Core Viewpoint - The article discusses the performance of private equity index enhancement strategies in the A-share market over the past five years, highlighting the challenges faced due to geopolitical tensions, the pandemic, and tariff impacts, while identifying products that have consistently outperformed their benchmarks [2][4]. Group 1: Performance of Index Enhancement Strategies - The A-share market has experienced significant fluctuations, with the CSI 300 index showing returns of -5.20%, -21.63%, -11.38%, and 14.68% from 2021 to 2024, with a year-to-date increase of 14.75% as of November 21 [5][6]. - Only five products have achieved positive excess returns for five consecutive years in the CSI 300 index enhancement category, with four from large private equity firms and one from a mid-sized firm [5][6]. Group 2: Notable Products in CSI 300 Index Enhancement - The top-performing product is "JiuZhang HuanFang CSI 300 Quantitative Multi-Strategy No. 1," managed by Xu Jin, which has shown remarkable cumulative excess returns since 2021 [7]. - Other notable products include those from Longqi Technology, MingHuan Investment, and MingShi Fund, with the only mid-sized firm being BaiLu Asset [6][7]. Group 3: Performance of Other Indexes - The CSI 500 index has seen returns of 15.58%, -20.31%, -7.42%, and 5.46% from 2021 to 2024, with a year-to-date increase of 21.40% as of November 21, and 43 products have achieved positive excess returns over five years [8][9]. - Among these, 27 products are from large private equity firms, with JQ Investment having 11 products listed [8][9]. Group 4: Performance of CSI 1000 Index Enhancement - The CSI 1000 index has recorded returns of 20.52%, -21.58%, -6.28%, and 1.20% from 2021 to 2024, with a year-to-date increase of 21.82% as of November 21, and only seven products have achieved positive excess returns over five years [13][14]. - The leading product is "JiuKun Daily Enjoy CSI 1000 Index Enhancement No. 1," managed by Yao Qicong, which has shown significant cumulative excess returns since 2021 [14][15]. Group 5: Quantitative Stock Selection - Quantitative stock selection, referred to as "air index enhancement," has yielded 15 products with positive excess returns over five years, with notable firms including TianYan Capital and JiLu Asset [16][17]. - The top product in this category is "JiLu No. 9," managed by Yu Xuezhi, which has achieved high cumulative excess returns since 2021 [18][19].