月17日发布;中国互联网30指数于2015年3月23日发布;恒生消费指数于2015年8月17日发布;国新 （文章来源：每日经济新闻） 当前港股非银金融板块投资价值凸显。东吴证券指出，保险行业负债端稳中有进，寿险新业务价值 （NBV）持续增长，资产端随着长端利率企稳，利差损压力逐步缓解。招商证券认为，资本市场活跃 度提升直接利好券商及交易所业务，香港交易所作为稀缺标的，受益于中概股回归及跨境资本流动。此 外，政策端持续发力，中长期资金入市预期增强，进一步夯实板块配置逻辑。 除港股通非银ETF外，广发基金旗下还有多只ETF近一年表现亮眼。截至7月10日，广发中证香港创新 药ETF（513120）近一年回报达103.07%，规模超130亿元；广发中证2000ETF（560220）近一年回报 59.67%，聚焦中小盘高成长标的；广发上证科创板100增强ETF（588680）近一年回报54.23%，布局硬 科技赛道。 | 港股特色主题指数近一年表现跟踪 | | | | | --- | --- | --- | --- | | 港股创新药ETF | 跟踪港股创新药(CNY)指数 | | 513120 | | | 近一年该指 ...

来源:金融界 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资 人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 7月11日，小盘股重拾升势。截至13时57分，"指增王"中证2000增强ETF(159552)涨0.29%，今年以来累 计涨33.23%引领宽基ETF。交投活跃，换手率达19.50%，成交额约3500万，环比前日放量24.45%，创 一年来新高。资金热度不减，据Wind Level2实时行情结合均价预估，盘中再迎净流入，截至发稿，该 基金获资金连续10日净流入。 据了解，中证2000增强ETF(159552)跟踪的中证2000指数综合反映中国A股市场中一批小市值公司的股 票价格表现。在获取指数beta的同时进一步追求超额alpha，且相对于场外指数增强基金，资金利用率更 高，ETF二级市场交易相对一般指数增强基金的场外申赎费用更低，是较为有效的指数增强策略 ...

以下文章来源于风云君的研究笔记 ，作者专注私募研究的 风云君的研究笔记 . 专注私募研究，洞察私募行业热点，私募策略、单品全面分析解析。更有高端专业的私募圈子-厚雪长 坡俱乐部(严格筛选，永久免费，知己同行) 半年收官。这周开始，风云君会陆续给大家盘点一下私募几个策略在上半年的表现情况，看看这 半年表现好的私募到底做对什么？表现不佳的私募又是怎么造成的呢？ 风云君一直以来的观点，去做某个产品阶段时间的业绩归因，一定要从两个大的维度去看： 接下来，我们就从这沿着这两个方向，去复盘一下今天的主角——量化股多在上半年的业绩表 现。 首先要看策略环境，没有哪个单一策略会一直涨，总有其适配期和调整期。简单理解，策略 环境在某种意义上就是产品的beta 第二就是管理人自身的能力，包括它的因子模型、选股能力、主观研判等等 | 2025上半年私募策略平均业绩(截至6/27) | | | | --- | --- | --- | | 策略 | 2025 上半年 | 近一年 | | 宏观策略 | 10.89% | 34.44% | | 主观股票策略 | 13.74% | 22.81% | | 沪深 300 指增 | 4.94% | ...

Market Overview - The market has been driven by the "anti-involution" theme and large financial institutions, with the Shanghai Composite Index surpassing 3500 [1] - Large-cap stocks are significantly outperforming small-cap stocks, which is contrary to historical bull markets where small-cap stocks typically exhibit higher elasticity [1] - The focus is on when the market will experience a resonance effect, suggesting a shift of some positions into small-cap stocks to enjoy stronger beta returns [1] Index Performance - As of July 11, 2025, the CSI 2000 Index (932000) decreased by 0.01%, with mixed performance among constituent stocks [1] - Notable gainers include San Chuan Wisdom (300066) up 20.09%, Gu Ao Technology (300551) up 20.04%, and Pu Lian Software (300996) up 16.09% [1] - Major decliners include Qin An Co. (603758) down 10.01%, New City (300778) down 9.71%, and Zai Sheng Technology (603601) down 9.51% [1] - The CSI 2000 ETF Enhanced (159556) rose by 0.19%, with a latest price of 1.05 yuan [1] - Over the past week, the CSI 2000 ETF Enhanced has accumulated a rise of 0.87% as of July 10, 2025 [1] Fund Performance - As of July 10, the CSI 2000 ETF Enhanced has seen a net value increase of 39.51% over the past year, ranking 550 out of 2908 index equity funds, placing it in the top 18.91% [2] - The fund's highest single-month return since inception was 19.32%, with the longest consecutive monthly gains being 3 months and the highest cumulative gain during that period being 29.81% [2] - The fund has experienced 10 months of gains versus 8 months of losses, with an average return of 5.51% during the gaining months and an 86.72% probability of profit over a one-year holding period [2]

