Core Viewpoint - The quantitative investment industry is experiencing significant expansion and competition, with a focus on maintaining stable excess returns amidst increasing market interest [1][8]. Group 1: Company Insights - Youmeili Investment has entered the multi-asset quantitative field early and achieved notable success in the convertible bond sector [2]. - The chairman emphasizes that "slowly becoming rich" is the true wealth strategy, with a focus on stable long-term excess returns as the core logic for success [3][4]. - The company prioritizes low and medium volatility strategies, avoiding trends and focusing on customer experience and absolute returns [3][9]. Group 2: Investment Strategy - Multi-asset and multi-strategy approaches are seen as more scientific investment methods, allowing for better risk management and stable returns [5][21]. - Over the long term, various asset classes like stocks, bonds, and real estate have stable annualized returns, with convertible bonds showing an annualized return of approximately 6% over the past decade, outperforming other equity assets [7][24]. - The company manages nearly 5 billion yuan, with over 2 billion yuan allocated to convertible bonds, which account for more than 50% of its total management scale [26]. Group 3: Market Trends - The quantitative investment sector is still in a favorable cycle, with expectations of entering a "big asset management" era where leading institutions adopt multi-strategy and multi-asset approaches [8][33]. - The chairman notes that the current market environment favors convertible bonds due to their stability and potential for higher returns compared to stocks, especially small-cap stocks [25][27]. Group 4: Risk Management - The company employs strict risk control measures, ensuring that low and medium volatility products are matched with suitable assets or strategies, and utilizes quantitative models for optimal asset selection [23][31]. - The dynamic adjustment of asset proportions is based on the cyclical nature of different assets, aiming for stable long-term returns while managing volatility [20][21]. Group 5: Future Outlook - The company is exploring the integration of AI and quantitative strategies to enhance efficiency and model performance, with a focus on maintaining a strong market presence through stable products [34][35]. - The vision is to grow wealth steadily alongside investors, emphasizing the importance of patience and disciplined execution in investment strategies [41][40].