21对话｜相聚资本总经理梁辉：主观私募推出独立量化策略

Core Insights - The article highlights the growing trend of quantitative investment in the context of a strengthening small and micro market, with a projected peak in 2025 as AI and quantitative technologies continue to evolve [1] - The total scale of private quantitative funds in the market has surpassed 1.49 trillion yuan, reflecting an increase of over 80 billion yuan since the end of 2024 [1] - The launch of a multi-asset absolute return independent quantitative strategy by the established subjective private equity firm, Jiangju Capital, marks a significant shift towards quantitative investment [1][2] Company Strategy - Jiangju Capital's decision to transition from subjective to quantitative investment is based on the maturity of its quantitative resources and technology, as well as a forward-looking approach to strategy innovation and long-term development [2] - The firm aims to achieve steady, low-volatility absolute returns, positioning its new strategy against "fixed income +" or market-neutral products [1][3] - The quantitative team at Jiangju Capital has been developing various quantitative sub-strategies since 2009, with the independent quantitative product plan emerging in 2023 as these strategies matured [3][4] Investment Focus - The multi-asset absolute return strategy combines various asset classes and strategies to mitigate portfolio volatility and capitalize on the positive return attributes of stocks, bonds, and certain commodities [3][4] - The strategy integrates multiple quantitative underlying strategies, including quantitative stock selection and risk parity, rather than following mainstream index-enhanced strategies [4] - Jiangju Capital's approach emphasizes long-term effective fundamental research, avoiding crowded market competition and focusing on the stability of factors over time [5] Market Outlook - The A-share market has shown signs of a technical bull market, with the Shanghai Composite Index surpassing 3,800 points, reflecting a cumulative increase of over 30% from the bottom [6] - The firm anticipates a slow bull market in the medium to long term, contingent on factors such as sustained market liquidity, corporate profit recovery, and coordinated macro policies [6] - Jiangju Capital identifies four key investment directions: AI infrastructure, capital market-related stocks, competitive consumer companies, and globally competitive firms with significant overseas business [6][7] Strategy Evolution - Jiangju Capital has upgraded its active investment strategies, expanding from a growth-focused approach to include dividend and commodity stock strategies [7] - The firm has balanced strategy weights in portfolio management to avoid excessive exposure to any single style while ensuring adequate allocation to advantageous directions [7] - The focus on stock selection has shifted towards emphasizing safety margins and the price-to-earnings ratio, seeking high potential returns with lower downside risks [7]