今天本来不发文的， 但看到一个视频，感觉如鲠在喉，不吐不快 。 事实上，今年以来，A股几乎所有的宽基都上涨，80%以上的个股上涨，个股涨幅中位数在20%以上，836只成立1年以上的偏股ETF中，只有不 到30只是亏损的，而主动权益基金更是跑出了明显的超额。 所以，这80%的亏损用户，是哪里找出来的？ 咱们退一万步，确实散户就是菜，就是爱亏钱，那么，我们都知道，大学教授，是需要指导论文的，论文最核心的，就是要标注准确的引用来 源，那么，上述的数据，到底是哪里披露的？ 请见下图，来自中国XX大学刘XX教授的视频号，是其昨日发布的。 在视频中，其提到，需要规范量化的发展，限制系统等优势，这些都没问题，但紧接着，他放了一个数据出来，说： " 在大股东和量化机构的双重夹击下，即便今年行情向好，但散户亏损却占比高达约 80% ，人均亏损 2 万元左右 ，面对如此残酷的盈亏比，虽 然银行还有 164 万亿储蓄，但它们敢进来吗？而存款不搬家，大盘有如何站稳 4000 点呢？ " 我昨天转了一个截图，是另外一个视频号转载该视频的，现在这个转载的视频号管理员可能看到我的微博，已经自行删掉了，为了防止刘教授的团队把视 频删掉，咱们 ...

2025年A股市场结构性行情凸显，股票量化多头策略凭借其系统性优势持续斩获超额收益。 私募排排网最新数据显示，截至2025年11月底，全市场833只股票量化多头产品平均超额收益达 17.25%，其中762只产品实现正超额收益，正超额占比高达91.48%，展现出较强的策略有效性与盈利稳 定性。 规模维度上，头部私募与中等规模私募展现出明显的超额收益优势。数据显示，20亿至50亿元规模 私募旗下股票量化多头产品表现最为亮眼，以20.12%的平均超额收益位居各规模梯队首位。同时，93% 的产品实现正超额，表明多数产品表现较好。 对于这种规模分化的现象，排排网集团旗下融智投资FOF基金经理李春瑜解释称，中大规模私募在 数据储备、算力支撑、投研团队配置上的优势，使其能够更好地应对市场风格切换，在因子挖掘与策略 优化上更具竞争力，这也是其超额收益领先的核心原因。 百亿元以上规模头部私募紧随其后，平均超额收益达19.98%，尽管收益略低于20亿至50亿元规模 梯队，但正超额占比高达98.13%，几乎全部实现正超额，彰显出头部私募机构在投研实力、策略迭代 与风险控制上的综合优势。此外，50亿至100亿元规模头部私募同样表现较 ...

今年以来，A股市场结构性行情明显，私募股票量化多头策略凭借系统化优势持续获得超额收益。私募 排排网数据显示，截至11月底，全市场833只股票量化多头产品年内平均超额收益率超17%，其中762只 产品实现超额收益，占比高达91.48%，体现出该策略整体有效且收益稳定。 融智投资FOF（基金中的基金）基金经理李春瑜向《证券日报》记者表示，今年以来，A股市场呈现震 荡上行态势，AI算力等科技板块与周期板块轮动频繁。市场日均成交额持续保持高位，为量化交易提 供了良好的流动性环境。在此背景下，量化多头策略通过快速交易能够及时把握板块轮动节奏，动态调 仓能力得到充分发挥。此外，人工智能的深入应用可以帮助策略高效处理海量信息，多因子模型在分散 风险的同时也增强了收益潜力，从而更好地匹配了年内的市场风格。 从管理规模来看，大中型私募机构旗下股票量化多头产品展现出更强的超额收益能力。数据显示，截至 11月底，管理规模在20亿元至50亿元区间的私募机构旗下产品表现最为突出，年内平均超额收益率达 20.12%，在各管理规模梯队中位居第一，且93%的产品实现超额收益；百亿元级私募机构紧随其后，旗 下产品年内平均超额收益率为19.98 ...

新华财经上海12月17日电（记者魏雨田）2025年A股市场结构性行情特征愈发凸显，股票量化多头策略 凭借其独特的系统性优势，在震荡分化的市场中持续斩获超额收益。私募排排网最新数据显示，截至 2025年11月底，全市场833只股票量化多头私募基金产品平均超额收益达17.25%，其中762只产品实现 正超额收益，正超额占比为91.48%，展现出极强的策略有效性。 "2025年A股市场呈现震荡上行的结构性行情，AI算力等科技板块与周期板块之间轮动频繁。与此同 时，市场日均成交额持续处于高位，为量化交易创造了充裕的流动性环境。"排排网集团旗下融智投资 FOF基金经理李春瑜表示。 具体到各子策略表现，分化与亮点并存。作为市场主流子策略的量化选股（空指增）策略，331只产品 实现19.14%的平均超额收益，但其正超额占比为85.8%，反映出该策略内部产品业绩分化较为明显。 宽基指增策略则呈现出清晰的"中小盘占优"特征，中小盘宽基指增表现显著优于大盘宽基。其中，中证 1000指增策略表现最为亮眼，平均超额收益达17.53%，正超额占比更高达96.41%，显著领先于中证500 指增与沪深300指增策略；中证500指增策略紧随 ...

