主观思维+量化技术，以系统化投资追求更稳健的超额收益

Core Viewpoint - The article discusses the rise of active quantitative funds in the A-share market, highlighting their ability to combine the advantages of both active and passive investment strategies, thus providing investors with opportunities for excess returns while maintaining a clear investment style [4][5][20]. Group 1: Active Quantitative Funds - Active quantitative funds have gained attention for their unique approach, which integrates mathematical models and vast data analysis, avoiding emotional trading and ensuring strict adherence to investment discipline [6][7]. - These funds offer a broader investment perspective, allowing for efficient stock selection across a larger pool, thus adapting better to rapid market changes [7][8]. - The article emphasizes the collaborative efforts of teams at Guangfa Fund, which have developed a multi-strategy investment system that combines subjective research with quantitative methods to enhance long-term excess returns [9][10]. Group 2: Guangfa Fund's Quantitative Strategy - Guangfa Fund has established a "multi-asset, multi-strategy, multi-team" framework for its quantitative business, with three core teams focusing on different aspects of quantitative investment [9][10]. - The Quantitative Investment Department, led by Zhao Jie, focuses on pure quantitative strategies, utilizing a factor library of approximately 600 effective factors to drive stable excess returns [10][12]. - The Active Quantitative Team, led by Yang Dong, bridges subjective and quantitative approaches, employing a human-machine collaboration model to capture stock alpha across various styles and industries [10][11]. - The Stable Strategy Department, led by Lin Yingrui, emphasizes risk control and value discovery, integrating active fundamental research with a scientific quantitative framework [11][12]. Group 3: Product Offerings and Performance - Guangfa Fund has launched a series of active quantitative products that cater to diverse investor preferences, focusing on style enhancement, industry themes, and risk management [13][17]. - The Small Cap Enhancement product, managed by Li Yuxin and Yi Wei, has achieved a return of 99.98% over the past year, showcasing a strong risk-return profile [14][16]. - The Growth Style Enhancement product, Guangfa Dongcai Big Data Selected, has delivered a return of 73.61%, leveraging internet big data to capture growth alpha [15][16]. - The Value/Dividend Style Enhancement products, such as Guangfa Stable Strategy and Guangfa High Dividend Preferred, have also shown significant returns, with the former achieving a 45.97% return over the past year [15][16]. Group 4: Future Outlook - The article posits that active quantitative investment will evolve from being a supplementary option in asset management to a primary strategy for navigating complex market trends [20][21]. - The integration of human insights with machine precision is expected to create a more robust investment approach, providing investors with a stable and predictable long-term investment path [21].