Group 1 - The report highlights that in 2025, the public quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices showed varying levels of excess returns, with the CSI 1000 enhanced products achieving the highest average excess return of 9.3% for the year [3][21] - The public quantitative CSI 300 enhanced products recorded an average excess return of 2.5% for 2025, with a quarterly excess return of 1.6% in Q4 [3][13] - The public quantitative CSI 500 enhanced products had an average excess return of 2.1% for 2025, with a quarterly excess return of 1.0% in Q4 [3][16] Group 2 - The report indicates that public quantitative dividend strategies achieved an average excess return of 4.2% in 2025, with top-performing products including Hai Fu Tong Dividend Preferred A and Guang Fa High Dividend Preferred A [4][29] - Public quantitative fixed income plus products had an average cumulative return of 4.9% in 2025, with leading products such as Fu Guo Xing Li Enhanced A and Fu Guo Feng Li Enhanced A [4][33] Group 3 - Private quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices outperformed public strategies, with the CSI 1000 enhanced products achieving an excess return of 15.1% for 2025 [5][40] - The private quantitative CSI 300 enhanced products recorded an excess return of 8.6% for the year, significantly higher than the public counterpart [5][37] - The private quantitative CSI 500 enhanced products achieved an excess return of 10.4% for 2025, again outperforming public strategies [5][38]

Core Insights - Zhiguang Electric (002169.SZ) reported its Q3 2025 results, revealing that as of October 28, 2025, five institutional investors held a total of 188 million shares, representing 24.00% of the company's total equity [1] - The institutional holding percentage decreased by 0.78 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Guangzhou Jinyu Industrial Investment Group Co., Ltd., Guangzhou Zhiguang Electric Co., Ltd. - 2022 Employee Stock Ownership Plan, Hong Kong Central Clearing Limited, and Everbright Pramerica Chengxin Mixed A [1] - One new public fund was disclosed this period, namely Everbright Pramerica Chengxin Mixed A, while 35 public funds were not disclosed compared to the previous quarter [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings this period, showing a slight increase in foreign investment [1]

Core Insights - Hanbo High-tech (301321.SZ) released its Q3 2025 report on October 27, 2025, indicating a total of 5 institutional investors holding shares, amounting to 45.81 million shares, which represents 24.57% of the total share capital [1] Institutional Holdings - The total institutional holding increased by 0.18 percentage points compared to the previous quarter [1] - The institutional investors include Hanbo Holdings Group Co., Ltd., Hefei Wang's Hanbo Technology Co., Ltd., Changjiang Wealth Asset Management, Hanbo High-tech Materials (Hefei) Co., Ltd., and Industrial and Commercial Bank of China [1] Public Fund Activity - One new public fund disclosed this quarter, namely the Dacheng CSI 360 Internet + Index A [1] - A total of 38 public funds were not disclosed this quarter compared to the previous quarter, including funds like Guojin Quantitative Multi-Factor A and Huatai-PineBridge CSI 2000 Index Enhanced A [1]

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].