Core Viewpoint - The article analyzes three notable quantitative funds: China Merchants Quantitative Selection, Guojin Quantitative Multi-Factor, and Zhongjia Specialized and New, highlighting their distinct investment philosophies, strategies, and performance metrics [3]. Investment Style - China Merchants Fund's Wang Ping emphasizes a stable and balanced investment approach, focusing on multi-factor models to achieve excess returns while controlling deviations from benchmarks [4]. - Guojin Fund's Ma Fang and Yao Jiahong demonstrate a high sensitivity to market style changes, indicating a more aggressive and flexible strategy that captures factor premiums in varying market conditions [4]. - Zhongjia Fund's Lin Muchen targets the "specialized and new" theme, aiming to exploit excess returns in small-cap stocks, particularly when the market stabilizes [5]. Scale and Performance Trade-off - China Merchants Quantitative Selection's scale grew from approximately 3.4 billion to 6.3 billion RMB between the end of 2023 and Q3 2025, achieving a performance of 41.93% in 2025 [6]. - Guojin Quantitative Multi-Factor experienced significant fluctuations in scale, dropping from over 12.1 billion to 3 billion and then recovering to 6.3 billion, with a notable 50.09% annual return in 2025 [6]. - Zhongjia Specialized and New, as a new fund, grew from less than 0.1 billion to nearly 0.5 billion, achieving an impressive 63.12% performance in 2025 due to its small scale and flexibility [6]. Holdings Concentration - The analysis of industry concentration reveals the differing stock-picking styles of the fund managers, with Guojin Quantitative Multi-Factor showing the highest degree of industry dispersion [7][8]. Turnover Rate - Guojin Quantitative Multi-Factor exhibited a very high turnover rate, consistently above 600%, reflecting its active trading strategy to optimize factor exposure [12]. - China Merchants Quantitative Selection maintained a moderate turnover rate between 300% and 500%, aligning with its stable investment style [12]. - Zhongjia Specialized and New reached a turnover rate of 493% in the first half of 2025, indicating a high level of trading activity [12]. Performance and Risk Assessment - In 2025, China Merchants Quantitative Selection achieved a return of 41.93%, while Guojin Quantitative Multi-Factor and Zhongjia Specialized and New recorded returns of 50.09% and 63.12%, respectively [26]. - The maximum drawdown for Guojin Quantitative Multi-Factor was the highest among the three funds, indicating greater volatility [26]. Summary of Key Characteristics - Guojin Quantitative Multi-Factor is characterized as an extreme industry theme rotator, focusing heavily on specific sectors like new energy [36]. - China Merchants Quantitative Selection is described as a stable and balanced strategy fund, aiming for consistent excess returns across various market conditions [36]. - Zhongjia Specialized and New is noted for its focused strategy on small-cap growth, capitalizing on structural opportunities in the market [36].

