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].

- 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]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The report comprehensively analyzes public and private quantitative funds, covering aspects such as the basic characteristics of quantitative strategies, the development history of domestic quantitative investment, the current development status of the industry, the operational characteristics and performance of quantitative funds, the differences in investment operations between public and private quantitative funds, and how to select quantitative products [1][2][3]. - Quantitative strategies are based on historical data, using methods such as data mining and mathematical modeling to discover investment opportunities, with strong systematic and disciplined features. They focus on research breadth to achieve probability - based wins, different from subjective strategies that rely on research depth [10][11][12]. - Public and private quantitative funds have different development paths and characteristics. Public quantitative funds have experienced stages of growth, slowdown, and strategy diversification, while private quantitative funds have gone through explosive growth, stable development, and challenges [5][16][19]. - There are significant differences in regulatory requirements, management behaviors, investment strategies, and fee terms between public and private quantitative funds, which lead to differences in their risk - return characteristics [6]. - When selecting quantitative products, investors should use a four - dimensional evaluation system of "strategy deconstruction - positioning matching - indicator verification - ability evaluation" to consider factors such as strategy environment adaptability, risk - return characteristic persistence, and management team moat depth [6][90]. 3. Summary According to the Directory 3.1 Quantitative Strategy Basic Characteristics - Quantitative strategies use historical data to discover price change patterns and formulate investment strategies. The most widely used quantitative stock - selection model is the multi - factor model, including price - volume factors, fundamental factors, and alternative factors. Some funds also introduce machine learning factors [10]. - Quantitative strategies have strong strategy discipline, systematically mining investment opportunities and avoiding the influence of subjective emotions. Their risk - control systems are embedded in strategies, with different constraints for different types of products [11]. - Compared with subjective investment, quantitative investment focuses on research breadth and probability - based wins, with lower marginal costs and a wider range of tracked investment opportunities [12]. 3.2 Domestic Quantitative Investment Development History 3.2.1 Public Fund Quantitative Investment Development History - **Germination Period (2004 - 2014)**: From the exploration of "subjective + quantitative" to the initial application of the multi - factor model. The first index - enhanced fund and active quantitative stock - selection fund were established, and with the return of talents, the multi - factor stock - selection model was gradually applied [12][13][15]. - **Accelerated Growth Period (2015 - 2021)**: The multi - factor model became popular, and the scale of quantitative funds expanded rapidly. The scale of index - enhanced strategies increased significantly, while the scale of hedge strategies grew rapidly from 2020 and then declined [16]. - **Steady Development Period (2022 - present)**: The growth rate of the overall scale of public quantitative funds has slowed down, but strategies have become more diversified. Different product lines complement each other, and some managers introduce AI algorithms to iterate strategies [19]. 3.2.2 Private Fund Quantitative Investment Development History - Private quantitative funds have experienced three rounds of growth. From 2019 to 2021, there was explosive growth, with the scale reaching 1.08 trillion yuan at the end of 2021, accounting for 17.1% of the total scale of private securities investment funds. From 2021 to 2023, there was steady development, and in 2024, the industry faced challenges due to market fluctuations and stricter regulations. In 2025, private fund filings recovered [5][22][25]. 3.3 Public and Private Quantitative Fund Industry Development Status 3.3.1 Public Fund Quantitative Strategy and Pattern Distribution - **Strategy Classification**: Public quantitative strategies mainly include active quantitative strategies, index - enhanced strategies, and quantitative hedge strategies. Some equity parts of fixed - income + funds also use quantitative management methods [31]. - **Scale Distribution**: As of 2025Q1, the number of public quantitative equity funds reached 654, with a scale of 3025.88 billion yuan. Index - enhanced products had the largest scale, and the management scale concentration of the top ten managers was relatively high [32][37]. 3.3.2 Private Fund Quantitative Strategy and Manager Situation - **Strategy Classification**: Private quantitative investment strategies are more diverse, including quantitative long - only, stock neutral, convertible bond strategies, CTA strategies, other derivative strategies, arbitrage strategies, and composite strategies [38]. - **Hundred - Billion Private Quantitative Managers**: As of the end of June 2025, there were 39 hundred - billion private quantitative investment fund managers, accounting for nearly half of the total number of hundred - billion private funds [5]. 3.4 Operational Characteristics and Performance of Public and Private Stock Quantitative Funds 3.4.1 Operational Characteristics - **High Turnover**: Quantitative funds have a relatively high turnover rate, which helps capture short - term trading opportunities. Public quantitative funds' annual bilateral turnover is mainly between 2 - 20 times, and private quantitative funds' turnover is generally above 30 times [47][48]. - **Large Number of Holdings**: Quantitative funds usually hold a large number of stocks, with a high degree of diversification in stocks and industries. Public quantitative funds' holding numbers are mainly between 50 - 600, and some exceed 2000. They can reduce non - systematic risks [53][54]. 3.4.2 Performance - **Index - Enhanced Products**: The absolute and excess returns of index - enhanced products vary from year to year, with the overall excess - acquisition ability of CSI 1000 index - enhanced > CSI 500 index - enhanced > SSE 500 index - enhanced. Private index - enhanced funds generally have better excess returns than public ones, but with greater differentiation [57][58]. - **Active Quantitative Funds**: The performance of public and private active quantitative funds varies by year. In 2019 - 2020, public active quantitative funds performed better, while in 2018, 2021 - 2023, private ones performed better. Private funds have greater performance and drawdown differentiation [66]. - **Quantitative Hedge Funds**: Private quantitative hedge funds generally outperform public ones in terms of annual returns, but their performance and drawdown differentiation are also greater [70]. 3.5 Differences in Investment Operations between Public and Private Quantitative Funds - **Regulatory Requirements and Contracts**: Public quantitative funds are regulated by the "Securities Investment Fund Law", with high regulatory intensity and high information transparency. Private quantitative funds are regulated by the "Regulations on the Supervision and Administration of Private Investment Funds", with more customized contracts and higher risk levels [79]. - **Management Behaviors**: Public quantitative managers rely on institutionalized teams and standardized IT infrastructure, with a focus on systematic risk control and compliance. Private managers use an elite - based organizational structure, with higher hardware investment and employee incentives, and their product strategies may be more differentiated [81]. - **Investment Strategies and Restrictions**: Public quantitative funds have stricter constraints on investment scope, proportion, and tracking error, with lower turnover. Private quantitative funds have more flexible mechanisms, with higher turnover and greater elasticity in excess returns [6][84]. - **Fee Terms**: Private quantitative product fee terms are more complex, usually including management fees and performance rewards, while public quantitative products mainly charge fixed management fees and custody fees [6][87]. 3.6 How to Select Quantitative Products - When selecting quantitative products, investors should use a four - dimensional evaluation system of "strategy deconstruction - positioning matching - indicator verification - ability evaluation" to consider factors such as strategy environment adaptability, risk - return characteristic persistence, and management team moat depth [6][90].

