这波百亿大战，量化凭什么赢？

Core Viewpoint - The private equity industry in China has seen a significant shift, with quantitative funds now surpassing subjective funds in number among the hundred billion-level private equity firms, marking a pivotal change in the investment landscape [2][6]. Group 1: Market Environment Changes - The market has transitioned from a "wild" era characterized by slow information dissemination and significant mispricing to a more civilized and efficient environment [8][15]. - In the past, the market was dominated by retail investors, leading to prolonged deviations of stock prices from their intrinsic values [10][12]. - The current market environment, influenced by technological advancements and macroeconomic changes, presents greater challenges for subjective fund managers, as mispricing opportunities have become shorter and more complex [17][20]. Group 2: Investment Products and Tools - The availability of investment products and tools has evolved from scarcity to abundance, with the introduction of stock index futures in 2010 marking a turning point for quantitative strategies [26][27]. - The diversification of trading products has led to the emergence of various innovative quantitative strategies, providing more profit opportunities [29][31]. Group 3: Technological Advancements - Technological progress has played a crucial role in the rise of quantitative strategies, with the volume of data available for analysis significantly exceeding that of subjective approaches [33][35]. - Quantitative strategies benefit from faster execution and continuous improvements in computational power, enhancing their effectiveness compared to subjective strategies [37][39]. - The distinction between subjective and quantitative investment lies in their methodologies, with subjective investment relying on individual insight and quantitative investment relying on data and algorithms [39].