以量化之力解锁中盘成长股 锻造“稳定超额收益”生命力

Core Viewpoint - The market is increasingly favoring index-enhanced products that have clear risk and return characteristics, with the recent launch of the Xingzheng Global CSI 500 Index Enhanced Fund being a notable example [1][2]. Group 1: Product Launch and Management - Xingzheng Global Fund is set to issue the CSI 500 Index Enhanced Fund, managed by experienced quant investor Tian Dawei, aiming for excess returns through multi-factor quantitative stock selection and portfolio optimization [1][2]. - The CSI 500 Index has shown significant investment value, with a cumulative increase of 604.39% from December 31, 2004, to August 31, 2025, and an annualized return of 10.21%, outperforming the CSI 300 Index and the SSE 50 Index [2]. Group 2: Investment Strategy and Process - The investment strategy involves collecting and cleaning various data types, developing alpha factors, optimizing factor quality, and using combination optimization algorithms to maximize alpha scores while controlling for style and sector constraints [3][6]. - The quant team focuses on discovering and validating alpha factors, with over 2,000 factors tracked daily, and employs a standardized process for factor research and application [6]. Group 3: Risk Management - Tian Dawei emphasizes the importance of maintaining industry and style neutrality while controlling tracking error to mitigate risk exposure [5]. - The collaborative approach among various departments, including research, risk management, and trading, enhances the effectiveness of the quant strategy [6]. Group 4: Market Outlook and Trends - The demand for index-enhanced products remains strong, with 295 such products launched by the end of 2024, totaling 212.76 billion yuan, indicating a "blue ocean" market opportunity [2]. - Tian Dawei believes that the current domestic policies and capital market conditions present manageable risks and potential for upward movement in equity markets [7][8].