Group 1: Large Model Ecosystem and Applications - The iteration speed of large models remains high, with a stable ecosystem and trends expected in the short term, including the dominance of closed-source models and the increasing importance of multimodal capabilities [11][12][18] - The application of Agentic AI is accelerating, with a well-established infrastructure supporting rapid deployment in investment research, indicating a shift towards expert agents in the field [21][25] Group 2: 2026 Asset Allocation Strategy Outlook - The macroeconomic environment is currently in a weak recovery phase, with manufacturing PMI and PPI showing gradual improvement, suggesting a potential for inflation to rise in 2026 due to external factors like interest rate cuts and AI-driven capital expenditures [53][56][62] - The report anticipates a dual-line market trend of cyclical and technological growth, with a shift in style allocation from small-cap growth to large-cap balance, and a focus on fundamental factors in industry allocation [2][56] Group 3: Factor Stock Selection Outlook - The trend of using AI models for stock selection has increased, but the strategies have become crowded, leading to potential collective drawdowns; optimization methods are being explored to enhance model performance [2][3][21] - The introduction of advanced techniques such as Huber Loss and memory modules aims to reduce excess drawdowns and improve the models' adaptability to market fluctuations [2][3][21] Group 4: 2025 Equity Fund Investment Outlook - Active equity funds are expected to see a return of alpha, particularly in the context of a dual-line market of technology and cyclical sectors, with recommendations for both broad-based and thematic funds [3][4][30] - The new regulations on performance benchmarks are likely to shift the focus towards stock selection alpha as a primary source of excess returns [3][4][30]

Core Viewpoint - The current base structure of the non-ferrous metals market differs from previous bull markets, showing strong retracement characteristics with minimal pullback, aligning with volatility indicators [1]. Group 1: Market Analysis - The leading stocks in the non-ferrous sector are primarily within the first and second retracement levels, indicating a robust market structure [1]. - Financial data for various companies shows significant year-on-year growth, with specific metrics indicating strong performance in the sector [2][3]. Group 2: Company Performance - Jiangxi Copper has shown a notable increase, with a price rise of 82.65% since August 21, 2025, reflecting strong market momentum [2]. - Western Mining's financial data indicates a solid performance, with key metrics suggesting a healthy growth trajectory [3]. - Yun Aluminum's financial indicators also reflect positive growth, with a year-on-year increase of 13.9% in key metrics [3]. Group 3: Investment Strategy - The article emphasizes the importance of understanding quantitative analysis for retail investors, suggesting that knowledge in this area can enhance investment strategies [5]. - It argues that retail investors should not solely rely on intuition but should also engage with quantitative methods to improve their market performance [5].

本报记者 昌校宇 当前，公募基金行业正从"规模导向"向"回报导向"转型，在此背景下，多元资产配置怎样彰显价值？量 化投资与主观判断又如何相辅相成？带着上述问题，《证券日报》记者于近日专访了中信建投基金多元 资产配置部行政负责人、基金经理杨志武，探讨在行业变革期如何通过多元资产配置以及量化策略持续 迭代，构建更具韧性的投资能力。 注重持有体验 随着公募基金费率改革"三步走"平稳落地、业绩比较基准新规等政策相继推出，杨志武认为，这对基金 经理的投资能力提出了更高要求。"过去的投资目标可能更侧重于标的资产的长期成长空间，聚焦于公 司或行业景气的边际变化，对于短期二级市场价格的波动容忍度相对较高。如今基金经理在原有目标基 础上，需要进一步关注二级市场交易价格的波动，更加重视投资者的持有体验。" 杨志武解释，这意味着基金经理需要更多地关注一些综合衡量收益与风险的指标，例如夏普比率、卡玛 比率等。这些指标能够更全面地衡量投资组合在承担单位风险下所获得的回报，以及相对于基准的稳定 超额收益能力。新规倒逼基金经理在追求收益的同时，更注重控制回撤与波动，这对资产配置的精细化 管理能力提出了新挑战。 谈及多元资产配置的意义，杨志 ...

在量化投资行业竞争日趋激烈的今天，能否构建多元化、全品类的投资策略体系，直接决定了资产管理 机构的核心竞争力和市场影响力。Duoer资本管理公司（Duoer Capital Management Co., Ltd）作为全球 领先的量化投资管理集团，凭借强大的技术实力和深厚的研究积累，构建了覆盖传统量化与数字资产的 全品类投资策略体系，在不同市场环境下均能保持稳健的收益表现，引领着量化投资领域的发展新方 向。近日，笔者深入剖析Duoer资本的投资策略体系，探寻其在量化投资领域持续领先的核心密码。 一、传统量化投资：技术驱动下的精准布局 传统量化投资是Duoer资本的核心业务领域之一，公司凭借领先的AI技术平台和丰富的市场经验，打造 了四大核心传统量化策略，实现了对传统金融市场的精准布局。 多因子量化策略是Duoer资本的王牌策略之一。该策略整合了300余个阿尔法因子，涵盖价值、成长、质 量、动量、流动性等多个维度，通过机器学习算法对因子进行动态优化和权重调整。与传统多因子策略 不同，Duoer资本的多因子策略具备强大的自适应能力，能够根据市场环境的变化，自动调整因子的配 置比例，精准捕捉不同市场周期下的超额收益 ...

