加仓中国资产是理性选择！进化论王一平：坚持手写因子，做有逻辑的量化投资

Core Viewpoint - The article discusses the investment strategies of Wang Yiping, the head of Evolutionary Theory, particularly his decision to increase holdings in Chinese assets amidst market turmoil caused by the Trump administration's tariffs. The rationale behind this decision is based on a combination of data and logical investment frameworks, suggesting that such actions are rational choices in times of market fear [1][3][30]. Investment Strategy and Background - Wang Yiping's investment career began early, winning a national financial trading competition in 2007 and significantly increasing an initial investment of 100,000 yuan to 5 million yuan by 2011. He founded Evolutionary Theory Asset Management in 2014 and launched his first private fund in 2015, navigating through market downturns effectively [4][6]. - The firm initially employed a subjective investment approach but transitioned to a hybrid model combining subjective and quantitative methods after facing challenges during market volatility [8][10]. Transition to Quantitative Investment - In 2017, the firm began issuing Darwin series quantitative products, achieving a 13% positive return during a bear market in 2018. However, by 2019, the quantitative models began to underperform due to over-reliance on machine learning, prompting a reevaluation of their investment methodology [5][14]. - By the end of 2021, Wang decided to focus on "logical quantification," abandoning machine-generated factors in favor of hand-written factors, leading to the development of over 150 unique factors [15][16]. Risk Management and Performance - The firm successfully managed to limit drawdowns during the liquidity crisis of small-cap stocks in early 2024 by maintaining low exposure to small-cap stocks and utilizing logical factors to avoid premature buying during downturns [18][19]. - The firm’s quantitative strategy now constitutes 90% of its portfolio, with the remaining 10% allocated to subjective strategies to capture emerging market trends and insights [22][23]. Market Outlook and Economic Context - Wang believes that the Chinese economy is in a gradual recovery phase, despite external pressures from trade wars. He emphasizes the importance of improving the business environment and fostering technological innovation to drive economic growth [31][30]. - The article highlights that the current market conditions present a favorable risk-reward scenario for investing in Chinese assets, as historical data suggests that similar price levels often indicate market lows [30].