Core Viewpoint - The forum "Intelligent Calculation Future: Quantitative Leap" highlighted the significance of quantitative investment in the current market environment, emphasizing the need for strategies to adapt to market changes and the role of AI in enhancing investment efficiency [1][3][6]. Group 1: Market Analysis - Liu Chenghao from Maoyuan Quantitative analyzed the recovery of excess returns since 2024, noting that the market's stock differentiation has significantly increased, providing ample trading opportunities for quantitative strategies [3]. - Cai Xian from Ming Stone Fund discussed the unique characteristics of small-cap products in the Chinese market, highlighting their volatility and potential for excess returns, while stressing the importance of assessing investors' risk preferences [9]. - Jiang Kai from Aifang Asset pointed out that regulatory encouragement for mergers and acquisitions has led to increased activity in small-cap stocks, creating a favorable environment for quantitative strategies [11]. Group 2: AI and Quantitative Investment - Liu Chenghao emphasized that quantitative investment is essentially a vertical application of AI in finance, with similarities in data input and pattern recognition processes [6]. - Cai Xian noted that the rapid development of large model technology is invigorating the quantitative investment industry, with many institutions establishing AI laboratories [9]. - Li Zuofan from Feitu Technology highlighted the importance of optimizing trading algorithms to reduce costs and improve returns, while also addressing concerns about the "black box" nature of AI models [13]. Group 3: Future Outlook - Yuan Mengchao from Jia Hong Fund discussed the sustainability of excess returns, stating that despite market adjustments, the domestic market's transaction volume and investor structure optimization provide significant opportunities for quantitative strategies [15]. - The roundtable discussions underscored the need for quantitative institutions to adapt and innovate in response to market changes, while also balancing the advantages and risks associated with AI technology [15].

Core Viewpoint - The A-share market has attracted significant attention due to its strong performance, with the Shanghai Composite Index breaking through key levels, leading to discussions about market entry and potential risks of "catching the falling knife" [2] Group 1: Market Performance and Strategy - The Shanghai Composite Index successfully broke through 3500 points on July 9 and again surpassed 3600 points on July 23, indicating a strong market trend [2] - Quantitative long strategies have shown impressive results in the first half of the year, with an average return of 17.32% for quantitative long strategies, leading among 16 secondary strategies [3] - The average return for the small-cap index enhancement strategy, represented by the CSI 1000 index, reached 20.26%, making it one of the top-performing products [2][3] Group 2: Expert Insights on Investment Strategies - Experts from 15 well-known private equity firms provided insights on whether to invest in quantitative index enhancement products at the current market levels [2] - Montrose Investment believes that the small-cap index enhancement configuration window is still open but requires more refined factor design and position optimization [5] - Inno Asset suggests that the second half of the year may bring new opportunities for factor exploration and strategy adjustment due to a stable macroeconomic environment [10] Group 3: Factors Driving Performance - The strong performance of quantitative index enhancement strategies in the first half of the year is attributed to three main factors: improved beta environment, significant small-cap style rotation, and enhanced effectiveness of quantitative model factors [6] - The market environment remains resilient, but challenges related to style switching and volatility are anticipated [7] - The long-term advantages of quantitative index enhancement strategies lie in their risk control and portfolio optimization capabilities, allowing for dynamic adjustments to factor structures and risk exposures [7] Group 4: Future Market Outlook - The market is expected to transition from a phase of valuation recovery to one emphasizing profit realization, with increased uncertainty in style switching [12] - Despite potential challenges, the long-term configuration logic for quantitative index enhancement remains unchanged, supported by ample liquidity and policy backing [39] - The competitive landscape for quantitative private equity is likely to show a trend of polarization, with leading firms solidifying their positions while smaller firms seek differentiation [9][19]

