国金基金自2016年起开展量化实盘投资，并于2022年11月进入公募指增产品领域。据国金基金透露，其 量化策略以机器学习为核心，整合数百类因子，通过多维度信息挖掘、分层次策略适配和全流程监控， 持续优化模型并控制风险。2024年10月起，公司进一步收紧风格与行业暴露约束，在严控偏离的前提下 优化阿尔法模型。 在了解中证A500指数自身投资价值的基础上，市场也越来越关注如何借助相关产品来把握该指数的投 资机会。指数增强型产品作为一类兼顾指数Beta收益和量化选股Alpha收益的工具，已成为布局该指数 的重要方式。 国金基金表示，ETF力求紧密跟踪指数，追求最小偏离；而指增产品则在控制跟踪误差的基础上，借助 量化模型、行业轮动等方式力争实现超额收益。其收益来源可拆解为选股阿尔法（Alpha）和指数贝塔 （Beta），属于"被动打底、主动增强"型产品。这种策略的有效性在实际业绩中得到明显体现。数据显 示，截至9月17日，国金中证A500指数增强A今年以来收益率达27.50%，超额收益为7.74%。在57只同 类产品中高居第2，充分彰显了其量化模型的超额收益能力。 中证报中证网讯（记者 王宇露）今年以来A股持续回暖， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced an action plan to promote the high-quality development of public funds, emphasizing a long-term performance evaluation mechanism for fund companies [1][2]. Policy Background - The public fund industry in China has rapidly developed, with a management scale exceeding 34 trillion yuan and over 12,000 products as of June 2025. However, issues such as misaligned operational philosophies and insufficient investor satisfaction have emerged, hindering high-quality growth [2]. - The long-term evaluation policy aims to reverse the short-term investment behavior in the public fund industry and establish a more aligned incentive mechanism between fund managers and investors [2]. Core Policy Content - The long-term performance evaluation mechanism includes requirements such as: - A minimum of 80% weight on medium to long-term returns over three years - Long-term performance over five years becoming the core of evaluations and awards - At least 50% weight on fund performance metrics in executive evaluations - Introduction of comprehensive indicators like investor profit and fund profitability - Reduction of weight on short-term operational metrics like scale and ranking [3]. - Fund managers are required to establish incentive and restraint mechanisms that align with long-term evaluations, including deferred performance compensation and clawback provisions [3]. Industry Impact - Fund managers will experience a significant shift in investment decision-making, allowing them to focus on long-term growth rather than quarterly rankings [4]. - Fund companies are adjusting their product lines to emphasize long-term hold products, with a focus on index-enhanced funds and retirement target funds, as well as industry theme funds aligned with national strategic directions [4]. - There will be an increased emphasis on investor engagement and service to foster a long-term investment mindset among investors [4]. Future Outlook - The implementation of the long-term evaluation policy is expected to lead to profound changes in the public fund industry, refocusing on investment management capabilities and enhancing the role of institutional investors in supporting high-quality economic development [5]. - As policies are gradually implemented, the public fund industry is anticipated to enter a new phase of high-quality development, creating more value for investors and improving their satisfaction [5].

Core Insights - The explosive growth of index-enhanced funds is attributed to policy support, market demand, and product innovation, with long-term excess returns being significant and sustainable [1][4] Group 1: Fund Performance and Growth - As of September 6, 2023, 113 new index-enhanced funds have been established, with a total issuance scale of 575.67 billion yuan, which is 2.77 times last year's total [2] - The average excess return of index-enhanced funds this year is 3.76%, with the strongest performing fund achieving nearly 20% excess return [6][5] - Over the past three to five years, the average excess return rates for index-enhanced funds are 4.36% and 14.62%, respectively, indicating strong long-term performance [6] Group 2: Market Dynamics and Investor Sentiment - The current issuance of index-enhanced funds stands at 17, accounting for 24% of all new funds, reflecting a high level of market interest [3] - Institutional investors increasingly recognize the value of index-enhanced funds due to their ability to accumulate excess returns over longer investment horizons [4] - The overall positive performance of the A-share market has heightened investor interest in equity assets, leading to increased funding allocation [4] Group 3: Strategic Implications for Fund Managers - The combination of passive investment and active management in index-enhanced funds makes them an important choice for optimizing asset allocation [4] - Mid-sized public funds are focusing on index-enhanced funds as a strategic choice to differentiate themselves and establish competitive advantages [4] - The development of AI technology has significantly improved quantitative research capabilities, allowing for better identification of excess return sources and market opportunities [6]

