本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 量化策略凭借其纪律性、广度与效率，系统性地捕捉分散机会、管理风险；主观投资则依靠深度认知，灵活应对市场变化、捕捉结构性机遇。二 者结合，旨在取长补短，兼顾持续性与适应性。 近年来，随着市场有效性提升与单一策略局限凸显， "主观+量化"融合已成为私募行业的重要演进方向。根据私募排排网统计，截至2025年 末， 以 "主观+量化"为投资模式的私募共有1264 家，其中有业绩展示的私募 2025年平均收益达 31.15 %，高于量化私募 29.42 %的整体收益 。 当市场在震荡与趋势中交替前行，"主观+量化"混合类私募的实际业绩表现如何？为能更清晰地了解，笔者按照管理规模分类，分别梳理出2025 年度收益十强的"主观+量化"类私募。 （统计范围：在私募排排网至少有3只产品展示业绩且符合排名规则、公司投资模式为"主观+量化"的私 募） 0 1 50亿以上：少数派投资位列第2！玄元、正瀛等4家百亿私募上榜！ 截至2025年末，管理规模50亿以上、在私募排排网上至少有3只产品展示业绩且符合排名规则的"主观+量化"类私募共有13家，2025年平均回报 率为 ...

在公募基金行业，广发基金杨冬较早开始探索全天候风格策略投资。在一年半以前的交流中（《如何应对复杂多变的市场？广发基金杨冬团队给出了多策 略的答案》），他就提到，"单一策略往往有其周期局限，很难持续战胜市场；而多策略的投资方法，则有望更平稳地跨越复杂多变的市场环境。" 彼时，他已经在"主观+量化"的路上探索近两年，试图通过搭建一支以多策略为核心、以量化赋能主动投资的全天候风格策略团队，通过两者的有机融 合，构建胜率较高、表现更稳的的投资体系。 如今，我们再次对话杨冬，切实感受到他身上鲜明的"变与不变"。 不变的，是他对投资始终如一的好奇心与"反差感"。作为深耕主观研究近20年的基金经理，他依然热爱调研，每年参与路演超千场。同时，身为投资老将 的他，又对人工智能等前沿技术保持着敏锐的关注与开放的心态，并持续将其融入投资策略中。 变化的，是他所带领的全天候风格策略团队，对"主观+量化"的深化探索和持续迭代。经过近四年的培育，目前团队已扩充至6人，平均从业年限超10 年，兼具深厚的主观经验与扎实的量化功底。 在近四年的实践中，团队搭建了"主观多头+主动量化+AI增强"的三位一体策略体系，并以"并联模式"推进——每位成 ...

Core Viewpoint - The article emphasizes the importance of an "all-weather investment strategy" as articulated by Ray Dalio, highlighting the cyclical nature of market changes and the need for diversified investment approaches to navigate different market conditions [2]. Group 1: Market Insights - In 2025, despite a noticeable overall profit effect in the market, investors faced challenges due to factors such as the April tariff war and a market correction in November, leading to temporary portfolio drawdowns [2]. - The article suggests that utilizing different Beta products to respond to varying market styles may be a key strategy for future investments, aligning with the essence of "all-weather style strategy investment" [2]. Group 2: Team and Strategy Overview - Yang Dong, a veteran with 19 years in securities and 16 years in investment, leads a team at GF Fund that has been exploring all-weather style strategy investment since 2022, focusing on multi-strategy core and quantitative empowerment for active investment [2][4]. - The team comprises six members with an average experience of over 10 years, employing a diversified product matrix to enhance Alpha stability through low correlation and excess diversification [2]. Group 3: Product Performance - Yang Dong's team manages nine public products, with three being full-market subjective stock selection products and six employing a "subjective + quantitative" composite strategy [7]. - Notable products include the "GF Multi-Factor Mixed Fund" with a return of 66.96%, and the "GF Value Navigation One-Year Holding Mixed A" with a return of 114.49% [3]. Group 4: Investment Strategy - The team integrates subjective research with quantitative investment, aiming to combine the strengths of both approaches to create a more stable Alpha contribution [5][11]. - The "three-in-one" strategy, which includes subjective multi-head, active quantitative, and AI enhancement, is designed to provide sharper choices for investors focusing on long-term prospects in specific sectors [9][12]. Group 5: Future Outlook - The article concludes that the public fund industry is entering a critical phase of high-quality development, emphasizing the need for diverse strategy combinations to meet varying investor demands and maintain sustainable long-term returns [19]. - The exploration of diversified configurations, such as combining "GF Multi-Factor as a shield and the Smart Selection series as a spear," is highlighted as a way to adapt to market changes [19].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Yang Dong's team combines subjective research with quantitative investment to build a product matrix with high strategic uniqueness and wide coverage, offering diverse investment solutions [102][103]. - The team's products can be divided into two categories: bottom - position funds aiming to outperform mainstream indices and style - enhancing funds for more advanced investors [102]. - The team has two unique features: providing a diversified product matrix with low - correlation strategies and obtaining excess returns from the comprehensive support of the team and platform [103][104]. 