Core Viewpoint - The article emphasizes the significance of AI in investment strategies, particularly highlighting the advantages of Deepseek in understanding the Chinese market and enhancing investment returns [2][3]. Group 1: AI and Investment Strategies - Deepseek is recognized as a pivotal development in China's AI sector, providing insights that align closely with the A-share market, unlike foreign AI tools [2]. - The use of AI has led to a substantial increase in investment returns, with a notable contribution from quantitative strategies and options trading [2][3]. - The author suggests that maintaining a humble and inquisitive mindset while using AI tools can significantly enhance investment outcomes [2]. Group 2: Risk Management and Strategy Optimization - The article discusses the importance of cognitive improvement in recognizing market opportunities, emphasizing that understanding and knowledge are crucial for long-term success [3]. - It advocates for a shift from additive to subtractive strategies in investment, focusing on optimizing high-quality strategies while eliminating less effective ones [4]. - The combination of arbitrage and equity strategies is suggested to enhance overall investment performance, as they complement each other in terms of frequency and potential returns [3]. Group 3: Personal Development and Learning - The author reflects on the importance of continuous learning and adapting strategies, even in unfamiliar areas, to foster growth and understanding [7]. - There is an emphasis on the value of learning from others and recognizing expertise, particularly in unfamiliar fields, to enhance investment knowledge [7]. - Future research directions include expanding into international political economy and cultural conflicts to gain a broader perspective [7].

中证报中证网讯(记者王辉)为应对日益庞杂的数据与快速轮动的市场风格，金融科技服务商慧研智投近 日宣布推出"慧研智投基本面智能系统"，致力于将量化投资技术从"机构专用"推向"大众普惠"，助力投 资者应对市场复杂化挑战。 慧研智投负责人表示，在产品设计上，该系统强调"可解释的投资逻辑"，通过风险警示、财报诊断、估 值分析等多维工作流，模拟专业研究路径，帮助用户理解策略背后的方法论而非仅仅提供交易信号。面 对投资者普遍存在的信息过载与决策焦虑，该体系旨在辅助用户"从嘈杂中回归本质"，通过工具、策略 与投教融合，助力其逐步构建理性投资框架。未来，慧研智投将持续深化AI与金融融合，打破数据、 工具、服务与投教边界，向个性化、智能化服务平台演进。 该系统将复杂的量化逻辑封装为可视化数据看板，集成智能条件单、网格交易辅助、多因子选股池等核 心功能，旨在为投资者提供体系化、逻辑化的分析工具。 ...

Group 1 - The core viewpoint of the report highlights a significant shift in the A-share market style from "value/low volatility" to "small-cap/momentum" in 2024, and further converging to "consensus growth" in 2025, leading to a pronounced mean reversion effect due to overcrowding in market capitalization factors [2][13] - During the extreme market conditions from August to September 2025, mainstream AI strategies failed to adapt to the rapid style shift, resulting in significant net value drawdowns that were highly correlated with small-cap factor reversals [2][17] - The report identifies that both traditional linear multi-factor models and advanced AI strategies experienced a notable decline in excess returns during extreme market conditions, with AI strategies suffering more than traditional ones due to their reliance on historical data paths [2][17] Group 2 - The report discusses the issue of strategy homogeneity within the industry, where the widespread use of models like GRU and LightGBM has led to a high correlation between factors generated by different institutions, increasing systemic risk during market reversals [3][24] - It emphasizes that the mismatch between training sample distributions and extreme market conditions is a critical factor in AI model failures, as these models struggle to capture asset linkage patterns during rare events [3][35] Group 3 - An external risk control system has been developed, independent of stock selection models, to address the challenges of traditional timing strategies, utilizing a standardized three-layer processing workflow to generate clear long/short signals [4][40] - The empirical backtesting of this timing framework shows significant improvements in annualized returns and drawdown control, with the annualized return for the composite strategy on the CSI A500 index reaching 10.61% and maximum drawdown reduced to 11.82% [4][45] Group 4 - The report outlines targeted optimizations for core AI models, including enhancements to the LightGBM model through a "high-quality sample weighting" mechanism and the use of Huber Loss to reduce sensitivity to outliers, resulting in a significant reduction in maximum drawdown [5][61] - For the GRU model, the introduction of Attention Pooling and a memory module with CVaR Loss has improved the model's ability to utilize historical information effectively, leading to a substantial increase in excess returns and a decrease in maximum drawdown [5][67]

