核心结论 金工量化周报 指增超额收益持续承压 量化基金业绩跟踪周报（2025.09.15-2025.09.19） 周度业绩：本周（2025.09.15-2025.09.19），公募沪深 300 指增平均超额收 益-0.11%，实现正超额收益的基金占比 32.86%；公募中证 A500 指增平均 超额收益-0.11%，实现正超额收益的基金占比 38.46%；公募中证 500 指增 平均超额收益-0.26%，实现正超额收益的基金占比 28.17%；公募中证 1000 指增平均超额收益-0.10%，实现正超额收益的基金占比 39.13%；公募主动 量化基金平均收益-0.13%，实现正收益的基金占比 39.17%；公募股票市场 中性基金平均收益-0.17%，实现正收益的基金占比 43.48%。 月度业绩：2025 年 9 月（截至 2025.09.19），公募沪深 300 指增平均超额 收益-0.27%，实现正超额收益的基金占比 25.71%；公募中证 A500 指增平 均超额收益-0.25%，实现正超额收益的基金占比 37.25%；公募中证 500 指 增平均超额收益-0.77%，实现正超额收益的基金占比 21.1 ...

Market Outlook - The Hong Kong stock market is expected to experience another wave of growth in the second half of the year, primarily driven by continuous inflows of northbound capital [1][2] - The Hong Kong market has shown over 20% growth this year, making it one of the best-performing major markets globally [1] - The IPO market in Hong Kong is thriving, with effective strategies for new listings attracting significant investor interest [1] Investment Opportunities - There are numerous investment opportunities in Hong Kong, particularly in sectors like innovative pharmaceuticals, which have seen a resurgence after a two-year lull [2] - The semiconductor sector and new consumption concepts, such as popular brands like Lao Pu Gold, Mixue Ice City, and Pop Mart, have also doubled in value this year [2] - For investors unsure about stock selection, investing in innovative pharmaceutical index ETFs could yield substantial returns, potentially doubling in six months [2] Economic Factors - The liquidity in Hong Kong is expected to remain robust, especially if the Federal Reserve lowers interest rates, prompting the Hong Kong Monetary Authority to follow suit [1][2] - Short-term macroeconomic factors are deemed less critical than liquidity for market performance, suggesting that even without positive fundamentals, the market can still rally [1][2] Comparative Market Analysis - While Hong Kong presents many opportunities, some sectors, such as infrastructure stocks and the Apple and Tesla supply chains, are performing well but are only accessible through the A-share market [3] - The current market dynamics differ from previous years, with a notable absence of severe overcapacity issues that characterized earlier supply-side reforms [3][4] - The ongoing price competition in downstream markets, driven by aggressive subsidy strategies from internet platforms, presents a unique challenge compared to past market conditions [4]

- The report tracks the weekly performance of quantitative public funds, showing that the average excess return of CSI 300 enhanced index funds was -0.02%, with 47.06% of funds achieving positive excess returns during the week of July 21-25, 2025[1] - Monthly performance data indicates that as of July 25, 2025, the CSI 300 enhanced index funds had an average excess return of -0.38%, with only 14.93% of funds achieving positive excess returns[2] - Year-to-date (YTD) performance shows that CSI 300 enhanced index funds achieved an average excess return of 0.66%, with 72.13% of funds achieving positive excess returns as of July 25, 2025[3]