3. Summary According to Relevant Catalogs 3.1广发基金杨冬：主观研究与量化投资相结合，构建策略独特性高、覆盖度广的产品矩阵 - **Fund Manager Introduction**: Yang Dong, with 19 years of securities experience and 16 years of investment management experience, uses a combination of "subjective long - only + quantitative investment" framework, integrating macro - judgment and individual - stock Alpha capture [8][9]. - **Managed Products**: Yang Dong manages 8 public funds with a total scale of 25.065 billion yuan. The products are divided into subjective long - only products and "subjective + quantitative" products, each with different investment scopes and characteristics [10]. - **Unique Product Line**: The products meet two major public financial needs. They can be classified into bottom - position funds and style - enhancing funds, with different investment strategies and low correlation [13][19]. 3.2主观多头类产品: 底仓之选,兼顾均衡+价值+成长风格 - **广发多因子**: An equilibrium - style fund that has outperformed three major indices for 8 consecutive years. It has low tracking error and high excess return, with balanced industry style and moderate rotation, and strong stock - selection ability [21][28][32]. - **广发价值领航**: A product with value - growth attributes, featuring moderate valuation and high performance elasticity in the value - type funds. It focuses on PB - ROE strategy, emphasizes growth - elastic non - consumption sectors, and has strong stock - selection ability in the A + H market [45][49][52]. - **广发均衡成长**: An actively - selected product that focuses on growth with balanced allocation. It has a high rolling win - rate, strong ability to reach new highs, low - valuation characteristics in growth funds, and can capture industry and individual - stock opportunities [60][61][68]. 3.3 "主观+量化" 类产品: 风格增强, 差异化 Smart Beta+聚焦板块 - **广发稳健策略**: A dividend - style enhanced product that balances high dividends and growth speed, with prominent excess returns and the ability to control drawdowns. It actively allocates Hong Kong stocks and creates a differentiated dividend portfolio [78][81][87]. - **广发成长智选**: Positioned as a growth - style enhanced product, it focuses on high - growth sectors, has strong industry - rotation ability, and constructs a portfolio by selecting undervalued growth - elastic stocks [89][92]. - **广发智选系列**: The "Smart Selection" series of products, including manufacturing, technology, and resource selection funds, uses a composite strategy of "subjective long - only + active quantification + AI enhancement" to pursue significant excess returns. They have high concentration in certain industries and a "quantitative - led + active - enhanced" stock - selection feature [94][97][100]. 3.4 Summary - The public funds managed by Yang Dong's team meet two major investment needs: long - term bottom - position products and style - distinct allocation products [102]. - The team's unique features lie in providing a diverse product matrix with low - correlation strategies and obtaining excess returns from the comprehensive support of the team and platform, which meets the requirements of the industry's development trend and relevant policies [103][105].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Yang Dong's fundamental quantitative team provides a product matrix with diverse strategies and low correlations, and the excess returns come from the comprehensive support of the team and the platform [115][116][117] - Yang Dong's team's products mainly fall into two categories: bottom - position funds aiming to beat mainstream indices and style - enhancing funds for enhanced performance [115] Group 3: Summary According to the Table of Contents 1. Guangfa Fund Yang Dong: Combining Subjective Research and Quantitative Investment to Build a Product Matrix with High Strategy Uniqueness and Wide Coverage - **Fund Manager Introduction**: Yang Dong, with a master's degree in finance, has 19 years of securities experience and 16 years of investment management experience. He has worked at Guangfa Fund since 2006 and currently holds multiple positions. His team uses a framework combining "subjective long - only + quantitative investment" to pursue excess returns [11] - **Managed Product Situation**: Yang Dong manages 8 public funds with a total scale of 25.065 billion yuan. The products