Core Insights - The article highlights the significant growth of index funds, particularly index-enhanced funds, which combine the discipline and diversification of index funds with active management to seek excess returns (Alpha) [1] - Despite the overall decline in excess returns for many index-enhanced products due to increased market efficiency and homogenization of quantitative strategies, the manager Shi Rongsheng from Anxin Fund has achieved consistent and stable excess returns through a unique "AI + machine learning" quantitative framework [1][2] Group 1: Performance Metrics - As of August 24, 2023, the Anxin Quantitative Selected CSI 300 Index Enhanced Fund has achieved a cumulative return of 36.53%, outperforming the CSI 300 by 14.89%, with a one-year cumulative return of 45.63%, exceeding the CSI 300 by 10.24% [2][3] - The fund's performance metrics, including information ratio (annualized) of 2.13, Sharpe ratio (annualized) of 1.92, and Calmar ratio of 4.22, significantly surpass the average levels of CSI 300 index-enhanced funds [3][5] Group 2: Investment Strategy - Shi Rongsheng's investment strategy has evolved from traditional multi-factor models to a focus on machine learning, allowing for more effective capture of complex relationships between returns and factors, thus overcoming the limitations of traditional factor-driven approaches [8][14] - The application of AI and machine learning in quantitative investment enables the identification of mathematical relationships between various factors and stock performance, enhancing the efficiency of discovering complex patterns that traditional methods may miss [7][8] Group 3: Future Prospects - Building on the success of the CSI 300 index-enhanced fund, Shi Rongsheng is set to manage a new product, the Anxin ChiNext Index Enhanced Fund, which targets growth-oriented innovative enterprises in strategic emerging industries [9] - The ChiNext Index has shown significant long-term performance, with a cumulative return of 189.01% since its inception, indicating a strong potential for future investment opportunities [12]

Core Viewpoint - The article discusses the revolutionary breakthroughs in artificial intelligence over the past year, particularly in machine learning, which has evolved from a powerful data processing tool to a self-thinking capability, enabling significant advancements in fields like autonomous driving and robotics. The focus is on the performance of the Anxin Quantitative Selected CSI 300 Enhanced Fund managed by Shi Rongsheng, which utilizes a "white-box" machine learning approach to capture alpha and achieve superior performance in index enhancement strategies [1][4]. Group 1: Performance Metrics - The Anxin Quantitative Selected CSI 300 Enhanced Fund achieved a cumulative return of 36.53% and an annualized return of 16.62% since Shi Rongsheng took over management on August 24, 2023, outperforming the CSI 300 index by 14.89% [4]. - The fund's performance metrics include a maximum drawdown of -10.90%, indicating a robust risk management strategy [4]. - In comparison, other CSI 300 enhanced funds showed lower returns and higher drawdowns, highlighting the superior performance of Shi Rongsheng's fund [2][4]. Group 2: Machine Learning Approach - Shi Rongsheng transitioned from traditional multi-factor models to machine learning methods around 2020, recognizing the limitations of linear relationships in complex financial markets [8][9]. - The "white-box" approach allows for active factor selection and model transparency, enabling better understanding and optimization of the model's performance [10][13]. - The unified index enhancement framework employed by Shi Rongsheng allows for consistent application across various indices, reducing the risk of overfitting common in multi-factor models [14][15]. Group 3: Data Utilization and Model Evolution - The model's effectiveness is enhanced by feeding it high-quality data and allowing it to learn from a comprehensive dataset that spans complete economic cycles [16][19]. - Shi Rongsheng's strategy includes dynamic optimization of the model based on real-time market performance, ensuring adaptability to changing market conditions [19]. - The modular approach in building the machine learning model facilitates continuous improvement and scalability, akin to a standardized production line in the restaurant industry [21]. Group 4: Innovation and Future Outlook - Shi Rongsheng's exploration of large language models and other advanced technologies positions his strategies at the forefront of quantitative investment, combining the strengths of both public and private fund methodologies [22][24]. - The article emphasizes the potential for stable and continuous excess returns from the Anxin Quantitative Selected CSI 300 Enhanced Fund and the upcoming Anxin ChiNext Index Enhanced Fund, driven by ongoing innovations in machine learning [24].

Core Viewpoint - Multiple fund companies are launching index-enhanced funds linked to major A-share indices, indicating a growing interest in equity market investments amid recent strong performance of these indices [1] Fund Launches - Guotai Junan Fund announced the launch of the Guotai Junan Shanghai Composite Index Enhanced Fund on October 22, with a maximum initial fundraising limit of 8 billion [1] - Anxin Fund announced the launch of the Anxin ChiNext Index Enhanced Fund on October 13 [1] - Invesco Great Wall Fund reported that the Invesco Great Wall Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index Enhanced Fund was established on September 18, raising a total of 1.516 billion [1] Market Performance - The Shanghai Composite Index, ChiNext Index, and Sci-Tech Innovation Index have recently shown strong performance, with all three indices reaching significant intraday highs on September 18 [1] - On September 18, the Shanghai Composite Index approached 3,900 points, the ChiNext Index surpassed 3,160 points, and the Sci-Tech Innovation Index neared 1,700 points [1] Market Outlook - Guotai Junan Fund maintains a long-term optimistic view on the domestic equity market, focusing on investment opportunities in technology and anti-involution sectors, with expectations of significant profit growth in the manufacturing sector [1] - Invesco Great Wall Fund acknowledges the strong performance of the equity market and anticipates potential volatility due to profit-taking after the Federal Reserve's interest rate cuts, but remains optimistic about the medium-term benefits for RMB assets and the strengthening trend of overseas capital inflow [1]