平方和投资吕杰勇：量化行业的底层逻辑是对A股的长期信心

Core Insights - The conference highlighted the long-term confidence in the A-share market and the recognition of China's economic fundamentals, capital market reforms, and policy support as the underlying logic for the quantitative investment industry [3][4]. Group 1: Market Performance and Quantitative Strategies - From Q4 2021 to Q4 2024, the market has undergone a three-year adjustment cycle, indicating a long-term demand for market growth from a mean reversion perspective [4]. - Since September 24 of the previous year, both market indices and quantitative strategies have shown positive performance, aided by improved market sentiment and activity [4]. - The average return of quantitative index-enhanced products in the current year exceeds 40%, while market-neutral products generally yield over 10%, marking a favorable operational environment for the quantitative industry [4]. Group 2: Regulatory Impact on Quantitative Trading - The scale of quantitative and algorithmic trading has reached approximately 1.5 trillion yuan, necessitating regulatory policies to ensure long-term healthy development [6]. - The core of the new regulatory guidelines is to standardize the development of the quantitative industry without stifling its vitality, focusing on curbing potentially unfair market practices [6][7]. - The introduction of regulations is expected to shift the focus of quantitative strategies from speed to quality, thereby improving market liquidity and creating a fair trading environment [7]. Group 3: Future Outlook and Strategy Development - In 2026, the quantitative industry needs to enhance both trading and cognitive capabilities to adapt to different market phases and improve the ability to generate excess returns [8]. - The effectiveness of Alpha strategies varies with market conditions, where trading-type Alpha performs better during periods of market divergence, while cognitive-type Alpha is more valuable during consensus phases [8]. Group 4: Company Growth and Achievements - Square and Investment successfully entered the 10 billion yuan club in 2025, attributed to market recovery, enhanced research capabilities, and increased brand influence [5].