can be divided into subjective long - only products and "subjective + quantitative" products, each with different investment scopes, strategies, and characteristics [13] - **Product Line with Different Positions and Unique Strategies**: From the perspective of user needs, the products are divided into bottom - position funds and style - enhancing funds. Most products have "subjective + quantitative" features, with differences in position ratios. The products pursue strategy differentiation, and most have low correlations [17][19][24] 2. Subjective Long - Only Products: The Choice for Bottom - Position, Balancing Equilibrium, Value, and Growth Styles - **Guangfa Multi - Factor**: An equilibrium - style fund that has outperformed three major indices for 8 consecutive years. It has a "close - to - benchmark + outstanding - excess - return" bottom - position fund attribute, with balanced industry style and moderate rotation, and strong stock - selection ability [26][34][45] - **Guangfa Value Pilot**: A product with value - growth attributes and outstanding performance elasticity. It focuses on PB and ROE, has a unique industry structure, and its performance comes from stock - selection and industry contributions, with an emphasis on Hong Kong stocks [53][57][60] - **Guangfa Balanced Growth**: An actively - selected product with high rolling win - rates and many days of reaching new highs within the year. It has low - valuation characteristics among growth funds, with balanced industry allocation and a focus on growth, and the ability to select stocks to contribute excess returns [64][68][79] 3. "Subjective + Quantitative" Products: Style Enhancement, Differentiated Smart Beta + Focus on Sectors - **Guangfa Steady Strategy**: A dividend - style enhanced product that has achieved outstanding absolute and excess returns since Yang Dong took office. It balances income elasticity and drawdown control, combines high dividends and growth, and actively allocates Hong Kong stocks [86][89][96] - **Guangfa Growth Smart Selection**: Positioned as a growth - style enhanced product, it shows relatively stable excess returns compared to the benchmark. It emphasizes high - growth sectors, has the ability to rotate industries, and focuses on A - share growth opportunities [99][102] - **Guangfa Smart Selection Series**: The three "Smart Selection" products use a composite strategy of "subjective long - only + active quantification + AI enhancement". Taking Guangfa Manufacturing Smart Selection and Guangfa Technology Smart Selection as examples, they have high industry concentration, a "quantitative - led + active - enhanced" stock - selection feature, and have achieved excess returns compared to the relevant index [105][109][112] 4. Summary - Yang Dong's team's products meet the two solutions provided by public funds: bottom - position funds and style - enhancing funds. The team provides a diverse product matrix with low correlations, and the excess returns come from the comprehensive support of the team and the platform, which is in line with the requirements of the "Action Plan for Promoting the High - Quality Development of Public Funds" [115][116][118]

Core Viewpoint - The company, Xiangju Capital, is diversifying its investment strategies by integrating quantitative methods with traditional subjective investment approaches, aiming for absolute returns rather than following the mainstream index-enhanced strategies [2][4]. Group 1: Company Background and Strategy - Xiangju Capital was founded by Liang Hui and his team in 2015, with a focus on absolute return targets through a combination of subjective and quantitative strategies [2][3]. - The company has been exploring quantitative strategies since its inception, with a dedicated team experienced in both fundamental research and quantitative model development [3][4]. - The firm aims to create a dual product line that combines subjective investment methods with quantitative strategies, providing low-volatility options for conservative investors [2][4]. Group 2: Quantitative Strategy Development - Xiangju Capital has developed various quantitative sub-strategies over the years, evolving from single-factor stock selection to multi-factor and machine learning