Core Viewpoint - The article discusses the performance of public quantitative index-enhanced funds in the A-share market, highlighting the importance of both offensive and defensive capabilities in achieving excess returns during a steady bull market [3][4]. Group 1: Market Overview - The A-share market has shown a steady upward trend, with the Shanghai Composite Index surpassing 3900 points, reaching a nearly ten-year high [3]. - The average return of 138 Hu-Shen 300 index-enhanced products this year is 19.17%, with an average offensive capability of 0.982 and a defensive capability of 0.912 [5]. Group 2: Offensive and Defensive Capabilities - Offensive capability (upside capture ratio) measures a fund's sensitivity to market increases, with values greater than 1 indicating stronger performance against the benchmark [3]. - Defensive capability (downside capture ratio) measures a fund's sensitivity to market declines, with values less than 1 indicating better performance in down markets [3]. Group 3: Top Performing Funds - The top three Hu-Shen 300 index-enhanced funds based on offensive capability are: 1. **Fu Rong Hu-Shen 300 Index Enhanced A**: Offensive capability of 1.19, defensive capability of 0.93, and a return of 27.07% [5][6]. 2. **Ping An Hu-Shen 300 Index Quantitative Enhanced A**: Offensive capability of 1.13, defensive capability of 0.88, and a return of 26.17% [6]. 3. **China Europe Hu-Shen 300 Index Enhanced A**: Offensive capability of 1.11, defensive capability of 0.83, and a return of 27.69% [5]. Group 4: Performance of Other Indexes - The average return of 212 Zhong Zheng 500 index-enhanced products this year is 29.69%, with an average offensive capability of 0.920 and a defensive capability of 0.824 [7]. - The top three Zhong Zheng 500 index-enhanced funds are: 1. **Penghua Zhong Zheng 500 Index Enhanced A**: Offensive capability of 1.01, defensive capability of 0.66, and a return of 41.63% [7]. 2. **Changcheng Zhong Zheng 500 Index Enhanced A**: Offensive capability of 1.00, defensive capability of 0.81, and a return of 36.44% [7]. 3. **Tianhong Zhong Zheng 500 Index Enhanced A**: Offensive capability of 1.00, defensive capability of 0.81, and a return of 35.47% [7]. Group 5: Insights on Fund Managers - Fund manager Meng Yaqiang of Fu Rong focuses on a macro-level quantitative approach, combining fundamental analysis with models to avoid factor distortion [6]. - Fund manager Su Junjie of Penghua employs a unique AI and fundamental quantitative model to capture excess returns [8]. - Fund manager Zuo Jinbao of Changxin uses a multi-factor model based on financial statements and stock price volatility to achieve superior returns [11].

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].