- **Quantitative factors tracked** - Single factor performance: In the CSI 300 stock pool, the best-performing factors this week include PE TTM inverse (3.05%), PE factor (2.30%), and PB factor (2.06%) [12][13] - In the CSI 500 stock pool, the best-performing factors include PE TTM inverse (2.71%), PB factor (2.07%), and PE factor (1.74%) [14][15] - In the liquidity 1500 stock pool, the best-performing factors include PE TTM inverse (1.74%), PE factor (1.68%), and PB factor (1.34%) [16][17] - **Sector-specific factor performance** - Fundamental factors such as net asset growth rate, net profit growth rate, per-share net asset factor, and per-share operating profit TTM factor achieved positive returns in the oil and petrochemical sector [21][22] - Valuation factors like BP factor performed well across most industries [21][22] - Residual volatility factor and liquidity factor showed significant positive returns in the comprehensive industry [21][22] - **Factor classification and market trends** - Broad market factor performance: Valuation factors achieved positive returns of 0.40%, while market capitalization factors and non-linear market capitalization factors recorded negative returns of -0.72% and -0.40%, respectively, indicating a small-cap style market trend [18][20] - Momentum factor and Beta factor recorded negative returns of -0.79% and -0.43%, respectively, reflecting a reversal effect in the market [18][20] - **Quantitative portfolio tracking** - PB-ROE-50 portfolio: This week, the portfolio achieved excess returns of 1.00% in the CSI 500 stock pool, 0.48% in the CSI 800 stock pool, and -2.00% in the broad market stock pool [23][24] - Institutional research portfolio: The public fund research stock selection strategy achieved excess returns of 0.00% relative to the CSI 800, while the private fund research tracking strategy recorded excess returns of -1.96% relative to the CSI 800 [25][26] - Block trading portfolio: Constructed based on the principle of "high transaction volume, low volatility," this portfolio achieved excess returns of 1.08% relative to the CSI All Share Index this week [29][30] - Private placement portfolio: Built around the event-driven strategy of targeted placements, this portfolio achieved excess returns of 1.93% relative to the CSI All Share Index this week [35][36] - **Performance metrics of quantitative portfolios** - PB-ROE-50 portfolio: Weekly excess return of 1.00% in CSI 500, 0.48% in CSI 800, and -2.00% in the broad market [24] - Institutional research portfolio: Weekly excess return of 0.00% for public fund research stock selection and -1.96% for private fund research tracking [26] - Block trading portfolio: Weekly excess return of 1.08% [30] - Private placement portfolio: Weekly excess return of 1.93% [36]

- The weekly performance of public quantitative funds shows that the average excess return of CSI 300 index-enhanced funds was -0.28%, with 18.67% of funds achieving positive excess returns[1][9][10] - The average excess return of CSI A500 index-enhanced funds was -0.19%, with 28.07% of funds achieving positive excess returns[1][9][10] - The average excess return of CSI 500 index-enhanced funds was 0.07%, with 52.78% of funds achieving positive excess returns[1][9][10] - The average excess return of CSI 1000 index-enhanced funds was -0.37%, with 26.09% of funds achieving positive excess returns[1][9][10] - Public active quantitative funds achieved an average return of 0.53%, with 68.89% of funds achieving positive returns[1][9][10] - Public stock market-neutral funds achieved an average return of 0.30%, with 73.91% of funds achieving positive returns[1][9][10]

01 同比增幅达 205.85% ！私募备案展现极强韧性 尽管10月因国庆长假缺少一周工作日，但私募产品备案仍展现出极强的韧性。私募排排网最新数据显示，截至2025年10月31日，全市场当月完 成备案的私募证券产品数量达994只 （包含自主发行和担任投顾的产品） ，较9月全月的1038只仅环比小幅下降4.24%，若与9月同期的829只相 比，反而环比增幅达19.90%。若纵向对比去年10月的325只，同比增幅更是飙升至205.85%，这一系列数据清晰印证了当前私募证券产品市场依 旧延续今年以来的火热态势。 排排网集团旗下 融智投资 的FOF基金经理李春瑜表示，10月份私募证券产品备案热度上升，是多方因素共同推动的结果。从投资者角度来看， 随着沪指突破4000点，市场结构性机会凸显，再加上私募产品今年以来的收益表现亮眼，投资者的配置需求持续走高。销售方面，以第三方为 主的销售机构在营销上持续发力，通过多样化的推广方式进一步点燃了投资者的认购热情。市场环境上，北向资金稳步流入，资金面保持宽松， 为私募机构的运作提供了有利条件。同时私募机构也积极把握市场机遇，一方面努力提升产品收益，另一方面加强策略和产品创新，更精 ...