strategies [3][4]. - The company’s independent quantitative multi-strategy is designed to pursue absolute returns, with a focus on maintaining low volatility and steady performance [3][5]. - The strategy has shown consistent annual returns since 2008, with a maximum drawdown controlled at a low level and recovery time not exceeding six months [4][5]. Group 3: Market Position and Demand - Unlike other mainstream quantitative firms, Xiangju Capital has chosen a differentiated path by focusing on absolute returns, addressing the significant market demand for stable income in a low-interest-rate environment [4][5]. - The firm believes that the market for stable, low-volatility absolute return products is substantial, appealing to investors with specific financial plans who seek reliable returns without high market risk [5][6]. Group 4: Future Directions and Investment Focus - The company plans to continue iterating its quantitative multi-strategy and expand its absolute return product line while also refining its active management strategies [8][9]. - Liang Hui emphasizes a balanced approach to strategy allocation, avoiding overexposure to any single direction while ensuring alignment with expected returns and volatility [9][10]. - The company is optimistic about four key investment areas: AI infrastructure, securities benefiting from market performance, competitive consumer companies, and globally competitive firms [10].

Core Viewpoint - The article discusses the emergence of a new trend in the asset management industry, where a combination of active management and quantitative strategies is gaining popularity. The firm, Xiangju Capital, has launched a quantitative strategy product aimed at achieving absolute returns rather than following the mainstream index-enhanced strategies [1][2]. Company Strategy - Xiangju Capital has been recognized as a subjective long-only private equity firm for the past ten years but has been exploring quantitative strategies since its inception. The firm aims to integrate quantitative strategies with its established subjective investment methods to create a dual business product line [1][2]. - The firm’s financial engineering head has over ten years of experience in absolute return product management, combining fundamental research with quantitative model development [1][2]. Investment Focus - The new independent quantitative multi-strategy product is designed to pursue absolute returns, distinguishing itself from mainstream quantitative institutions that focus on index enhancement. This decision stems from a long-term consideration of market needs for stable returns in a low-interest-rate environment [2][3]. - The strategy has shown consistent annual returns since 2008, with a maximum drawdown controlled at a low level and recovery time not exceeding six months [2]. Market Demand - There is a significant market demand for stable, low-volatility absolute return products, making this strategy potentially very viable. It appeals to investors with specific financial plans who seek stable returns without the high volatility associated with stock markets [3][4]. Strategy Innovation - Xiangju Capital has innovatively combined the all-weather strategy, which allocates assets based on risk parity, with a focus on absolute returns. This approach aims to reduce volatility without relying on leverage [4][5]. - The core of the quantitative multi-strategy is to utilize the weak or negative correlations between assets and strategies to hedge risks and achieve low volatility [5][6]. Long-term Outlook - The firm plans to continuously iterate and expand its absolute return product line while also refining its active management strategies. This includes diversifying beyond growth strategies to include dividend and commodity stock strategies [6][7]. - The company emphasizes a shift in stock selection criteria, focusing on the safety of stock prices and potential asymmetric returns rather than solely on short-term price elasticity [7][8]. Investment Directions - The firm is optimistic about four key areas for investment: AI-related sectors, securities benefiting from stock market performance, competitive companies in the consumer sector, and globally competitive firms [8].

