券商T0算法是“技术平权”还是噱头？有人年化收益140%，有人一天亏4万

Group 1 - The core viewpoint of the article is that quantitative trading is increasingly accessible to retail investors, with over 20 brokerage firms launching T0 algorithm services this year [3][5][9] - T0 trading allows investors to execute intraday trades using pre-set rules, aiming to reduce holding costs or enhance returns by capitalizing on daily stock price fluctuations [3][5][9] - The annualized return for personal investors using T0 algorithm services is reported to be around 8%, but actual returns can vary significantly based on individual stock holdings [3][11] Group 2 - Major brokerage firms like Zhongtai Securities and CMB Securities have introduced T0 algorithm services through their apps, indicating a trend towards automated trading solutions [4][5] - The T0 algorithm trading service typically incurs higher commissions than standard trading due to the costs associated with algorithm providers [5][6][7] - Different brokerages have varying thresholds for accessing T0 services, with some requiring a minimum asset level of 1 million yuan or higher [8] Group 3 - According to research from Huabao Securities, T0 strategy indices have consistently outperformed market-neutral strategy indices since 2018, with lower maximum drawdowns [9] - High liquidity and volatility stocks are deemed more suitable for T0 algorithm services, while low liquidity or small-cap stocks may not perform well [11] - Some investors have reported significant losses when using T0 services, highlighting the risks associated with automated trading strategies [12][13]