Core Viewpoint - The integration of AI technology into the FOF investment sector is transforming the industry, leading to the emergence of a new era characterized by "smart investment research 2.0" where AI enhances various processes such as due diligence, portfolio construction, and risk management [3][4]. Group 1: AI's Role in FOF Investment - AI technology is reshaping the FOF industry, emphasizing the importance of "human-machine collaboration" where AI's computational advantages are combined with human market insights [3]. - AI has shown significant advantages in high-frequency quantitative trading but faces challenges in clearly defining problems within the FOF sector [7]. - AI can improve decision-making efficiency but cannot replace the core role of human judgment in macro, mid, and micro research [7]. Group 2: Market Opportunities and Strategies - Three key areas of focus for FOF investment include the evolution of quantitative long strategies that effectively integrate AI, the value of macro-hedging strategies in volatile asset environments, and cross-border asset allocation opportunities enabled by AI [4]. - FOF institutions are encouraged to combine AI technology with traditional experience to optimize the mapping of macro and strategy relationships through nonlinear models [7]. Group 3: Practical Applications and Limitations of AI - AI enhances due diligence efficiency and alters team structures and research models, allowing for better analysis of sub-fund styles and risk scenarios [10]. - AI's ability to process multidimensional weak information data is highlighted, but human expertise remains crucial for understanding policies and key factors [12]. - The establishment of a clear investment methodology is essential for FOF teams, as AI serves as a tool rather than a replacement for fundamental investment strategies [14]. Group 4: Insights from Industry Leaders - Industry leaders emphasize that AI acts as a computational accelerator rather than a logic reconstructor, enhancing research efficiency and client service [15]. - The integration of AI into investment research platforms significantly boosts overall research capabilities and improves service quality through personalized responses [15].

Core Viewpoint - The article discusses the performance comparison between quantitative and subjective private equity funds over the past three years, highlighting that the market environment favors quantitative strategies due to significant volatility and structural characteristics in the A-share market [2][3]. Performance Overview - As of June 2025, there are 83 quantitative private equity firms and 163 subjective private equity firms with three or more products showing performance data over the past three years [2]. - The median return for quantitative private equity is higher than that of subjective private equity, while the average return for subjective private equity is higher than that of quantitative private equity [2]. Scale Comparison - In the 100 billion and above scale group, quantitative private equity outperformed subjective private equity, with the top performer being Abama Investment [4][6]. - In the 20-50 billion scale group, subjective private equity showed better overall returns compared to other scale groups [3][4]. Top Performers - The top ten quantitative private equity firms in the 100 billion and above scale include Abama Investment, Tianyan Capital, and Maoyuan Quantitative, with the performance threshold exceeding ***% [4][6]. - The top five subjective private equity firms in the same scale include Junzhijian Investment and Oriental Harbor, with significant contributions from heavy investments in stocks like Nvidia [7][10]. 10-100 Billion Scale - In the 10-100 billion scale group, subjective private equity firms outperformed quantitative firms, with the top five being Guangzhou Shouzheng Yongqi and Oak Asset Management [10][12]. Below 10 Billion Scale - In the below 10 billion scale group, subjective private equity firms also led in performance, with the top five including Mufeng Investment and Huacheng Private Equity [17][20].

Core Viewpoint - The recent recovery in the A-share market is supported by traditional industries like cement, steel, and photovoltaic, alongside emerging sectors such as computing power and robotics, driven by technological breakthroughs [2] Group 1: Market Sentiment and Foreign Investment - The Shanghai Composite Index has stabilized around 3500 points and is moving towards 3600, with several foreign public funds expressing optimism about the future performance of the A-share market [2] - Bridgewater Associates recommends a moderate increase in Chinese stocks due to policy support and relatively low valuations [2] - BlackRock indicates that the resilience of China's stock, bond, and foreign exchange markets has exceeded expectations this year [2] - In the second quarter, six foreign public funds increased their stock holdings, with notable growth rates of 491.66% and 348.49% for Robeco and Invesco, respectively [2][3] Group 2: Fund Holdings and Performance - Morgan Stanley Fund, which recently became a foreign public fund, reported an asset scale of 297.49 billion yuan and a significant increase in stock holdings [10] - Morgan Chase Fund has a total asset scale of 1989.01 billion yuan, with a focus on high-quality companies, and has seen a notable increase in stock values [4][5] - Manulife Fund, focusing on the computing power industry, reported significant gains in its top holdings, with major stocks reaching historical highs [7][8] - Robeco Fund has increased its stock holdings significantly, with a focus on blue-chip stocks like Kweichow Moutai and Ningde Times [13][14] Group 3: Sector Focus and Growth Potential - Manulife Fund's top three holdings are in the computing power supply chain, benefiting from the ongoing demand in this sector [7][8] - Morgan Stanley Fund's top holding, China National Materials, has seen a 93.08% increase since the end of the first quarter, indicating strong performance in the materials sector [11][12] - BlackRock Fund's top holding, Haili Wind Power, has also performed well, with a notable increase in stock value [15][17] - Fidelity Fund emphasizes the growth potential of Chinese technology stocks, highlighting the shift from being the "world's factory" to becoming a "world innovator" [20][21]

