马志宇表示，一方面，从数据维度跳出"通用数据池"，补充细分场景信息，除了净利润、ROE在内的公开财报核心指标等传统基本面因子外，灵均投资会主 动拓展更细分的数据来源，例如与券商研究所合作开展"阿尔法捕获"（Alpha Capture），直接引入分析师对行业、公司的点状研究信息，将这些非标准化的 洞察转化为可量化的信号。另一方面，在方法论维度，灵均投资根据行业特性做精细化设计，同时结合机器学习，突破传统因子的局限性。 10月15日下午，由中国证券报主办、国信证券独家冠名的"固本 砺新 行远——2025私募基金高质量发展大会"在深圳举行。在"AI引领变革 量化投资的崛起 与未来"圆桌论坛上，灵均投资首席投资官马志宇表示，面对量化行业的同质化挑战，灵均投资通过长期深耕，在数据端拓展细分信息，在方法端实现"行业 定制+特征化建模"，既避免了和同行在通用因子上的同质化竞争，又能让基本面因子在不同场景下更精准地发挥作用。 灵均投资首席投资官马志宇在圆桌论坛环节发言 ...

Group 1 - The article discusses the recent surge in gold prices and questions whether it is still a good time to invest in gold [1] - It highlights the performance of the resource and technology sectors, which have led the A-share market's positive momentum after the holiday [1] - The article mentions the long-term investment potential of the CSI 2000 index, particularly benefiting from technological upgrades in AI, semiconductor innovation, and high-end manufacturing [2] Group 2 - The article emphasizes the long-term opportunities in the biotechnology sector, driven by demographic trends such as population aging and the engineer dividend [2] - It notes that the valuation attractiveness of the biotechnology sector is gradually becoming evident, presenting a favorable environment for long-term investments [2]

Group 1 - The article discusses the investment strategies and market outlooks from various financial institutions, highlighting the positive sentiment in the A-share market driven by resources and technology sectors [2][3]. - It mentions the potential recovery of the chemical industry after a four-year bottoming period, indicating a shift in market dynamics [3]. - The article emphasizes the long-term investment value of the CSI 2000 index, which benefits from technological upgrades and structural opportunities in AI, semiconductor, and high-end manufacturing sectors [18]. Group 2 - The article notes that the biotechnology sector is expected to benefit from demographic trends such as aging populations and the engineer dividend, presenting long-term investment opportunities as valuation attractiveness increases [19]. - It highlights the importance of financial literacy and education in investment decision-making, as seen in initiatives by various financial institutions [2][3].

看着今天黄金白银的暴涨行情，我突然想起2025年二季度那波让人又爱又恨的"慢牛快调"行情。当时上证指数用了整整90天才涨了700点，而历史上类似 的涨幅往往只需要10天就能完成。这种反常的节奏让无数投资者栽了跟头，包括最初的我。 | < W | 伦敦金现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | 4192.060 "Fa | | | 4141.535 | | 总量 | | 0 | | +50.525 | +1.22% / 品 | | 4141.987 | | 现手 | | 0 | | 最高价 | 4193.690 博 色 | | | 0 | 4 | | 0 | | 最低价 | 4140.065 1 色 | | 0 | | 区 | | 0 | | 分时 | 五日 | EK | 居K | | 月K | 用多 | | | 鹽加 | | | | | 均价:0.000 | | | | -4193.690 | | | | | -1.26% | 4192.360 | | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年8月底，管理规模在20亿以下的私募管理人有7200余家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 久期量和 。 Part.1 公司概况 上海久期量和投资有限公司（以下简称"久期量和"或"公司"）成立于2015年12月，2016年5月6日在中国证券投资基金业协会备案，登记编号为 P1031301，现为基金业协会普通会员，拥有投资顾问资质。 公司专注于量化投资领域，建立了各类以对冲和套利为核心的量化解决方案。公司团队拥有计算机、数学工程、金融等复合型专业背景，成员均来 自国内知名的大型银行、外资银行、证券公司等金融机构，具有深厚的学术背景和丰富的资产管理经验。 Part.2 核心团队 目前，公司总人数26人，投研团队18人，核心团队毕业于北大、清华、人大、港大、中科大、伦敦政治经济学院（LSE）、多伦多大学等 ...

Group 1 - The sudden political shift in Japan, with the Komeito party exiting the ruling coalition with the Liberal Democratic Party (LDP), has created significant market uncertainty, leading to a 2.68% drop in the Nikkei 225 index and a 1.99% decline in the TOPIX index [1][3] - Despite the market panic, certain sectors showed unusual activity in "institutional inventory" data, indicating potential investment opportunities during times of fear [3][6] - The breakdown of the ruling coalition may allow opposition parties to form a large alliance, impacting the political future of LDP President Sanna Takashi [3] Group 2 - The current market environment is characterized by structural and differentiated trends, necessitating careful selection of investment directions [4] - Investors should focus on understanding how institutional investors are positioning themselves, as this can provide insights into potential market movements [4][6] - The "institutional inventory" data reflects the level of institutional participation, with active inventory suggesting strong institutional interest in certain stocks [6][8] Group 3 - The example of "Jinling Sports" illustrates how stock performance can be linked to external events, such as the start of a popular sports league, highlighting the importance of timely information [8] - The political crisis in Japan, while creating uncertainty, also presents opportunities as certain sectors show active capital inflows according to "institutional inventory" data [8] - Quantitative data analysis is emphasized as a valuable tool for investors to discern real capital flows and identify genuine opportunities amidst market volatility [8]

