鼎裕盟杨岩泽——专注量价策略

Core Insights - Quantitative investment in China has evolved from a niche attempt to an important component of the capital market, with a focus on providing stable returns across market cycles [1][4] - The core of quantitative investment lies in serving investors with different risk preferences and target returns, emphasizing systematic, disciplined, and continuously optimized strategies [1] - The team led by Yang Yanze has achieved positive returns in various strategies despite a challenging market environment in 2023, highlighting the effectiveness of their approach [1] Strategy and Execution - The company prioritizes long-term excess and absolute returns, focusing on markets and sectors where it excels, avoiding subjective bets and relying on historical data and the law of large numbers [4] - There is a strategic shift from high-frequency to medium-low frequency trading due to the increasing difficulty of maintaining long-term stability in high-frequency strategies within the Chinese market [4] - The investment process incorporates rigorous procedures from strategy validation to real execution, emphasizing the importance of teamwork and system collaboration over individual reliance [4] Future Outlook - The company remains optimistic about the future of quantitative investment in China, noting that the current penetration rate is still significantly lower than in mature overseas markets [4] - As data accumulation, trading mechanisms, and regulatory frameworks improve, the capacity and stability of quantitative strategies are expected to enhance [4] - The investment philosophy is centered on focusing on volume and price strategies to capture profits from market volatility, employing systematic and replicable models to achieve stable returns [4]