Core Viewpoint - The explosive growth of AI has significantly boosted the popularity of actively managed quantitative funds, which have shown the ability to outperform the market while reducing volatility risk [2][3]. Group 1: Market Trends - The total share of actively managed quantitative funds reached 80.5 billion units by the end of Q3 2025, marking a 27% increase from the previous year [2]. - Institutional investors hold 46.5 billion units of these funds, accounting for over 70% of the total shares [3]. Group 2: Fund Performance - The "Huaan Event-Driven Quantitative Strategy A" fund has outperformed the CSI 300 index for six consecutive years, with a significant lead in 2025 [6]. - In 2025, the fund achieved a return of 35.77%, compared to 14.04% for its benchmark and 17.20% for the CSI 300 [8]. - The fund's risk-return profile is strong, with annualized returns of 33.02% and a maximum drawdown of -9.96%, outperforming peers in all six key metrics [10]. Group 3: Fund Management - The success of the "Huaan Event-Driven" fund is attributed to its manager, Zhang Xu, who employs a multi-faceted strategy that includes industry rotation and event-driven factors [13][18]. - The "Guojin Quantitative Multi-Factor A" fund, managed by Ma Fang, has also shown resilience, achieving positive returns in 2022 and 2023 despite market downturns [26][29]. Group 4: Investment Strategies - Actively managed quantitative funds are increasingly favored for their ability to adapt to market conditions, utilizing diverse strategies to capture excess returns [18][29]. - The focus on risk-adjusted returns and the ability to navigate different market environments are key factors driving institutional interest in these funds [22][23].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The upcoming implementation of the "Action Plan for Promoting the High - quality Development of Public Funds" will bring opportunities for quantitative public funds. Active quantitative index - like enhanced products are expected to have better growth space, and attention should also be paid to the layout of quantitative fixed - income + products [44]. - In the public quantitative industry, the scale of index - enhanced products has increased, and there are differences in the scale and performance of different types of funds and products [6][14][19]. - For the layout of active quantitative index - like enhanced products, it can be considered in traditional broad - based and mainstream active equity benchmark tracks, and attention should also be paid to challenges and opportunities in different directions such as value style, industry quantification, and unique strategies [47][68][77]. - In the field of quantitative fixed - income +, there is still much market space to expand. Different management teams have different strategies, and various strategies such as low - wave strategies, position strategies, and multi - strategy combinations can be used to create products [28][93][98]. 3. Summary According to Relevant Catalogs 3.1 Public Quantitative Industry Status - **Top Fund Companies in Equity Quantitative Management Scale**: The top three fund companies in equity quantitative management scale are Bodao Fund, Huaxia Fund, and Fuguo Fund, and the scale of the top five fund companies exceeds 20 billion yuan [6]. - **Top 10 Quantitative Products with the Largest Scale Growth in 2025**: As of Q3, all the top 10 quantitative products with the largest scale growth in 2025 are active quantitative funds. The index - enhanced products with the largest scale growth are Harvest Semiconductor Enhancement Fund and Penghua CSI 1000 Index Enhancement [11][14]. - **Index - Enhanced Scale Changes**: From 2022 to Q3 2025, the scale of index - enhanced products increased from less than 150 billion yuan to nearly 200 billion yuan, a growth of 33%. The proportion of the three major broad - based indexes has decreased, and the proportion of other index - enhanced products has slowly increased [19]. - **Quantitative Fixed - Income + Market Share**: The market share of quantitative fixed - income + is about 6.0572 billion yuan, and there is still much market space to expand. Successful operation teams include Fuguo and China Merchants [28]. 3.2 Focus on Active Quantitative Index - like Enhanced Product Layout - **Advantages of Active Quantitative Index - like Enhanced Products**: After the implementation of the "Action Plan", the cost of investor education for index - like enhanced products will decrease. Compared with strict index - enhanced products, active quantitative index - like enhanced products have looser constraints and can achieve better excess returns in the long run [44]. - **Layout in Mainstream Benchmark Tracks**: In addition to traditional broad - based tracks, attention should also be paid to the layout of index - like enhanced products in mainstream active equity benchmark tracks, which may establish a unique market reputation in terms of information ratio and excess return stability [47]. - **Transition to Floating Management Fee Products**: Quantitative models are ideal for managing floating management fee products because they can ensure relatively stable excess returns and help fund companies collect management fees [50]. - **Challenges of Partial - Stock Fund Index - Enhanced Products**: After the implementation of the "Action Plan", products benchmarked against 885001 will face challenges, but products that can continuously outperform the entire market of active equity still have unique value [53]. - **Growth Style Strategy**: The growth style strategy based on analyst expectations can stably outperform 885001, which provides an alternative idea [58]. - **Factor Resonance Strategy**: The 885001 enhancement strategy can be upgraded to identify over - heated styles, which provides feasibility for the development of multi - strategy or factor - rotation products [63]. - **Value Style Direction**: The value - style index - like enhanced products are suitable for layout because the competition in the value style of active equity funds is less intense, and quantitative methods have advantages in value style [68]. - **Industry Quantification**: Industry quantification has not been very successful in the past, but in policy - encouraged technology directions, quantitative methods may gain long - term performance recognition [69]. - **Unique Strategies**: Unique strategies such as industry rotation, factor rotation, multi - strategy combinations, and volatility - control strategies have unique configuration values and can be considered for productization [77][82][86]. 3.3 Focus on Quantitative Fixed - Income + Layout - **Quantitative Advantages in Low - Wave Strategies**: Quantitative methods can play advantages in volatility control and portfolio exposure control in fixed - income + products. Different low - wave stock combinations can be tried, such as dividend combinations [93]. - **High - Wave Fixed - Income + Products**: In 2025, high - wave fixed - income + products emerged. Quantitative methods can provide different high - wave index - based index - enhanced fixed - income + products, but investor adaptation work is important [96]. - **Position and Asset Allocation Strategies**: Quantitative strategies such as low - wave strategies and risk - budget strategies can be used for position management in fixed - income + products, and asset allocation strategies such as risk parity and all - weather strategies can also be practiced [98]. - **Multi - Strategy Fixed - Income + Products**: Using quantitative means to create different style stock combinations and then rotating them in the fixed - income + base can provide multi - strategy fixed - income + products, and different combination methods can further enrich the risk characteristics of products [102].