量化投资

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A股火爆 开户升温!券商转挖“睡眠账户” ETF躺赢
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-21 09:28
21世纪经济报道 记者 崔文静 北京报道 8月21日,上证指数报收3771.1点,涨0.13%。近期,A股市场迎来一轮显著上涨行情。上证指数连续突 破多个整数关口,市场交投活跃度明显回升。 相较于"9·24"行情,此轮股市涨势如何?证券机构又在进行哪些调整?新趋势下,投资者又当如何把握 投资新机遇? 21世纪经济报道记者采访十余家券商后发现,此轮行情背后,展现出三大鲜明特点:其一,投资者开户 数量虽环比上升,但总量远未及去年"9·24"时期的水平;其二,面对市场变化,头部券商纷纷调整业务 策略,从过去一味追求新户数量,转向重点激活存量睡眠客户,并大力拓展中高净值人群,提供定制化 服务;其三,越来越多个人投资者更倾向于借助ETF、指数产品等工具参与市场,以规避选股难题、捕 捉板块机会。 开户环比大增,未及"9·24"火爆 3500点、3600点、3700点……近期,上证指数接连突破三个整数关口,A股持续上攻。这让一些市场人 士将当前股市表现与去年的"9·24行情"相比较。作为衡量股市活跃度的重要指标,股票开户数成为关键 对比要素。 21世纪经济报道记者采访了包括头部券商与中小券商在内的十余家券商了解到,目前的确 ...
仅29位基金经理近五年“穿越牛熊”!日斗、幻方两位基金经理上榜!冠亚军均来自主观私募
私募排排网· 2025-08-21 08:07
Core Viewpoint - The A-share market has experienced significant fluctuations over the past five years, with a notable decline in risk appetite due to multiple factors such as the Russia-Ukraine conflict, global interest rate hikes, and recurring pandemic issues. However, a recent policy initiative on September 24 has led to a surge in market liquidity and a series of active themes, resulting in major stock indices reaching new highs recently [2]. Group 1: Private Fund Performance - Among private fund managers, only a small portion have successfully navigated the market fluctuations over the past five years, with 121 managers achieving top rankings across 1, 3, and 5-year periods, yielding average returns of 38.65%, 42.11%, and 70.27% respectively [2][3]. - In the top-tier private fund category (over 5 billion), mid-tier (10-50 billion), and small-tier (0-10 billion), 29 managers ranked in the top 50% across all periods, accounting for 23.97% of the total [2][3]. Group 2: Top Managers in Tiered Private Funds - In the top-tier private funds, 8 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, representing 20.51% of the group [4][5]. - All 8 top-tier managers belong to firms with over 10 billion in assets, with subjective private fund managers dominating the top three positions [5][8]. Group 3: Mid-Tier Private Fund Managers - In mid-tier private funds, 7 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, making up 29.17% of this category [9][12]. - The majority of these managers are from firms with 20-50 billion in assets, with subjective private fund managers being the most prevalent [9][12]. Group 4: Small-Tier Private Fund Managers - In small-tier private funds, 14 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, accounting for 24.14% of this group [13][15]. - Most of these managers are from firms with 0-5 billion in assets, with subjective private fund managers dominating the rankings [13][15].
老美降息节外生枝,A股山顶近了?
Sou Hu Cai Jing· 2025-08-21 07:55
引子 当美联储7月会议纪要罕见地暴露出决策层内部分歧时,我正坐在上海陆家嘴的办公室里,盯着屏幕上跳动的数据。这份纪要不 仅揭示了美国经济面临的困境,更让我想起了十年前刚开始接触量化投资时的顿悟:市场的本质从来不是表面的涨跌,而是背后 资金行为的博弈。 三、牛市中的虚涨实跌 即便是牛市行情,个股表现也常常让人摸不着头脑。前段时间市场加速上涨时,我就注意到一个有趣的现象:有些个股看似强势 突破后却快速回落,而另一些个股在调整后却能持续创新高。 一、政策分歧下的市场启示 美联储7月会议纪要显示,决策层内部出现了1993年以来最严重的分歧。副主席鲍曼与理事沃勒坚持主张立即降息25个基点,而 其他成员则担心通胀反弹。这种分歧让我想起了当前A股市场的状况:指数不断创新高,但个股表现却严重分化。 美联储面临通胀与就业的两难抉择,所以在降息问题上举棋不定,而这一定会对A股产生影响,我们都很清楚,这段时间A股其 实就是抢先交易美联储降息预期,如果最后真的不降息,肯定很多人会失望,但实从历史来看,别看现在美联储各种烦恼,实际 最后一定会降息,因为去年鲍师傅在霍尔会议之前,也是各种扭捏,但是最后还是降息了,美联储现在没有理由不降息 ...
