对话千朔投资黄辉：为什么始终专注于低频的量化道路

Core Viewpoint - The article discusses the impact of new regulations in the quantitative trading industry, particularly focusing on the firm Qianshu Investment, which has successfully navigated market challenges through a low-frequency Pure Alpha strategy, achieving positive excess returns even in adverse conditions [2][3][4]. Group 1: Regulatory Environment - A new regulation, termed "the strictest in quantitative history," is expected to delay trading order times, require the withdrawal of client-specific devices within three months, and assess the impact on brokerage businesses [2]. - The regulation has prompted quantitative managers to quickly prove their compliance, leading to a blame-shifting phenomenon among them [2]. Group 2: Qianshu Investment's Performance - Qianshu Investment has been focused on low-frequency strategies for eight years and has achieved positive excess returns across all product lines during a challenging market period from May to October [2]. - In February 2024, during a market downturn, Qianshu's excess drawdown was significantly lower than the industry average, recovering within four weeks and reaching new highs [3]. Group 3: Founder Background - Huang Hui, the founder of Qianshu, has a background in mathematics and experience in quantitative trading in the U.S. market, which informs his approach to risk management and strategy development [4][10]. - He has consistently chosen to focus on low-frequency strategies despite the allure of high-frequency trading, believing that the latter will eventually be dominated by a few large firms [4][13]. Group 4: Risk Management Philosophy - Qianshu's investment strategy emphasizes strict risk control, rejecting high-leverage products and strategies that could expose the firm to excessive risk [5][19]. - The firm has developed a robust risk management system that includes industry and style risk controls, ensuring that their portfolios do not overly concentrate on any single style or sector [19][21]. Group 5: Future Outlook - The firm plans to expand its management scale beyond 10 billion yuan and aims to provide asset management services to overseas clients, maintaining a focus on low-frequency Pure Alpha strategies [12][28]. - Qianshu's internal culture promotes talent retention and development, with a 100% retention rate of core research staff, which is crucial for sustaining its competitive edge in the quantitative space [27][28].