私募基金年度盛会重磅来袭！由排排网集团与世纪证券联合主办，银河期货、国联期货、私募排排网、公募排排网协办的 "智算未来·量化跃 迁"第九届AI&FOF投资创新发展论坛，于2025年7月18日（周五）在上海浦东丽思卡尔顿酒店璀璨开幕。 本次论坛汇聚了来自 FOF投资、量化投资、券商资管、期货资管等多个领域的专业人士，共同分享行业前沿洞察，推动技术创新与实践应用之 间深度融合。 在 7月18日的论坛上，世纪证券党委副书记、总经理李剑铭出席并进行了致辞。 以下为李剑铭先生演讲内容 ： 当前，全球经济格局正经历深刻调整，地缘政治冲突加剧、国际产业链重构以及科技革命加速演进，各种复杂因素相互交织，为金融市场带来了 新的挑战与机遇。与此同时，中国经济在高质量发展的道路上稳步前行，新质生产力不断培育，宏观政策精准发力，为资本市场注入了强劲动 力。党的二十届三中全会进一步明确了深化改革开放、推进中国式现代化的战略方向，使得金融强国建设步伐愈发坚定。在这一背景下，资产管 理机构作为资本市场的重要参与主体，正迎来提质增效的关键阶段。 随着居民财富管理需求日益多元化，投资者逐渐从投资单一产品追逐转向多元化资产配置。 FOF基金作为 ...

Core Viewpoint - The A-share market showed a fluctuating upward trend in the first half of 2025, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Securities 50 index surged nearly 40%, reaching a historical high [2]. Summary by Strategy 1. Stock Strategy - Among 39 stock strategy products with performance data, the average return in the past six months was 4.96%, and the median was 3.58%, outperforming the three major A-share indices [3]. - The top three products in terms of performance were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Xiangcai Securities Qitai No. 1" [4][6]. 2. Futures and Derivatives Strategy - There were 104 futures and derivatives strategy products, with the top three being: 1. Ruida Futures' "Ruida Futures - Ruizhi Wuyou No. 99 Single" 2. CITIC Futures' "CITIC Futures - Quantitative CTA No. 1" 3. Xinda Futures' "Xinda Litian No. 3" [9][11]. 3. Combination Fund - A total of 104 combination fund products were analyzed, with the top three being: 1. Zhaoshang Futures' "Zhaoshang Futures - Baoyuan FOF" 2. Wanjia Gongying Asset's "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1 Collection" 3. Penghua Asset's "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [14][15]. 4. Multi-Asset Strategy - In the multi-asset strategy category, the top three products were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Dayue Futures' "Dayue Futures Haiying No. 1" 3. Anliang Futures' "Anliang Futures Tiancai Quantitative" [18][20]. 5. Bond Strategy - There were 90 bond strategy products, with the top three being: 1. Haitong Futures' "Haitong Futures Golden No. 1" 2. Dayue Futures' "Dayue Futures Xingfeng" 3. Shanghai Zhongqi Futures' "Shanghai Zhongqi Convertible Bond Arbitrage No. 1" [22][24].

