1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report focuses on the investment framework, performance, and product characteristics of Qiao Liang, a fund manager at Wanjia Fund, in managing the 885001 enhanced strategy products. Qiao Liang's team aims to achieve stable excess returns through a scientific and systematic quantitative investment system and a dual - enhanced active quantitative strategy [1][8][12]. - Qiao Liang's two active quantitative products, Wanjia Quantitative Selection and Wanjia Yuanzhen Quantitative Stock Selection, have long - term performance leading that of the 885001 index, with significant excess returns and high - quality excess performance momentum [17][20]. - Wanjia Yuanzhen Quantitative Stock Selection has distinct product features, including investment strategies, industry distribution, and diverse sources of excess returns [30]. 3. Summary According to the Table of Contents 3.1. Wanjia Fund Qiao Liang: Achieving Stable Excess with Frontier Quantification and Striving to Defeat the Partial - Stock Hybrid Fund Index 3.1.1. Fund Manager Basic Information - Qiao Liang holds a Doctor of Business Administration from Stanford University. He has rich work experience in multiple well - known investment institutions. Since July 2019, he has worked at Wanjia Fund, currently serving as the Chief Quantitative Investment Officer and Fund Manager. As of 2025Q4, he manages 11 fund products with a total scale of 6.404 billion yuan. Nine of his products managed for over two years have significant excess returns compared to their benchmarks, with Wanjia CSI 1000 Index Enhancement having the most significant cumulative excess return of 104.29% [4]. 3.1.2. Quantitative Team Framework - The investment framework of Wanjia's quantitative team aims to build a scientific, systematic, and iterative quantitative investment system to pursue continuous and stable excess returns. It is based on a multi - factor stock - selection model, combined with a self - built risk prediction model, portfolio optimization system, and return - risk attribution system, forming a full - process quantitative management closed - loop covering pre - investment, in - investment, and post - investment. The framework has three characteristics: a comprehensive and in - depth factor system, refined and systematic risk control, and self - adaptive strategy iteration [8]. 3.1.3. Path to Defeat the Partial - Stock Fund Index: Dual - Enhanced Active Quantitative Strategy - Wanjia Quant uses a "dual - enhanced active quantitative strategy" to defeat the partial - stock fund index in the long term. First, it constructs an "excellent equity fund holding index" through quantitative algorithms, representing the overall stock - selection preference of excellent active equity funds in the market. Second, on the basis of this index, it further mines sources of excess returns by optimizing stock selection through multi - dimensional factor signals to obtain additional excess returns beyond the collective consensus of active funds [12]. 3.2. Performance of Qiao Liang's 885001 Enhanced Strategy Products 3.2.1. Performance Trend - Both Wanjia Quantitative Selection and Wanjia Yuanzhen Quantitative Stock Selection have long - term performance leading that of the 885001 index. From 2022 to February 28, 2026, Wanjia Quantitative Selection achieved a cumulative return of 38.23%, significantly exceeding the 3.51% of the 885001 index during the same period. From June 30, 2023, to February 28, 2026, Wanjia Yuanzhen Quantitative Stock Selection achieved a cumulative return of 47.65%, leading the 31.15% of the 885001 index during the same period. Since the second half of 2025, both products have significant excess returns and higher information ratios compared to similar 885001 enhanced strategy products [17][20][23]. 3.2.2. Relative Performance - In terms of quarterly returns, both 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% since its establishment. In terms of relative returns, its quarterly win - rate against the 885001 index is 66.7%, with a quarterly average excess return of 1.78%, especially significantly outperforming the 885001 index in four consecutive quarters since 2025Q2 [24]. 3.2.3. Excess Performance Momentum - The excess performance momentum of Wanjia Quantitative Selection and Wanjia Yuanzhen Quantitative Stock Selection is in the leading position among active equity products. In the past year, their excess momentum percentiles are 99.8% and 99.6% respectively, and the percentiles in the past two years are also above the 95th percentile. The products show stronger performance in adverse market environments, indicating better defensive and offensive capabilities compared to similar products [28]. 3.3. Product Feature Analysis of Wanjia Yuanzhen Quantitative Stock Selection 3.3.1. Investment Strategy Features - Wanjia Yuanzhen Quantitative Stock Selection has a relatively dispersed stock holding. The proportion of the top ten holdings is about 10% - 16%, and the proportion of the top thirty holdings is about 30% - 35% recently. It uses an active turnover investment method, with a turnover rate of over 10 times in both periods of 2024 and about 9 times in the first half of 2025. The product does not perform excessive market - capitalization sinking, with almost no allocation to micro - cap stocks in all periods [31][33]. 3.3.2. Industry Distribution of Holdings - The industry distribution of Wanjia Yuanzhen Quantitative Stock Selection changes moderately in each period. It will have short - term heavy - position tracks in some reporting periods, such as basic chemicals in the first half of 2025, non - ferrous metals in the first half of 2024, and pharmaceutical biology in the second half of 2023. Compared with the 885001 index, the product's industry distribution is close to the underlying industry distribution of the index but has a certain proportion of deviation, and the deviation direction varies in each period. The deviation degree in the first half of 2025 has converged compared to previous periods [38][40]. 3.3.3. Return Split - Using the Brinson model, the excess return sources of Wanjia Yuanzhen Quantitative Stock Selection are diverse. Trading can contribute part of the excess return, and industry and asset allocation also contribute a small amount of excess return. Since 2025, stock selection has also contributed part of the excess return. In terms of sector return split, the absolute return sources of the product are extensive, with the science and technology innovation sector contributing more returns, and other sectors also contributing some returns. Since 2025, the product has been able to create high relative returns in sectors such as science and technology innovation, advanced manufacturing, and pharmaceuticals [42][43][48]. 3.4. Product Information of Wanjia Yuanzhen Quantitative Stock Selection - Wanjia Yuanzhen Quantitative Stock Selection (Class A code: 012350; Class C code: 012351) 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% [53].

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].