西部利得基金盛丰衍：七分量化，三分主观

Group 1 - The core investment philosophy is "70% quantitative and 30% subjective," which addresses mid to high-frequency decisions through quantitative methods and low-frequency decisions through subjective judgment [1][5][34] - The investment approach emphasizes the importance of understanding the prediction cycle, whether it is one day, one month, or one year, as different methodologies apply to different time frames [6][34] - The structure of the investment "factory" is divided into three layers: factor discovery, sub-strategy development, and final product delivery to investors, highlighting the industrialization of quantitative investment [1][24] Group 2 - Micro-cap stock indices are likened to high-yield, long-duration credit bonds, characterized by three elements: high annual returns of 20% to 50%, long-duration volatility similar to bonds, and inherent credit risk [2][30][37] - The strategy increasingly favors "downside alpha," which aligns the performance of funds with market downturns, reducing the risk of significant losses during market declines [2][30][14] - The investment outlook suggests a strong emphasis on gold allocation over the next five years, anticipating China's rise as a global leader, and recommends a substantial allocation to stocks with sufficient downside alpha for risk mitigation [2][25][22] Group 3 - The newly launched "West China Specialization and Innovation Quantitative Stock Selection" fund focuses on state-owned micro-cap stocks, leveraging the unique characteristics of China's market where individual investors actively engage with small-cap companies [3][36] - The fund aims to mitigate risks associated with delisting, particularly for small-cap stocks that may rely on "shell value," by focusing on companies with solid operational foundations [2][36][38] - The strategy incorporates a dual filter of "state-owned enterprises" and "specialized and innovative" companies to significantly reduce delisting risks, ensuring a more stable investment environment [11][38]