Core Viewpoint - The explosive growth of index-enhanced funds in China is attributed to policy support, market demand, and product innovation, with new issuance exceeding 570 billion yuan this year, marking a historical high [2][4][6]. Fund Issuance and Performance - As of September 6, 2023, 113 new index-enhanced funds have been established, with a total issuance of 575.67 billion yuan, which is 2.77 times last year's total [4]. - The proportion of index-enhanced funds in new equity funds reached 20.42% and 7.63% in total new fund issuance, both at historical highs [4]. - Currently, 17 index-enhanced funds are in issuance, accounting for 24% of total new fund issuance, also a high level historically [5]. Investment Performance - The average excess return of index-enhanced funds this year is 3.76%, with the strongest performing product achieving nearly 20% excess return [10]. - Over the past three and five years, the average excess return rates for index-enhanced funds are 4.36% and 14.62%, respectively, indicating strong long-term performance [11]. Market Dynamics and Investor Sentiment - The growth in index-enhanced funds is driven by a favorable A-share market performance, increasing investor interest in equity assets, and a growing recognition of index products among investors [5][6]. - Institutional investors are increasingly recognizing the benefits of index-enhanced funds due to their longer investment horizons and clearer performance benchmarks [6]. Strategic Development - Mid-sized public funds are focusing on index-enhanced funds as a strategic choice to differentiate themselves and establish competitive advantages in a crowded market [7][8]. - The future enthusiasm for public fund layouts is expected to continue, with a focus on differentiated strategies and innovative quantitative models [12].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The A-share market showed a continuous upward trend this week, with the Shanghai Composite Index stable above 3,600 points. Although the weekly average daily trading volume decreased by 6.26% compared to last week, the margin trading balance exceeded 2 trillion and continued to rise, indicating that investors' risk appetite remained relatively high in the short term [1][10]. - Most industry sectors' trading volume proportions reached new lows in the past four weeks, suggesting that the market trading focus was concentrating on a small number of sectors. Investors should pay attention to the congestion risk of industry sectors and focus on capital flows in the market with rapid rotation of industry themes [10]. - In terms of market style, small-cap stocks had significant excess returns. The cyclical style led the gains among the five major CITIC style indices, while the consumer style had the smallest increase [12]. - It is recommended to focus on three main investment lines: the domestic computing power industry chain, the AI application end, and the consumption recovery sector. These sectors have relatively reasonable valuations and strong potential for supplementary growth under the background of loose liquidity [13]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - This week, sectors such as non-ferrous metals, machinery, and national defense and military industry led the gains. The pharmaceutical sector, which had performed well last week, corrected significantly, while the coal and non-ferrous metals sectors, which had large declines last week, rebounded sharply [10]. - The trading volume proportions of most industry sectors reached new lows in the past four weeks, and the trading activity of the comprehensive finance and non-bank finance sectors decreased significantly [10]. 3.1.2 Market Style - All five major CITIC style indices rose this week, with the cyclical style leading the gains at 3.49%. The growth style rose 1.87%, and its trading volume proportion reached a four-week high. The consumer style had the smallest increase at 0.77%, and its trading volume proportion decreased slightly [12]. - Small-cap stocks had significant excess returns. The CSI 1000 and CSI 2000 rose 2.51% and 3.54% respectively, and their trading volume proportions reached four-week highs [12]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance This Week in Different Theme Tracks - The report selected single-track and double-track funds based on six sectors: TMT, finance and real estate, consumption, medicine, manufacturing, and cyclical sectors, and listed the top five funds in each sector [17][18]. 3.2.2 Funds with Excellent Performance in Different Strategy Categories - The report classified funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness, and listed the top-ranked funds in each type [19][20] 3.3 Index Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index Enhanced Funds - The average and median excess returns of CSI 300 index enhanced funds were 0.22% and 0.20% respectively; those of CSI 500 index enhanced funds were 0.05% and 0.07% respectively; those of CSI 1000 index enhanced funds were -0.15% and -0.14% respectively; those of CSI 2000 index enhanced funds were -0.09% and 0.04% respectively; those of CSI A500 index enhanced funds were 0.24% and 0.26% respectively; those of ChiNext index enhanced funds were 0.45% and 0.39% respectively; and those of STAR Market and ChiNext 50 index enhanced funds were 0.18% and 0.21% respectively [23][24]. - The average and median absolute returns of neutral hedge funds were 0.29% and 0.27% respectively; those of quantitative long funds were 1.75% and 1.83% respectively [24]. 3.4 This Issue's Bond Fund Selection - The report comprehensively screened the fund pools of medium- and long-term bond funds and short-term bond funds based on indicators such as fund scale, return-risk indicators, the latest fund scale, Wind fund secondary classification, rolling returns in the past three years, and maximum drawdowns in the past three years [38] 3.5 This Week's High-Frequency Position Detection of Funds - Active equity funds significantly increased their positions in the machinery and computer industries this week and significantly reduced their positions in the electronics, banking, and automobile industries [3]. - From a one-month perspective, the positions in the communication, banking, and non-bank finance industries increased significantly, while the position in the food and beverage industry decreased significantly [3] 3.6 This Week's Weekly Tracking of US Dollar Bond Funds - Not provided in the content

