规模的 ...

Core Viewpoint - The article discusses the evolution and strategic approach of the Southern Global Select Fund (QDII-FOF), emphasizing its commitment to global asset allocation and risk management in a complex macroeconomic environment [1][9]. Group 1: Investment Performance - As of Q3 2025, the net value growth rate for the A share of Southern Global Select was 4.36%, while the C share was 4.23%, demonstrating robust performance during a "Risk on" phase in global markets [2]. - In Q4 2025, despite a mixed global market environment, the A and C shares achieved growth rates of 1.65% and 1.50%, respectively, reflecting a focus on maintaining positive returns [2]. - The fund's net value growth standard deviation remained low over the past year, indicating a strong pursuit of risk-reward balance [2]. Group 2: Asset Allocation Strategy - The fund's strategy addresses common pitfalls in asset allocation, such as the "beauty contest" approach and false diversification, by focusing on the quality of assets rather than merely their performance [4]. - Southern Global Select categorizes assets into "yielding assets" (e.g., bonds and quality stocks) and "non-yielding assets" (e.g., gold and unprofitable tech companies), emphasizing the importance of stable income generation [4][5]. - The fund's approach likens portfolio construction to "house design," aiming to create a stable asset module that performs well across different macroeconomic conditions [5]. Group 3: Risk Management and Team Support - The fund has implemented a three-tier risk defense system, including VIX products during low volatility, covered call strategies in volatile markets, and low-correlation funds as buffers against market shocks [8]. - Southern Fund has established a robust international research team, one of the largest in the domestic public fund sector, covering a wide range of asset classes and employing both active and passive investment strategies [8]. - The evolution of Southern Global Select reflects a return to professionalism in asset management, focusing on long-term value through yielding assets and dynamic risk budgeting [9].

Financial Engineering - As of February 28, 2026, there are 13,817 existing funds in the market, an increase of 95 funds compared to the previous month. The total net asset value of funds is 37.23 trillion yuan, which is an increase of 9.7 billion yuan, indicating a slight growth in the fund market size [2] - In February 2026, the returns of value, balanced, and growth fund indices were 1.00%, 1.40%, and 0.72% respectively, with balanced funds outperforming growth funds, showing a certain degree of performance divergence among different styles of funds [2] ETF Market Tracking - As of February 28, 2026, there are 1,446 ETFs in the Shanghai and Shenzhen markets, an increase of 16 from the previous period. The total asset management scale is 5.39 trillion yuan, a decrease of 73.79 billion yuan, while the total shares amount to 33.4 trillion, an increase of 60.17 billion shares [3] - In February, the median return of stock ETFs was 0.70%, while cross-border ETFs had the lowest median return of -3.30%. Bond ETFs had a median return of 0.21%, outperforming commodity ETFs [3] - Cross-border ETFs exhibited the highest internal deviation in February, while stock and commodity ETFs had internal deviations of 3.18% and 0.89% respectively. Bond ETFs had the lowest internal deviation at 0.11% [3] ETF Strategy Tracking - The industry ETF rotation strategy focused on steel, coal, and non-ferrous metals in February 2026, achieving a cumulative return of 6.17%, significantly outperforming the cumulative return of the CSI 300 index at 0.09%, resulting in an excess return of 6.08%. Year-to-date, the strategy's cumulative return is 71.82%, compared to the CSI 300's 21.67%, yielding an excess return of 50.15% [4] - The PB-ROE framework's industry ETF rotation strategy focused on non-ferrous metals, transportation, and utilities in February 2026, with a cumulative return of 4.25%, again outperforming the CSI 300 index's 0.09% return, leading to an excess return of 4.16%. Year-to-date, this strategy's cumulative return is 34.51%, compared to the CSI 300's 21.67%, resulting in an excess return of 12.84% [4] Investment Recommendations - For March 2026, there is a positive outlook on the non-ferrous metals, steel, and coal industries, with corresponding ETFs recommended for these sectors. Additionally, based on the PB-ROE situation and supplementary indicators, the ETF rotation strategy suggests focusing on the communication, agriculture, forestry, animal husbandry, and coal industries, with corresponding ETFs recommended for these sectors as well [5]

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the total management scale of 235.5 billion yuan, with investments primarily in future industries, intelligent manufacturing, and artificial intelligence manufacturing. Group 1: Fund Manager Recruitment - Shanghai is initiating a regular recruitment process for general partners (GPs) for its Super Mother Fund, aiming to support early-stage investments in strategic emerging industries [8][9][10]. Group 2: Mother Fund Establishment - Guangdong's Nansha District has launched a "3+N" fund system with a target scale exceeding 300 billion yuan, focusing on various investment types including venture capital and private equity [18][19]. - The Huanggang City Investment Guidance Fund in Hubei has a total scale of 1 billion yuan, focusing on supporting new and emerging industries [16][17]. - The Wuxi City Artificial Intelligence Industry Fund in Jiangsu has been officially launched with a total scale of 30 billion yuan, targeting AI core areas [23][24]. Group 3: Mother Fund Policies - Jiangsu Province has introduced policies to promote the high-quality development of government investment funds, emphasizing the need for alignment with national strategies and attracting social capital [26][27][28]. Group 4: LP Contributions - Lek Electric has committed 1 billion yuan to a high-end manufacturing fund, representing 99% of the total fund size [31]. - Zhaoyi Innovation has invested 400 million yuan in an integrated circuit fund, accounting for 25.87% of the fund's total size [32]. - The Suzhou Angel Investment Guidance Fund is in the process of publicizing its first batch of proposed sub-funds for 2026 [34][35]. Group 5: Other Developments - The chairman of Shanghai Guotou has proposed the establishment of ultra-long-term future industry mother funds with a lifespan of 15-20 years to attract social capital [39]. - Hainan Province's financial group has increased its registered capital from 10 billion yuan to 240 billion yuan, marking a 140% increase [40].

