满风资产刘海影：AI重塑量化仍处“初级阶段”
Zhong Guo Zheng Quan Bao·2025-12-09 22:39

Core Viewpoint - The conference highlighted the importance of deep research in investment, emphasizing that the "pricing differences" in China's capital market provide fertile ground for quantitative investment [1][2]. Group 1: Investment Philosophy - The company positions itself as a "research-centric" private equity firm, believing that research is the core and foundation of investment [2]. - The investment strategy is driven by both subjective and quantitative approaches, with a focus on deep value research and long-term tracking of company fundamentals [2]. - The company aims to provide long-term returns through extensive research, rather than relying on luck or impulsive decisions [2]. Group 2: Market Characteristics - The Chinese stock market has more "noise traders" whose behaviors lead to significant deviations from true value, creating "pricing differences" that serve as a source of alpha [3]. - The process of identifying and correcting these pricing differences contributes to the maturation of China's capital market [3]. Group 3: AI in Quantitative Investment - AI is seen as a transformative force for all industries, including investment, but its application in quantitative strategies is still in its early stages [4]. - The integration of deep learning into market data analysis offers new perspectives and strategies beyond traditional models [4]. - Continuous investment in AI and quantitative methods is essential for developing new strategies and overcoming challenges in the competitive landscape [4]. Group 4: Market Outlook - The recent recovery in the A-share market is primarily driven by a restoration of confidence, with a significant turning point noted in September 2022 [6]. - The company maintains a cautiously optimistic outlook for the stock market over the next two to three quarters, citing several positive indicators [6]. - Challenges remain, particularly regarding the improvement of corporate earnings, suggesting that future market growth may rely on "valuation expansion" [6].