长江资管张帅：以模型化追求“大概率正确的投资”

Core Viewpoint - Investors should adopt a systematic and disciplined approach to investment decisions, avoiding reliance on short-term emotional fluctuations and utilizing public index enhancement tools for market participation [1] Group 1: Investment Strategy - The core principle of model-based investing emphasizes discipline over intuition, ensuring that decisions are made based on objective models rather than subjective judgments [2] - The investment strategy focuses on a fundamental model-based approach complemented by price-volume strategies, aiming to capture stock price drivers over weeks to months [3] - A dynamic factor evaluation and rotation mechanism is established to regularly assess the effectiveness, relevance, and stability of various factors, ensuring the rigor and replicability of strategies in practice [3] Group 2: Market Context - The total scale of public products utilizing model-based investment has surpassed 400 billion yuan as of the end of Q3 2025, indicating rapid industry expansion [3] - The domestic model-based investment landscape is still in its "youth phase," with ongoing innovation required within compliance frameworks to differentiate strategies [4] Group 3: Long-term Perspective - The current market is viewed as a transitional period between old and new driving forces, where model-based fund managers must construct complex probabilistic systems and adhere to disciplined execution [5] - Ordinary investors with limited time and resources are encouraged to consider public index enhancement products for systematic investment in undervalued market phases to achieve long-term returns [6]