【私募调研记录】幻方量化调研山金国际
Zheng Quan Zhi Xing· 2025-08-21 00:13
Core Insights - The article discusses the recent research conducted by the well-known private equity firm, Huanfang Quantitative, on a listed company, Shanjin International, focusing on its gold production and strategic plans for the future [1] Company Overview - Shanjin International reported a decrease in gold production in the first half of 2023 compared to the same period last year, but the company is implementing various measures to recover production in the second half [1] - The trading company experienced losses in the first half of the year primarily due to the net profit from the consolidation of overseas company entities [1] - The Heihe Luoke Dong'an gold mine is noted for its high-grade gold, with geological exploration concentrated on newly acquired exploration rights [1] - The company has acquired two exploration rights in Yunnan, which will be integrated with Huasheng Gold Mine for unified development [1] - The mining rights for the Qinghai Dachaidan fine crystal ditch are currently being processed [1] Strategic Planning - Shanjin International released a strategic plan for 2023, aiming to achieve its goals through existing mine management and the exploration of mineral resource projects [1] - The cost of gold sales is expected to increase slightly in the first half of 2025, but the overall increase is not significant [1] - The Osino project is anticipated to commence production in the first half of 2027, with an average annual gold output of 5 tons [1] - Future growth in gold production over the next 2-3 years is expected to primarily come from the Osino project and external acquisition projects [1] - The company's dividend policy remains stable, with the contribution rate of gold-producing mines to the company's net profit reaching 95.87% for the fiscal year 2024 [1]
摩根红利优选基金投资价值分析:红利资产仍具配置价值
Shenwan Hongyuan Securities· 2025-08-20 13:44
Group 1: Report's Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The CSI Dividend Index has long - term investment value, with a better Sharpe ratio and smaller maximum drawdown compared to other broad - based indices, and it shows both defensive and offensive characteristics [1] - Dividend assets still have medium - to - long - term allocation value due to policy promotion of corporate dividends and the low - valuation and high - dividend features of the CSI Dividend Index [22][29] - Morgan Dividend Select Fund has investment value, achieving excess returns since its establishment, and its sector selection can contribute to excess returns [1][38] Group 3: Summary by Directory 1. CSI Dividend Index: Focus on High Dividend Yield, with Dual Advantages of Return and Safety Cushion - **Index Composition and Features**: Composed of 100 stocks with high cash dividend yields, stable dividends, and good scale and liquidity in the Shanghai and Shenzhen stock markets, it is an important representative index of the dividend strategy. The index uses dividend - yield weighting, with a relatively dispersed portfolio. As of July 31, 2025, the combined weight of the top ten stocks was 16.43% [6][7][9] - **Industry and Market - Value Distribution**: The industry distribution shows "high - dividend + traditional cycle" characteristics, with the top three weighted industries being banking, coal, and transportation. The market - value distribution of the 100 constituent stocks is wide, including large - cap leading companies and small - and medium - cap companies, presenting a combination feature of "stable returns from core leaders + elastic supplementation from small - and medium - cap stocks" [11] - **Long - and Medium - Term Performance**: In the nearly 15 - year back - testing period from January 1, 2011, to August 15, 2025, the annualized return of the CSI Dividend Total Return Index was 8.34%, the Sharpe ratio was 0.41, and the maximum drawdown was - 45.66%. It outperformed other indices in terms of Sharpe ratio and maximum drawdown. It has defensive properties in falling markets and can also keep up with the market in some rising years [14][15] 2. Dividend Assets Still Have Medium - to - Long - Term Allocation Value at the Current Time - **Policy - Driven Corporate Dividends**: Since the end of 2022, regulatory authorities have continuously strengthened policies related to listed - company cash dividends. The dividend - policy system has entered a stage of rigid implementation, increasing the attractiveness of high - dividend assets and creating a medium - to - long - term allocation window for high - dividend strategies [22][23] - **Low Valuation and High Dividend**: The current price - to - book ratio (PB_LF) of the CSI Dividend Index is still below the historical average, and the price - to - earnings ratio (PE_TTM) has rebounded to near the long - term average, showing a pattern of "low PB + stabilizing and rising PE". The current dividend yield remains high, with an average of 4.67% over the past ten years, which is significantly higher than the overall level of the A - share market [29][33] 3. Analysis of the Investment Value of Morgan Dividend Select - **Fund Overview**: It is an active quantitative product under Morgan Fund, established on July 30, 2024, with a performance benchmark of 90% of the CSI Dividend Index return + 10% of the after - tax bank current deposit interest rate. The fund aims to achieve excess returns through a quantitative stock - selection model [35][38] - **Performance**: As of August 8, 2025, the cumulative return of Morgan Dividend Select A since its establishment was 17.37%, and the excess return compared to the performance benchmark was 7.47%. The maximum drawdown was comparable to the benchmark. Through sector selection, it can contribute to excess returns [38][40][41] 4. Information on the Fund Manager and Fund Managers - **Fund Manager**: Morgan Asset Management is affiliated with JPMorgan Chase & Co. It offers a diverse and complete fund product line. Its China Index and Quantitative Business provides diversified solutions for both Beta and Alpha investments [45] - **Investment Team**: The China Index and Quantitative Investment Team at Morgan Asset Management has an average of nearly 10 years of work experience. They are currently managing 6 active quantitative products, with a total scale of 1.869 billion yuan [50]
私募积极出手!创新高!
