博道基金杨梦： “双均衡”配置 获取稳定超额收益

Core Insights - The article highlights the significant growth and development of the quantitative investment sector in China, particularly focusing on the achievements of Bodao Fund's quantitative product, which has delivered a cumulative return of over 144% since its inception in August 2018, with an annualized return exceeding 13% [1] - Bodao Fund's quantitative management scale has reached approximately 27 billion yuan, placing it among the top three in the industry, reflecting the rapid expansion of the public quantitative product market, which has surpassed 400 billion yuan as of Q3 2025 [1] - The firm emphasizes a balanced approach in its investment strategy, integrating traditional multi-factor models with AI-driven frameworks to ensure sustainable excess returns across different market cycles [5][6] Group 1: AI Integration and Development - Bodao Fund began exploring AI in quantitative investment as early as 2017, evolving its approach to include AI price-volume factors by 2019, which contributed to strong performance in 2020 and 2021 [2] - In Q1 2023, the quantitative team upgraded its AI framework to an "AI full-process investment framework," allowing for end-to-end learning and prediction from raw data [2] - The team has conducted thousands of trials on AI models, resulting in several sub-strategy models ready for real-world application, showcasing a commitment to continuous evolution and practical implementation [3] Group 2: Team Structure and Collaboration - The quantitative team at Bodao Fund operates under a "collaborative research and investment integration" model, ensuring that each member specializes in a specific research area, which enhances the uniqueness and competitiveness of their strategies [3][4] - The team consists of eight internally trained members, focusing solely on research while systematizing the processes of portfolio generation, trade execution, and attribution analysis to maintain high discipline and consistency in investment [3] Group 3: Balanced Investment Strategy - Bodao Fund adopts a "double balance" strategy, combining traditional multi-factor models and AI frameworks, each contributing 50% to the investment process, which allows for complementary information extraction [6] - The strategy also includes a balanced factor weighting approach, ensuring that stock return predictions are derived equally from fundamental analysis and valuation/technical factors, which helps stabilize performance across varying market conditions [6][7] Group 4: Product Offerings and Market Positioning - Bodao Fund has developed a clear and structured "index+" product matrix to cater to diverse investor needs, including standard index enhancement, flexible index enhancement, Smart Beta enhancement, and quantitative fixed income series [8][9] - Each product is designed with specific investment scenarios in mind, addressing common investor challenges such as the difficulty of selecting funds, thereby providing systematic solutions to outperform average active fund performance [9][10] Group 5: Long-term Vision and Market Adaptation - The firm maintains a long-term vision focused on sustainable excess returns, recognizing that the financial market is primarily driven by human participation and historical patterns cannot be perfectly applied to the future [5][10] - Bodao Fund's commitment to a balanced strategy and continuous adaptation to market changes positions it favorably for long-term success, aiming to provide investors with stable returns and a better holding experience [7][10]