- 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]

Core Viewpoint - The article discusses the rise of active quantitative funds in the A-share market, highlighting their ability to combine the advantages of both active and passive investment strategies, thus providing investors with opportunities for excess returns while maintaining a clear investment style [4][5][20]. Group 1: Active Quantitative Funds - Active quantitative funds have gained attention for their unique approach, which integrates mathematical models and vast data analysis, avoiding emotional trading and ensuring strict adherence to investment discipline [6][7]. - These funds offer a broader investment perspective, allowing for efficient stock selection across a larger pool, thus adapting better to rapid market changes [7][8]. - The article emphasizes the collaborative efforts of teams at Guangfa Fund, which have developed a multi-strategy investment system that combines subjective research with quantitative methods to enhance long-term excess returns [9][10]. Group 2: Guangfa Fund's Quantitative Strategy - Guangfa Fund has established a "multi-asset, multi-strategy, multi-team" framework for its quantitative business, with three core teams focusing on different aspects of quantitative investment [9][10]. - The Quantitative Investment Department, led by Zhao Jie, focuses on pure quantitative strategies, utilizing a factor library of approximately 600 effective factors to drive stable excess returns [10][12]. - The Active Quantitative Team, led by Yang Dong, bridges subjective and quantitative approaches, employing a human-machine collaboration model to capture stock alpha across various styles and industries [10][11]. - The Stable Strategy Department, led by Lin Yingrui, emphasizes risk control and value discovery, integrating active fundamental research with a scientific quantitative framework [11][12]. Group 3: Product Offerings and Performance - Guangfa Fund has launched a series of active quantitative products that cater to diverse investor preferences, focusing on style enhancement, industry themes, and risk management [13][17]. - The Small Cap Enhancement product, managed by Li Yuxin and Yi Wei, has achieved a return of 99.98% over the past year, showcasing a strong risk-return profile [14][16]. - The Growth Style Enhancement product, Guangfa Dongcai Big Data Selected, has delivered a return of 73.61%, leveraging internet big data to capture growth alpha [15][16]. - The Value/Dividend Style Enhancement products, such as Guangfa Stable Strategy and Guangfa High Dividend Preferred, have also shown significant returns, with the former achieving a 45.97% return over the past year [15][16]. Group 4: Future Outlook - The article posits that active quantitative investment will evolve from being a supplementary option in asset management to a primary strategy for navigating complex market trends [20][21]. - The integration of human insights with machine precision is expected to create a more robust investment approach, providing investors with a stable and predictable long-term investment path [21].

Core Viewpoint - The article highlights the robust growth of index investment in the current favorable market environment, with public funds accelerating their focus on index and index-enhanced strategies to seize passive investment opportunities and establish market presence [1] Group 1: Market Trends and Strategies - The market's increasing efficiency is leading to a challenge in achieving Alpha returns, which the company acknowledges while emphasizing the importance of risk control [2] - The company plans to enhance returns through three strategies: optimizing traditional quantitative methods, incorporating AI strategies, and expanding data dimensions to include unstructured data [2][3] Group 2: Investment Models and Framework - The index-enhanced strategy relies on three core models: a return model focused on Alpha generation, a risk model to control tracking error, and a portfolio optimization model to maximize risk-adjusted returns [3] - The team emphasizes a balanced approach to Alpha and Beta research, enhancing stock selection and sector allocation capabilities across various investment areas [4] Group 3: Product Structure and Offerings - The company is developing a tiered product structure likened to a star map, with "stars" as core products, "planets" as growth engines, and "satellites" for capturing structural opportunities [6] - The core products include major indices like CSI 300 and CSI 500, while growth indices focus on capturing small-cap growth opportunities [6] Group 4: Future Outlook - The company is optimistic about two main directions: low-volatility dividend stocks appealing to risk-averse investors and high-growth assets aligned with China's economic transformation [7]

