Group 1 - The report highlights the significant role of quantitative stock selection funds in the public fund market, with a total of 277 funds managing a combined scale of 90.32 billion yuan as of the end of Q2 2025, offering broader investment scope and higher style exposure flexibility compared to standard index-enhanced funds [3][12][13] - The report focuses on five fund managers with distinctive investment frameworks in quantitative stock selection, including Feng Xixiang from Xinda Australia Fund, Gao Chongnan from Guotai Fund, Lin Jingyi from Xinda Australia Fund, Shi Yunchao from Penghua Fund, and Zhai Zijian from Western Li De Fund, providing insights into their strategies and product positioning [3][12][13] Group 2 - Feng Xixiang employs a unified framework emphasizing the effectiveness of factors and the universality of alpha models, integrating static multi-factor linear models with machine learning dynamic weighting models since 2023, achieving balanced allocation in his representative products [4][16][23] - Gao Chongnan focuses on the Calmar ratio, selecting high dividend, quality, and growth styles to enhance the stability of risk-return profiles, with a product positioning aimed at low volatility value style [4][35][36] - Lin Jingyi implements a "HI+AI" approach using an integrated research platform, employing a three-step method to replicate successful peer consensus and enhance index tracking through multiple alpha models [5][22] - Shi Yunchao's strategy combines multi-factor linear models with a higher proportion of non-linear models, focusing on short prediction cycles and higher turnover rates, while maintaining a diversified portfolio to mitigate risks [6][24] - Zhai Zijian adopts an AI quantitative investment strategy with a "core + satellite" multi-strategy balanced configuration, utilizing machine learning for long-term predictions and high-frequency data analysis [6][24] Group 3 - The report indicates that as of the end of Q2 2025, Feng Xixiang manages a total of 4.54 billion yuan across seven quantitative stock selection products, with representative products achieving cumulative returns of 40.66% and 74.91% since inception, significantly outperforming their benchmark indices [17][21] - Gao Chongnan's strategy iteration has led to improved performance, with the National Strategy Yield Fund achieving an annualized return of 28.72% in 2024, reflecting a notable enhancement in risk-adjusted returns [36][37] - The quantitative team at Xinda Australia Fund consists of experienced professionals, with a comprehensive product line that includes 11 quantitative stock selection products and 2 quantitative fixed income + strategy products, aiming to reduce volatility while seeking absolute returns [32][33]

Quantitative Models and Construction Methods 1. Model Name: 博道远航 (Bodao Yuanhang) - **Model Construction Idea**: The product employs an enhanced model based on the average performance index of偏股混合型基金 (partial equity hybrid funds). The fund manager uses quantitative methods to replicate the underlying stock holdings of the 885001 index and then enhances it further [43][43]. - **Model Construction Process**: - The model first replicates the stock holdings of the 885001 index using quantitative techniques. - Enhancements are applied to the replicated portfolio to achieve superior performance while maintaining a controlled deviation from the benchmark [43][43]. - **Model Evaluation**: The model demonstrates significant and stable excess returns over the 885001 index, with a high information ratio and low relative drawdowns [43][43]. 2. Model Name: 兴业聚利 (Xingye Juli) - **Model Construction Idea**: The product adopts a "process-to-result management" approach, setting偏股基准 (partial equity benchmark) and enhancing it while keeping deviations under control [57][57]. - **Model Construction Process**: - The benchmark is first established based on the偏股基准. - Enhancements are applied to the benchmark portfolio, with a focus on maintaining a relatively low deviation and incorporating moderate timing strategies [57][57]. - **Model Evaluation**: The model achieves stable excess returns over the 885001 index, though its lower average position results in occasional underperformance during strong market uptrends [57][57]. 3. Model Name: 信澳宁隽智选 (Xinao Ningjun Zhixuan) - **Model Construction Idea**: This product belongs to the "Index Plus" series, aiming to achieve higher excess returns with relatively loose deviation constraints. It targets the 885001 index as its benchmark [70][70]. - **Model Construction Process**: - The model allows for a certain degree of deviation from the benchmark to capture higher excess returns. - It incorporates港股 (Hong Kong stocks) allocation, which is particularly relevant in the current environment where active equity funds are increasing their exposure to Hong Kong stocks [70][70]. - **Model Evaluation**: The model demonstrates high and stable excess returns over the 885001 index, though it experiences relatively higher maximum relative drawdowns during sharp market uptrends [70][70]. --- Model Backtesting Results 1. 博道远航 (Bodao Yuanhang) - **Excess Return**: 12.65% over the 885001 index [43][43] - **Information Ratio (IR)**: 1.46 [43][43] - **Maximum Relative Drawdown**: -3.41% [43][43] 2. 兴业聚利 (Xingye Juli) - **Excess Return**: 9.24% over the 885001 index [57][57] - **Information Ratio (IR)**: 0.95 [57][57] - **Maximum Relative Drawdown**: -4.84% [57][57] 3. 信澳宁隽智选 (Xinao Ningjun Zhixuan) - **Excess Return**: 11.26% over the 885001 index [70][70] - **Information Ratio (IR)**: 1.07 [70][70] - **Maximum Relative Drawdown**: -7.29% [70][70]