报告新亮点：弹性经济发展目标务实，长远蓝图并重 在基金公司看来，2026年政府工作报告在宏观目标设定上展现出显著的"弹性"与"务实"特征，政策工具箱的运用也更具创新性。 首先，经济增长目标的设定方式迎来新变化。 政府工作报告明确今年GDP增长目标为4.5%-5%，城镇新增就业1200万人以上。 创金合信基金首席经济学家魏凤春指出，这一目标务实守底、弹性有度，契合转型期总量与结构平衡。富国基金同样认为，除GDP增速目标 从2025年的"5%左右"调整为区间值外，城镇调查失业率、居民消费价格涨幅等指标维持不变，体现了"稳中求进"的总基调。 作为十五五规划的开局之年，今年的政府工作报告不仅定调当年的经济社会发展目标，更是打通短期任务单与长期路线图，系统铺开了未来 五年的战略蓝图。 面对新的宏观环境与发展任务，今年的政府工作报告多个"首次"的提法透露出哪些新信号？资本市场如何响应并布局新一轮投资蓝图？投资 主线何在？多家头部基金公司第一时间对报告进行了深度解读，为投资者梳理出清晰的政策脉络与投资逻辑。 景顺长城投研团队进一步分析，这是2020年以来我国首次采用区间式增长目标，4.5%的下限划出了经济增长的底线，而强调 ...

Core Viewpoint - The government work report for 2026 emphasizes a flexible GDP growth target of "4.5%-5%" to allow for structural adjustments, risk prevention, and reform, reflecting a focus on quality over quantity in economic growth [2][3][4]. Economic Growth Target - The GDP growth target adjustment is seen as a strategic choice to provide space for structural adjustments and risk management, rather than a simple reduction in growth expectations [2][3]. - The target aligns with China's long-term growth potential, balancing quality improvements with reasonable growth rates [2][3]. - The target also aims to support medium to long-term development, with an average growth rate of around 4.2% needed to double the economy by 2035 [3]. Fiscal and Monetary Policy - The report proposes a more proactive fiscal policy with a deficit rate of around 4% and a budget expenditure of 30 trillion yuan, marking a significant increase [5]. - The monetary policy will continue to be moderately loose, focusing on stabilizing economic growth and ensuring liquidity [5][6]. - Coordination between fiscal and monetary policies is emphasized, with fiscal policy aimed at stimulating demand and monetary policy focused on cost reduction [6][7]. Consumer Market Focus - The report prioritizes building a strong domestic market, emphasizing the role of domestic demand in driving economic growth [8][9]. - Specific measures include 250 billion yuan in special bonds for consumer upgrades and 800 billion yuan for infrastructure projects, indicating a shift towards a more systematic approach to expanding domestic demand [8][9]. - The focus on consumer spending is expected to enhance consumer confidence and drive sustainable growth [9]. Technological Innovation - The report highlights the importance of technological innovation, aiming to foster new growth drivers and support the digital transformation of industries [11][12]. - Specific initiatives include promoting artificial intelligence and establishing a robust financial support system for innovation [11][12]. - The emphasis on integrating technology with industry aims to enhance productivity and competitiveness in the global market [12]. Capital Market Reforms - The report outlines plans for deepening capital market reforms, focusing on balancing investment and exit mechanisms while enhancing investor protection [13][14]. - The shift in focus from stabilizing the market to building a sustainable capital market framework is noted, with an emphasis on long-term capital inflows [14][15]. - The report aims to improve the investment environment and promote direct financing to support the real economy [14][15].

Core Viewpoint - The article highlights the diversification and expansion of the fund manager talent pool in the investment industry, with a notable increase in the number of new fund managers since 2026, reflecting the growth and innovation within the fund management sector [1][7]. Group 1: New Fund Managers - As of March 5, 2026, over 100 new fund managers have been appointed, indicating a robust influx of talent into the industry [7]. - Among the new appointees, many possess high educational qualifications, with 99 out of 102 having master's degrees or higher, including 9 PhDs [7]. - The trend shows a shift towards younger fund managers, with 50.9% of the current fund manager cohort being born in the 1980s and 1990s [10]. Group 2: Individual Case Study - Jia Zhi - Jia Zhi has been appointed as a new fund manager at Green Fund, bringing 23 years of experience in the securities industry, including roles at various securities firms and investment advisory companies [2][3]. - His investment style focuses on industry rotation, selective stock picking, and deep research, aiming to achieve returns that exceed performance benchmarks [4][6]. - Jia Zhi has actively engaged with investors through platforms like Ant Wealth, where he has a following of 796,000 and has reported a one-year return of 32.38% on his investments [4]. Group 3: Industry Trends - The fund management industry is experiencing a significant increase in the number of fund managers, with the total number reaching 4,146 as of March 5, 2026 [7]. - The transition from sell-side to buy-side roles is becoming more common, with many new fund managers having previously worked as researchers, often within a shorter timeframe [8]. - Despite the growth in numbers, there are concerns regarding the stability and experience of the fund manager workforce, with an average tenure of only 5.15 years [10].