中证报中证网讯（记者 魏昭宇）近日，财通资管发布公告称，财通资管量化选股股票型发起式证券投 资基金将于1月26日启动募集。据悉，此次新发产品为财通资管旗下首只全市场量化基金，将延续科学 与纪律并重的量化投资框架，通过精细化的因子挖掘与策略优化，在把握市场结构性机会的同时严控风 险，力求为投资者提升长期投资获得感。 当前市场积极信号频现，基本面持续夯实向好。2025年二季度以来，居民消费价格指数（CPI）与工业 生产者出厂价格指数（PPI）实现同步回升，经济复苏趋势逐步明晰。流动性层面，A股市场稳步宽松 的格局延续，市场信心持续提振。政策红利的持续释放亦为市场提供支撑，"十五五"规划明确锚定科技 创新与未来产业两大核心方向，市场分析认为，这一政策导向为量化投资策略提供了兼具结构性机会与 选股纵深的市场环境，有助于量化策略优势的发挥。 数据显示，统计全市场295只主动型量化基金来看，截至2025年底，主动型量化基金近三年平均收益率 达到31%，高于同期非量化普通股票型基金25%的平均收益率水平。 据介绍，财通资管此次新发的量化选股股票基金以"量化多因子选股+全流程风控"为核心架构，通过搭 建具备持续进化能力的模型 ...

Core Viewpoint - The private equity market is experiencing a resurgence at the beginning of 2026, with a notable increase in fundraising activities and the emergence of "hot" products, indicating a positive shift in market sentiment [1][2]. Group 1: Fundraising Activities - In early 2026, private equity fundraising has accelerated, particularly for leading private equity products, with significant enthusiasm from distribution channels [3]. - The "Chengqi Xingtai Ruijin" series from Chengqi Asset raised a total of 1.647 billion yuan, with all six offerings sold out through Huatai Securities [3]. - Chengqi Asset's A500 index product also performed well, surpassing 600 million yuan in sales [4]. - Shanghai Fusheng Asset, a major subjective private equity firm, completed 1 billion yuan in fundraising in a single day, signaling a return of confidence in active equity strategies [5]. Group 2: Market Dynamics - The current fundraising boom is a reflection of a positive feedback loop characterized by market recovery, net value restoration, and rapid expansion of fundraising activities [7]. - The market environment is favorable due to indices operating at relatively high levels and the emergence of structural opportunities, which enhances the appeal of private equity products [7]. - The distribution channels, including securities firms and private banks, are actively promoting star private equity products, leading to quick sellouts [7]. Group 3: Industry Structure - The number of private equity firms managing over 10 billion yuan has reached 114, with a net increase of one firm since the end of 2025 [10]. - The industry is undergoing structural adjustments, with some firms exiting the 10 billion yuan club while others are entering or returning [10][11]. - Among the new entrants, two firms employ subjective strategies, while one has not disclosed its investment model [11]. Group 4: Strategy and Performance - Quantitative private equity remains the dominant force within the 10 billion yuan club, comprising 55 firms, which is 48.25% of the total [12]. - The overall strategy structure indicates a significant presence of subjective strategy private equity firms, which account for 40.35% of the total [12]. - The rapid expansion of fundraising poses challenges for private equity firms, particularly in managing asset allocation and maintaining performance amid market volatility [8].

2019年，梁文锋在金牛奖的颁奖仪式上，发表了一篇"神预言"的演讲。 七年过去，里面很多对于量化的预测都已成真！ 今天就跟大家展开聊聊，他到底预测了啥~ 以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 预言一：量化将成为 私募基金 中的主流 2025年7月，百亿级量化私募数量达到44家，历史上首次超过百亿主观私募。 相较于4年前主观称霸的天下，私募行业的格局已发生翻天覆地的变化。 除了头部私募中量化占比的提升，从 产品备案数量 来看，量化也是独占鳌头。 预言一成真的背后，并不是偶然，而是由多重因素催化下必然会走向的结果。 因素1：A股天然适合量化发挥 一个扎心的事实：散户撑起A股半边天，他们更容易受市场情绪扰动，追涨杀跌。 而量化交易的核心逻辑，正是精准捕捉这些"非理性交易红利"。 因素2：投资工具日渐成熟 过去的市场中，量化条件不成熟，投资品种和工具匮乏。 而现在，市场上期权、可转债、商品期货等品种陆续增多，给量化策略提供了更多获取收益、管 理风险的方式。 因素3：量化技术的持续发展 近几年计算机技术发展突飞猛进，今年更是进入到AI新纪元 ...

