量化私募业绩亮眼，AI重塑行业格局

Core Insights - The quantitative private equity industry in the A-share market is experiencing a comprehensive recovery, with quantitative long strategies showing impressive performance and management scale continuing to rise, driven by the deep integration of AI technology [1][2] Performance Highlights - As of November 2025, the average excess return of quantitative long products in the market is 17.25% year-to-date [2] - The trading volume and liquidity in the A-share market have significantly increased compared to the previous year, providing a solid foundation for quantitative strategies to achieve excess returns [2] - There is a notable differentiation within the industry, with mid-sized private equity firms (20 billion to 50 billion) leading in average excess returns, while top-tier firms (over 100 billion) exhibit a strong performance stability with 98.13% of their products generating positive excess returns [2] AI Integration - AI technology has transitioned from an optional tool to a necessary component in quantitative investment, enhancing efficiency and precision in key areas such as data cleaning, factor discovery, and trade execution optimization [3] - Firms like Mengxi Investment and Century Frontier are leveraging AI to process vast amounts of information and improve alternative data mining capabilities, viewing AI as a "super assistant" rather than a disruptor [3] - The evolution of AI from a single tool to a comprehensive support system throughout the investment research process is being emphasized by various firms [3] Strategic Diversification - The industry consensus highlights challenges such as strategy homogenization and intensified competition, making the construction of a "diversified" moat crucial for overcoming these obstacles [4] - Firms are shifting focus towards multi-strategy and multi-frequency dynamic allocation capabilities to adapt to market cycles, with an emphasis on low-correlation revenue sources [4] - The importance of infrastructure and talent acquisition remains critical, with firms recognizing the ongoing competition for computing power and top talent [4] Case Study - Tianyan Capital's practices illustrate the success of established quantitative firms, with some of their "old products" surpassing a net value of 10 yuan and over 80% of their products participating in dividends this year, leading to a significant proportion of investors choosing to reinvest [5]