量化投资深度对话：拆解超额收益逻辑，展望行业未来趋势

Core Viewpoint - The article discusses the performance and future trends of quantitative investment strategies in 2025, highlighting the coexistence of differentiation and opportunities within the public quantitative fund industry [2][4][5]. Group 1: Differentiation in Quantitative Investment - The public quantitative industry in 2025 is characterized by product differentiation, with a wider variety of quantitative products available compared to previous years, including strategies covering 500, 1000, and 2000 indices [4]. - Alpha differentiation has expanded, with significant variations in excess returns among different models on the same platform, indicating a rare occurrence of divergence within the industry [4]. - There is a notable performance gap between public and private quantitative funds, with public funds being more conservative due to compliance constraints, while private funds have shown better performance in small-cap stocks [4]. Group 2: Opportunities in Quantitative Investment - 2025 is seen as a significant year for quantitative investment, with active market participation and substantial individual stock differentiation creating a favorable environment for excess returns [5]. - The year marks the implementation of high-quality development policies in public funds, promoting "constrained active management" as a mainstream approach, which opens new opportunities for quantitative methods across various investment processes [5]. - Quantitative investment is increasingly recognized as a valuable methodology for predicting returns, managing risks, optimizing portfolios, and executing trades, leading to broader application across the asset management industry [5]. Group 3: Trends and Future Outlook - The future of public quantitative investment is expected to be expansive, with an increasing number of listed companies and improved liquidity, providing ample opportunities for differentiation in quantitative strategies [10]. - The integration of AI into public quantitative investment is anticipated to enhance investment methodologies, emphasizing the need for precision and detail in research and development [10]. - The focus for 2026 will be on strengthening the alpha generation capabilities while ensuring robust risk management to maintain investor confidence during market volatility [11].