市场没有永远的赢家

Core Insights - The A-share market has been performing strongly, leading to a notable shift in investor preferences from quantitative products to actively managed equity products [1][2][3] - Quantitative products, which aim to track indices while generating excess returns, have recently struggled to outperform the market, resulting in a phenomenon of "negative excess returns" [2][4] - In contrast, actively managed products have seen significant returns, with some private equity funds reporting returns close to 14% in mid-August [2][5] Market Performance - Major indices in the A-share market have risen, with the CSI 500 and CSI 1000 indices increasing by 3.88% and 4.09% respectively from August 11 to August 15 [1] - Quantitative private equity products have largely underperformed, with a notable example showing returns of only 1.56% and 0.98% for the same period [1][2] Investor Behavior - Investors are increasingly reallocating their funds from quantitative products to actively managed products, with some private investors planning to redeem their quantitative investments [3][4] - FOF fund managers are also reducing their allocation to quantitative strategies in favor of more aggressive active products, reflecting a broader trend in investment strategy [3][4] Strategy Shift - The shift in investor sentiment is supported by data indicating a decline in the proportion of aggressive quantitative products, which fell from 46% in July to 36% in August [4] - The active management strategy is regaining prominence as market conditions become more favorable for its application, with many actively managed products reporting gains exceeding 30% since late June [2][4] Comparative Analysis - Both quantitative and active management strategies have their respective advantages, with quantitative strategies relying on strict models and data, while active management focuses on fundamental analysis and market timing [5][6] - The integration of both strategies is emerging as a potential future direction for asset management, as firms seek to combine the strengths of quantitative and subjective approaches [6]