【导读】深度访谈：灵均投资危机后的系统性重构 中国基金报记者 任子青 国内量化行业风雨发展十余载，在资本市场改革与科技创新的双重驱动下，既经历了爆发式 增长的黄金期，也面临着行业格局的深度重构。在量化行业发展的大潮中，作为头部量化机 构的代表，灵均投资同样经历了"阵痛期"。在过去一年多的时间里，灵均投资在风控体系、 合规管理、公司治理、策略迭代等方面做了彻底且系统性的重构。 近日，灵均投资两位核心人物——董事长蔡枚杰、首席投资官马志宇共同出面，与中国基金 报记者做了坦诚且深入的交流。 涅槃重生：公司治理实现彻底且系统性重构 2024年2月20日，沪深交易所通报，因灵均投资旗下产品在2月19日开盘短时间内集中下 单，沪深交易所对相关产品证券账户采取限制交易三天的自律措施。 在经历该事件后，灵均投资对公司治理结构进行重大优化，并形成"36要义"和"1+5"工作思 维的企业文化体系。蔡枚杰表示，这套体系的形成，与去年"2·19事件"后公司治理结构的重 大优化直接相关。 过去，灵均投资坚持投研和服务"双引擎"模式，马志宇负责投研，蔡枚杰负责投研之外的所 有事务。但蔡枚杰表示，去年的事件反映出公司在投研、交易等核心环节 ...

靖奇投资股东之间的内斗，正在层层升级。 8月8日上午，量化私募靖奇投资法定代表人（简称"法人"） 范思奇 通过公司微信公众号表示，因之前公司基 本账户发生大额异常资金转移，相关账户的线上操作已被冻结，靖奇投资付款业务目前采用柜台线下转账方 式，需由公司法人及一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。并提醒合作伙伴提 高警惕，切勿接受未经法定程序授权的付款安排。 此前，范思奇与公司另一股东唐靖人产生矛盾，双方争执不下。唐靖人回应券商中国记者采访称，公司法人目 前正在变更过程之中，变更完成后会尽快重新恢复账户的正常使用。公司微信公众号目前由范思奇控制，不代 表公司立场。目前公司经营正常，产品运作正常，"哪怕还有一个客户，我们也会好好服务下去"。 昔日合伙今朝反目 公开信息显示，靖奇投资成立于2015年，专注于量化投资，通过数据挖掘、建模等计算机技术投资二级市 场，建立了多周期、多市场的产品矩阵。 私募排排网 数据显示，截至6月底，靖奇投资目前管理规模在10亿 元至20亿元，近一年超额收益在同类产品中居第7名。 两名创始人中，范思奇任投资经理，主要负责算法交易模型开发，致力于统计建模在中国证券及 ...

靖奇投资股东之间的内斗，正在层层升级。 8月8日上午，量化私募靖奇投资法定代表人（简称"法人"）范思奇通过公司微信公众号表示，因之前公司基本 账户发生大额异常资金转移，相关账户的线上操作已被冻结，靖奇投资付款业务目前采用柜台线下转账方式， 需由公司法人及一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。并提醒合作伙伴提高警 惕，切勿接受未经法定程序授权的付款安排。 此前，范思奇与公司另一股东唐靖人产生矛盾，双方争执不下。唐靖人回应券商中国记者采访称，公司法人目 前正在变更过程之中，变更完成后会尽快重新恢复账户的正常使用。公司微信公众号目前由范思奇控制，不代 表公司立场。目前公司经营正常，产品运作正常，"哪怕还有一个客户，我们也会好好服务下去"。 昔日合伙今朝反目 公开信息显示，靖奇投资成立于2015年，专注于量化投资，通过数据挖掘、建模等计算机技术投资二级市场， 建立了多周期、多市场的产品矩阵。私募排排网数据显示，截至6月底，靖奇投资目前管理规模在10亿元至20 亿元，近一年超额收益在同类产品中居第7名。 两名创始人中，范思奇任投资经理，主要负责算法交易模型开发，致力于统计建模在中国证券及期货市场 ...

Core Insights - The article highlights the performance of quantitative funds in the A-share market, with several funds achieving over 30% returns year-to-date, particularly noting the exceptional performance of the Nuon Multi-Strategy Mixed Fund with a return of 59.59% [2][3] - In response to the strong market performance, many fund managers have implemented purchase limits to manage inflows and protect existing investors, indicating a cautious approach amidst market enthusiasm [3][4] Fund Performance and Limits - As of August 7, several leading quantitative funds have reported significant year-to-date returns, with the top performers including Nuon Multi-Strategy Mixed Fund (59.59%), CITIC Prudential Multi-Strategy A (38.03%), and Guojin Quantitative Multi-Factor A (30.79%) [2][3] - The purchase limits for these funds have been set between 1,000 to 5,000 yuan per day, reflecting a strategy to control fund size and mitigate potential risks associated with large inflows [3][4] Market Dynamics and Strategy - The article discusses the delicate balance between fund size and performance, emphasizing that excessive inflows can lead to increased trading costs and reduced strategy effectiveness, particularly in small-cap stocks [3][4] - Experts suggest that limiting purchases is a common practice among quantitative strategies to prevent capacity issues and protect the interests of existing investors [3][4] Long-term Viability of Quantitative Funds - The long-term performance of quantitative funds is highlighted, with several funds showing substantial growth since inception, such as Morgan Alpha A with a return of 386.88% [5][7] - Despite the current purchase limits, the article suggests that the underlying market conditions remain favorable for quantitative strategies, as active trading and price volatility continue to provide opportunities for capturing mispriced assets [8][9] Investment Strategies and Recommendations - The article outlines various quantitative investment strategies tailored to different risk appetites, including index-enhanced products, quantitative selection strategies, and thematic investments focused on sectors like technology and AI [9][10] - Investors are advised to dynamically rebalance their strategy combinations based on market conditions, with suggested allocations for conservative, balanced, and aggressive investors [10]