中国基金报· 2025-08-20 10:34
Core Insights - In July, the number of newly registered private equity funds and product filings reached a record high for the year, indicating a strong growth trend in the private equity sector [2][4]. Group 1: Registration and Filings - In July, 22 new private equity fund managers were registered, marking the highest monthly figure for the year. This includes 6 private securities investment funds and 16 private equity and venture capital funds [2]. - The total number of registered private fund managers reached 19,700 by the end of July, with 11,785 in private equity and venture capital, 7,722 in private securities investment, and 187 in other private investment funds [2]. - A total of 1,698 new products were filed in July, also a record for the year, with a total filing scale of 107.43 billion yuan [4]. Group 2: Product Types and Strategies - The majority of the newly filed products in July were stock strategy products, totaling 887, which accounted for 68.34% of the total filings [5]. - Quantitative funds gained significant attention, with 620 quantitative private securities products filed in July, representing 47.76% of the total filings [5]. - Among the quantitative stock strategy products, 321 were filed under the quantitative long strategy, making up 67.15% of that category [5]. Group 3: Fund Scale and Growth - The total number of existing private funds reached 139,430 by the end of July, with a total scale of 20.68 trillion yuan, showing continuous growth for seven consecutive months [5]. - Among the 676 private securities managers with filed products, the distribution by scale was as follows: 357 managers with 0-500 million yuan, 86 with 500 million-1 billion yuan, and 48 with over 10 billion yuan [6].
世纪前沿:业绩新高致敬10周年!三大优势构筑竞争力!前瞻布局中低频量化赛道!| 量化私募风云录
私募排排网· 2025-08-20 03:34
Core Viewpoint - The article emphasizes the rapid rise of quantitative investment in the capital market, highlighting its advantages in data processing, risk control, and the increasing number of private equity firms adopting quantitative strategies [2][5]. Group 1: Industry Overview - The volatility in capital markets and the complexity of information have made traditional subjective investment more challenging, leading to a surge in quantitative investment, which utilizes mathematical models and algorithms to uncover non-linear patterns and excess returns [2]. - By July 2025, the number of billion-yuan quantitative private equity firms surpassed that of subjective private equity firms for the first time, indicating a significant shift in investment strategies [2]. Group 2: Company Profile - Century Frontier, established in August 2015, has rapidly developed, surpassing 10 billion yuan in management scale by 2021, and currently employs various investment strategies including index enhancement and quantitative stock selection [5][6]. - The company has received multiple industry awards, including the "Golden Bull Award" and "Yinghua Award" in 2024, reflecting its strong performance in the private equity sector [6]. Group 3: Performance Metrics - As of July 2025, there are 44 billion-yuan quantitative private equity firms, with 23 firms having nearly three years of performance data. Century Frontier ranks 8th among these firms, with an average return of nearly ***% over the past three years [8]. - Century Frontier has 12 products with performance data that meet ranking criteria, with 11 products reaching historical highs in July 2025 [8]. Group 4: Investment Strategies - The company employs a diverse range of strategies, including index enhancement and market-neutral strategies, which have shown superior performance in both excess and absolute returns due to an active market environment [15]. - The small-cap index enhancement strategy benefits from a larger number of constituent stocks, allowing for better application of various alpha factors and reducing exposure risks [16]. Group 5: Competitive Advantages - Century Frontier's competitive edge lies in its stable research and development team, which comprises over 70% investment research and risk control personnel, many of whom have over 10 years of quantitative experience [12][20]. - The company emphasizes a collaborative working model that fosters open communication and trust among team members, contributing to high research efficiency and team stability [14]. Group 6: Future Trends - The quantitative investment industry is expected to expand from high-frequency to medium-low frequency strategies, with a focus on enhancing the strength, diversity, and stability of signals [25][26]. - Century Frontier has been investing in AI and machine learning capabilities to improve its quantitative strategies and is also exploring international expansion to enhance its investment management capabilities [26].
