21世纪经济报道记者 黎雨辰 北京报道 AI技术浪潮奔涌、市场流动性显著改善、中小市值风格暖风劲吹……2025年的量化私募，正重新迎来 净值回升的"赚钱时刻"。 在A股的结构性行情助推下，兼具超额收益潜力与工具属性的指数增强策略，表现尤为亮眼。第三方统 计数据显示，截至7月18日，私募指增策略年内综合收益率已达25.07%，显著跑赢股票多头及市场中性 策略，成为市场瞩目的焦点。 "公司2025年的业绩回升，本质上是在从根源上解决问题的过程中呈现的结果。"近日，在与公司首席投 资官马志宇共同接受21世纪经济报道等媒体采访时，灵均投资董事长蔡枚杰表示。 2024年2月19日，因监控到公司旗下多个产品大量卖出沪深两市股票合计近26亿元，沪深交易所曾对灵 均投资实施暂停交易的自律措施，传递出对量化行业监管趋严的明确信号。而此后一年，深度的自我反 思，推动了这一百亿量化巨头合规治理与投资策略的重构。 当前在投研方面，灵均投资已将风控规则全流程内置化，从策略设计阶段即嵌入量化风控参数，到交易 系统设置涨跌停报单的硬约束，再到全产品线集约化监控，构建起贯穿决策链的合规闭环。在复盘2024 年春节前后的市场极端波动后，灵均也 ...

8月5日晚，景顺长城基金发布董事长变更公告，叶才正式出任公司董事长，任期自8月4日起。这一人事变动标志着这家管理规模超6000 亿元的合资公募进入新发展阶段。 现任华能资本董事长的叶才，是景顺长城基金第七位来自华能系的董事长——自2003年成立以来，公司历任董事长徐英、赵如冰、丁 益、李进等均有华能背景，形成"中方主导治理、外方专注投资"的稳定架构。此次叶才接任后，总经理康乐不再代行董事长职务，标志 着公司治理回归"董事长管战略、总经理抓运营"的常态模式。 景顺长城官网显示，公司成立于2003年6月12日，是国内首家中美合资的基金管理公司，由景顺与长城证券联合开滦集团和实德集团共 同发起设立，其中景顺和长城证券各持有49%的公司股份。长城证券的控股股东为华能集团旗下的华能资本服务有限公司。 截至2025年二季度末，景顺长城基金公募管理规模达6460亿元，在全市场162家公募持牌机构中排在第20位。非货基金规模4718亿元， 环比一季度增加323亿元，规模排名第12位。这一增长主要由固收业务驱动，债券型基金单季规模激增412亿元。 与固收业务的强劲形成鲜明对比的是权益板块的持续低迷。主动权益管理规模较2021年 ...

Core Insights - The A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][3] - A total of 1,298 private equity securities products were registered in July, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year growth of 61.39% [1] Strategy Breakdown - Equity strategies dominate the registration landscape, with 887 equity strategy products registered in July, accounting for 68.34% of total registrations and a month-on-month increase of 24.58% [1] - Multi-asset strategies have become the second-largest category, with 162 products registered in July, representing 12.48% of total registrations and a month-on-month increase of 5.88% [1] - Futures and derivatives strategies have also gained traction, with 125 products registered in July, making up 9.63% of total registrations and a stable month-on-month growth of 1.63% [1] Quantitative Products - The registration of quantitative products surged nearly 20% month-on-month, with 620 products registered in July, accounting for 47.77% of total registrations [2] - Year-to-date, the number of registered quantitative products has reached 3,081, representing a year-on-year increase of 77.68% [2] - Among quantitative products, equity strategies are the most prominent, with 478 equity strategy quantitative products registered in July, making up 77.1% of total quantitative registrations and a month-on-month increase of 26.79% [2] Market Drivers - The surge in private equity securities product registrations is driven by multiple factors, including a bullish A-share market and strong performance of quantitative strategy products [3] - The Shanghai Composite Index has successfully surpassed the 3,600-point mark, boosting investor enthusiasm and confidence [3] - Continuous optimization in the supply side of the private equity industry, with the emergence of leading institutions and quality products, has enhanced overall competitiveness and investor recognition [3]