我今年很关注两个商业风云人物：王兴兴和梁文锋。 关注久了，发现他们身上都有一种孤持的特质。 王兴兴喜欢一个人吃饭，因为觉得和别人吃饭浪费时间。 他更喜欢自己待着、思考，而不是从与人的沟通中获取能量。 梁文锋毕业后选择了"家里蹲"，一蹲就是六年。 洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 作者：洞见ciyu 群体，天然排斥深度思考。 ♬ 点上方播放按钮可收听洞见主播亚楠 朗读音频 这段时间，他自己一个人孤独地深入研究量化投资，积累起巨额财富。 很认同一句话： 对赚钱来说，社交不是一种刚需，孤独才是。 要么庸俗，要么孤独。 一个人如果真正想要赚钱，就得经历孤独的历程。 孤独，是一种沉淀。 秋山利辉是大师级木匠，专为一些高端客户制作家具。 他招收徒弟时，会要求徒弟"禁闭"。 01 一些不必要的社交，没有用的应酬，一律严格禁止。 然后一年养成匠人基本习惯，三年把师傅所传技艺融会贯通，四年跟师傅学习品行。 因此，他培养出的木工大师，个个身价不菲。 其实，赚钱从根本上来说，就是一种修 ...

Core Viewpoint - Recent announcements from Jiangqi Investment highlight serious internal issues, including unauthorized use of corporate seals and significant fund transfers, indicating potential governance failures and internal conflicts within the company [1][2][10]. Group 1: Unauthorized Actions - Jiangqi Investment reported that individuals acted without the authorization of the legal representative, Fan Siqi, using forged corporate seals and signatures for critical legal actions such as fund establishment and account opening [1][2]. - The company has formally requested the return of the seals and has reported the matter to law enforcement, asserting that any documents created under these unauthorized actions will not be recognized [2][3]. Group 2: Fund Transfer Incident - On July 2, a significant abnormal fund transfer occurred, with 5 million yuan being moved from the company's main account within hours, leaving only 2,600 yuan remaining [6][10]. - The transfers included payments for unauthorized bonuses and services, raising concerns about financial management and oversight within the company [10]. Group 3: Internal Conflict - The fund transfer incident is seen as an extension of internal power struggles, with the founder, Fan Siqi, previously losing access to critical company functions and later announcing his resignation due to pressure [10]. - Allegations have surfaced regarding a shareholder misappropriating funds for personal use, further complicating the company's internal dynamics [10]. Group 4: Compliance and Due Diligence - Jiangqi Investment has urged all partners and financial institutions to strictly adhere to due diligence requirements, ensuring that any actions taken regarding fund management are properly authorized [2][4]. - The company has emphasized the importance of compliance to prevent involvement in unauthorized activities that could lead to financial losses [4][9].

最近A股市场热闹非凡，半导体、医疗器械、稀土永磁轮番上阵，上证指数四连阳，外资回流，私募加仓，一切看起来都很美好。但作为一个在量化投资领 域摸爬滚打多年的上海人，我深知这表面的繁华背后，藏着多少散户看不见的暗流涌动。 机构专家，有时候真的是"浆糊"，券商素来牛心熊胆，总要提示风险，但又说向好趋势不变。表面看，这就是浆糊，实际浆糊的背后，一些大实话不肯说， 说没有神秘感。就是为何大趋势不变，就是因为他们身处一线，自然清楚钱在不断通过ETF、私募、公募、重新激活的股民账户进来。 真正的风险，根本不是中报风险，而是你看不清具体的机构动作，导致了这么多股票， 二、定价权才是股市的本质 股市争夺的从来不是对错，而是定价权。没有定价权的一方，永远是被收割的韭菜。而定价权，永远掌握在机构手里。 机构投资者也是一百个心眼。但无论他们怎么玩花样，最终都要落实到交易行为上。这就好比黄浦江再浑浊，水质检测数据总能告诉你真相。 一、专家观点为何总是"浆糊"？ 最近中报预增概念炒得火热，但同样是预增股，「盛屯矿业」和「齐峰新材」的表现却天差地别。有人说是行业不同，有人说市场情绪使然。要我说，这些 都是表象。 上面两张图中的橙色柱体就是 ...

