兴证全球基金田大伟： 打造指数增强策略“工业化”体系

Core Viewpoint - The domestic index investment has seen significant growth, with investors increasingly seeking clear risk-return characteristics. Xingzheng Global Fund is leveraging its expertise in index-enhanced investment to build a diverse range of products covering large-cap, mid-cap, and Hong Kong stocks [1]. Group 1: Development of Quantitative Investment Team - Since joining Xingzheng Global Fund over two years ago, the quantitative research team has developed over 2,000 alpha factors and established a modular quantitative management system, supported by ample GPU resources [2]. - The company fosters a collaborative environment where team members share results and strategies, enhancing the overall effectiveness of the quantitative models [2]. - The team has achieved a high level of automation in its quantitative system, from data cleaning to portfolio generation, aided by strong technical support from the IT department [3]. Group 2: Focus on Alpha Factor Exploration - The core focus of the quantitative strategy is on the exploration of alpha factors, which are crucial for generating excess returns while closely tracking index characteristics [4]. - The team employs a systematic approach to develop and optimize alpha factors, including self-research and referencing external factor libraries and academic reports [4]. - Continuous iteration and optimization of alpha factors are essential, with the team integrating the latest machine learning models and conducting in-depth research on sell-side analyst expectations [4][5]. Group 3: Expansion of Index-Enhanced Product Line - Xingzheng Global Fund has identified significant growth potential in index-enhanced funds, currently only a fraction of the size of equity ETFs [7]. - The company has successfully launched several index-enhanced products, including the CSI 500 Index Enhanced strategy, which is noted for its maturity and ability to leverage alpha factors for excess returns [7][8]. - Future plans include expanding the product line to cover various styles such as quality, value, and growth, to meet diverse investor needs [8].