券商营业部又热闹起来:“月增开户近400%”,持有10年的股票“解套”了
Zhong Guo Ji Jin Bao· 2025-08-20 01:03
中国基金报消息,在沪指突破3700点之际,股市"火"起来了。 中国基金报记者走访了沪上多家券商营业部了解到,近期咨询开户、增加入金量、开通两融、科创板或 北交所权限的客户明显增多,有营业部的新开户量一个月增长近400%。 记者在采访中还了解到,有一股民时隔多年主动跑来营业部,调整佣金比例,近期在市场上涨中,她持 有十年的股票回本了。此外,ETF受到新老股民的青睐,有营业部客户经理表示:"有同学昨天问我可 以买些什么ETF,很多跟他一样的客户觉得股票不好选,买行业ETF比较好。" 近期市场咨询量与开户量虽有所回升,但多位券商一线从业人员反馈,当前市场热度与去年"9•24"行情 时期存在明显差距。从实际数据看,当前证券账户、两融开户量增幅远不及去年同期。尽管已有散户资 金从银行向股市转移的迹象,但存量资金仍占主导,业内提醒需引导投资者理性参与,防范市场震荡风 险。 新开户量一个月增长了近400% 近期,A股市场行情持续向好,投资者入市热情显著升温,券商营业部迎来业务高峰。记者来到兴业证 券上海金陵东路营业部走访时发现,即便在午休时段,业务办理柜台前仍有不少客户,工作人员忙 得"扒了几口饭"就继续投入工作。"来开户 ...
券商营业部又热闹起来:月增开户400%,十年老股民来调佣
Zhong Guo Ji Jin Bao· 2025-08-20 00:21
Group 1 - The A-share market has seen a significant increase in investor enthusiasm, with new account openings rising nearly 400% in July compared to June [2][3] - There is a notable increase in both new and existing investors engaging with various services, including margin trading and derivatives [3][4] - Younger investors, including those from the "post-2000" generation, are increasingly participating in the market, contrary to previous assumptions about their disinterest in stock trading [3] Group 2 - Many investors are turning to ETFs as a preferred investment vehicle due to the challenges of selecting individual stocks, with a growing interest in sector-specific ETFs [6] - Despite the increase in inquiries and account openings, the current market enthusiasm is still significantly lower than the peak observed during the "9.24" market rally last year [7][8] - The current market environment is characterized by a structural divergence in stock performance, leading to a more cautious approach among investors compared to the previous year [8]
券商营业部又热闹起来:“月增开户400%”,咨询量迎来高峰
Zhong Guo Ji Jin Bao· 2025-08-19 14:42
Market Overview - The A-share market is experiencing a positive trend, with increased investor enthusiasm leading to a surge in new account openings and business activity at brokerage firms [3][5][12] - New account openings have increased by nearly 400% in July compared to June, indicating a significant rise in market participation [2][5] Investor Behavior - Both new and existing investors are becoming more active, with many older investors returning to adjust their commission rates and increase their investment amounts [7][8] - Younger investors, including those from the "00s" generation, are also entering the market, challenging previous assumptions about their interest in stock trading [5] ETF Popularity - ETFs are gaining popularity among both new and seasoned investors, as many find it easier to invest in sector-specific ETFs rather than selecting individual stocks [10][11] - The convenience and diversification offered by ETFs are appealing to investors looking to capitalize on market trends [11] Market Sentiment - Despite the increase in inquiries and account openings, the current market enthusiasm is still significantly lower than during the "9•24" market rally last year, with many investors remaining cautious [12][13][15] - The current market is characterized by structural differentiation, making it more challenging for investors to achieve profits compared to the previous broad market rally [16] Brokerage Insights - Brokerage staff report a noticeable increase in consultation and account opening activity, but the overall volume remains below the levels seen during the "9•24" period [15][16] - There is a growing trend of retail investors transferring funds from banks to the stock market, although the majority of capital still comes from existing funds [15]