Core Insights - The annual private equity fund forum "Intelligent Future: Quantitative Leap" is set to take place on July 18, 2025, in Shanghai, co-hosted by Paipai Network Group and Century Securities, with participation from various financial sectors [1] - The forum aims to share industry insights and promote the integration of technological innovation and practical application in the fields of FOF investment and quantitative investment [1] Financial Technology in FOF Investment - Financial technology in the FOF investment sector can be categorized into three stages: automation, data-driven decision-making, and AI intelligence [3][5] - The first stage involves automating data models to process structured data, enhancing efficiency and accuracy in performance tracking [3] - The second stage focuses on shifting from subjective to data-driven decision-making to mitigate cognitive biases in investment judgments [5] - The third stage anticipates the emergence of AI applications in FOF, such as processing unstructured data and managing post-investment analysis [6] Challenges in FOF Management - Key challenges in FOF management include the need for efficient portfolio construction and adjustment, post-investment management, and transaction execution [8][9] - The flexibility of FOF products requires rapid adjustments to investment strategies, which can be complex due to varying risk-return profiles [8] - Post-investment management faces difficulties in tracking diverse FOF products and ensuring timely risk identification and adjustments [8] - Transaction execution is complicated by the manual processes involved in private equity trading, necessitating accurate and timely operations [8] Solutions and Innovations - The company has developed a proprietary private equity fund database and quantitative analysis modules to enhance fund selection accuracy [9][11] - A detailed tagging system for fund strategies has been established to improve performance evaluation [9] - For portfolio construction, representative return curves for each manager's strategy have been created, aiding in flexible portfolio adjustments [11] - Post-investment management includes constructing market environment indicators for performance attribution and risk prediction [11] Future Outlook - The company believes that financial technology will play an increasingly vital role in the FOF sector, potentially becoming a competitive advantage for many firms [12] - While AI is expected to significantly impact FOF investment, it is acknowledged that technology cannot fully replace human roles in the investment process [12] - Continuous learning and adaptation to financial technology are essential for optimizing investment research frameworks in the FOF sector [12]

Group 1 - The core viewpoint of the article highlights the investment strategies and asset allocations of Fund of Funds (FOF) as revealed in the second quarter of 2025, showcasing a shift in focus towards different asset classes [1] Group 2 - As of the end of Q2 2025, the Huaan Gold ETF emerged as the most heavily weighted fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan, a decrease from 1.414 billion yuan at the end of Q1 2025 [3] - Bond assets remain the primary focus for FOFs, with the Hai Fu Tong Zhong Zheng Short Bond ETF having a total market value held by FOFs exceeding 1.643 billion yuan, held by 57 FOFs, making it the highest valued fund among FOFs [3] Group 3 - Many FOF managers are adopting a steady yet progressive investment approach, with a notable focus on growth-oriented thematic ETFs, such as the Industrial Bank Rui Zhi Jin Qi FOF, which has achieved a return rate of 21.64% year-to-date [4] - The Bohai Huijin Preferred Progress 6-Month Holding Mixed FOF has also performed well, with a return rate exceeding 20% this year, heavily investing in thematic ETFs related to Hong Kong innovation and technology [4] - The Guotai Industry Rotation Stock FOF-LOF has reported a return rate close to 20%, diversifying its investments across various sectors including military, gold, animation games, real estate, and rare earths [4]

Group 1 - The core viewpoint of the articles highlights the investment strategies and market insights of Fund of Funds (FOF) as they disclose their latest holdings for Q2 2025, showing a shift in asset preferences [1][3][4] - Huaan Gold ETF emerged as the most heavily weighted fund by FOFs at the end of Q2 2025, with 78 FOFs holding a total market value of 987 million yuan, although this represents a decrease from 86 FOFs and 1.414 billion yuan at the end of Q1 2025 [1] - Bond ETFs are the primary investment targets for FOFs, with Haifutong Zhongzheng Short-term Bond ETF being held by 57 FOFs, totaling over 1.643 billion yuan in market value, indicating a strong preference for bond assets [3] Group 2 - FOF managers are adopting a balanced investment approach, with notable performances from funds like ICBC Ruizhi Progress FOF, which achieved a return rate of 21.64% this year, focusing on growth-style assets while also investing in stable products like dividend low-volatility ETFs and gold ETFs [3] - The market outlook suggests that the main investment risks have shifted to sector rotation risks, with expectations for better overall market performance in the second half of the year due to factors like the Federal Reserve's interest rate cuts and domestic inventory replenishment cycles [4] - FOFs are strategically positioning themselves to maximize risk-adjusted returns by employing a "three main lines + one buffer" asset allocation framework, allowing for periodic rebalancing and cash reserves to capture opportunities during market volatility [4]

