民生加银基金周帅：运用量化工具打造专精特新投资利器

Core Viewpoint - The article discusses the investment strategies employed by Minsheng Jianyin Fund, particularly focusing on the "specialized, refined, distinctive, and innovative" (专精特新) enterprises, which are crucial for enhancing total factor productivity during economic structural transformation [1][2]. Group 1: Investment Strategy - The number of national-level "specialized, refined, distinctive, and innovative" enterprises in the Shanghai and Shenzhen markets exceeds 1,000, with most having a market capitalization below 10 billion yuan [2]. - The investment strategy combines quantitative methods with fundamental research to identify alpha returns within the specialized sectors, focusing on small-cap, growth, and technology themes [2]. - Two sub-strategies have been developed: a small-cap value strategy and a technology growth selection strategy, utilizing factors such as PB-ROE and machine learning [2]. Group 2: Performance Metrics - As of September 12, 2025, the Minsheng Jianyin Specialized, Refined, Distinctive, and Innovative Fund managed by Zhou Shuai achieved a return of 101.5% over the past year, ranking in the top 8% among similar products in the market [3]. Group 3: Risk Management and Market Outlook - The investment approach emphasizes diversification to mitigate the impact of individual stock volatility, incorporating analyst performance expectations as a key selection factor [4]. - The company aims for a balanced style allocation, monitoring market sentiment and trading congestion to preemptively address potential style overheating risks [5]. - The focus remains on technology innovation, with sectors like AI, innovative pharmaceuticals, and semiconductors being highlighted for their strategic importance, while dividend-yielding assets are also considered for long-term value [5].