Group 1 - The stock market is experiencing a positive trend, leading to a significant increase in the issuance of index funds, with over 180 billion yuan raised in the first half of the year, accounting for over 90% of the total new issuance of equity funds [1] - Among the various types of index funds, enhanced index funds have gained considerable market attention, aiming to achieve "Beta + Alpha" returns by maintaining a controlled deviation from benchmark indices while outperforming them [1] - The average net value growth rate of enhanced index funds over the past year was 34.29%, with nearly 70% of these funds achieving positive excess returns, particularly those tracking the ChiNext Index, which had an average excess return of 2.67% [1] Group 2 - The ChiNext Index, a core broad-based index in A-shares, consists of 100 stocks with high market capitalization and liquidity, with the top five sectors being power equipment, electronics, pharmaceuticals, communications, and non-bank financials [2] - Since its inception on May 31, 2010, the ChiNext Index has seen a cumulative increase of nearly 150%, outperforming other broad-based indices like the CSI 300 and the Shanghai Composite Index [2] - The current price-to-earnings ratio (PE TTM) of the ChiNext Index is 36 times, which is in the 22nd percentile since its inception, indicating that it is undervalued compared to 78% of the time [2] Group 3 - Based on the growth potential and allocation value of the ChiNext Index, GF Fund launched the GF ChiNext Index Enhanced Fund on August 15, aiming to optimize its investment portfolio through quantitative analysis and fundamental research [3] - The fund will construct its basic investment portfolio based on the weight of the constituent stocks in the benchmark index and seeks to enhance returns through active management strategies [3] - GF Fund has developed a series of enhanced index products tracking various indices, including the CSI 300 and the STAR Market 100, with a focus on capturing both Beta and Alpha returns [3]

Core Viewpoint - The new fund issuance performance for the first half of 2025 shows a total scale of 540.85 billion yuan, a nearly 20% decline compared to the same period last year, with bond funds still being the mainstay but now accounting for less than half of the total issuance [1][3]. Fund Issuance Overview - A total of 672 new funds were established by the end of June, raising 540.85 billion yuan, which is a decrease from 674.30 billion yuan in the same period last year despite an increase in the number of new funds [3]. - Bond funds have seen a significant decline, with 126 new bond funds established, raising 247.85 billion yuan, a nearly 54% drop compared to last year [3]. - The share of new bond funds in total new fund issuance fell to 46.73%, marking the first time it has dropped below 50% since 2022 [3]. Equity Fund Performance - Equity funds have experienced a resurgence, with 387 new equity funds established, raising 188.06 billion yuan, which is an increase of over 183% compared to last year [4]. - The issuance share of equity funds reached 35.46%, the highest since the second half of 2012 [4]. - Mixed funds also saw growth, with 111 new mixed funds established, raising 52.35 billion yuan, achieving a share of 9.87% [4]. Market Highlights - The first half of the year saw notable highlights in the new fund issuance market, particularly with FOF (Fund of Funds) products, which accounted for the top two issuance scales [6]. - A total of 30 new FOF funds were established, raising 32.75 billion yuan, marking a new high since the first half of 2022 [6]. - Bond index funds emerged as a significant highlight, with 27 new bond index funds established, representing over 20% of new bond funds [7]. REITs and Other Products - Ten new public REITs were issued, raising 15.30 billion yuan, with all public offerings sold out on the first day [7]. - The index-enhanced funds also saw a surge, with 82 new products launched, focusing on various indices [7]. - QDII funds showed strong performance, particularly those targeting the Hong Kong stock market, with notable fundraising figures [7].