Core Insights - The A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][6] - A total of 1,298 private equity securities products were registered in July, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Strategy Breakdown - Stock strategies dominate the registration landscape, with 887 products registered in July, accounting for 68.34% of total registrations and a month-on-month growth of 24.58% [1][3] - Multi-asset strategies have become the second-largest category, with 162 products registered in July, representing 12.48% of total registrations and a month-on-month increase of 5.88% [1][3] - Futures and derivatives strategies have also gained traction, with 125 products registered in July, making up 9.63% of total registrations and a stable month-on-month growth of 1.63% [1][3] Quantitative Products - Quantitative private equity products saw a substantial increase, with 620 products registered in July, accounting for 47.77% of total registrations and a month-on-month growth of 19% [3][5] - Stock strategies are the primary focus within quantitative products, with 478 stock strategy products registered in July, representing 77.1% of total quantitative registrations and a month-on-month increase of 26.79% [4][5] - Among stock quantitative products, index-enhanced products are predominant, with 321 registered in July, accounting for 67.15% of stock quantitative products and a remarkable month-on-month growth of 52.13% [4][5] Market Dynamics - The positive performance of the A-share market, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor enthusiasm and confidence [6] - The private equity sector is experiencing an influx of funds, driven by the superior performance of quantitative strategy products, which are attracting strong asset allocation demand [6] - Continuous optimization in the supply side of the private equity industry, with the emergence of leading institutions and quality products, is enhancing overall competitiveness and improving market perception [6]

Core Viewpoint - The A-share equity market has shown strong performance, with the Shanghai Composite Index approaching last October's high, but faced adjustments after reaching the 3600-point level. The U.S. equity market also encountered resistance at high levels, leading to a slowdown in growth due to lower-than-expected non-farm employment data [3][4]. A-share Market Analysis - The Shanghai Composite Index has maintained an upward trend, breaking through key levels of 3400 and 3500, and recently reaching around 3600 before facing adjustments. The market sentiment has been positively influenced by multiple factors, including policy support and sector rotation, contributing to a short-term upward trend [4][5]. - The technology growth sector, which performed relatively weakly in May and June, has gained more market attention recently, indicating a shift in capital towards these lower-priced sectors [4]. Fund Strategy Performance - The Evergreen Low Volatility Strategy and Stock Enhancement Strategy recorded returns of -1.951% and -0.858% respectively this week, while overseas equity strategies also saw a decline of -1.307% [5][6]. - The Evergreen Low Volatility Fund has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns. It has performed well during market fluctuations, demonstrating its defensive characteristics [10]. - The Stock Enhancement Fund has faced challenges in the current market environment, with its performance closely mirroring the benchmark. However, it is expected to gain traction as market conditions improve [11]. Overseas Market Insights - Recent developments in the overseas market, including reduced tariff risks and positive economic data, have led to a rebound in U.S. stocks. However, there are concerns about over-optimism and potential short-term pullbacks [5][6]. - The overseas equity allocation strategy has also faced declines, with a recorded return of -1.307%. Despite this, the long-term outlook remains positive due to the absence of significant recession risks in the U.S. economy and strong technological growth trends [6][7]. Fund Strategy Construction - The company has developed a quantitative method to construct a fund selection pool that meets the needs of investors with different risk preferences in various market environments. This includes low-volatility fund combinations for defensive strategies and cash management tools for optimizing short-term idle funds [20][24]. - The overseas equity allocation strategy focuses on selecting QDII funds based on long-term momentum and short-term reversal factors, aiming to provide investors with a diversified global investment approach [25].