Core Viewpoint - The article emphasizes the significance of small to medium-sized private equity firms in China's investment landscape, highlighting Beijing Heju Investment as a notable example with a strong track record and a focus on fundamental research and risk control [2][5]. Company Overview - Beijing Heju Investment was established in 2009, focusing on research and investment in the Chinese securities market, integrating both trend-following and contrarian investment strategies [5]. - The firm has not experienced any regulatory risk events since its inception and has received numerous awards, including 13 Private Equity Golden Bull Awards and the exclusive Morningstar Award in 2015 [5][6]. Development History - Key milestones include the establishment of the company in 2009, receiving the first Private Equity Golden Bull Award in 2010, and completing a platform transformation by 2023 [6]. Team Composition - The core team members come from leading securities firms such as CITIC Securities and Shenwan Hongyuan, with an average of nearly 20 years of industry research experience [7]. - The team emphasizes integrated research and investment management, with fund managers responsible for both research and investment decisions [7][26]. Investment Philosophy & Strategies - Heju Investment focuses on identifying investment opportunities driven by corporate growth, believing that a company's fundamentals dictate its long-term stock price trends [13]. - The firm employs a proactive approach to uncover undervalued investment opportunities through in-depth research and knowledge sharing [13][16]. Risk Management - The company places a high priority on compliance and risk control, embedding risk management throughout the fund management process [21]. - Since its establishment, Heju Investment has maintained a clean record without any regulatory breaches [21]. Future Outlook - The firm anticipates a potential shift from a structural bull market to an index bull market, driven by favorable policy changes and liquidity conditions [29]. - It plans to focus on growth stocks and leverage its strengths in technology and manufacturing sectors while also considering opportunities in the U.S. market, particularly in AI and technology infrastructure [29][31].

相比一季度， 基金对通信、银行 2个行业的持股市值均增加了逾400亿元 ，对非银金融、国防军 工2个行业的持股市值则均增加了逾200亿元。 对食品饮料行业的持股市值减少最多，减少超 500 亿元 ；对汽车、电力设备、家用电器、机械设备等4个行业的持股市值减少也均超100亿元。 （持股市值变动受持股数和股价变动的双重影响） | 2 | 电力设备 | 232 | 2553 | 2754 | -201 | | --- | --- | --- | --- | --- | --- | | 3 | 食品饮料 | 72 | 2432 | 2973 | -541 | | 4 | 医药生物 | 301 | 2354 | 2384 | -30 | | 5 | 銀行 | 41 | 2019 | 1617 | 402 | | б | 非银金融 | ୧୦ | 1984 | 1729 | 255 | | 7 | 汽车 | 149 | 1230 | 1464 | -234 | | 8 | 皇每종鹰 | 104 | 1153 | 1125 | 28 | | 9 | 道信 | 74 | 1017 | 614 | 40B | | 10 | 家用 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，中国市场波动较大，整体呈现震荡上升的趋势。A股三大指数上半年均实现上 涨，其中因小盘股涨势喜人，北证50指数创历史新高。港股三大指数涨幅在20%左右，整体走出 估值修复与流动性驱动的技术性牛市。 板块方面，DeepSeek、机器人、创新药、新消费等多个热门方向轮番接力。在此背景下，多家押 注新机遇的私募业绩表现亮眼，主观私募上半年排名也迎来大洗牌。 接下来，笔者将在六大公司规模组中（100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5 亿），盘点上半年位居10强的主观私募公司。 0 1 100 亿以上：复胜、日斗分夺冠亚！海南希瓦、中欧瑞博位列前 5 在百亿主观私募中，旗下至少有3只产品符合排名规则，且上半年平均收益为正的私募共有9家。 其中， 复胜资产、日斗投资、久期投资、海南希瓦、中欧瑞博 位居前5 。 其中，复胜资产以明显的优势夺冠，旗下 6只产品上半年平均收益为 *** %（ 点此查看收益 ）。 复胜资产 7月6日发表以 《继续 "新消费"》为题的月度策略报告。 他们认为，这一轮新消 费行情核心驱 ...