Core Insights - The article discusses the performance of various private equity strategies, particularly focusing on CTA (Commodity Trading Advisor) strategies, which have shown resilience in the current market environment compared to traditional equity strategies [2][3]. Performance Overview - As of October 2025, the A-share market indices exhibited mixed performance, with subjective long-only private equity products showing an average return of -1.33% over the past month, while quantitative long products achieved an average return of 0.94% [2]. - In contrast, subjective CTA and quantitative CTA products reported average returns of 2.84% and 1.77% respectively over the same period, highlighting their strong performance within the private equity secondary strategies [2]. Private Equity Strategy Breakdown - The article provides a detailed breakdown of various private equity strategies, including: - Subjective Long: 2200 products, total scale of approximately 184.25 billion CNY, with a 1-month return of -1.33% and a 6-month return of 31.01% [3]. - Quantitative Long: 400 products, total scale of approximately 20.65 billion CNY, with a 1-month return of 1.77% and a 6-month return of 10.74% [3]. - Subjective CTA: 185 products, total scale of approximately 1.08 billion CNY, with a 1-month return of 2.84% and a 6-month return of 14.92% [3]. - Other strategies such as macro strategies, FOF, and arbitrage strategies also showed varying performance metrics [3]. Top Performing Private Equity Firms - The article identifies top-performing private equity firms based on their CTA product performance: - For firms with assets over 2 billion CNY, 洛书投资 (Luoshu Investment) ranked first with a 6-month return of ***% [4][5]. - In the 5-20 billion CNY category, 华澄私募 (Huacheng Private Equity) led with a 6-month return of ***% [6][7]. - For firms with assets under 5 billion CNY, 系综（上海）私募 (Xizong Shanghai Private Equity) topped the list with a 6-month return of ***% [8][9]. Investment Strategy Insights - The article emphasizes the importance of understanding the differences in strategy logic and risk control among various private equity managers, which can lead to significant performance disparities [4][5]. - It highlights that while CTA strategies theoretically offer superior performance, actual results can vary widely based on the management approach and execution [4].

Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

Core Insights - China Galaxy's executives attended the Q3 2025 earnings conference, highlighting their unique strategies in international business, wealth management, and institutional services [1] - The low-interest environment has become a focal point for investors regarding asset allocation strategies [2] Group 1: International Business - The company maintains a functional-first approach in its investment banking operations, focusing on enhancing service quality aligned with national strategies and key industries outlined in the 14th Five-Year Plan [3] - China Galaxy's international business network spans regions including Hong Kong, Singapore, Malaysia, Indonesia, and Thailand, making it one of the most widely networked Chinese brokers in Asia [3] - Future plans include strengthening overseas subsidiaries' management and enhancing integrated operations to solidify its position in Southeast Asia [3] Group 2: Wealth Management - The wealth management division aims to resonate with national goals, collaborate with partners, and align closely with client needs, continuously upgrading its trading systems to create a diverse and stable service ecosystem [3] Group 3: Institutional Services - The institutional business is focused on becoming a reliable full-service provider, integrating technology deeply into operations, and offering a comprehensive range of services including research, derivatives, asset management, and brokerage [3] Group 4: Investment Strategy - In the current low-interest environment, traditional fixed-income investments face challenges such as low spreads and high volatility, prompting a shift towards quantitative, neutral, and structured investment strategies to enhance returns [3] - The company is also leveraging its own funds and responding to new financial policies to maintain stable investment scales in OCI accounts while exploring opportunities in the convertible bond market [4] Group 5: Strategic Planning - The company is engaged in thorough discussions and rigorous evaluations for its new strategic plan, which is crucial for its development over the next five years and beyond, ensuring that the strategy is clear, feasible, and capable of creating long-term value for shareholders [4]

深耕科技沃土 在量化投资领域，科技能力是毋庸置疑的"护城河"。因诺资产自创立以来，将科技创新刻入发展基因， 构建了一套兼具实用性与前瞻性的科技投入体系。徐书楠在接受中国证券报记者专访时介绍，公司的科 技战略清晰地区分为硬件与软件两大板块。 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构上海因 诺资产管理有限公司，与公司创始人、总经理兼投资总监徐书楠进行深度对话。 本次调研围绕量化投资的科技内核、私募与科创企业的双向赋能路径以及企业的社会责任实践等问题展 开，共同探讨量化私募在推动科技金融落地、服务实体经济高质量发展中的独特价值与模式。作为以科 技为驱动的资产管理机构，因诺资产的实践为行业提供了"硬科技赋能投资、软实力回馈社会"的鲜活样 本。 "星耀领航计划"不仅关注机构的科创能力，同样重视其守正发展的社会责任担当。在这一维度，因诺资 产形成了从本职坚守到公益回馈的完整实践体系。 徐书楠表示，履行社会责任的首要前提是做好本职工作。这意味着公司必须坚持合法合规运营，为投资 者创造持续、稳健的价值回报。在此基础上，因诺资产积极贡献自身的专业力量，配合监管部门进行课 题研究、行 ...

