Group 1 - The core point of the news is that Qianli Technology's stock price has dropped by 5.25% to 12.10 CNY per share, with a total market capitalization of 54.705 billion CNY as of the report date [1] - Qianli Technology, established on December 1, 1997, and listed on November 25, 2010, primarily engages in the research, production, and sales of passenger vehicles (including new energy vehicles), motorcycles, engines, and general gasoline engines, along with financial investments [1] - The company's revenue composition shows that manufacturing accounts for 98.14%, real estate for 0.99%, and other sources for 0.87% [1] Group 2 - From the perspective of fund holdings, one fund under ICBC Credit Suisse has Qianli Technology as a significant holding, with a reduction of 29,000 shares in the second quarter, leaving 88,100 shares, which represents 1% of the fund's net value [2] - The fund, ICBC CSI 1000 Index Enhanced A (016942), has a total scale of 31.2744 million CNY and has achieved a year-to-date return of 41.01%, ranking 959 out of 4222 in its category [2] - The fund has a one-year return of 88.17%, ranking 822 out of 3805, and a since inception return of 34.13% [2]

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].

破茧突围，王者归来 作者：岩石 编辑：张戈 风品：一然 来源：首财——首条财经研究院 真正的舞者，不会辜负每一个起风季。 2025年以来，中国资本市场显露出结构性牛市特征。wind数据显示，截至2025年6月30日，北证50指数 上半年表现最强，累计上涨39.45%。中证2000指数表现次之，累计上涨15.24%。进入8月下旬，北证50 再现连创历史新高的行情，8月19日盘中最高触及1637.50点，开市以来首破1600点整数关口。 港股市场同样不逞多让，恒生指数上半年上涨20%，涨幅在全球主要股指中位居第三。 水大鱼大，基金市场也迎来业绩复苏。Morningstar晨星中国最新发布的业绩榜单显示，截至6月30日， 工银瑞信基金凭借卓越的管理能力和出色的投资业绩脱颖而出。共17只基金获评三年期五星基金，13只 基金获评五年期五星级基金，7只主动权益类基金荣获十年期五星基金评级。 不过，这不代表无懈可击。相较靓丽收益率，整体规模却不算出众，市场号召力待提升。天天基金网显 示，截至2025年6月30日，三只基金规模分别为仅为1.21 亿元、8.19亿元、0.51亿元。 其次，若拉长周期看，收益稳定性方面也需加劲儿 ...