主动量化基金成配置新选项 超额收益稳定性从何而来？

Core Insights - In 2025, actively managed quantitative public funds achieved significant performance, with an average return of 30.35% for 258 funds, and 98% of these funds reported positive returns [1] - The total market share of actively managed quantitative funds reached 80.5 billion units by the end of Q3 2025, reflecting a 27% increase from 63.4 billion units at the end of the previous year [1] - The median annualized return of actively managed quantitative funds over the past three years was 6.24%, outperforming equity funds (5.17%) and mixed funds (4.01%) [1] - The Sharpe ratio median for actively managed quantitative funds was 0.43, positioned between equity funds (0.25) and mixed funds (0.46), indicating attractive risk-adjusted returns [1] Industry Analysis - Actively managed quantitative funds combine the advantages of active management and passive investment, minimizing biases from subjective decisions and limitations of passive replication [2] - The core strengths of this investment strategy include reliance on mathematical models to eliminate emotional biases and systematic analysis to capture opportunities efficiently [2] - Investors seeking long-term stable excess returns may find quantitative products suitable, but they should also consider the adaptability of strategies across different market cycles [2] Company Spotlight - Zhang Xu from Huazhang Fund has consistently outperformed the CSI 300 Index and mixed fund index for six consecutive years since managing the Huazhang Event-Driven Quantitative Mixed Fund [3][4] - The fund's total scale reached 4.722 billion yuan by the end of Q3 2025, a significant increase from 214 million yuan at the end of 2024, indicating strong market recognition [3] - Zhang Xu's investment strategy has effectively navigated market style switches, demonstrating a disciplined approach to industry allocation driven by quantitative models [4]