工银瑞信焦文龙：围绕客户利益，打造量化产品

Core Viewpoint - The core viewpoint emphasizes the integration of passive investment automation and active investment systematization, focusing on providing returns to investors regardless of the investment management style [1][11][15]. Group 1: Active Automation of Index Investment - Active definition of beta involves proactively creating index products that identify profitable beta directions for investors, such as participating in A50 and A500 indices and iterating dividend indices based on market changes [2][12]. - Active selection of actions is crucial during the passive product's construction, component adjustment, and large redemption periods, where fund managers collaborate with research teams to optimize operations [2][20]. - Active choice of inaction is also important; the company does not provide redundant liquidity, ensuring that product activity reflects genuine customer demand and social responsibility [2][18]. Group 2: Systematization of Active Quantitative Investment - The establishment of a closed-loop management quantitative research platform integrates all factor research, strategy formation, model building, and trading instructions, enhancing team collaboration [3][35]. - The investment research process is defined by data and scientific methods, focusing on hypothesis testing and objective analysis rather than subjective opinions [3][40]. - A multi-asset and multi-strategy manual is created and implemented within the system, transforming individual insights into shared wisdom within the investment process [3][39]. Group 3: Cultural Aspects - The company promotes a culture of openness, inclusivity, and teamwork, which is essential for building a robust systematic investment approach and empowering fund managers [3][44][50]. - The culture encourages diverse perspectives and provides support for fund managers facing performance pressures, fostering a stable investment environment [46][51]. Group 4: Investment Strategy Insights - Long-term profitability is viewed as the realization of belief, mid-term profitability as the realization of understanding, and short-term profitability as the realization of technique, highlighting the importance of identifying suitable investment windows [4][48]. - The company believes that in a rapidly evolving market, the speed of discovering beta and returning alpha has increased, necessitating greater effort from investors to adapt [10][37]. Group 5: Future Market Outlook - The company sees significant opportunities in the Hong Kong stock market and emphasizes the importance of innovative pharmaceuticals and dividend themes as key investment directions [37][38].