守正用奇何荣天：用专业认知反复打磨量化策略

Core Viewpoint - The key to maintaining long-term competitiveness in the increasingly competitive quantitative industry is to return to the essence of finance and leverage sustainable AI quantitative strategies based on professional knowledge [1] Industry Competition Landscape - The quantitative industry is experiencing a decline in entry barriers due to lower computing costs, widespread programming tools, and easier data access, leading to increased homogeneity among strategies [2] - Current quantitative strategies can be categorized into two types: popular multi-factor models that dominate the market and niche strategies based on professional financial understanding, which are more unique and capable of enduring market cycles [2] - The future competition in the quantitative industry will be driven by professional understanding rather than just tools, with AI technology amplifying the differentiation between these two models [2] Strategy Differentiation - The company focuses on a unique strategy that shifts attention from alpha (excess returns) to beta (systematic returns), emphasizing style timing as a core strategy [3] - The strategy utilizes a three-dimensional framework of style valuation, momentum, and effective capital flow to capture factor beta, with style valuation being the most critical indicator [3] - The model can predict style changes across different time frames, from daily to monthly, allowing for timely adjustments [3] Risk Management - The company's risk management capabilities are highlighted as a key indicator of model maturity, with the ability to adjust factor exposure to a balanced state during market downturns, resulting in lower drawdowns compared to similar models [4] Market Outlook - The current market is viewed as being in a phase of ample liquidity, with significant upward potential remaining, indicating that the market trend has not yet reached its end [5] - Investors are advised to focus on relative valuations of styles rather than chasing hot sectors, with recommendations to seek opportunities in sectors with long-term value [6] - Within the technology sector, there are opportunities for rotation and switching between high and low valuations, as many sub-sectors have substantial growth potential [6]