1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The Wanjia Quantitative Team led by Qiao Liang aims to build a scientific, systematic, and iterative quantitative investment system to pursue stable and continuous excess returns. The system is based on a multi - factor stock - selection model and forms a full - process quantitative management closed - loop covering pre - investment, in - investment, and post - investment [11]. - Wanjia Quantitative adopts the "dual - enhanced active quantitative strategy" to outperform the equity - mixed fund index in the long term. This strategy combines the collective wisdom of active funds with the systematic efficiency of quantitative models to form dual alpha sources [16][17]. - The two active quantitative products managed by Qiao Liang, Wanjia Quantitative Selection and Wanjia Yuanzhen Quantitative Stock Selection, have long - term performance leading the 885001 index. They also show excellent quarterly win - rates and leading excess performance momentum [21][24][32]. - Wanjia Yuanzhen Quantitative Stock Selection has distinct product characteristics, such as high turnover, low concentration, and appropriate industry distribution deviation, with diverse sources of excess returns [35][43][50]. 3. Summary According to the Table of Contents 3.1. Wanjia Fund's Qiao Liang: Frontier Quantification Achieves Stable Excess, and Dual Strategies Strive to Beat the Equity - Mixed Fund Index 3.1.1. Basic Information of the Fund Manager - Qiao Liang holds a Doctor of Business Administration from Stanford University. He has rich work experience in multiple well - known financial institutions. Since joining Wanjia Fund in July 2019, he has held multiple positions. As of 2025Q4, he manages 11 fund products with a total scale of 6.404 billion yuan. Nine of his products with over two - year management experience have significant excess returns compared to their performance benchmarks, with Wanjia CSI 1000 Index Enhancement having the most significant cumulative excess return of 104.29% [7]. 3.1.2. Quantitative Team Framework: Building a Scientific and Complete Investment Research System and Overcoming Human Weaknesses with Frontier Quantitative Methods - The core of the investment framework is to build a scientific, systematic, and iterative quantitative investment system. It is based on a multi - factor stock - selection model and combines self - built risk prediction models, portfolio optimization systems, and return - risk attribution systems to form a full - process quantitative management closed - loop. The framework has three characteristics: breadth and depth of the factor system, refined and systematic risk control, and adaptive ability for strategy iteration [11]. - The factor system has accumulated thousands of alpha factors covering multiple dimensions, providing more comprehensive and stable signals for stock selection. The risk control is refined and systematic, with a customized risk prediction model and strict portfolio construction. The strategy iteration uses performance and risk attribution systems to continuously optimize model parameters [14]. 3.1.3. Path to Beat the Equity Fund Index: Dual - Enhanced Active Quantitative Strategy - The "dual - enhanced active quantitative strategy" has two dimensions. First, build an "excellent equity fund holding index" through quantitative algorithms to capture the collective wisdom of active fund managers. Second, on the basis of this index, further explore sources of excess returns by optimizing stock selection through multi - dimensional factor signals [16]. 3.2. Performance of Qiao Liang's 885001 Enhancement Strategy Products 3.2.1. Performance Trend: Long - Term Performance Leading 885001 - Wanjia Quantitative Selection has achieved a cumulative return of 38.23% since 2022, significantly outperforming the 3.51% of 885001 during the same period. Wanjia Yuanzhen Quantitative Stock Selection has achieved a cumulative return of 47.65% from June 30, 2023, to February 28, 2026, leading the 31.15% of 885001 during the same period. Both products have high correlations with 885001 and show stable performance [21][24]. 3.2.2. Relative Performance: Excellent Quarterly Win - Rate Compared to 885001 - Wanjia Quantitative Selection and Wanjia Yuanzhen Quantitative Stock Selection have good quarterly return win - rates. Wanjia Yuanzhen Quantitative Stock Selection has a quarterly absolute return win - rate of 66.7% and a quarterly average return of 4.08%. Its quarterly win - rate compared to 885001 is also 66.7%, with a quarterly average excess return of 1.78% [28]. 3.2.3. Excess Performance Momentum: Leading in Excess Performance Momentum - In the past year, the excess momentum quantiles of Wanjia Quantitative Selection and Wanjia Yuanzhen Quantitative Stock Selection were 99.8% and 99.6% respectively, leading among active equity products. Their two - year quantiles are also above the 95th percentile. The products show stronger performance in adverse market environments, indicating better defensive and offensive capabilities [32]. 3.3. Product Feature Analysis of Wanjia Yuanzhen Quantitative Stock Selection 3.3.1. Investment Strategy Features: High Turnover + Low Concentration, No Excessive Market - Cap Downshift - The stock holdings of Wanjia Yuanzhen Quantitative Stock Selection are relatively dispersed, with the top ten holdings accounting for about 10% - 16% and the top thirty holdings accounting for about 30% - 35%. The product has a high turnover rate, with a turnover of over 10 times in 2024 and about 9 times in 25H1. It does not have excessive market - cap downshift, with almost no allocation to micro - cap stocks [35][37]. 3.3.2. Industry Distribution of Holdings: Moderate Deviation of Full - Position Industry Distribution from 885001 in Each Period - The industry distribution of Wanjia Yuanzhen Quantitative Stock Selection changes moderately in each period, with short - term heavy positions in some industries in different reporting periods. Compared with 885001, the product's industry distribution deviation is controllable, and the deviation degree has converged in 25H1 [43][46]. 3.3.3. Return Split: Diverse Return Sources, Both Trading and Industry Allocation Can Contribute Excess - Using the Brinson model, the excess return sources of Wanjia Yuanzhen Quantitative Stock Selection are diverse. Trading, industry allocation, and asset allocation can contribute excess returns, and stock selection has also contributed excess returns since 2025. The absolute return sources of the product's sectors are extensive, and it can create high relative returns in some sectors since 2025 [49][50][55]. 3.4. Product Information of Wanjia Yuanzhen Quantitative Stock Selection - Wanjia Yuanzhen Quantitative Stock Selection was established in March 2023, managed by Qiao Liang. Its investment goal is to achieve long - term and stable appreciation of fund assets through quantitative models while strictly controlling risks and maintaining good liquidity. The management fee rate is 1.20%, and the custody fee rate is 0.20% [60].