Market Overview - The Hong Kong stock investment app market has formed a clear three-tier structure, evolving from simple market viewing tools to decision-making hubs that integrate global monitoring, intelligent analysis, and strategy execution [2][19] - In 2025, the comprehensive score of the Sina Finance APP is 9.56, ranking first in the industry, while Tonghuashun and Dongfang Caifu are tied for second with a score of 9.16 [2][19] - Investors now demand a response speed for market data of less than 0.2 seconds, pushing platforms to innovate their technical architecture [2][19] Competitive Advantages - The Sina Finance APP stands out in the competitive Hong Kong software market due to its "global monitoring × intelligent tools × social validation" three-dimensional architecture [3][20] - This architecture connects individual investors with institutional-level information, covering real-time market data from over 40 global financial markets, including A-shares, Hong Kong stocks, U.S. stocks, futures, foreign exchange, and precious metals [4][21] - The APP's Level-2 high-speed market system reduces traditional 3-second delays to microsecond levels, enhancing data timeliness [6][23] Intelligent Tool Innovations - Intelligent tools have become the core competitive advantage of various apps, with the "Xina AI Assistant" capable of condensing 5,000-word annual reports into 300-word summaries, highlighting risk and opportunity points [8][25] - The AI can generate automatic strategies based on market conditions, such as creating a "technology sector + high dividend" hedging plan after the Federal Reserve's interest rate decision [8][25][26] Comparison of Mainstream Software - Other popular Hong Kong trading software includes Futu NiuNiu, Tonghuashun, Xueying Securities, and Huasheng Securities, each catering to different investor needs [10][27] - Futu NiuNiu targets technical users with cross-market trading and free Level-2 U.S. stock data, while Tonghuashun appeals to tech enthusiasts with its MindGo quantitative engine [10][27][29] Compliance and Security - In 2025, the Hong Kong Securities and Futures Commission has strengthened investor protection policies, making compliance and security key considerations for app selection [13][30] - The Sina Finance APP, backed by licensed qualifications from Huasheng Securities, ensures user assets are isolated and securely managed, meeting regulatory requirements [13][30] Selection Guide - Investors should match their trading software to their specific needs, with global allocation investors favoring the Sina Finance APP for its extensive market coverage and AI alert system [15][31] - Technical enthusiasts may prefer a combination of Tonghuashun and Futu NiuNiu for their advanced features, while community-dependent investors might opt for Xueying Securities for its social analysis tools [15][31]

Market Overview - A-shares experienced a rebound after a recent decline, with major indices closing in the green: Shanghai Composite Index up 0.41%, Shenzhen Component Index up 0.84%, ChiNext Index up 0.97%, and the Northbound 50 up 0.31% [1] - The total market turnover reached 2.12 trillion yuan, an increase of 233.5 billion yuan compared to the previous day [1] Regulatory Impact - Recent news regarding new trading regulations, including delayed trading reports and the requirement for brokers to clear all client-specific devices within three months, has raised concerns about trading fairness and system stability, particularly affecting quantitative trading [1][2] - If the regulatory measures targeting quantitative trading are implemented, it could significantly enhance market trading fairness, which is viewed as a long-term positive for the market [2] Market Sentiment - Following three consecutive days of decline, the market entered an oversold territory, leading to a natural rebound as short-sellers' strength weakened [4] - The increase in trading volume, surpassing 2.1 trillion yuan, indicates that bottom-fishing capital is becoming active, suggesting potential for continued market rebound if volume remains stable [4] Economic Context - Recent significant events include the Central Political Bureau meeting and the Central Economic Work Conference, which set the tone for economic policies in 2026, emphasizing proactive fiscal policies and moderately loose monetary policies [5] - The Federal Reserve's decision to cut interest rates by 25 basis points has also contributed to market volatility, but the market may enter a chaotic phase as these events unfold [5] Investment Strategy - As the year-end approaches, the market typically experiences tighter liquidity, making operations more challenging; investors with low risk tolerance are advised to manage their positions carefully [6] - A balanced investment strategy focusing on sectors such as commercial aerospace, artificial intelligence, and consumer goods is recommended, allowing for both offensive and defensive positioning in response to market conditions [6]