Core Insights - Xu Zhongxiang is a key figure in the international quantitative investment circle, known for his contributions to the RAFI fundamental quantitative strategy and Smart Beta strategies, demonstrating a strong strategic confidence in the Chinese market [1] - The investment philosophy emphasizes a "slow money" approach, advocating for sustainable profit rather than chasing quick returns, which aligns with the long-term growth of companies [2][4] Group 1: Investment Philosophy - Xu advocates for a "slow money" investment philosophy, arguing that true growth often comes from companies that do not experience explosive growth in the short term [4] - The belief is that the pursuit of quick profits is unsustainable, and the focus should be on continuous profitability [4][5] - The investment approach is based on the understanding that high returns without risk are a myth, and investors must choose between high-risk, high-reward or low-risk, low-reward options [5] Group 2: Market Analysis - The analysis of various market data indicates that no investment strategy can consistently outperform the market, and all popular investment methods carry inherent risks [5] - Xu emphasizes the importance of understanding market dynamics and the need for a diversified investment strategy to mitigate risks [7] - The Chinese market is viewed as being in a critical development phase, with regulatory improvements and a shift towards institutionalization and professionalism [10][12] Group 3: Quantitative Investment - The core of quantitative research lies in validating patterns through vast amounts of data, which is more reliable than anecdotal success stories [8][9] - Xu's firm focuses on fundamental quantitative and low-frequency quantitative strategies, which involve long holding periods and deep engagement with companies' growth cycles [9] - The firm leverages extensive data from both domestic and international markets to adapt investment strategies to local conditions [9][11] Group 4: Regulatory Environment - The regulatory environment in China is seen as increasingly sophisticated, with a focus on protecting investors and ensuring market stability [10] - Xu argues that the perception of "weak regulation" in overseas markets is misleading, as it is built on a foundation of market maturity that China is still developing [10][12] - The evolution of the Chinese market is expected to follow a natural progression towards maturity, similar to that of established overseas markets [12]

Core Viewpoint - Recent announcements from Jingqi Investment highlight serious internal issues, including unauthorized use of corporate seals and significant fund transfers, indicating potential governance failures and internal conflicts within the company [1][3][11]. Group 1: Unauthorized Actions - Jingqi Investment reported that individuals acted without the authorization of the legal representative, Fan Siqi, using forged corporate seals and signatures for critical legal actions such as fund establishment and account opening [1][3]. - The company has formally complained to the China Securities Regulatory Commission and the Asset Management Association of China regarding these unauthorized actions and the failure of the custodian, China Merchants Securities, to perform due diligence [1][3]. Group 2: Financial Irregularities - On July 2, a significant abnormal transfer of funds occurred from the company's main account, with 5 million yuan being transferred out within hours, leaving only 2,600 yuan in the account [2][11]. - The transfers included payments for a "year-end bonus" to a shareholder and fees to an unrelated account for "information technology services," raising concerns about the legitimacy of these transactions [11]. Group 3: Internal Conflicts - The situation reflects an escalation of internal power struggles within Jingqi Investment, with the founder, Fan Siqi, previously losing access to critical operational controls during a hastily convened shareholder meeting [11]. - Following these events, Fan Siqi announced his resignation as fund manager due to stress, while the company attempted to clarify his status and the implications of the fund's management [11]. Group 4: Company Background - Jingqi Investment, established in 2015, focuses on quantitative investment using data mining and modeling techniques, and became a member of the Asset Management Association of China in 2018 [12]. - The company currently has 58 products, with only three under the custody of China Merchants Securities, which has stated that it found no evidence of wrongdoing in its internal review [12].

Core Insights - The A-share market has shown a trend of steady upward movement this year, with multiple sectors experiencing gains and market confidence gradually recovering [1][2] - Quantitative private equity funds have significantly outperformed subjective private equity funds, with an average return of 18.92% for 36 billion quantitative private equity funds by the end of July [1][2][3] - The number of billion quantitative private equity funds is increasing, with 44 out of 90 billion private equity funds being quantitative, representing nearly 49% of the total [2] Performance Comparison - Among the 42 billion private equity funds with returns exceeding 10%, 32 are quantitative, 9 are subjective, and 1 is mixed [2] - The average return for 16 billion subjective private equity funds is 13.59%, with 93.75% achieving positive returns [3] Reasons for Quantitative Strength - The high volatility of small and medium-cap stocks allows quantitative strategies to capture trading errors effectively [4] - The overall market liquidity is robust, with daily trading volumes consistently above 1 trillion, and significant net inflows from individual investors since October of last year [4] - There are numerous opportunities related to thematic concepts, particularly around artificial intelligence, which are concentrated in small and medium-cap stocks [4] Market Trust in Quantitative Strategies - The effectiveness of quantitative strategies has been recognized, especially in volatile markets, leading to increased allocation from institutional and high-net-worth clients [6] - Improved market liquidity and the growing number of quantitative professionals are strengthening the foundation of the industry [6] - The upward trend in the proportion of quantitative trading is expected to continue, driven by technological advancements and the increasing demand for risk control and stable returns [6]