Classification: (b)/(a) borderline. The source (Guotai Junan quant report #60, 2015-06-04, via BigQuant) is an abstract of a style-neutral multi-factor A-share selection strategy hedged with CSI500 index futures. Its one concrete, transferable claim is about the HEDGE: alpha is only clean when the hedge benchmark matches the universe's industry and size distribution, so hedging a mid-cap selection with a mid-cap index ('the touchstone') removes style beta that a mismatched index (CSI300) leaves in. The abstract names no specific factors, and A-share venues (CNEQ/HKEQ) have no working data estate here (lesson L103), so we restate it on USEQ. Universe: 10 long-history S&P 500 utilities (NEE, DUK, SO, D, AEP, EXC, SRE, XEL, ED, PEG). Hedge: XLU, the benchmark built from the same industry and size bucket, so industry, rate-sensitivity and size style net out by construction. This is the paper's 'touchstone' idea. Alpha factors (OHLCV only, because no fundamentals are in the catalog): the two price/volume factors that dominate A-share multi-factor models and have US evidence too. (1) Low residual volatility: std over 60 sessions of the daily residual vs XLU (the idiosyncratic-volatility anomaly, Ang et al. 2006). (2) Low abnormal turnover: 20-session mean volume divided by 250-session mean volume (high attention or turnover predicts underperformance). Composite = average cross-sectional rank. Every 21 sessions, hold the 3 best-ranked names equal-weight long and short XLU sized to the basket's 120-session beta, so the book is dollar- and beta-neutral within the sector. Cost: zero commission, ~0.02-0.05% spread+impact per leg on mega-liquid utilities. The universe is capped at 10 names (lesson L173) so per-rebalance ranking is O(10) on precomputed rolling stats. Credit: Guotai Junan Securities quant team, 'Quantitative Topic #60: CSI500 as the Alpha Touchstone', 2015-06-04, republished by BigQuant (宽邦).