图解——将量化黑话翻译成人话

Core Viewpoint - The article aims to demystify the jargon associated with quantitative investing, making it more accessible to a broader audience [2]. Group 1: Key Concepts in Quantitative Investing - Beta represents the market's earnings, while Alpha refers to the excess returns earned beyond the market, also known as "excess returns" [5]. - Factors are elements that influence the price movements of a stock [9]. - Fundamental factors are a series of quantitative indicators based on a company's financial and operational data [13]. - Technical factors are quantitative indicators derived from market trading behavior data, such as historical prices, trading volumes, and positions [16]. - Alternative factors are constructed using non-traditional, non-financial alternative data [20]. - Industry deviation, also known as risk exposure, indicates the extent to which a product's industry allocation differs from its benchmark index [22]. - Style drift occurs when a quantitative product's holdings significantly deviate from the benchmark index, leading to a mismatch between actual investment style and declared investment strategy [27].