- The report does not contain any specific quantitative models or factors, nor does it provide details on their construction, evaluation, or testing results. The content primarily focuses on the performance statistics of various quantitative funds, such as index-enhanced funds, active quantitative funds, and market-neutral funds, across different time periods [1][2][3] - The performance metrics include excess returns, tracking errors, and maximum drawdowns for funds tracking indices like CSI 300, CSI 500, CSI 1000, and CSI A500, as well as active quantitative and market-neutral strategies. These metrics are presented in tabular and graphical formats, segmented by weekly, monthly, and yearly periods [10][11][13] - The report also provides cumulative net value trends for equal-weighted portfolios of quantitative funds over the past year and two years, segmented by fund type (e.g., index-enhanced, active quantitative, market-neutral) [22][28][32]

- 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]

Core Viewpoint - The rapid growth of index-enhanced funds in China is driven by policy support, increased investor demand, and the unique advantages of these funds, with a significant rise in the number of new products and total fundraising amounts in 2023 [1][3]. Group 1: Growth of Index-Enhanced Funds - As of June 15, 2023, 70 new index-enhanced funds were established, marking a year-on-year increase of approximately 438%, with total fundraising exceeding 35.8 billion yuan [1][2]. - The number of index-enhanced funds established in 2023 is the highest in recent years, surpassing previous years' totals [2]. Group 2: Factors Driving Growth - Multiple factors contribute to the rapid development of index-enhanced funds, including policy guidance, regulatory mechanisms, and a structural shift in investor demand towards transparent and excess return products [3]. - Index-enhanced funds are positioned between passive index funds and traditional active funds, with a focus on achieving stable excess returns [3]. Group 3: Market Composition and Trends - There are currently 366 index-enhanced funds in the market, with over 60% focusing on broad-based indices such as the CSI 500 and CSI A500 [3][4]. - The CSI A500 index has seen a significant increase in the number of index-enhanced funds, with 38 out of the 70 new funds established in 2023 being CSI A500 index-enhanced funds [3]. Group 4: Investment Strategies and Future Outlook - Fund managers are increasingly adopting quantitative strategies to achieve stable excess returns, which is seen as a key path for both large and small public fund institutions [5]. - The future of index-enhanced funds is expected to become a crucial business segment for public fund institutions, potentially becoming a decisive factor in their core competitiveness [5][6].