天相投顾：东风已至，开启公募量化基金的“黄金时代”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an "Action Plan for Promoting High-Quality Development of Public Funds," marking a shift from a focus on scale to prioritizing investor returns, signaling a new era for the public fund industry [1] Group 1: Team Collaboration and Technological Empowerment - The "Action Plan" emphasizes strengthening core investment research capabilities and encourages the use of technology to accelerate the construction of a "platform-based, integrated, multi-strategy" investment research system, which aligns closely with the characteristics of quantitative funds [2] - Quantitative investment relies on systematic methods, mathematical models, and information technology to identify patterns from vast amounts of data, executing investment decisions rigorously [2] Group 2: Stable Style and Precise Benchmarking - Quantitative funds typically select stocks across the entire market, holding hundreds or even thousands of stocks, which reduces specific risks through low concentration [3] - By employing risk models and optimization algorithms, quantitative funds ensure that their investment portfolios are constrained in terms of industry and style exposure, maintaining a high correlation with benchmarks and enhancing predictability of future returns [3] Group 3: Accumulating Small Gains for Excess Returns - Moving away from traditional research methods, quantitative funds utilize fundamental data, price-volume data, and alternative data, employing financial technology such as linear models, natural language processing, and machine learning to capture small pricing discrepancies from thousands of stocks [4] - This approach allows for stable acquisition of small excess returns over time, resulting in a smoother excess return curve with minimal explosive gains [4] Group 4: Seizing Opportunities and Responsibilities - Quantitative funds are presented with a historic opportunity to align their advantages with the industry's high-quality development trend, aiming to create more stable excess returns for investors [5]