Core Insights - The advantages of quantitative investment have become increasingly prominent in the market, particularly with the rise of public quantitative funds attracting a broader range of retail investors due to their lower entry barriers [1] - Major public fund companies, such as Fuguo Fund and Penghua Fund, are exploring deep applications of AI to enhance their quantitative fund products following the launch of the DeepSeek-R1 model by the private fund giant Huanfang [1] Group 1: Performance of Quantitative Funds - As of June 6, 2025, there are 921 public quantitative fund products with a mean return of 9.49% over the past year [1] - Among these, index-enhanced quantitative funds, active quantitative funds, and quantitative hedge funds have 464, 417, and 40 products respectively, with average returns of 15.51%, 14.07%, and -1.12% [1] - The proportion of positive returns for these funds is 97.19% for index-enhanced, 89.45% for active, and 37.5% for quantitative hedge funds, indicating that index-enhanced funds performed the best [1] Group 2: Top Performing Funds - The top 10 index-enhanced quantitative funds have a minimum return threshold of 37.61%, with the top three being managed by Chuangjin Hexin Fund, Huatai-PB Fund, and Dacheng Fund [3] - The "Chuangjin Hexin North 50 Component Index Enhanced A" fund has a one-year net value growth rate of 90.46%, outperforming its benchmark by 8.44% [5] - The "Huatai-PB CSI 2000 Index Enhanced A" fund achieved a one-year net value growth rate of 56.8%, also exceeding its benchmark by 23.27% [6] Group 3: Active Quantitative Funds - The top 10 active quantitative funds have a minimum return threshold of 42.43%, with the leading fund being "Noan Multi-Strategy A" which recorded a one-year net value growth rate of 90.2% [9][11] - This fund's performance significantly surpassed its benchmark, which only grew by 7.68% [11] - The top three active quantitative funds are managed by Noan Fund, CITIC Prudential Fund, and GF Fund [9] Group 4: Quantitative Hedge Funds - Among the 40 quantitative hedge funds, 8 achieved positive returns, with the top three managed by Fuguo Fund, ICBC Credit Suisse Fund, and Haifutong Fund [13] - The focus of quantitative hedge funds is to construct stock portfolios while using tools like index futures for risk hedging, aiming for absolute returns [13]

- The report focuses on the performance of quantitative funds in the A-share market during the week of June 3 to June 6, 2025, highlighting that quantitative funds outperformed other fund categories during this period [1][2][8] - Among the major indices, the CSI 1000, CSI 500, and CSI 300 recorded weekly returns of 2.10%, 1.60%, and 0.88%, respectively, indicating a positive market trend [3][8] - Quantitative fund categories showed varied performance: active quantitative funds gained 1.60%, market-neutral funds rose by 0.17%, and index-enhanced funds linked to the CSI 1000 and other indices achieved excess returns of 0.22% and 0.21%, respectively, while CSI 500 index-enhanced funds recorded negative excess returns [4][11][14] - The performance of index-enhanced funds was analyzed based on excess returns and maximum drawdowns relative to their benchmark indices. For example, CSI 300 index-enhanced funds achieved a weekly excess return of 0.06% with a maximum drawdown of -0.03%, while CSI 1000 index-enhanced funds achieved a weekly excess return of 0.22% with a maximum drawdown of -0.04% [16][18][20] - Active quantitative funds demonstrated a weekly return of 1.60% with a maximum drawdown of -0.21%, while market-neutral funds achieved a weekly return of 0.17% with a maximum drawdown of -0.11% [24][25] - The report also highlights the top-performing funds within each quantitative category, such as the CSI 300, CSI 500, and CSI 1000 index-enhanced funds, as well as active and market-neutral funds. For instance, the Bosera CSI 500 Enhanced Strategy ETF achieved a weekly excess return of 0.80%, while the Bosera CSI 1000 Enhanced Strategy ETF achieved a weekly excess return of 0.79% [37][39][41][43][45]