Core Viewpoint - The A-share market in the first three quarters of 2025 has shown a clear divergence in performance, with technology leading while traditional sectors like liquor and real estate lagged behind. The CSI 300 index rose nearly 20%, while the CSI 2000 index saw an increase of over 30%. In this context, index-enhanced funds have emerged as a viable investment strategy, providing a way to earn more without excessive trading [4]. Summary by Index CSI 300 Index - Among 158 CSI 300 index-enhanced funds, the average return for the first three quarters was 19.17%, with an average excess return of 1.77%. 104 funds achieved positive excess returns, representing 65.82% of the total [5]. - The top three funds in terms of excess return were managed by E Fund, China Europe Fund, and Fortune Fund, with E Fund's product achieving an excess return of 17.08% and a total return of 34.11% [6][7]. CSI 500 Index - There are 156 CSI 500 index-enhanced funds, with an average return of 29.60% and an average excess return of 1.48%. The top three funds were managed by Penghua Fund, China Europe Fund, and Huatai-PB Fund, with Penghua's product achieving an excess return of 13.72% and a total return of 41.63% [8][9]. CSI 1000 Index - The CSI 1000 index-enhanced funds totaled 88, with an average return of 34.28% and an average excess return of 8.32%. The top three funds were managed by ICBC Credit Suisse Fund, Changxin Fund, and Penghua Fund, with ICBC's product achieving an excess return of 18.52% and a total return of 44.29% [11][12][13]. CSI 2000 Index - There are 31 CSI 2000 index-enhanced funds, with an average return of 40.74% and an average excess return of 11.11%. The top three funds were managed by Tianhong Fund, Huatai-PB Fund, and Huitianfu Fund, with Tianhong's product achieving an excess return of 18.21% and a total return of 46.48% [14][15].

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].

Core Insights - The article discusses the performance and challenges faced by the company, ICBC Credit Suisse Asset Management, highlighting its recent growth in assets and the competitive landscape of the fund management industry [2][3][4]. Group 1: Market Performance - As of June 30, 2025, the North Securities 50 Index showed a strong performance with a cumulative increase of 39.45% in the first half of the year, while the Hang Seng Index rose by 20%, ranking third among major global indices [3]. - The fund market is experiencing a recovery, with ICBC Credit Suisse's funds receiving high ratings, including 17 funds rated as three-year five-star funds [3][4]. Group 2: Fund Management and Performance - ICBC Credit Suisse reported a net profit of 2.11 billion yuan for 2024, with total assets of 25.106 billion yuan and net assets of 20.836 billion yuan [5]. - As of August 5, 2025, the total scale of ICBC Credit Suisse funds reached 782.333 billion yuan, with bond funds accounting for 200.740 billion yuan, ranking 15th among 171 similar funds [5][6]. - The ICBC Convertible Bond Preferred Fund achieved a one-year growth rate of 24.60%, leading all bond funds under the company [5][6]. Group 3: ETF Growth and Challenges - The total scale of ETFs in the market surpassed 4.8 trillion yuan as of August 21, 2025, marking a growth of 1.04 trillion yuan, or 27.88%, since the end of 2024 [9][11]. - ICBC Credit Suisse's index funds reached a scale of 101.673 billion yuan as of August 1, 2025, nearly doubling from 36.117 billion yuan at the end of 2023 [9][10]. Group 4: Internationalization and QDII Strategy - ICBC Credit Suisse has been a pioneer in QDII products since 2007, offering a diversified range of investment options across various international markets [14][15]. - The company ranks 96th in the "2025 Global Asset Management Top 500" list, reflecting its growing influence in the global asset management space [15]. Group 5: Challenges and Strategic Focus - The company faces challenges in scale growth, profitability, and talent retention, with its asset management scale slightly decreasing from 2021 to 2025 [17][19]. - The profitability of the company has been inconsistent, with net profits showing significant fluctuations over the past three years [20]. - The company is focusing on enhancing its research and development capabilities and improving compliance management to address these challenges [22][23].