Core Viewpoint - The new fund issuance in the first half of 2025 reached a total scale of 540.85 billion yuan, a nearly 20% decline compared to the same period last year, with a notable increase in equity funds and a significant drop in bond funds [2][4]. Fund Issuance Overview - A total of 672 new funds were established, raising 540.85 billion yuan, compared to 609 funds and 674.30 billion yuan in the same period last year, indicating a decrease in issuance scale despite an increase in the number of new funds [4]. - Bond funds remained the mainstay of new fund issuance but saw a nearly 54% decline in scale compared to last year, with only 126 new bond funds established [4][6]. Equity Fund Performance - Equity funds experienced a resurgence, with 387 new equity funds launched, raising 188.06 billion yuan, representing a growth of over 183% compared to the previous year [6]. - The issuance share of equity funds reached 35.46%, the highest since the second half of 2012, indicating a strong recovery in investor interest [6]. Market Highlights - The first half of 2025 saw significant highlights in the new fund issuance market, particularly with FOF (Fund of Funds) products, which accounted for a notable share of the top issuance scales [8]. - A total of 30 new FOF funds were established, raising 32.75 billion yuan, marking a new high since the first half of 2022 [8]. - Bond index funds also emerged as a highlight, with 27 new bond index funds launched, representing over 20% of the new bond funds [8]. REITs and Other Fund Types - In the first half of 2025, 10 new public REITs were issued, raising a total of 15.30 billion yuan, with all public offerings sold out on the first day [9]. - The index-enhanced funds also saw a surge, with 82 new products established, indicating a growing trend in this category [9]. - QDII funds showed promising results, particularly those focused on the Hong Kong stock market, with significant fundraising figures [9].

Core Viewpoint - The foreign public funds in China are accelerating the launch of their product lines in the local market, with a strong focus on bond funds and index-enhanced funds, reflecting a strategy of "seeking stability while progressing" in the current market environment [1][2][3]. Group 1: Bond Funds - Bond funds have become the absolute mainstay of new fund issuance by foreign public funds this year, with several bond products launching with initial scales exceeding 5 billion yuan [2][3]. - Notable bond fund launches include BlackRock's medium to long-term pure bond fund and mixed bond funds from various foreign institutions, indicating a strong market demand for bond assets [2][3]. - The initial scale of several bond funds, such as the Huian Yu Hongli Rate Bond and Schroder's Pure Bond Fund, reached 6 billion yuan and 5.999 billion yuan respectively, showcasing the high recognition of bond assets among investors [3]. Group 2: Equity Products - In the equity product segment, index-enhanced funds have emerged as a key focus for foreign public funds, particularly in the A-share market [4][5]. - Several index-enhanced funds, such as those from BlackRock and Robeco, have launched with initial scales exceeding 1 billion yuan, indicating strong investor interest in these products [4][5]. - The enhanced index products combine passive tracking with active management advantages, making them appealing to foreign investors looking for excess returns in volatile markets [5]. Group 3: Specialty Products - Foreign public funds are also actively expanding into niche markets and enhancing their product lines with unique offerings, such as multi-asset allocation strategies [6]. - Fidelity's launch of a mixed-asset FOF fund represents a significant step in introducing global multi-asset strategies to the Chinese market [6]. - The launch of the first Hong Kong Stock Connect fund by Fidelity highlights the ongoing investment opportunities in the Hong Kong market, which is seen as having high investment value despite external uncertainties [6]. Group 4: Overall Market Impact - The continuous introduction of diverse investment tools by foreign public funds enriches the asset allocation options for domestic investors and stimulates product innovation within the local fund industry [7].

Core Viewpoint - The surge in the establishment of index-enhanced funds indicates a shift in the public fund industry towards passive investment strategies, with 76 such funds launched in the first half of the year, surpassing the total for the entire previous year [1][3]. Group 1: Market Trends - The number of index-enhanced funds established in 2023 has reached 76 by June 20, compared to only 42 in the entirety of 2022 [3]. - The most popular benchmark for these funds is the CSI A500 index, with 41 funds utilizing it, alongside others focusing on the STAR Market Composite Index and the CSI 800 index [3]. - The rapid growth of index funds reflects an increasing acceptance in the market, driven by the poor performance of actively managed funds over the past two years [4]. Group 2: Performance Insights - The average excess return of index-enhanced funds across the market is 2.58%, with six funds outperforming their benchmarks by over 10 percentage points [1]. - Notable performers include the Chuangjin Hexin North Certificate 50 Enhanced A fund, which achieved a net value growth rate of 28.21% year-to-date [7]. - Small-cap style index-enhanced funds have shown particularly strong performance, with several funds exceeding a 15% increase in net value [8]. Group 3: Factors Driving Growth - The growth in index-enhanced funds is attributed to three main factors: the underperformance of actively managed funds, the introduction of attractive new indices, and regulatory encouragement for index-based investments [3]. - The competitive landscape has made it challenging for new entrants to compete directly on standard indices, making index-enhanced funds a viable alternative [4]. - The active engagement of leading fund sales platforms, such as Ant Fund, has further fueled the enthusiasm for index-enhanced fund offerings [5].