彭博新一代MAC3代表了目前最先进的一类多资产类别风险因子模型，每日基于超过3000个因子 进行计算，为不同投资组合、投资范围和投资风格提供卓越的预测准确性。该模型不仅用于识别更 广泛的市场信号，还能解析不同市场状态下的风险动态。MAC3融合了多项行业首创的创新方法， 确立了其在风险模型领域的领先地位。MAC3风险因子模型文件可通过彭博灵活开放的API 基础架 构访问，以便于客户在各类工作流程中高效调用。 彭博近日宣布， 全球领先的流动性另类资产管理公司 Marshall Wace已采用 彭博多资产风险因子 模型 （Multi-Asset Class Factor Risk Model - MAC3 ）， 支持其量化研究和系统化投资策略。 Marshall Wace的资产管理规模超过700亿美元。 通过采用彭博MAC3因子模型，Marshall Wace能够获取先进的建模技术，实现更优的模型设定、 精准的风险预测和强大的投资组合分析能力，从而对多资产投资组合风险进行全面衡量与监控。 彭博投资组合分析研究主管Jose Menchero 表示： " Marshall Wace采用MAC3，反映出机构投资者对高精度 ...

Core Viewpoint - The article discusses the evolution of quantitative long equity strategies in the private equity sector, highlighting a shift towards more diversified and composite strategies that enhance returns and manage risks more effectively [5][21]. Group 1: Strategy Evolution - Quantitative long equity strategies are transitioning from single stock selection to multi-strategy integration, indicating a broader industry trend [7][5]. - The integration of T0 trading strategies enhances returns by maintaining full stock selection while allowing for short-term trading based on price signals [8][10]. - Position management is evolving with the cautious use of timing strategies, where only a small portion of the portfolio is allocated for timing to ensure higher certainty in returns [12][15]. Group 2: Multi-Asset Approach - The shift from pure quantitative long equity to multi-asset trading models is evident, with managers incorporating convertible bonds and tactical allocations to other assets [21][22]. - Convertible bonds provide both equity-like upside and bond-like downside protection, enhancing overall portfolio resilience [22][23]. - The strategy also includes periodic allocations to gold and government bonds, which offer low correlation returns without increasing overall risk [23]. Group 3: Composite Strategies - The trend towards multi-asset and multi-strategy composite models is becoming common, allowing for the capture of diverse alpha and beta returns [24][25]. - A representative strategy combines quantitative long equity with CTA strategies, leveraging the strengths of both to enhance returns and hedge risks [26][29]. - The composite strategy allows for efficient capital utilization through the inherent leverage of CTA strategies, improving overall portfolio performance [30]. Group 4: Market Dynamics - The influx of capital into quantitative long equity since 2018-2019 has led to increased competition, making traditional sources of excess returns harder to achieve [31][34]. - As more participants adopt similar methods, the need for more diverse and sustainable sources of returns becomes paramount for quantitative managers [35].

AI 时代，聚宽的最新迭代与策略情况如何？我们就相关话题与聚宽展开了对话。 （ 点击查看完整直播回放 ） Q：我们关注到聚宽近期作为赞助商参与NeurIPS 2025，能分享下你们在这背后的考虑吗？ 量化的底层驱动力来自于顶尖人才。 聚宽近期入职的投研和技术同事，背景不少都是AI 方向。他们中有在前沿课题上取得过硬成果的研究者； 也不乏在ACM-ICPC等竞赛中取得好名次的"技术大拿"。 我们希望通过AI学术会议的赞助，直接触达全球顶尖的AI相关人才。 NeurIPS 是全球人工智能领域的顶级学术会议，一些十分前沿、或能决定 未来技术走向的AI突破可能会在这里发布， 本次聚宽作为赞助商参展收获颇多，未来我们也会考虑持续在此方面的参与。 Q：聚宽提出"探索 AI 自主驱动投研"，如何理解？ "探索 AI 自主驱动投研"是聚宽投研的聚焦方向， 我们希望从以下几个方面持续进行投入：一是持续吸引和团结全球顶尖AI人才，二是构建自 主可控的全生命周期投研等相关系统，三是进行持续、高强度的基础算力资源投入。 具体来讲，为了支持未来更深度的AI应用场景，聚宽构建了 全链路自主可控的技术新引擎 。以超40万核CPU和超200 ...

Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, capturing a market share of 6.28% [1] - China International Capital Corporation (CICC) ranks second with an underwriting scale of 1.09 trillion yuan and a market share of 5.37% [1] - The "Guotai Haitong" combination has entered the top three with an underwriting scale exceeding 1 trillion yuan, indicating an increase in industry concentration [1] Group 2: Investment Fund Establishment - Western Securities, in collaboration with Shaanxi State-owned Assets, has established a 2 billion yuan merger and acquisition investment fund focusing on strategic emerging industries [2] - This initiative aims to enhance Western Securities' investment banking capabilities and support regional economic revitalization [2] - The fund is expected to catalyze resource integration in high-end manufacturing and new materials sectors in Shaanxi [2] Group 3: Quantitative Private Equity Trends - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and innovation sectors [3] - There is a notable trend of launching products focused on technology innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Growth of Dividend-themed Funds - The issuance of dividend-themed funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend-themed funds have been issued, raising a cumulative scale of 20.44 billion yuan, significantly higher than the previous period [4] - This trend suggests a growing market preference for stable returns, particularly in sectors with consistent dividend payouts [5]

在量化投资领域，凭借出色的技术实力与清晰的策略逻辑立足的机构不在少数，"凡德投资"便是其中的佼佼者。这 家2012年成立、2014年完成中国证券投资基金业协会备案的全量化私募基金公司，如今已构建起完善的投研、风控 与运营体系，管理资产规模约4亿元。从自主研发三大核心系统，到深耕股指期货跨期套利策略，"凡德投资"始终 以"科技驱动、风险可控"为核心，在复杂的市场环境中为投资者创造稳定收益。今年3月，"凡德投资"参加了第三 届"期货寻星"赛，经过8个月的比拼，最终在量化组排名居前。"凡德投资"相关负责人接受期货日报记者采访时表 示，优异的比赛成绩充分验证了其核心交易理念。 十年积淀筑根基 "凡德投资"的稳健发展离不开经验丰富、分工明确的核心团队（4人负责策略研究、2人负责风控、2人负责市场分 析、1人负责交易、1人负责运营）。其中，多位核心成员为业内资深专家，为"凡德投资"的发展提供了坚实支撑。 "凡德投资"创始人兼总经理陈尊德是团队的"领航者"。他本科毕业于上海交通大学,后在清华大学与香港中文大学深 造，不仅有注册国际投资分析师（CIIA）、国际金融理财师（CFP）等权威资质，还担任多所高校的金融硕士导 师，兼 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 12 年 月 日 朝闻国盛 怎么看 2026 年美联储降息节奏？ 今日概览 ◼ 重磅研报 【宏观】增量信息不少—中央经济工作会议 6 大看点——20251211 【宏观】怎么看 2026 年美联储降息节奏？——兼评 12 月议息会议—— 20251211 【金融工程】低偏离度下的纯粹 Alpha 创造——兴银基金中小盘指增策 略探析——20251211 【非银金融】保险行业 2025 行情回顾——阶段性超额收益显著，全年跑 输大盘——20251211 ◼ 研究视点 【电子】蓝思科技（300433.SZ）-收购服务器业务公司，加码 AI 算力核 心布局——20251211 作者 | 分析师 | 杨润思 | | | | --- | --- | --- | --- | | 执业证书编号：S0680520030005 | | | | | 邮箱：yangrunsi@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 12.9% | 7.6% | 81.1% | | 国防 ...

近期，从摩尔线程到沐曦股份，网下配售名单中高频出现幻方、九坤、衍复等头部量化机构的身影，两 家国产GPU龙头企业IPO引发了量化私募的抢筹热潮。不限于股票打新，一场围绕"双创"领域的布局已 悄然展开，多家量化私募正加紧推出科创、双创及AI等细分主题产品，试图在波动更大、交易更活跃 的市场中捕捉超额收益。 与此同时，部分量化私募也在布局红利等稳健型产品。布局方向的差异并不意味着投资观点的分歧，而 是竞争白热化的突围之举。热潮之下，争议浮现，在成份股集中、研究门槛更高的细分赛道，量化策略 能否持续奏效？前瞻布局到底能产生怎样的效果？ 量化私募淘金硬科技 前不久，"国产GPU第一股"摩尔线程科创板IPO引发市场高度关注，共有94家公募和113家私募获得网下 配售。私募机构积极参与摩尔线程网下配售，量化私募更是在此次配售中占据主导地位，其中，九坤投 资、幻方量化、灵均投资等头部机构悉数在列。 紧随其后，同为国产GPU头部企业的沐曦股份IPO热度再攀高峰。最新公告显示，其以104.66元/股的发 行价位居2025年A股新股发行价第二位，公司网上最终中签率低于摩尔线程，中签难度进一步提升， 517.52万户投资者参与网上 ...