量化投资领域的竞争，是一场永无止境的长期角逐，唯有坚持持续进化，方能在行业红海中筑牢领先优 势。过去五载，星阔投资沉心深耕、厚积薄发，在核心人才梯队搭建、投研体系迭代升级、多元策略矩 阵构建与全维度风控体系打磨之上，均实现跨越式突破与质的跃升。 面向未来，星阔投资将始终坚守长期主义初心，秉持"科技赋能、稳健增值"的发展理念，以前沿技术为 矛，破局量化投资边界；以严苛风控为盾，筑牢资产安全根基。在理性与纪律构筑的科学框架下，星阔 投资将全力以赴为投资人实现资产的长期稳健增值，更以责任与担当赋能行业生态，推动量化投资行业 向着专业化、透明化的新征程阔步迈进。 坚持严谨、创新和长期主义 为企业的稳健发展筑牢根基 星阔投资创始人兼投资总监邓剑，拥有深厚扎实的学术底蕴与丰富的行业实践积淀。他曾以全省高考探 花、数学状元的优异成绩考入北京大学基础数学系，随后保送直博北大计算数学系，是北大数院培育的 杰出量化人才。十余年来深耕量化投资赛道，邓剑亲历并见证了国内量化私募行业的跨越式发展，更是 业内开创性地将人工智能技术应用于量化策略研发的先行者。 2020年9月，星阔投资正式成立，并于当年年底取得私募基金管理人牌照。2021 ...

量化投资领域的竞争，是一场永无止境的长期角逐，唯有坚持持续进化，方能在行业红海中 筑牢领先优势。过去五载，星阔投资沉心深耕、厚积薄发，在核心人才梯队搭建、投研体系 迭代升级、多元策略矩阵构建与全维度风控体系打磨之上，均实现跨越式突破与质的跃升。 面向未来，星阔投资将始终坚守长期主义初心，秉持"科技赋能、稳健增值"的发展理念， 以 前沿技术为矛，破局量化投资边界；以严苛风控为盾，筑牢资产安全根基。在理性与纪律构 筑的科学框架下，星阔投资将全力以赴为投资人实现资产的长期稳健增值，更以责任与担当 赋能行业生态，推动量化投资行业向着专业化、透明化的新征程阔步迈进。 坚持严谨、创新和长期主义 为企业的稳健发展筑牢根基 星阔投资创始人兼投资总监邓剑，拥有深厚扎实的学术底蕴与丰富的行业实践积淀。他曾以 全省高考探花、数学状元的优异成绩考入北京大学基础数学系，随后保送直博北大计算数学 系，是北大数院培育的杰出量化人才。十余年来深耕量化投资赛道，邓剑亲历并见证了国内 量化私募行业的跨越式发展，更是业内开创性地将人工智能技术应用于量化策略研发的先行 者。 2020年9月，星阔投资正式成立，并于当年年底取得私募基金管理人牌照。20 ...

博时基金 指数与量化投资部基金经理 刘玉强 什么是"专精特新"政策？ 刘玉强：流动性确实是投资专精特新企业需要考虑的重要因素。部分上市时间较短的企业日均成交额可 能仅在几千万元级别，这或许会给大资金运作带来一定挑战。不过我们也注意到，随着市场关注度提 升，优质"小巨人"企业的流动性正在显著改善，部分龙头公司日均成交额已达到数十亿元水平。从换手 率指标看，专精特新企业的活跃度普遍高于中证2000指数成分股。（数据来源：wind，截止2025年12月 19日） 博时专精特新主题基金的投资策略有何特点？ 刘玉强："专精特新"是我国在特定历史背景下推出的重要产业政策。全球产业链供应链正在加速重构， 关键技术领域竞争白热化，培育自主可控的产业链迫在眉睫。国内方面，中国经济正从高速增长转向高 质量发展阶段。"专精特新"政策旨在培育一批在细分领域具有核心技术、市场占有率高、质量效益优 的"排头兵"企业。"专精特新"政策意味着发展模式的转变：从依赖规模扩张转向创新驱动，从追求速度 转向注重质量。这些企业通过攻克关键核心技术，不仅有望提升产业链供应链韧性，还有望带动整体制 造业向价值链高端攀升、实现科技自立自强。 专精特新"小 ...