在 AI技术迅猛发展的背景下，FOF投资领域正迎来前所未有的变革。 在本次论坛上，海通期货资产管理部 FOF投资总监龙子健担任主持，世纪 证券资产管理部总经理乔伟、中邮基金资产配置和FOF投资管理部投资经理王亚迪、五矿期货资产管理部总经理王晓光、盈诚投资董事长甯辰、 汇鸿汇升首席财富官朱一顺 等多位嘉宾齐聚一堂，围绕 " AI赋能FOF投资的机遇与挑战 "这一主题 ，深入探讨了技术应用、市场策略及未来展 望。 以下为嘉宾的精彩观点 ： 作为本次圆桌对话的主持人 ，海通期货资产管理部 FOF投资总监龙子健 认为，AI技术的应用正在重塑FOF行业。他表示， FOF行业 正 迎来 " 智能投研 2.0时代 " ，其特征是：一方面， AI技术将深度渗透到尽调、组合构建、风险管理等全流程；另一方面， 优秀FOF管理人的核心竞争 力将更多体现在 " 人机协同 " 能力上 ， 即如何将 AI的计算优势与投资经理的市场洞察力有机结合 。 对于 行业及 市场机会，龙子健建议关注三个方向：一是量化多头策略的持续进化，特别是那些能有效融合 AI技术的管理人；二是宏观对冲策略 的配置价值，在单一资产波动加大的市场环境中提供保护；三是 ...

Group 1 - The global capital markets in 2025 are characterized by uncertainty due to fluctuating interest rates from the Federal Reserve and geopolitical risks, leading to increased volatility in equity and bond markets [1] - Asset allocation is becoming the primary strategy for investors to cope with market uncertainties, as the risk resilience of single assets is declining [1][2] - The volatility of single asset investments has been significant, with the maximum drawdown of the Wind All A Index exceeding 29% and the QDII fund index over 17% in the past three years [2] Group 2 - Liu Xin emphasizes four core principles for asset allocation: understandable expected returns, controllable volatility, transparent structure, and executable long-term investment [3] - FOF (Fund of Funds) products are gaining traction in China as a new investment tool, allowing for diversified and optimized asset allocation through the selection of various funds [4][5] - The advantages of FOF investments include strategy complementarity, risk management through diversification, and professional management by experienced teams [5] Group 3 - There are two prevailing views on FOF products: one focuses on concentrated allocations for short-term excess returns, while the other aims for long-term stable returns [6] - Liu Xin advocates for the latter approach, emphasizing the need for public funds to expand their scale and provide a stable investment experience for a broader audience [6][7] - The future layout of FOF products will focus on absolute return goals and diversified allocation to meet investors' needs for steady growth [6][7] Group 4 - Liu Xin defines investment risk as comprising volatility and value loss, distinguishing between market sentiment-driven price fluctuations and fundamental deterioration [8] - The investment strategy should focus on long-term probability rather than short-term market predictions, with successful investments relying on proper asset allocation [8] - Liu Xin believes that the transparency and reliability of fund product returns are crucial for investor confidence and long-term holding [9] Group 5 - Current market conditions favor Chinese assets, with A-shares at historical low valuations and an upward trend, while U.S. assets are at high valuations with potential risks [9]

Group 1 - The rapid development of quantitative private equity has provided more diverse strategy options for FOF investments, particularly with breakthroughs in artificial intelligence technology this year [1] - Century Securities focuses on private quantitative investment as a sustainable development direction, aiming to provide high-quality asset allocation services by integrating wealth management and asset management [1][2] - Quantitative investment offers objective fairness, controllable drawdowns, and stronger return certainty compared to subjective strategies, significantly enhancing customer experience [1] Group 2 - Century Securities supports quantitative trading development through a robust trading system and efficient algorithmic trading platform, providing rapid trading experiences for quantitative private equity [2] - The company is building a quantitative ecosystem by establishing the "Shenzhen-Hong Kong Quantitative Alliance" to connect various quantitative institutions and resources, aiming to lower investment barriers [2] - Century Securities is actively promoting financial integration between Shenzhen and Hong Kong, launching fund products linked to Hong Kong technology stocks and exploring overseas asset allocation [2] Group 3 - The rapid advancement of AI is expected to concentrate industry advantages among leading institutions, while smaller private equity firms may need to transition to AI-driven models, facing cost pressures in the process [3] - Smaller private equity firms are encouraged to focus on specialized and personalized investment strategies, such as options and thematic investments, to explore differentiated development paths [3]

