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Core Viewpoint - The article emphasizes the increasing structural differentiation in the market, highlighting the phenomenon where "indices rise but profits do not." It presents Dunhe Asset Management's investment philosophy of "asset rotation based on safety margins" as a solution to enhance excess returns in a challenging investment environment [1]. Group 1: Company Overview - Dunhe Asset Management, established in 2011, has consistently adhered to its investment philosophy and has received multiple industry awards, including the Golden Bull Award and the Golden Yangtze Award [1]. - In 2022, Dunhe Asset Management proactively entered the quantitative investment sector by establishing the Dunhe Quantitative Anxin Division, which comprises seven specialized teams and nearly 30 professionals with extensive quantitative experience [1]. Group 2: Performance Metrics - As of December 2025, the Dunhe Year Wheel Quantitative Index Enhancement Series products have shown impressive performance, with the "Dunhe Year Wheel CSI 1000 Index Enhancement No. 1 A-Class" achieving a full-year return of ***% and excess geometric returns exceeding ***%, with a maximum drawdown of ***%, significantly lower than the CSI 1000 index drawdown [2]. - The "Dunhe Year Wheel CSI 2000 Index Enhancement No. 1 A-Class" also reported a full-year return of ***% since its inception on April 16, 2025, with similar metrics of excess returns and drawdown [3][4]. Group 3: Investment Strategy - The Dunhe Year Wheel Quantitative Index Enhancement Strategy is designed as a balanced enhancement tool covering various indices, aiming to provide both offensive and defensive capabilities [8]. - The strategy employs a three-pronged framework of "factor-model-risk control," integrating human and machine-driven factor discovery, traditional machine learning, and advanced deep learning models to enhance predictive capabilities while mitigating strategy crowding [8][9][10]. Group 4: Team Composition - The investment research team for the Year Wheel series consists of seven core members with backgrounds in mathematics, physics, computer science, and artificial intelligence, combining strong academic foundations with practical experience [7]. - The investment manager, Yao Yifan, has over ten years of quantitative research experience across various prestigious institutions, contributing to the strategy's robust professional foundation [7]. Group 5: Future Outlook - As market structural opportunities become increasingly difficult to capture and competition in quantitative strategies intensifies, the article suggests that building a truly balanced and stable investment portfolio will be crucial for future success [11].