全部正收益！量化私募为何脱颖而出？

Core Insights - The A-share market has shown a trend of steady upward movement this year, with multiple sectors experiencing gains and market confidence gradually recovering [1][2] - Quantitative private equity funds have significantly outperformed subjective private equity funds, with an average return of 18.92% for 36 billion quantitative private equity funds by the end of July [1][2][3] - The number of billion quantitative private equity funds is increasing, with 44 out of 90 billion private equity funds being quantitative, representing nearly 49% of the total [2] Performance Comparison - Among the 42 billion private equity funds with returns exceeding 10%, 32 are quantitative, 9 are subjective, and 1 is mixed [2] - The average return for 16 billion subjective private equity funds is 13.59%, with 93.75% achieving positive returns [3] Reasons for Quantitative Strength - The high volatility of small and medium-cap stocks allows quantitative strategies to capture trading errors effectively [4] - The overall market liquidity is robust, with daily trading volumes consistently above 1 trillion, and significant net inflows from individual investors since October of last year [4] - There are numerous opportunities related to thematic concepts, particularly around artificial intelligence, which are concentrated in small and medium-cap stocks [4] Market Trust in Quantitative Strategies - The effectiveness of quantitative strategies has been recognized, especially in volatile markets, leading to increased allocation from institutional and high-net-worth clients [6] - Improved market liquidity and the growing number of quantitative professionals are strengthening the foundation of the industry [6] - The upward trend in the proportion of quantitative trading is expected to continue, driven by technological advancements and the increasing demand for risk control and stable returns [6]