Group 1 - The core viewpoint of the articles highlights the evolution of the company from primarily active management to a multi-strategy hedge fund that integrates subjective and quantitative approaches, marking a new development phase driven by both strategies [1][6] - The company has developed a multi-asset absolute return strategy based on asset allocation principles, aiming for steady low-volatility returns, which is benchmarked against "fixed income+" products [3][4] - The company emphasizes the importance of long-term asset allocation and the use of various quantitative sub-strategies to achieve consistent absolute returns while managing risk effectively [5][6] Group 2 - The company’s general manager, Liang Hui, believes that the recent rise in the equity market reflects the long-term positive outlook of the Chinese economy, with expectations for a slow bull market driven by sectors such as AI computing, consumption, and overseas expansion [7][8] - The "fixed income+" products have gained significant attention, with the total market size reaching 1.9 trillion yuan, reflecting a growth of approximately 250 billion yuan and an increase of over 15% since the beginning of the year [2] - The company has been optimizing its investment methods and portfolio strategies, moving beyond a single growth style to include dividend strategies and commodity stocks, while focusing on the safety and potential returns of individual stocks [7][8]

Core Viewpoint - The article discusses the evolution of a leading private equity firm, Xiangju Capital, which has transitioned from primarily active management to a multi-strategy hedge fund that integrates subjective and quantitative approaches, marking a new phase of development driven by both strategies [2][10]. Group 1: Investment Strategy - Xiangju Capital has developed a multi-asset absolute return strategy based on asset allocation principles, which aims for steady, low-volatility returns, comparable to "fixed income+" products [2][5]. - The strategy utilizes various quantitative sub-strategies to achieve its goals, focusing on maintaining a consistent return while minimizing risk [5][9]. - The firm emphasizes the importance of long-term asset allocation and the combination of subjective and quantitative strategies to enhance decision-making and risk management [10][8]. Group 2: Market Outlook - The general manager of Xiangju Capital, Liang Hui, believes that the recent rise in the equity market reflects the long-term positive outlook of the Chinese economy, with expectations for a slow bull market [11][12]. - Key investment areas identified include AI computing power, consumer sectors, and companies with strong global competitiveness [13][12]. - The firm has adapted its investment methodology to include a broader range of strategies, focusing on both growth and dividend strategies to optimize portfolio performance [12][13]. Group 3: Performance and Demand - The "fixed income+" products have seen significant performance this year, with some funds reporting net value increases exceeding 30%, driven by a low-interest-rate environment and a demand for absolute returns [4]. - The total market size of "fixed income+" funds has reached 1.9 trillion yuan, reflecting a growth of approximately 250 billion yuan since the beginning of the year, indicating a 15% increase [4]. - There is a growing demand for low-risk, absolute return products, which Xiangju Capital aims to fulfill through its innovative strategies and risk management practices [6][9].

Group 1 - The article highlights the expectation of a significant decline in US interest rates within the next year, despite the recent Federal Reserve meeting not announcing a rate cut. This is accompanied by rising international commodity prices, including gold and copper, and increasing rare earth prices in China [1][2] - The current global economic and political landscape is leading to a systematic revaluation of resource commodities, driven by factors such as inflation, debt pressures, and geopolitical tensions [2][3] - The US debt is expanding, with the national debt-to-GDP ratio reaching 124%, raising concerns about a potential resurgence of inflation reminiscent of the late 1970s [3][4] Group 2 - Strategic resources like copper, gold, and rare earths are facing a tight supply-demand balance and structural shortages, which are expected to enhance their investment value [5] - The anticipated Federal Reserve rate cuts are likely to weaken the dollar, thereby boosting commodity prices, particularly for gold and cyclical resources like copper and oil [4][6] - The domestic capacity cycle is at a historical low, suggesting a potential rebound, while policies aimed at eliminating inefficient capacity could enhance industry concentration and lead to valuation increases in the resource sector [6] Group 3 - The article discusses the launch of the Guangfa Resource Select Fund (023834), which combines subjective and quantitative strategies to capture investment opportunities in the resource sector. The fund is managed by experienced fund manager Yang Dong, who has a strong track record [7][8] - Yang Dong's management style integrates subjective market analysis with quantitative methods, allowing for a diversified approach to investment strategy [15][18] - The fund aims to leverage the current favorable conditions in the resource market, with a focus on high-quality resource companies, and is available for subscription through various channels [19]