● 本报记者 刘英杰 这种深耕产业的思路也体现在其对科创企业的赋能上。因诺资产于2022年在北京投资设立了科创企业 ——日新生生科技。这家企业扮演着双重角色：一方面作为因诺资产的技术研发中心，承担核心系统的 开发任务；另一方面则作为创新孵化器，利用来自母公司的稳定资金支持，开展独立的科研项目。这种 模式形成了"私募基金哺育科创企业，科创企业反哺私募技术"的闭环生态，生动诠释了科技与金融的深 度融合。 践行守正理念 "星耀领航计划"不仅关注机构的科创能力，同样重视其守正发展的社会责任担当。在这一维度，因诺资 产形成了从本职坚守到公益回馈的完整实践体系。 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构上海因 诺资产管理有限公司，与公司创始人、总经理兼投资总监徐书楠进行深度对话。 本次调研围绕量化投资的科技内核、私募与科创企业的双向赋能路径以及企业的社会责任实践等问题展 开，共同探讨量化私募在推动科技金融落地、服务实体经济高质量发展中的独特价值与模式。作为以科 技为驱动的资产管理机构，因诺资产的实践为行业提供了"硬科技赋能投资、软实力回馈社会"的鲜活样 本。 深耕科技沃土 在 ...

Group 1: Optimizing Risk-Return Ratio - The management of "fixed income +" products requires a balance between risk and return, with a focus on understanding client expectations and market volatility [4][5][6] - A diverse team approach enhances research depth and breadth, allowing for better asset allocation and risk management [6] - Implementing a three-tiered drawdown warning mechanism helps in controlling risks while aiming for returns [6][9] Group 2: Preserving Returns - In challenging equity markets, maintaining a flexible investment style and adapting to market trends is crucial for preserving returns in "fixed income +" products [11] - Continuous learning from equity fund managers can provide insights into long-term asset value analysis [11] Group 3: Pursuing Absolute Returns - Achieving absolute return targets has become increasingly difficult due to declining bond yields, necessitating exceptional trading and timing skills [13] - Risk budget management is essential, with a focus on maintaining a portion of risk exposure within the bounds of market conditions [13] Group 4: Risk Control and Opportunities in Growth Style - A dual approach of macroeconomic risk identification and sector-specific investment can help mitigate risks associated with high-volatility assets [16][17] - Focusing on industries with clear trends and improving profit expectations can yield positive returns in a non-systemic risk environment [17] Group 5: Market Evolution and Adaptation - The capital market has seen a systematic decline in asset yields, necessitating a broader research focus that includes global markets and various asset classes [19][20] - Adapting to changes in market structure and investor behavior is vital for maintaining effective investment strategies [20] Group 6: Dynamic Rebalancing - Dynamic rebalancing strategies are employed to manage asset volatility and ensure stable returns, particularly in fluctuating market conditions [23] Group 7: Growth Style "Fixed Income +" - The growth style in "fixed income +" products aims to capture societal development benefits while providing stable returns through fixed income assets [25] Group 8: Combining Active and Quantitative Approaches - Integrating quantitative tools with fundamental research enhances the investment management process, allowing for more efficient decision-making [27] Group 9: Insights and Compounding - Identifying companies with long-term growth potential requires a clear understanding of investment objectives and continuous industry learning [29][30] Group 10: Forward-Looking Technology Layout - Early investments in technology sectors, particularly AI, are based on recognizing transformative trends and potential for long-term growth [33][34]