中证 2000ETF 华夏（562660）紧密跟踪中证 2000 指数，该指数精选沪深两市 2000 只市值小、流动性 优的证券作为样本，呈现极致小盘风格，与大中盘指数形成互补。指数聚焦 "专精特新" 与民营实体经 济，机械设备、电子、医药生物等新兴产业占比高，成长潜力十足。前十大成分股权重占比不足 2%， 风险分散优势显著。 中证2000ETF华夏（562660），场外联接（华夏中证2000ETF发起式联接A：019891；华夏中证 2000ETF发起式联接C：019892）。 7月10日午盘，沪指站稳3500接续上供，中证2000指数持续上扬。截至2025年7月10日 14点13分，中证 2000指数上涨0.10%，成分股普联软件、新城市涨停，厚普股份上涨19.07%，硅宝科技上涨17.46%，华 纳药厂上涨13.59%。中证2000ETF华夏（562660）上涨0.35%，最新价报1.43元。拉长时间看，截至 2025年7月9日，中证2000ETF华夏近1周累计上涨1.72%。从资金净流入方面来看，中证2000ETF华夏近 4天获得连续资金净流入，最高单日获得839.53万元净流入，合计"吸金"1973 ...

今年上半年中国银河证券评出来的指增第一是中证2000增强ETF（159552）——2025年上半年净值增长率29.18%，涨幅位居同类宽基ETF第一，成立以来净 值增长率68.21%，当之无愧的"指增王"。 截至7月9日，中证2000增强ETF（159552）的年内涨幅已经进一步扩大到33.20%，自从去年6月成立以来累计增长了74.30%，超额遥遥领先同类。 因此最近资金对这只指增产品非常关注。 从日度基金规模变动可以看出，从6月开始仅有2个交易日ETF规模是减少的，其他时间中证2000增强ETF（159552）规模都在增加，截至目前已经连续增长 了13个交易日，"吸金"势头非常猛。 我们可以把沪深300想象成一家24小时监控的大型超市，茅台、宁德时代这些公司，每天几百家机构盯着研究，股价稍有"便宜"立刻被买走，定价高度有 效。 而中证2000更像凌晨的农贸批发市场，很多公司关注度低、分析师覆盖少，甚至财报都可能被忽略，因此定价错误（比如好公司被低估、差公司被高估）频 繁出现，为指增获取超额提供了更多机会。 因为量化增强策略的核心就是"找定价错误"。 小盘股市场错误多、修正慢，量化模型能不断捕捉到被低估的股 ...

| 2024/09/24 + > - 2025/07/01 + > (184) | 涨跌幅: | 54.97% | 81.34% | 年化收益率: | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 涨 跌: | 0.5497 | 最大回撤: - 13.89% | 收盘价: | 1.5497 | 开盘价: | 1.0000 | | | 均 价: | 1.32 | 1.5497 | 最高价： | 振 幅 | 54.97% | 1.0000 | 最低价: | | 成交额: | 0 | 阳 线: | 明 线: | 0 | 成交量: | | | | 0.00% | 184 | 区间换手: | 最大量: | 0.00% | 0 | 日均换手: | | | 爵小量: | | | | | | | | 对比之下，这个银行AH+2000增强组合从去年下半年开始至今，区间涨幅高达54.97%；虽然涨幅不及中证2000增强ETF（159552），但是组合 13.89%的最大回撤明显低于中证2000增强ETF的19.03%，显示波动、风险相对更小。 | 证券代码 | ...