Core Viewpoint - The "Tian Zhi Quantitative Core Selection" fund has experienced significant losses, with a reported decline of 13.39% this year, marking a trend of consecutive annual losses over the past four years, each exceeding double digits [5][27]. Fund Performance - The fund's turnover rate has been exceptionally high, reaching over 1000% since August 2023, indicating frequent trading of its top holdings [14]. - The fund's net asset value has fluctuated significantly, with a reported net asset change rate of 374.38% as of June 30, 2025, despite the overall decline in performance [8]. Fund Management - The fund has undergone management changes, with five different fund managers, each contributing to poor performance rankings [19]. - The previous manager, Xu Jiahan, is noted for making high-risk investments, leading to substantial losses during his tenure [11][23]. Investment Strategy - The fund's investment strategy has been criticized for chasing high-performing stocks, particularly during periods of market volatility, which has exacerbated losses [16][27]. - The current manager, Li Shen, has shifted the fund's focus towards value stocks, particularly in the financial and public utility sectors, but has struggled to capitalize on market rebounds [25][27]. Market Context - The fund's performance is set against a backdrop of broader market trends, with significant fluctuations in growth and value sectors, impacting overall investment strategies [30][34]. - Despite the fund's poor performance, there has been an influx of retail investor interest, leading to an increase in the fund's C share scale from 2 million to 7 million [28].

Core Viewpoint - The private equity industry in China has seen a significant shift, with quantitative funds now surpassing subjective funds in number among the hundred billion-level private equity firms, marking a pivotal change in the investment landscape [2][6]. Group 1: Market Environment Changes - The market has transitioned from a "wild" era characterized by slow information dissemination and significant mispricing to a more civilized and efficient environment [8][15]. - In the past, the market was dominated by retail investors, leading to prolonged deviations of stock prices from their intrinsic values [10][12]. - The current market environment, influenced by technological advancements and macroeconomic changes, presents greater challenges for subjective fund managers, as mispricing opportunities have become shorter and more complex [17][20]. Group 2: Investment Products and Tools - The availability of investment products and tools has evolved from scarcity to abundance, with the introduction of stock index futures in 2010 marking a turning point for quantitative strategies [26][27]. - The diversification of trading products has led to the emergence of various innovative quantitative strategies, providing more profit opportunities [29][31]. Group 3: Technological Advancements - Technological progress has played a crucial role in the rise of quantitative strategies, with the volume of data available for analysis significantly exceeding that of subjective approaches [33][35]. - Quantitative strategies benefit from faster execution and continuous improvements in computational power, enhancing their effectiveness compared to subjective strategies [37][39]. - The distinction between subjective and quantitative investment lies in their methodologies, with subjective investment relying on individual insight and quantitative investment relying on data and algorithms [39].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资本市场风云变幻的当下，资产管理机构如何在波动中行稳致远，成为行业关注的焦点。作为业内首批公募基金子公司，博时资本把"多资产 策略"写进基因，成为资本市场上屹立超十年的老牌公募基金子公司之一。 PART 0 1 以多资产策略为投资框架！博时资本累计管理规模逾2万亿元 博时资本管理有限公司成立于2013年2月，注册资本为8.5亿元。博时资本的母公司为博时基金，博时基金第一大控股股东为招商证券，持股比例 为49%。值得注意的是，招商证券的控股股东为招商局集团，后者是国务院国资委直属的中央企业。 依托博时基金 27年深厚的投研积淀和招商 局集团的战略协同，博时资本累计发行产品超1500只，累计管理规模逾2.24万亿元。 博时资本和母公司博时基金既一脉相承，也形成了自己的差异化发展路线。从风控体系来看，博时资本使用与母公司相同标准的风控系统，风险 指标全面检测，并进行自上而下的合规风控管理。在投资策略体系上，博时资本的投资策略与母公司投资策略体系形成互补，提供差异化产品。 从具体的产品体系上看， 博时资本遵循多策略投资框架 ，目前主要包括固收策略、固收 ...

Group 1 - The core viewpoint of the report indicates that valuation factors performed well last week, with the year-to-date excess return of the CSI 2000 index enhancement strategy reaching 23.32% [1] - The report tracks the performance of public index enhancement funds for major broad-based indices, including the CSI 300, CSI 500, CSI 1000, and CSI 2000, providing weekly updates for investor reference [8][9] - The report highlights the top-performing public index enhancement funds for the year, with specific excess returns noted for each fund across different indices [10][16][21][26] Group 2 - The report details the performance of public enhancement funds for the CSI 300 index, noting that the top five funds have year-to-date returns ranging from 24.89% to 32.31%, with corresponding excess returns [10][12] - For the CSI 500 index, the top five funds achieved year-to-date returns between 36.56% and 41.67%, with excess returns noted for each fund [16][19] - The CSI 1000 index enhancement funds also showed strong performance, with the top five funds reporting year-to-date returns from 42.53% to 44.54% [21][24] - The CSI 2000 index enhancement funds had year-to-date returns ranging from 38% to 46.5%, with significant excess returns for the leading funds [26][31] Group 3 - The report analyzes the performance of various factors used in quantitative stock selection models, emphasizing the importance of valuation, profitability, growth, corporate governance, and volume factors [33] - It discusses the methodology for neutralizing factors, particularly the treatment of market capitalization and industry effects, to better reflect the investment logic and stock selection effectiveness [33][34] - The report provides insights into the performance of single factors, highlighting the best and worst performing factors across different stock pools for the past week and year [35][36]