Core Viewpoint - The private equity market is experiencing a significant resurgence at the beginning of 2026, with a notable increase in fundraising activities and the emergence of "explosive" products [1][3]. Fundraising Activities - A series of products from Chengqi Asset raised a total of 1.647 billion yuan, with all channels fully subscribed [2][3]. - Shanghai Fusheng Asset completed a 1 billion yuan fundraising in a single day, indicating a strong return of confidence in active equity strategies [4][5]. Market Dynamics - The number of billion-yuan private equity firms has reached 114, reflecting a slight increase from the end of 2025, with ongoing structural changes within the industry [2][9]. - The fundraising surge is attributed to a positive feedback loop of market recovery, net value restoration, and increased issuance activity [7]. Investor Behavior - The shift in investor structure, with a higher proportion of funds from private banks and institutions, indicates a longer investment duration and lower tolerance for drawdowns [8]. - The ability of private equity managers to deliver excess returns amid rapid scale expansion will be crucial for assessing their long-term investment capabilities [8]. Industry Structure - The quantitative private equity sector remains dominant, with 55 out of 114 billion-yuan firms classified as quantitative, accounting for 48.25% of the total [10]. - The entry of insurance capital into the private equity sector is driven by the search for low-volatility, long-duration investment tools in a low-interest-rate environment [10].

这张图里的两只个股，左侧的在上涨过程中出现过两次大幅下跌，右侧的在连续调整后出现反弹跳空。如果只看股价走势，绝大多数投资者会被左侧 的下跌吓出局，或是追高右侧的反弹，但实际这两种走势的本质完全不同，核心就在于背后的机构资金参与状态。 近期A股市场呈现明显分化格局，不同类型指数、板块风格表现差异拉大，科创类指数走势亮眼，部分权重类指数则出现调整。市场交投热度持续飙 升，连续多日成交额刷新纪录，两融余额稳步上行，新发行权益类基金份额大幅增长，海外资金也在加速流入A股。与此同时，监管层密集释放稳市 场信号：央行推出政策组合拳，明确今年仍有降准降息空间；证监会强调"稳字当头"，部署重点任务夯实市场长期基础，短期震荡不改长期向好态 势。很多投资者面对这种分化波动，要么被各种模糊分析绕晕，要么被情绪带偏做出错判，其实用量化大数据就能直接看清市场本质。 我接触量化数据十多年，最深刻的体会是：市场价格的变化，本质是交易资金的行为结果。普通投资者最容易踩的坑，就是只盯着股价K线的表面波 动，却忽略了背后的资金参与状态。很多时候，股价的大幅波动只是表象，要么是虚晃一枪的「虚跌」，要么是没有支撑的「空涨」，不用量化数据 根本分不清 ...

Group 1 - The core viewpoint of the article is that quantitative funds, despite their popularity and perceived effectiveness, did not significantly outperform actively managed funds in 2025, challenging the notion of their invincibility [10][12]. - In 2025, the average return of public quantitative stock selection funds was 30.3%, which was 5.7% higher than the CSI All Share Index, but lower than the 33.2% return of the 885001 index, indicating a slight underperformance compared to actively managed funds [5][6]. - The article highlights that quantitative strategies have been perceived as superior due to their performance in the bear market from 2021 to 2024, but the performance in 2025 has dispelled the illusion of continuous technical progress [10][11]. Group 2 - The article discusses the characteristics of quantitative strategies, noting that while they tend to have lower error rates, they can accumulate significant mistakes over time due to their reliance on multiple factors and market conditions [14][16]. - It emphasizes that the failure of certain factors in a market downturn can lead to collective underperformance of quantitative strategies, as seen in the market shifts in August 2025 [18][20]. - The article warns that when the protective layers of quantitative strategies fail, they can lead to significant market risks, similar to historical market crashes [20][28]. Group 3 - The article suggests that both quantitative and active funds have potential advantages depending on market conditions, with quantitative funds excelling in certain environments while active funds may outperform in others, particularly during macroeconomic recoveries [30][32]. - It identifies three scenarios where active funds could outperform quantitative strategies: macroeconomic improvements, significant policy shifts, and changes in trading regulations that affect market structure [33][34][35]. - The article concludes that investors should be aware of the risks associated with quantitative strategies, especially during periods of extreme market conditions where multiple factors may fail simultaneously [36][37].