Core Viewpoint - The Shanghai Composite Index has surpassed the key level of 3600 points for the first time this year, indicating a rise in equity asset investment enthusiasm, but the continuous increase raises concerns about potential overvaluation [1] Group 1: "Fixed Income +" Strategy - "Fixed Income +" consists of two parts: a solid foundation of fixed income assets and an additional allocation to equities and convertible bonds to seek higher returns [3] - The strategy can be categorized into three types based on equity allocation: - Low-volatility "Fixed Income +": Equity allocation under 10%, focusing on controlling drawdowns and volatility [4] - Medium-volatility "Fixed Income +": Equity allocation between 5%-20%, balancing risk and return [5] - High-volatility "Fixed Income +": Equity allocation between 20%-30%, aiming for higher returns with increased volatility [5] - For low-risk investors or those inexperienced in equity investments, starting with "Fixed Income +" may align better with their risk tolerance, offering a stable return from fixed income and potential upside from equity exposure [5] Group 2: Selection of "Fixed Income +" Products - Investors should consider their risk preferences alongside the product positioning, historical performance, investment strategies, and volatility characteristics when selecting "Fixed Income +" products [7] - Example: Yinhua Fund has established a series of "Fixed Income +" products with varying strategies to meet diverse investor needs, such as: - Yinhua Enhanced Income Bond: - Equity allocation: 17.09% in stocks and 23.33% in convertible bonds - Performance: 9.46% growth over the past year, with a cumulative return of 131.64% since inception, ranking in the top 12% of its category [7] - Yinhua Vision Bond: - Equity allocation: 15.28% in stocks and 11.70% in convertible bonds - Performance: 7.50% growth over the past year, ranking in the top quarter of its category [7] Group 3: Investment Focus and Strategies - The investment strategy emphasizes a scientific multi-strategy management framework to achieve a favorable risk-return ratio, focusing on growth-oriented stocks and balanced convertible bonds [10] - The fund manager indicates a positive outlook for equity assets in the third quarter, focusing on sectors with improving fundamentals, stable dividend expectations, and industries with potential future profitability trends [11][12]

Group 1 - The private equity product registration enthusiasm is high against the backdrop of a recovering A-share market, with 1,298 private securities products registered in July, marking an 18.00% month-on-month increase and the highest in nearly 27 months [1] - Stock strategy private securities products dominate the registration, with 887 products registered in July, accounting for 68.34% of the total registered products for the month, reflecting a 24.58% increase from June [1] - Multi-asset strategy private securities products are gaining popularity among investors, with 162 products registered in July, representing 12.48% of the total, and a 5.88% month-on-month increase [1] Group 2 - Quantitative private equity products saw 620 registrations in July, making up 47.77% of the total registered products for the month, with a 19.00% increase from June [2] - Stock strategy remains the mainstay of quantitative product registrations, with 478 stock strategy quantitative products registered in July, accounting for 77.10% of the total quantitative products, and a 26.79% month-on-month increase [2] - The strong performance of private securities products, particularly quantitative strategy products, is attracting significant capital inflow, driven by the A-share market's positive momentum and the continuous optimization of the supply side in the private equity industry [3]

Core Insights - The China Securities 2000 Enhanced ETF (159552) has achieved a remarkable performance with over 40% increase year-to-date, leading the broad-based ETF rankings [1] - The ETF experienced a significant net inflow of 66 million, pushing its total scale to exceed 500 million, marking a 31-fold increase in scale this year [1] - The current market is witnessing a "small-cap dominance" trend, supported by policy incentives for specialized and innovative enterprises, and a favorable environment for quantitative strategies [1] Market Dynamics - The China Securities 2000 Index constituents exhibit high elasticity and growth potential, making them advantageous in structural market conditions [1] - The shift in market style towards small and mid-cap stocks suggests that small-cap index products are likely to continue performing well [1] - Despite the positive outlook, there is a cautionary note regarding potential high volatility risks at elevated valuation levels, recommending a phased investment approach during dips [1]