Core Viewpoint - In the first half of 2025, the private equity industry is experiencing a surge in interest in "quantitative" strategies, driven by advancements in AI technology and strong performance from small-cap stocks. The implementation of new regulations for quantitative trading is expected to lead to significant changes in the industry, including a shift towards fundamental factors, increased use of machine learning and alternative data, and enhanced risk control measures [2]. Group 1: Popular Quantitative Companies - The top 20 popular quantitative companies include 17 from leading private equity firms, with the top five being all billion-dollar firms. Shanghai is home to 12 of these firms, and three firms have over 100 employees [3]. - Ningbo Huansheng Quantitative ranks first in popularity, with its 11 products achieving a notable performance in the first half of the year. The firm has been utilizing machine learning for automated quantitative trading since 2008, accumulating over 10PB of data [7]. - Blackwing Asset ranks fourth in popularity, with 20 products and a significant number of registered products. The firm has integrated AI technology into its operations since 2017, enhancing model prediction accuracy [8]. - Hainan Shengfeng Private Equity, a newer firm established in 2022, has also made a mark with its strict programmatic strategies and impressive performance [9]. Group 2: Popular Quantitative Fund Managers - The top five popular quantitative fund managers include Xu Jin, Wang Yiping, Lin Ziyang, Zhu Xiaokang, and Sun Lin, with over half of the top 20 managers coming from billion-dollar firms [10]. - Wang Yiping from Evolutionary Asset leads with the highest performance among fund managers, emphasizing the importance of eliminating outdated capacities for economic growth [13]. - Li Xiang from Mengxi Investment, with extensive experience in low-latency trading strategies, ranks eighth among fund managers [13][14]. Group 3: Popular Quantitative Products - Among the top 20 quantitative products, 16 are long-only strategies, with Hainan Shengfeng Private Equity and Longqi Technology having multiple products listed [15]. - Longqi Technology's "Longqi Zhongzheng 2000 Index Growth No. 1" achieved high returns in the first half of the year, managed by Zhu Xiaokang, who has a strong background in international quantitative investment [19]. - Shenzhen Zeyuan's "Zeyuan Zhicheng Beta Quantitative No. 1 A-Class" also performed well, showcasing the firm's expertise in multi-asset trading strategies [19].

中金公司表示，从大小盘风格来看，虽然经历前期上涨后，小盘股估值有所抬升，短期波动也或加大， 但小胜大趋势可能尚未结束。当前环境或仍有利于偏小盘风格演绎。 截至2025年7月9日 11点23分，中证2000指数上涨0.02%，成分股恒工精密、通达海、普蕊斯、新特电气 纷纷涨停，美迪西（688202）上涨15.25%。中证2000ETF华夏（562660）多空胶着，最新报价1.43元， 盘中持续溢价交易，买盘活跃。 从资金净流入方面来看，中证2000ETF华夏近3天获得连续资金净流入，最高单日获得839.53万元净流 入，合计"吸金"1402.46万元，日均净流入达467.49万元。规模方面，中证2000ETF华夏最新规模达2.12 亿元，创近1年新高。 中证 2000ETF 华夏（562660）紧密跟踪中证 2000 指数，该指数精选沪深两市 2000 只市值小、流动性 优的证券作为样本，呈现极致小盘风格，与大中盘指数形成互补。指数聚焦 "专精特新" 与民营实体经 济，机械设备、电子、医药生物等新兴产业占比高，成长潜力十足。前十大成分股权重占比不足 2%， 风险分散优势显著。 中证2000ETF华夏（56266 ...

Group 1 - The core viewpoint of the articles indicates that the small-cap stocks are showing strong performance, with the CSI 2000 Enhanced ETF rising by 2.12% and achieving a cumulative increase of 33.08% year-to-date, leading its peers [1] - The trading activity remains high, with a turnover rate of 21.44% and a trading volume of approximately 29 million, indicating sustained investor interest [1] - The net inflow during the trading session was around 13 million, with a significant increase of over 400% compared to the previous period, marking seven consecutive days of net inflow [1] Group 2 - From a macroeconomic perspective, the current environment is still favorable for small-cap stocks, supported by ongoing trends in industries like AI and government policies aimed at fostering innovation and development [1] - The valuation and trading density of small-cap stocks have not yet reached extreme levels, with the turnover rate for small-cap indices at 2.1%, placing it in the 77th percentile since 2015 [2] - The small-cap index to large-cap index PE ratio is currently at 2.2, which is in the 72.5th percentile since 2015, suggesting that there is still room for small-cap stocks to perform well [2] Group 3 - There is a potential for a style switch between small-cap and large-cap stocks as the fundamentals gradually stabilize and improve, which could lead to a shift in investor sentiment towards larger stocks [2]