拒绝伪α！这家指数大厂量化团队全面拥抱AI，解锁指增投资新范式

Core Insights - The article highlights the significant growth and performance of index-enhanced funds in the market, particularly those managed by Tianhong Fund, which has seen a nearly 30% increase in total scale compared to the previous year, reaching over 280 billion yuan [2]. Group 1: Fund Performance - The average net value growth rate of index-enhanced funds this year is 21.73%, with a maximum drawdown of -10.78%, outperforming active equity funds which have an average drawdown of -14.82% [2]. - Tianhong Fund's index-enhanced products have consistently achieved positive excess returns, with all products established for over six months reporting positive excess returns in the past year [5]. - Specific products like Tianhong Guozheng 2000 Index Enhanced A and Tianhong Zhongzheng 1000 Index Enhanced A have achieved excess returns exceeding 10% this year [5]. Group 2: Investment Strategy - Tianhong Fund employs a "broad-based + segmented" dual-drive strategy, covering a wide range of products including the CSI 300 and CSI 500, while focusing on sectors like technology and new energy [3]. - The company has integrated AI into its investment strategy, with over 70% of excess factors derived from AI learning, creating a new paradigm for index-enhanced investment [3][10]. Group 3: Risk Management - Tianhong Fund's index-enhanced products exhibit strong risk control, with all products showing maximum drawdowns lower than their benchmark indices [12]. - The company utilizes a self-developed risk model and structured constraints to manage portfolio volatility and drawdown, ensuring a focus on true alpha generation [16][17]. Group 4: Future Outlook - Tianhong Fund is positioned as a leading player in the index fund market, with a total of 116 index funds under management, covering various asset classes and ranking sixth in the industry by total management scale [17]. - The future direction for index funds includes differentiation in products, intelligent strategies, and scenario-based services, emphasizing the need for precise risk management and excess return generation [17].