引子 最近证券时报的一则报道让我陷入沉思。数据显示，129只股票连续5天以上获得融资净买入，喜临门、杰瑞股份等个股更是连续13个交易日获得资金青睐。 表面看是市场活跃，但作为一个在量化交易领域摸爬滚打多年的老股民，我看到的却是另一番景象。 二、行为金融学的启示 2024年二季度发生的一幕让我记忆犹新。当时外资一边公开宣称不碰题材股，一边却在暗中大举买入重组概念股。要不是后来报表披露，谁能想到这些"正 人君子"也会玩两面派？ 一、轮动行情下的生存法则 2024年"9.24"新政后，A股在一年多时间里上涨1100多点，涨幅近40%。但鲜为人知的是，这期间申万31个一级行业中，竟有三分之一是下跌的。这让我想 起鲁迅先生的话："世上本没有路，走的人多了，也便成了路。"在股市里，本没有永恒的赢家，跟风的人多了，反而成了输家。 以荣科科技为例，早在2024年8月底市场低迷时，量化系统就捕捉到异常信号。图中橙色柱体显示的"机构库存"数据异常活跃，这就像黑暗中的萤火虫，虽 然微弱却指明了方向。 文一科技的情况更典型。表面看走势平平无奇，但量化数据却显示机构资金早已暗流涌动。这让我想起《狂人日记》里那句话："凡事总须研究，才会 ...

一、政策暖风下的市场迷思 最近朋友圈被两件事刷屏：美联储降息和经济工作会议。说实话，看到这些新闻时，我正对着电脑屏幕上的量化系统发呆。作为一个在复旦学了四年金融， 又玩了十几年量化交易的老鸟，我太清楚这些"利好"背后的猫腻了。 | | | 美联储官员预测结果中位数,% | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | 2026 | 2027 | 2028 | 长期 | | 实际 GDP 增速 | 2025 年 12 月 | 1.7 | 2.3 | 2 | 1.9 | 1.8 | | | 2025年9月 | 1.6 | 1.8 | 1.9 | 1.8 | 1.8 | | 失业率 | 2025年12月 | 4.5 | 4.4 | 4.2 | 4.2 | 4.2 | | | 2025年9月 | 4.5 | 4.4 | 4.3 | 4.2 | 4.2 | | PCE | 2025年12月 | 2.9 | 2.4 | 2.1 | 2.0 | 2.0 | | | 2025年9月 | 3.0 | 2.6 | 2.1 | 2.0 | 2.0 ...

中证报中证网讯（记者 齐金钊）日前，由平安证券主办，平安期货协办的"平安证券·2025年私募生态合 作伙伴大会"在深圳举行。与会嘉宾围绕资本市场投资机遇、私募行业前景展望、证券公司如何助力私 募基金成长与发展等核心议题，展开了深入研讨与交流。 平安证券副总经理姜学红表示，近年来，为顺应私募行业发展趋势，精准满足私募管理机构在资金、交 易、增值服务等方面的核心诉求，平安证券依托平安集团强大的综合金融优势，着力构建并持续优化机 构经纪服务平台，不断完善服务生态体系，以有效赋能私募基金的成长与发展。目前，平安证券已成为 众多私募基金密切的战略合作伙伴。展望未来，公司将继续不遗余力地支持优秀私募机构做大做强，持 续打磨以资金、交易及增值服务为核心的综合服务体系，与市场各方，尤其是与优秀的私募基金管理人 携手并肩，共同为资本市场引入更多长期资金与活水，助力市场持续稳健发展。 在主题分享环节，平安证券经纪业务事业部机构经纪业务部总经理张新年详细介绍了平安证券的私募生 态服务体系。他认为，当前资本市场正迎来向好的发展周期，私募基金凭借其亮眼的业绩表现，已成为 投资者资产配置的重要选择。与此同时，私募赛道竞争日趋激烈，选择一 ...

Group 1 - The core viewpoint of the article emphasizes the increasing value of quantitative and CTA strategies in a volatile market environment, where traditional investment approaches may struggle to provide direction [2][3][15] Group 2 - Recent market fluctuations are attributed more to style switching rather than "quantitative crowding," indicating a shift in investor preferences from high-volatility growth stocks to stable cash flow and low-volatility investments [5][15] - The performance of various style factors shows that growth and volatility factors have been strong, while large-cap and liquidity factors have weakened, suggesting a broader market de-concentration and a response to macroeconomic variables [5][15] Group 3 - The rising expectations of interest rate hikes in Japan are identified as a significant driver of global market volatility, impacting carry trades and increasing risk premiums in Asian assets [6][15] - Quantitative strategies and CTA strategies are positioned to benefit structurally from these changes, as they can adapt quickly to rising funding costs and currency fluctuations [7][8][15] Group 4 - The article highlights the performance of private equity funds, noting that those with higher Sharpe ratios and lower drawdown characteristics are more suitable for core portfolio allocation during turbulent market conditions [15]