Core Viewpoint - Event-driven research is a significant quantitative strategy that focuses on analyzing and utilizing specific events' impacts on asset prices, particularly stock prices, to identify investment opportunities and risks [2][10]. Group 1: Pricing Efficiency in A-Share Market - The A-share market shows high pricing efficiency for events like high growth performance and earnings pre-announcement, with an average excess return of about 1% on the announcement day. However, the continuation of excess returns post-announcement is weak unless earnings exceed market expectations by 20%, leading to an average cumulative excess return of 1.8% over the next 10 trading days for such cases [2][26]. Group 2: Stock Buybacks and Dividends - High dividend announcements lead to significant excess returns, averaging 2.1% over the following 20 days, with a win rate of 58.9%. In contrast, stock buyback events show varied responses based on the purpose of the buyback, with certain types yielding long-term excess returns of up to 6.5% over 60 trading days, especially for stocks with lower research coverage [3][4]. Group 3: Signals from Re-financing - Different forms of re-financing, such as private placements and convertible bonds, generally have a negative impact on stock prices post-announcement. However, private placements that do not include institutional investors can yield some excess returns, albeit with lower win rates [4][6]. Group 4: Impact of Equity Incentives - Announcements of equity incentives and employee stock ownership plans generally have a positive impact on stock prices, with significant excess returns observed over 20 and 60 trading days. The effectiveness of these events is influenced by the scope and intensity of the incentives [4][5]. Group 5: Changes in Sell-Side Views - Significant changes in sell-side views, particularly when accompanied by upward revisions in earnings forecasts and titles indicating "better than expected," are noteworthy. These events yield average cumulative excess returns of 3.8% over 5 days and 6.6% over 60 days [5][6]. Group 6: Institutional Research Behavior - Attention should be given to institutional research events occurring a year after previous coverage, as these often indicate potential undervalued opportunities. The average cumulative excess returns for such events can reach 6.1% over 120 days [6][7]. Group 7: Major Shareholder Actions - Major shareholder buyback announcements are particularly noteworthy when preceding stock performance has been poor. In cases where the prior 20-day excess return is negative, subsequent buyback announcements can lead to average excess returns of 6.5% over 120 days [6][7]. Group 8: Index Adjustments and Passive Fund Flows - Stocks included in indices experience significant positive impacts from passive fund flows, with average cumulative excess returns of 5-6% around the announcement date. Predicting index adjustments can help investors capture these excess returns [6][8]. Group 9: Opportunities in Large-Cap Stocks - For large-cap stocks (over 50 billion), key events to monitor include earnings announcements exceeding consensus expectations by 20%, which can yield average excess returns of 3.9% over 60 days [7][8]. Group 10: Negative Signals to Watch - Certain events, such as large-scale financing, lock-up expirations, and significant shareholder sell-offs, indicate heightened downside risks. These events often lead to negative excess returns over extended periods [8][9].

Group 1 - The core viewpoint of the articles highlights that quantitative strategies and leading institutions have become the "core variables" reshaping the private equity industry landscape, with quantitative products accounting for nearly half of the new registrations in the first seven months of the year [1][3][4] - As of July 31, 2023, a total of 6,759 private equity securities products were registered, with 3,081 being quantitative products, representing 45.6% of the total [3][4][5] - The average number of registered products per billion-dollar private equity firm is significantly higher than that of smaller firms, with billion-dollar firms averaging 23.21 products compared to just 1.76 for firms with assets under 5 million [5][6] Group 2 - Among the billion-dollar firms, 38 quantitative private equity firms contributed over 80% of the total registration numbers, surpassing both subjective and combined strategies [2][7] - The registration numbers indicate that quantitative private equity firms, despite being fewer in number, have outperformed subjective firms in terms of product registrations, with an average of 8.06 products per quantitative firm compared to 2.12 for subjective firms [6][7] - Leading firms such as Kuande and Heiyi Asset have registered over 100 products each, showcasing the dominance of quantitative strategies in the billion-dollar private equity sector [2][7]