画不多说：秒懂私募中性策略

Core Viewpoint - The article discusses different levels of stock investment strategies and introduces the concept of market-neutral strategies as a way to mitigate market volatility and enhance returns [2][21]. Group 1: Investment Strategies - There are three levels of investment strategies: 1. Beginner Level: Randomly selecting stocks, which can lead to high volatility and uncertain profits [5][7]. 2. Intermediate Level: Selecting stocks based on specific criteria, such as market capitalization, which reduces volatility compared to individual stocks [9][11]. 3. Advanced Level: Selecting stocks from a pool based on multiple criteria, often using quantitative strategies to achieve excess returns [13][15]. Group 2: Market-Neutral Strategies - Market-neutral strategies involve going long on stocks expected to outperform the market while simultaneously shorting core indices using stock index futures [23][24][26]. - The cost of hedging in these strategies is referred to as the basis, which is the difference between spot prices and futures prices [28][33]. - In the domestic market, a common situation is that the spot price exceeds the futures price, leading to a state known as contango [30]. - An example illustrates the potential outcomes of a market-neutral strategy based on the relationship between spot and futures prices at expiration [34][36].