业绩与规模齐升 AI成私募量化发展“必选项”

Core Insights - The quantitative private equity industry is experiencing a comprehensive recovery in 2025, driven by active trading volumes, structural market trends, and the influence of technology growth, particularly artificial intelligence (AI) [1] - The industry anticipates that 2026 will present both opportunities and challenges, with a focus on the need for diversification and enhanced internal capabilities [3] Performance and Scale - As of November 2025, the average excess return of stock quantitative long products in the market reached 17.25%, with over 90% of products achieving positive excess returns [1] - The increase in trading volume and liquidity in the A-share market has provided a solid foundation for quantitative strategies to generate excess returns [1] - Leading managers with comprehensive research teams and broad signal coverage are expected to deliver more stable excess returns, while smaller managers may excel in specific market conditions [1] Fundraising Trends - The fundraising environment is showing signs of recovery, characterized by a rational and concentrated approach, with investors favoring institutions that demonstrate long-term performance, transparent risk control, and strong drawdown management [2] - There is a growing preference for multi-strategy quantitative products as a one-stop solution for fund allocation [2] AI Empowerment - AI technology has transitioned from an optional tool to a necessary component for competitive advantage in quantitative investing [2] - AI applications are now deeply integrated into critical processes such as data cleaning, factor extraction, and trade execution optimization, significantly enhancing research efficiency [2][3] Strategic Diversification - The industry faces challenges such as strategy homogenization and intensified competition for excess returns, prompting firms to prioritize diversification and internal capability enhancement [3] - Firms are shifting focus towards multi-strategy and multi-frequency collaboration to adapt to market cycles, with an emphasis on low-correlation revenue sources [3] Infrastructure and Talent Development - The competition for computational infrastructure and top talent remains crucial, with firms emphasizing the importance of research efficiency and system architecture [4] - Investor relations and service systems are gaining increased importance, with firms expected to engage more proactively with investors to build stable long-term relationships [4]