炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：郁言债市 访谈金句分享 "七分量化"解决中高频决策，"三分主观"解决低频决策，两者结合，是我做好公募量化的方法论。 当我们要做投资的时候，一定要问自己这个问题，预测周期是一天、一个月还是一年及更长。不同的预 测周期，方法论天差地别，先说一天，如果你预测的是一天，可能最好的方法论就是量化私募的那套， 例如高频交易、大量的技术面因子、人工智能工具，这或许是最优解。如果把频率放到预测未来一个 月，那么基本面因子的比重会提高。如果要预测未来一年，量化方法论可能都有所欠缺，这个时候就需 要主观的介入，所以量化和主观在不同的预测频率下适用情况不一样的。 聊到量化，我想到两个字：工厂。我们现在做的事情已经高度工业化。截至2025年，整个"工厂"的架构 大致分为三层。最底层是挖掘因子，第二层做成子策略，相当于子产品，第三层则是最终交付给投资者 的基金产品。"七分量化"体现在产品运作过程中如何配置因子、获取超额收益；"三分主观"则体现在决 定何时发行何种产品。两者结合，构成了我公募量化的答案。 微盘股指数就像超高收益的、长久期的信用债。它包含三个元 ...

Core Viewpoint - The article discusses the concept of "paradigm shift" in investment, highlighting the evolution of investment strategies and the importance of adapting to new methodologies for achieving stable returns [2][3]. Investment Paradigms - Investment can be categorized into three types of returns: Beta return (market return), Alpha return (returns from individual judgment and selection), and Gamma return (returns from capturing random fluctuations) [2]. - The article suggests that Gamma returns may be more reliable and sustainable compared to Alpha returns, which are often riskier [2]. Examples of Paradigm Shifts - The article provides examples of paradigm shifts in various fields, including the transition from traditional blood analysis to modern pathology, and the shift from geocentric to heliocentric models in astronomy [1]. - In investment, the use of high-speed trading and algorithmic trading represents a significant shift, demonstrating that human judgment can often be inferior to data-driven approaches [2]. Investment Strategies - The article emphasizes the importance of diversifying investments and focusing on funds that exhibit characteristics of Beta, Alpha, and Gamma returns [7]. - It suggests that investors should consider funds that are consistently performing well and are diversified, such as low-volatility ETFs and small-cap funds [7]. - The article also mentions the potential for profit-taking to enhance personal satisfaction and reinforce positive investment behavior [7]. Market Behavior - The article notes that investors should not be overly concerned with market fluctuations, as Beta returns are uniform across the market [4]. - It advocates for a strategy of maintaining a fully invested position to minimize timing risks associated with market movements [4]. Conclusion - The article concludes that adopting a mindset of leveraging others' strengths and focusing on systematic investment approaches can lead to more successful outcomes in the long run [8].