Core Insights - The article discusses the robust growth of index investment in a favorable market environment, highlighting the accelerated layout of public funds in index and index-enhanced areas, exemplified by Guotou Ruijin Fund's launch of 7 out of 9 new products as index funds and index-enhanced funds this year [1][9] Group 1: Alpha Decay and Risk Control - The manager emphasizes a clear strategy to address the challenge of Alpha decay due to improved market pricing efficiency, accepting the reality of narrowing Alpha while refusing to compromise on risk control [1][2] - The approach includes traditional methods optimization, broadening investment frameworks with AI strategies, and expanding data dimensions to include non-structured data for better investment decision-making [2][3] Group 2: Research Team and Core Competencies - The team boasts a strong research foundation with members from prestigious institutions, half holding PhDs, covering fields like mathematics, statistics, and data science, which supports high-level quantitative research [4] - The research system balances Alpha and Beta studies, enhancing stock selection and industry allocation capabilities across various domains, including index investment and machine learning [4] Group 3: Business Segmentation and Product Strategy - The manager outlines three business segments: index funds for efficient investment, index-enhanced funds for stable excess returns, and active quantitative funds focusing on deep Alpha extraction [5] - A layered product architecture is being developed, resembling a star map with "stars" as core products, "planets" for growth engines, and "satellites" for capturing structural opportunities [6][7] Group 4: Future Outlook - The manager expresses optimism towards two main directions: low-volatility dividend stocks appealing to risk-averse investors and high-growth assets aligned with China's economic transformation and industry upgrades [8]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report The report focuses on the performance of the quantitative fund market, summarizing the performance of major indices and quantitative funds in the past week, the overall performance and distribution of different types of public - offering quantitative funds, and the top - performing quantitative funds in the week from August 4th to August 8th, 2025, for investors' reference. During this period, the A - share market rose, and quantitative funds showed good performance [1][2]. 3. Summary by Directory I. Performance of Major Indices and Quantitative Funds in the Past Week - A - shares continued to rise, with the weekly returns of the CSI 300, CSI 500, and CSI 1000 being 2.51%, 1.78%, and 1.23% respectively [3][6]. - Quantitative funds performed well. Active quantitative funds rose 1.88%, market - neutral funds rose 0.29%, and all types of index - enhanced funds recorded positive returns. In terms of excess returns, CSI 300 index - enhanced, CSI 500 index - enhanced, and other index - enhanced funds achieved positive excess returns of 0.20%, 0.04%, and 0.07% respectively, while CSI 1000 index - enhanced funds underperformed the index [4][9]. II. Performance of Different Types of Public - Offering Quantitative Funds - **CSI 300 Index - Enhanced Funds**: The weekly return was 1.44%, the excess return was 0.20%, the maximum drawdown was - 0.15%, and the excess maximum drawdown was - 0.13% [14]. - **CSI 500 Index - Enhanced Funds**: The weekly return was 1.81%, the excess return was 0.04%, the maximum drawdown was - 0.37%, and the excess maximum drawdown was - 0.29% [14]. - **CSI 1000 Index - Enhanced Funds**: The weekly return was 2.36%, the excess return was - 0.15%, the maximum drawdown was - 0.39%, and the excess maximum drawdown was - 0.47% [15]. - **Other Index - Enhanced Funds**: The weekly return was 1.49%, the excess return was 0.07%, the maximum drawdown was - 0.59%, and the excess maximum drawdown was - 0.26% [15]. - **Active Quantitative Funds**: The weekly return was 1.88%, the maximum drawdown was - 0.37%, and the return dispersion was 1.09% [16]. - **Market - Neutral Funds**: The weekly return was 0.29%, the maximum drawdown was - 0.11%, and the return dispersion was 0.45% [16]. III. Performance Distribution of Different Types of Public - Offering Quantitative Funds The report presents the performance trends of different types of public - offering quantitative funds in the past six months, as well as the performance distribution in the past week and the past year. Index - enhanced funds show the performance of excess returns [17]. IV. Top - Performing Public - Offering Quantitative Funds - **CSI 300 Index - Enhanced**: Funds such as Anxin Quantitative Selection CSI 300 Index Enhancement and Zhongou CSI 300 Quantitative Index Enhancement performed well in the past week [30]. - **CSI 500 Index - Enhanced**: Funds like Guotai CSI 500 Index Enhancement and Huian CSI 500 Enhancement had good performance [31]. - **CSI 1000 Index - Enhanced**: Funds including Guolianan CSI 1000 Index Enhancement and Penghua CSI 1000 Enhanced Strategy ETF showed good results [32]. - **Other Index - Enhanced**: Funds such as Great Wall GEM Index Enhancement and Fuguocheng GEM Enhanced Strategy ETF performed well [33]. - **Active Quantitative**: Funds like Changxin National Defense and Military Industry and Huian Quantitative Pioneer had high returns [34]. - **Market - Neutral**: Funds such as Zhongyou Absolute Return Strategy and Southern Absolute Return Strategy performed well [35].

