Core Viewpoint - The A-share market is experiencing a significant recovery, with trading volumes exceeding 2 trillion, leading to increased interest in index-enhanced funds, which combine active and passive investment advantages [5][10]. Group 1: Market Overview - As of August 25, 2025, there are 784 public index-enhanced products in the market, with an average return of 24.12% this year and an excess return of 2.39% [5][10]. - The performance of index-enhanced funds has been particularly strong in the context of the ongoing small-cap market rally, with notable products tracking the CSI 2000 index [5][10]. Group 2: Performance by Index CSI 300 Index Enhanced Funds - There are 158 public products tracking the CSI 300 index, with an average return of 15.64% and an excess return of 2.20% this year [6][10]. - The top three products in terms of excess return are managed by Anxin Fund, Ping An Fund, and E Fund, with Anxin's product achieving an excess return of 8.45% [7][10]. CSI 500 Index Enhanced Funds - The CSI 500 index enhanced funds consist of 150 products, yielding an average return of 23.44% and an excess return of 2.86% this year [10][12]. - The leading product is managed by Penghua Fund, achieving a return of 30.35% and an excess return of 10.02% [11][12]. CSI 1000 Index Enhanced Funds - There are 88 products tracking the CSI 1000 index, with an average return of 31.63% and an excess return of 7.19% this year [14][16]. - The top product is managed by ICBC Credit Suisse Fund, with a return of 39.70% and an excess return of 15.48% [15][16]. CSI/Guo Zheng 2000 Index Enhanced Funds - The CSI/Guo Zheng 2000 index enhanced funds have 21 products, with an average return of 39.16% and an excess return of 10.05% this year [17][19]. - The leading product is managed by Huatai-PB Fund, achieving a return of 46.45% and an excess return of 17.34% [18][19].

Core Viewpoint - The quantitative private equity industry has rapidly developed in recent years, outperforming public quantitative funds in terms of performance, with private equity quantitative index enhancement products showing an average return of 31.11% compared to 22.03% for public funds [2][3]. Summary by Category Performance Comparison - As of August 15, 2025, the average return for 398 private equity index enhancement products is 31.11%, with an excess return of 11.50%. In contrast, 382 public equity index enhancement products have an average return of 22.03% and an excess return of 6.04% [2][3]. - The performance of private equity products across different indices shows significant advantages, particularly in the 中证500 and 中证1000 categories, where private equity products have average returns of 29.40% and 35.25%, respectively [9][12]. Leading Products - In the 沪深300 index enhancement category, the top private equity product is "澎湃权益1号" managed by 刘治平, achieving an excess return of ***% [5][7]. - For the 中证500 index enhancement, "兆信中证500指数增强1号A类份额" managed by 唐越 and 胡晨航 leads with an excess return of ***% [10][11]. - The top product in the 中证1000 index enhancement is "今通量化价值成长六号" managed by 钱伟强, with an excess return of ***% [13][15]. - In the 国证/中证2000 index enhancement, "平方和鼎盛中证2000指数增强21号A期" managed by 吕杰勇 and 方壮 ranks first with an excess return of ***% [17][19]. Market Environment - The strong performance of quantitative strategies is attributed to the structural characteristics of the A-share market in the first half of 2025, where small and mid-cap stocks have continued to outperform, and individual stock volatility has increased, creating an ideal trading environment for quantitative strategies [3].

Core Viewpoint - Jiashe Technology (300193.SZ) reported its 2025 semi-annual results, highlighting an increase in institutional investor holdings and the presence of public funds and pension funds in its shareholder structure [1] Institutional Holdings - As of August 15, 2025, six institutional investors disclosed holdings in Jiashe Technology, totaling 61.45 million shares, which represents 12.90% of the company's total share capital [1] - The institutional investor group includes Shenzhen Qianxin Heng Investment Development Co., Ltd., Shenzhen Qianhai Yongcheng Asset Management Co., Ltd. - Yongcheng No. 1 Securities Private Fund, and others [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.26 percentage points [1] Public Funds - Four public funds were disclosed this period, which were not reported in the previous quarter, including Anxin Quantitative CSI 300 Enhanced A and others [1] Pension Funds - One pension fund increased its holdings compared to the previous period, specifically the Basic Pension Insurance Fund 1003 Combination, with an increase in holding percentage of 0.3% [1]

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Anxin Quantitative CSI 300 Enhanced Fund for the second quarter of 2025, highlighting its focus on long-term asset appreciation through quantitative methods while maintaining a low tracking error against its benchmark [1][2]. Fund Product Overview - The fund aims to effectively track the CSI 300 Index with a daily tracking deviation not exceeding 0.5% and an annual tracking error not exceeding 7.75% [1]. - The fund's investment strategy combines passive index investment with quantitative model optimization to achieve returns that exceed the benchmark while controlling tracking error [1][2]. - The performance benchmark is set as 90% of the CSI 300 Index return and 10% of the after-tax interest rate of commercial bank demand deposits [1]. Financial Indicators and Fund Performance - As of the end of the reporting period, the total fund shares amounted to 708,728,911.35 [1]. - The net value growth rates for the Anxin Quantitative CSI 300 Enhanced A and C funds were 5.91% and 5.85% respectively for the past three months, with a benchmark return of 1.17% [8]. - Over the past year, the net value growth rates were 27.30% for A and 27.05% for C, significantly outperforming the benchmark [8]. Investment Portfolio Report - The fund's total assets included approximately 1.14 billion yuan in stocks, accounting for 82.67% of total assets, and 55.48 million yuan in bonds, representing 4.03% [9]. - The fund's major investments were concentrated in the manufacturing sector (39.57%) and the financial sector (25.83%) [9]. - The report indicates that the fund did not hold any asset-backed securities or convertible bonds at the end of the reporting period [10]. Management Report - The fund manager adhered to strict compliance with relevant laws and regulations, ensuring fair treatment of all managed funds and investment portfolios [6]. - The report highlights the performance of various investment factors, noting that momentum, beta, market capitalization, and liquidity factors performed well, while profitability and growth factors lagged [6]. Changes in Fund Shares - The total shares for Anxin Quantitative CSI 300 Enhanced A and C increased to 213,400,705.39 and 495,328,205.96 respectively by the end of the reporting period, following significant subscriptions and redemptions [10].