近期，从摩尔线程到沐曦股份，网下配售名单中高频出现幻方、九坤、衍复等头部量化机构的身影，两 家国产GPU龙头企业IPO引发了量化私募的抢筹热潮。不限于股票打新，一场围绕"双创"领域的布局已 悄然展开，多家量化私募正加紧推出科创、双创及AI等细分主题产品，试图在波动更大、交易更活跃 的市场中捕捉超额收益。 与此同时，部分量化私募也在布局红利等稳健型产品。布局方向的差异并不意味着投资观点的分歧，而 是竞争白热化的突围之举。热潮之下，争议浮现，在成份股集中、研究门槛更高的细分赛道，量化策略 能否持续奏效？前瞻布局到底能产生怎样的效果？ ● 本报记者 王宇露 量化私募淘金硬科技 前不久，"国产GPU第一股"摩尔线程科创板IPO引发市场高度关注，共有94家公募和113家私募获得网下 配售。私募机构积极参与摩尔线程网下配售，量化私募更是在此次配售中占据主导地位，其中，九坤投 资、幻方量化、灵均投资等头部机构悉数在列。 紧随其后，同为国产GPU头部企业的沐曦股份IPO热度再攀高峰。最新公告显示，其以104.66元/股的发 行价位居2025年A股新股发行价第二位，公司网上最终中签率低于摩尔线程，中签难度进一步提升， 517. ...

Group 1 - The core point of the article highlights the significant career move of Todd Combs, often referred to as "the successor to Buffett," from Berkshire Hathaway to JPMorgan Chase, where he will manage a new $10 billion investment fund focused on safety and resilience [1][3] - Combs has a strong track record, having only experienced a 5.7% decline during the 2008 financial crisis, showcasing his risk management skills, although his recent investment returns have lagged behind the S&P 500 index [3] - The competition for talent among institutions reflects a broader struggle for market dominance, with JPMorgan's CEO Jamie Dimon recognizing the shift in investment strategies as early as 2016 [3] Group 2 - Market volatility has increased significantly in November, leading many to believe that the market is facing obstacles; however, historical data suggests that bull markets do not rise in a straight line [4][5] - The current market phase is characterized by a divergence where retail investors are reluctant to sell, preventing institutional investors from accumulating enough shares, which can lead to misinterpretations of market adjustments [5] - Data indicates that over the past decade, less than 30% of stocks outperform the index during major market rallies, emphasizing the importance of stock selection and timing [5] Group 3 - The article discusses the challenges investors face in identifying "good stocks," noting that they often experience significant volatility, making it difficult to hold onto them [7] - Institutional investors utilize strategies to shake off weak hands through price fluctuations, which can mislead retail investors [8] - The article emphasizes the importance of focusing on quantitative data to understand market movements rather than speculating on the decisions of high-profile investors [9][13] Group 4 - The article concludes with insights for ordinary investors, advising them to focus on the flow of funds and emotional dynamics in the market rather than the movements of individual investment stars [15] - It suggests that the phenomenon of "good stocks being hard to hold" is common, and the solution lies in establishing an objective data analysis system [14] - The article reinforces the idea that valuable information is often found in trading data rather than in headlines, highlighting the need for respect for real data and understanding market fundamentals [16]

在回撤控制方式上，可能和市场上很多基金经理不太一样的是，他不会选择在价格跌破安全垫时减仓甚 至砍仓，而是在入场时就做好准备，在相对低位建仓，等到价格上涨再去兑现，而不是追高后再试图在 更高的位置卖出。对于不同"固收+"产品，会设置不同的回撤控制目标。 中证报中证网讯（记者 张韵）12月11日晚间，大成元瑞诚利拟任基金经理苏秉毅在做客中国证券报"中 证点金汇"直播间时表示，近年来"固收+"产品的走红主要源于供给和需求两方面的推动。供给端，权益 市场走强，带动"固收+"产品业绩显著提升；需求端，低利率环境里，许多存款理财产品的收益率下 行，居民在稳健基础上寻求更高收益的需求大幅提升。 在产品投资上，他表示，其在各类产品管理上均秉承均值回归的理念。交易偏左侧，根据市场情绪适当 逆向调整仓位。在操作上，量化与主观相结合，量化辅助风格及股票筛选，量化筛选核心指标为超跌 （反转因子），辅助基本面、技术面等指标，不同阶段指标权重主观调整；主观负责股票买卖与交易环 节。 以中波"固收+"的投资为例，他投资时设置的权益中枢通常为15%，市值维度对标中证1000指数，严格 控制个股与行业集中度，坚持"抄底等待修复"，赚估值回归的 ...