2026开年，随着银行短期大额存单利率进入"0字头"以及权益市场的高景气度，一场关于"固收+"的讨论 悄然升温。 在低利率环境下，投资者既渴望超越理财的收益，又担忧资本市场的剧烈波动。如何在"稳"与"进"之间 找到平衡点？贝莱德基金权益、量化及多资产首席投资官王晓京给出了他的答案——以量化模型为引 擎，结合成熟的风险控制模块，打造一款能"一键配置"股债组合的"固收+"产品。 他即将掌舵的贝莱德富元金利混合型证券投资基金，正是这一理念的结晶。该产品于1月19日起首发， 产品以量化模型为核心，通过股债协同配置与多重风险控制机制，力求在复杂市场环境中捕捉股债的结 构性机会。 在中期看好中国权益资产表现的情况下，贝莱德富元金利定位为中高波"固收+"产品，不仅将权益仓位 上限提升至30%，更纳入港股通标的，通过一套融合全球经验与本土洞察的量化多资产策略，力求在震 荡市中为投资者提供"拿得住、睡得着、有弹性"的持有体验。 现任贝莱德权益、量化及多资产首席投资官。拥有15年全球投研经验，10年投资管理经验，具有先进的 海外量化投资经验，同时深耕中国市场，擅长多资产定制策略等。 量化模型赋能"股债双+" 过去，传统"固收+" ...

他即将掌舵的贝莱德富元金利混合型证券投资基金，正是这一理念的结晶。该产品于1月19日起首发， 产品以量化模型为核心，通过股债协同配置与多重风险控制机制，力求在复杂市场环境中捕捉股债的结 构性机会。 在中期看好中国权益资产表现的情况下，贝莱德富元金利定位为中高波"固收+"产品，不仅将权益仓位 上限提升至30%，更纳入港股通标的，通过一套融合全球经验与本土洞察的量化多资产策略，力求在震 荡市中为投资者提供"拿得住、睡得着、有弹性"的持有体验。 在低利率环境下，投资者既渴望超越理财的收益，又担忧资本市场的剧烈波动。如何在"稳"与"进"之间 找到平衡点？贝莱德基金权益、量化及多资产首席投资官王晓京给出了他的答案——以量化模型为引 擎，结合成熟的风险控制模块，打造一款能"一键配置"股债组合的"固收+"产品。 □本报记者 王雪青 2026开年，随着银行短期大额存单利率进入"0字头"以及权益市场的高景气度，一场关于"固收+"的讨论 悄然升温。 量化模型赋能"股债双+" 过去，传统"固收+"产品多以信用债券打底，用债券票息去买可转债或权益仓位；贝莱德富元添益和本 次新发行的贝莱德富元金利选择另辟蹊径，其核心是一套基于量化的多 ...

Group 1 - The article discusses the characteristics and trends of the fund market, highlighting the growth in assets under management and the diversification of investment strategies [1] - It notes that the total assets of the fund industry have reached a significant milestone, indicating a robust market environment [1] - The report emphasizes the increasing popularity of alternative investments among fund managers, reflecting a shift in investment preferences [1] Group 2 - The article provides insights into the performance of various fund categories, showing that equity funds have outperformed fixed-income funds in recent periods [1] - It mentions the impact of macroeconomic factors on fund performance, including interest rates and inflation, which have influenced investor behavior [1] - The analysis includes a comparison of regional fund performance, indicating that certain markets have shown stronger growth than others [1]

- The report does not contain any specific quantitative models or factors related to quantitative investment strategies[3][5][6]