Group 1 - The ninth AI & FOF Investment Innovation Development Forum concluded successfully in Shanghai, focusing on the integration of AI and quantitative investment [1] - The private equity industry is experiencing a survival of the fittest, with a positive overall profit effect, maintaining a scale of over 5 trillion yuan, and expected to return to 6 trillion yuan by year-end [1] - Major institutions are making comprehensive investments in AI, which is anticipated to empower various investment research scenarios and potentially deliver excess returns for investors [1] Group 2 - The future of FOF investment will increasingly rely on financial technology, which may become a competitive advantage for many FOF institutions, although human roles cannot be entirely replaced [2] - The quantitative investment sector is highly competitive, requiring initial investments to attract talent, leading to technological accumulation and strategy iteration for better performance [2] - AI is being utilized not only for quantitative factors but also for fundamental analysis, enhancing the certainty of future performance predictions through combined data analysis [2] Group 3 - The Chinese wealth management market is witnessing changes, with high-net-worth clients showing lower risk tolerance and a greater emphasis on return certainty, presenting challenges and opportunities for FOF products [3] - The recent performance of quantitative strategies has been strong, attributed to proactive scale control and increased trading activity in the A-share market, creating a favorable environment for quantitative strategies [3] - The small-cap effect in the A-share market provides significant alpha generation opportunities for quantitative models, although liquidity management remains a core challenge [3] Group 4 - The evolution of AI from a conceptual phase to a practical tool for cost-saving and algorithm optimization is fostering positive development in the quantitative industry [4] - Private equity institutions must focus on stable and long-term asset management to build a correct perception among investors [4]

Core Insights - The forum highlighted the innovative development opportunities for FOF and quantitative investment in the AI era, emphasizing the importance of AI in enhancing investment strategies and research frameworks [1][4][5] Group 1: FOF Investment Landscape - The private equity industry is experiencing a survival of the fittest, with a positive overall profit effect, maintaining a scale of over 5 trillion yuan, and expected to return to 6 trillion yuan by year-end [1] - High-net-worth clients are showing lower risk tolerance and a greater focus on return certainty, presenting challenges for FOF in selecting underlying assets [4] - The FOF industry is still in the process of developing a mature investment methodology, indicating a need for a specialized investment framework [4][5] Group 2: AI and Quantitative Investment - AI is expected to play an increasingly important role in financial technology, potentially becoming a competitive advantage for many FOF institutions, while human roles in investment research remain irreplaceable [1][4] - The application of AI in fundamental research can enhance the certainty of future company performance by combining financial data with text analysis [2] - The quant investment sector is characterized by intense competition, requiring initial investments to attract talent and achieve technological accumulation and strategy iteration [1][8] Group 3: Market Dynamics and Strategy - The current A-share market shows significant small-cap effects, with increased volatility providing ample alpha extraction opportunities for quantitative models [8] - The expansion of the quantitative industry must be balanced with market trading volume and activity to avoid compressing excess return potential [8][9] - Addressing the "black box" issue in AI involves improving computational power to identify more factors and understanding the underlying reasons for model trading decisions [9]

Group 1 - The ninth AI & FOF Investment Innovation Development Forum highlighted the innovative development opportunities for FOF and quantitative investment in the AI era [1] - The private equity securities industry in China is experiencing a survival of the fittest, with a positive overall profit effect and a private fund scale expected to return to over 6 trillion yuan by the end of the year [1] - Major institutions are making comprehensive investments in AI, which is expected to empower various investment research scenarios and potentially deliver excess returns for investors [1] Group 2 - The role of financial technology, particularly AI, is anticipated to become increasingly important in the FOF sector, serving as a competitive advantage for many FOF institutions [2] - AI can enhance fundamental research in public quantitative studies by combining financial report data with text analysis to verify the future performance of listed companies [2] - The investment targets for quantitative FOFs are sub-funds with significant high-frequency trading characteristics, which are less correlated with macro factors [2] Group 3 - The Chinese wealth management market is witnessing changes, with high-net-worth clients showing lower risk tolerance and a greater focus on return certainty [3] - Increased external uncertainties and asset homogenization are creating challenges for FOFs in selecting underlying assets [3] - Enhancing the understanding of macro investments and the ability to adjust dynamic strategy combinations according to different macro stages is crucial for FOF managers to address these challenges [3]

Group 1 - The ninth AI & FOF Investment Innovation Development Forum was successfully held in Shanghai, focusing on the innovative development opportunities of FOF and quantitative investment in the AI era [1] - The forum was co-hosted by Paipai Network Group and Century Securities, with participation from various sectors including FOF investment, quantitative investment, and public funds, creating a high-end communication platform for industry insights and opportunities [1] - Lin Li, General Manager of Shenzhen Qianhai Paipai Network Fund Sales Co., Ltd., analyzed the current state of the domestic private securities industry, indicating that the private equity industry is showing a gradual survival of the fittest, with a stable scale of over 5 trillion yuan and a potential recovery to 6 trillion yuan by year-end [1] Group 2 - Li Jianming, General Manager of Century Securities, emphasized the critical role of securities firms in the development of the private securities industry, aiming to establish a first-class securities firm in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Century Securities has developed a unique business system and continues to innovate to meet diverse financial needs, seeking to create collaboration opportunities with more investment institutions through the forum [2] - The forum featured notable speakers from the quantitative investment sector, including founders and managers from leading quantitative private equity firms, who delivered insightful presentations on the themes of quantitative and FOF investment [2]