Group 1 - In July, the Shanghai Composite Index stabilized above 3500 points, with multiple sectors reaching new highs, indicating a steady improvement in the capital market [2] - The trading volume in July reached a new high for the year, with the Shanghai market exceeding 15.6 trillion yuan and the Shenzhen market exceeding 21.4 trillion yuan, both showing a month-on-month increase of over 30% [2] - The number of new A-share accounts opened in July reached 1.96 million, a month-on-month increase of over 19% and a year-on-year increase of 71%, significantly surpassing last year's levels [2] Group 2 - Public fund products have gained investor attention, with many fund companies actively launching new products focused on the Chinese technology innovation sector [3] - In July, 20 new public fund products were launched, with 10 of them being focused on technology innovation bonds, indicating a strong interest in sectors like robotics, innovative pharmaceuticals, and aerospace [3] Group 3 - Insurance capital is increasingly entering the market, with three private equity funds registered in July, one of which has a scale of 22.5 billion yuan [5] - Over 10 insurance companies, including China Life and Ping An, have established or increased private equity funds with a total target investment scale exceeding 200 billion yuan, reflecting a trend towards long-term investment strategies [5] - Insurance institutions are focusing on long-term holdings of listed company stocks, which will inject more stable and long-term capital into the market, supporting sectors aligned with national development strategies such as high-end manufacturing and artificial intelligence [5]

Group 1 - The A-share market showed steady progress in July, attracting investor attention towards public fund products, with several fund companies actively launching new products focused on China's sci-tech sector [1][5] - Morgan Asset Management's new product launched in July became the largest actively managed quantitative fund in the market since 2024, targeting industries with growth potential such as green transformation and intelligent upgrades [3] - In July, a total of 20 new public fund products were introduced, with 10 of them being focused on sci-tech bond index funds, highlighting the growing interest in sectors like robotics, innovative pharmaceuticals, and aerospace [5]

摩根资产管理（中国）副总经理 郭鹏：7月我们的一个新产品成为2024年以来全市场首发规模较大的主动量化基金，它可投资A股中未来具有成长潜力和增 长动能的行业，比如绿色化、智能化转型等新质生产力相关的行业。7月以来，我们还在筹备专门针对具有核心技术壁垒、清晰商业化路径和全球竞争力标 的的产品。 万得数据显示，7月全月，公募基金共"上新"20只产品，其中，专门支持科创领域的科创债指数基金在7月成为"上新"的"主力军"，有10只都是科创债主题产 品，此外，机器人、创新药、航空航天等题材也是"上新"热点。 央视网消息：7月A股市场稳中有进，带动公募基金产品受到投资者关注，多家基金公司也积极布局，推出新产品，记者在采访中了解到，发力中国科创领 域成为资金关注的热点。 记者在摩根资产管理位于上海的办公室看到，多个会议室都座无虚席，其中不少都是专门针对中国人工智能、创新药等行业的专题分析，也有工作人员正在 紧锣密鼓整理资料，为接下来的新基金申请做准备。 ...

- 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]

Group 1 - The issuance of actively managed quantitative funds is recovering, with the Morgan Huizhi Preferred Mixed Fund raising 1.4 billion yuan, marking the largest initial fundraising for an active quantitative fund in 2024 [1] - A total of 62 new active quantitative funds have been established in 2024, with an average fundraising size of 290 million yuan [1] - The overall market volatility has decreased this year, which has positively impacted the performance of low-frequency public quantitative strategies [1]