Core Viewpoint - The article emphasizes the importance of systematic investment and long-term strategies to achieve stable excess returns for investors, despite short-term market fluctuations [1][3]. Investment Philosophy - The investment philosophy of the company is centered around systematic investment, focusing on long-term strategies rather than being swayed by short-term market movements [1][3]. - The company aims to create a robust and efficient index enhancement system to continuously generate stable excess returns for investors [1][3]. Product Offering - The company has launched the CICC CSI All Share Index Enhanced Fund, which provides comprehensive coverage of the A-share market, serving as a "one-stop" investment tool for capturing systematic opportunities in the equity market [1][8]. - The index enhancement products are a core offering of the company's quantitative investment strategy, with a focus on major broad-based indices such as CSI 300, CSI 500, and CSI 1000 [8]. Investment Strategy - The quantitative team employs a dual-driven strategy combining fundamental quantitative strategies and algorithm-driven strategies, aiming to construct Alpha strategies that pursue stable performance [5]. - The team has developed and applied domain-specific nonlinear models to address challenges posed by traditional linear models in the evolving market [5]. Performance Metrics - The CICC CSI 500 Index Enhanced A Fund has achieved a cumulative net value growth rate of 123.32% since its inception, outperforming its benchmark by 109.18% [7]. - The CICC CSI 300 Index Enhanced A Fund has a cumulative net value growth rate of 102.90%, exceeding its benchmark by 59.76% since inception [7]. Market Outlook - The company anticipates that the A-share market is entering a phase of short-term consolidation and a long-term upward trend following significant gains in the third quarter [9]. - The company believes that the "14th Five-Year Plan" will provide fundamental support for the long-term development of the A-share market [9]. Investor Guidance - The company suggests that investors should select index enhancement products that align with their risk tolerance and hold them long-term to accumulate excess returns relative to the index [10]. - The index enhancement products are suitable for investors with a certain level of understanding of the capital market and a longer investment horizon [10]. Future Development - The company plans to continue developing diverse strategies and expanding its range of equity products to meet the growing investment needs of various investors [11].

Core Viewpoint - The market is inherently volatile, and a systematic investment approach is essential to navigate short-term fluctuations while focusing on long-term strategies to generate stable excess returns for investors [1][2]. Investment Philosophy - The investment philosophy emphasizes systematic investment, avoiding distractions from short-term market movements, and building a robust index enhancement system to create long-term excess returns [1][2]. - The quantitative team at CICC has launched the CICC CSI All Share Index Enhanced Fund, which aims to provide comprehensive exposure to the A-share market [1][2]. Quantitative Investment Strategy - The quantitative team employs a dual-driven strategy combining fundamental quantitative strategies and algorithm-driven approaches, integrating top-down and bottom-up methods to construct Alpha strategies [3]. - The team has developed and applied domain-specific nonlinear models to address challenges posed by traditional linear models in the evolving A-share market [3]. Team Collaboration and Performance - The ultimate goal of team collaboration is to achieve long-term, stable, and explainable excess returns rather than seeking short-term high returns [4]. - The CICC-managed index enhancement funds, such as the CICC CSI 500 Index Enhanced Fund, have consistently outperformed their benchmarks, with a cumulative net value growth rate of 123.32% since inception [4][5]. Product Features and Market Position - The index enhancement products are a core offering of CICC's quantitative team, with a focus on comprehensive coverage of major broad-based indices [5]. - The CICC CSI All Share Index Enhanced Fund is characterized by its broad coverage of the A-share market, balanced exposure to growth and value styles, and significant stock selection opportunities [5][6]. Market Outlook - The A-share market is expected to experience short-term fluctuations and a positive long-term trend, driven by China's high-quality economic development and ongoing reforms [6]. - The index enhancement products are suitable for investors with a long-term perspective who seek to accumulate excess returns relative to the index [6][7]. Industry Trends - The public quantitative fund market is gaining recognition, with index enhancement funds becoming the most prevalent product type due to their stable excess returns and lower fee structures [7]. - The regulatory environment, including the recent guidelines from the CSRC, is expected to create opportunities for the development of index enhancement strategies [7].

Core Viewpoint - Sino Medical (688108.SH) reported its semi-annual results for 2025, highlighting a total institutional ownership of 107 million shares, representing 25.76% of the company's total equity, with a slight decline in institutional holding compared to the previous quarter [1] Institutional Investors - As of August 21, 2025, seven institutional investors disclosed their holdings in Sino Medical, with a combined shareholding of 107 million shares, accounting for 25.76% of the total equity [1] - The institutional investors include Tianjin Weixin Yangguang Enterprise Management Consulting Co., Ltd., Tianjin Yangguang Guoye Enterprise Management Partnership (Limited Partnership), Tianjin Yangguang Deye Enterprise Management Partnership (Limited Partnership), Tianjin Yangguang Yongye Enterprise Management Partnership (Limited Partnership), Beijing Shidai Fuxing Investment Management Co., Ltd. - Shidai Fuxing Taiping No. 1 Private Securities Investment Fund, Beijing Heju Private Fund Management Co., Ltd. - Heju Shiran No. 1 Private Securities Investment Fund, and CICC CSI 500 Index Enhanced A [1] - Compared to the previous quarter, the total institutional holding ratio decreased by 0.32 percentage points [1] Public Funds - During this period, one new public fund was disclosed, namely CICC CSI 500 Index Enhanced A [1] - One public fund, Xinao Small and Medium Cap Mixed A, was not disclosed in this quarter compared to the previous one [1]