The public offering refers to the acceleration of excess product yields.

Since the beginning of this year, the A-share market has been quite active. Publicly offered quantitative index-enhanced funds have seized the opportunity for short-term trading, with nearly 80% of products outperforming the performance benchmark, achieving excess returns on top of the index. Among them, the excess returns of index-enhanced products tracking the small and medium-cap broad-based indices such as CSI 1000 and CSI 2000 are particularly remarkable. Interviews with multiple publicly offered quantitative fund managers revealed that the overall market activity is relatively high this year, which is relatively favorable for the effectiveness of quantitative strategies, especially in growth factors and trading behavior factors, which have performed significantly, contributing a substantial amount of excess returns. As the industry gradually strengthens the constraints of performance benchmarks, investors will pay more attention to the stability of excess returns. In the future, index-enhanced products will also need to focus more on obtaining relatively stable excess returns. They must not only diversify the sources of excess returns but also control risk exposure effectively.