华年私募：中低频量化黑马，独创技术打造复合Alpha

Core Viewpoint - The article highlights the emergence of small and specialized private equity firms, focusing on the case of Huannian Private Equity, which utilizes a unique quantitative strategy and has shown significant growth in assets under management since its establishment [3][7]. Company Overview - Huannian Private Equity Securities Fund Management Co., Ltd. was established on May 17, 2023, and is located in Lujiazui, Shanghai. The firm specializes in mid-to-low frequency stock quantitative strategies [7]. - The founder, Dr. Xue Yuxin, has a PhD in Physics from the University of Tokyo and has over eight years of experience in the quantitative investment industry [7]. Development History - The company was registered with the Asset Management Association of China on July 5, 2024, and launched its first product, "Huannian Neutral No. 1 Private Securities Investment Fund," on July 25, 2024. By the end of 2024, the management scale exceeded 500 million yuan [9]. - As of July 2025, the management scale surpassed 1.5 billion yuan, with over 30 products under management [9]. Team Composition - The team consists of members from prestigious institutions such as Tsinghua University, Peking University, and the University of Science and Technology of China, with over half holding PhDs in Physics or Statistics. This background fosters a collaborative and efficient working environment [10]. Investment Philosophy & Strategies - Huannian Private Equity believes that the essence of investment lies in a profound understanding of the market. They have developed a high-iterative quantitative system based on explainable AI technology, focusing on factors with clear economic logic [12]. - The firm employs a unique factor coupling technology to enhance the effectiveness of their strategies, ensuring that each factor is supported by a solid economic rationale [15]. Risk Control System - The firm emphasizes a balance between risk and return, utilizing a multi-dimensional risk control matrix to manage portfolio risks effectively [17]. Representative Products - "Huannian Progress No. 2" has achieved a cumulative return of ***% since inception, with an annualized return of ***%. The product demonstrates strong risk control, with a maximum drawdown of ***% [18]. - "Huannian Neutral No. 1" has also shown impressive performance, achieving a cumulative absolute return of ***% and maintaining a low annualized volatility of ***% [20]. Future Development - Huannian Private Equity plans to deepen the application of AI technology in quantitative investment, focusing on building an intelligent investment research system that combines explainable AI with expert experience [27].