量化指增，占据下一个C位？

Core Viewpoint - The article emphasizes the rapid growth and potential of index-enhanced funds in the public fund industry, driven by regulatory support and technological advancements, particularly in AI, which enhances the ability to achieve stable excess returns [1][2][3]. Industry Overview - The public fund industry is undergoing transformation due to ongoing high-quality development, with new regulations impacting the landscape of bond funds and active equity funds [1]. - As of November, 160 new index-enhanced funds were established in 2023, with a total issuance scale nearing 900 billion [2]. - The total scale of index-enhanced funds reached 2,622 billion by the end of September, marking a 23.34% increase from the previous year [2]. Technological and Regulatory Support - The growth of index-enhanced funds is attributed to both market factors and dual support from technology and regulation, with AI enabling better performance and regulatory emphasis on performance benchmarks [2]. - Index-enhanced funds are characterized by strict stock composition ratios and tracking error limits, aligning well with regulatory policies [2]. Company Performance - Tianhong Fund has significantly expanded its index-enhanced product line, with a 44.85% increase in share and a 70.21% increase in scale compared to the previous year [3]. - Over 90% of investors holding Tianhong's index-enhanced products for more than six months have outperformed the corresponding performance benchmarks [3]. Product Matrix - Tianhong Fund has established a comprehensive product matrix, including both broad-based and industry-specific index-enhanced funds, covering major indices and sectors [4][8]. - The company has launched two product lines: Classic Index Enhancement (pursuing long-term excess returns) and Stable Index Enhancement (focusing on high win rates) [8]. Performance Metrics - Tianhong's index-enhanced funds have shown consistent excess returns, with the Tianhong CSI 1000 Index Enhanced Fund achieving a 33.80% excess return over its benchmark in the past three years [11][12]. - The performance of Tianhong's industry-specific index-enhanced funds has also exceeded that of average active funds in the same sectors [13]. AI Integration - Tianhong's quantitative team has integrated AI technologies into their investment processes, enhancing the ability to identify and utilize excess return factors [18][19]. - The use of AI has led to the development of a comprehensive factor network, with over 70% of excess return factors derived from AI learning [18]. Investor Engagement - As of June, Tianhong's index-enhanced funds had 910,000 users, ranking fifth in the industry, with over 96% of the holdings being from individual investors [26]. - The average holding period for Tianhong's index-enhanced products exceeds seven months, significantly longer than the typical one-month holding period for standard index funds [26].