世纪证券吴贤敏：AI浪潮已经到来，金融科技将如何改变FOF投研？

Core Insights - The annual private equity fund forum "Intelligent Future: Quantitative Leap" is set to take place on July 18, 2025, in Shanghai, co-hosted by Paipai Network Group and Century Securities, with participation from various financial sectors [1] - The forum aims to share industry insights and promote the integration of technological innovation and practical application in the fields of FOF investment and quantitative investment [1] Financial Technology in FOF Investment - Financial technology in the FOF investment sector can be categorized into three stages: automation, data-driven decision-making, and AI intelligence [3][5] - The first stage involves automating data models to process structured data, enhancing efficiency and accuracy in performance tracking [3] - The second stage focuses on shifting from subjective to data-driven decision-making to mitigate cognitive biases in investment judgments [5] - The third stage anticipates the emergence of AI applications in FOF, such as processing unstructured data and managing post-investment analysis [6] Challenges in FOF Management - Key challenges in FOF management include the need for efficient portfolio construction and adjustment, post-investment management, and transaction execution [8][9] - The flexibility of FOF products requires rapid adjustments to investment strategies, which can be complex due to varying risk-return profiles [8] - Post-investment management faces difficulties in tracking diverse FOF products and ensuring timely risk identification and adjustments [8] - Transaction execution is complicated by the manual processes involved in private equity trading, necessitating accurate and timely operations [8] Solutions and Innovations - The company has developed a proprietary private equity fund database and quantitative analysis modules to enhance fund selection accuracy [9][11] - A detailed tagging system for fund strategies has been established to improve performance evaluation [9] - For portfolio construction, representative return curves for each manager's strategy have been created, aiding in flexible portfolio adjustments [11] - Post-investment management includes constructing market environment indicators for performance attribution and risk prediction [11] Future Outlook - The company believes that financial technology will play an increasingly vital role in the FOF sector, potentially becoming a competitive advantage for many firms [12] - While AI is expected to significantly impact FOF investment, it is acknowledged that technology cannot fully replace human roles in the investment process [12] - Continuous learning and adaptation to financial technology are essential for optimizing investment research frameworks in the FOF sector [12]