Core Viewpoint - Qianshuo Investment focuses on quantitative low-frequency strategies, aiming for Pure Alpha returns without exposure to style or industry biases, and has received positive feedback from institutional investors due to its strong performance and rigorous risk control [7][11]. Company Overview - Qianshuo Investment Management Co., Ltd. was established in August 2014 and obtained its private fund manager license on January 29, 2019, with a registration number of P1069502. As of the end of October 2025, the company’s management scale has exceeded 7 billion yuan [5][9]. Performance Metrics - As of October 2025, Qianshuo Investment's average product return reached ***%. The management scale surpassed 7 billion yuan, with over 80% of the capital coming from licensed financial institutions [3][9][12]. Development History - The company became a member of the Asset Management Association of China in November 2021 and received the "3+3" investment advisory qualification in July 2022. By June 2025, its management scale had already exceeded 5 billion yuan [9][10]. Core Strategies and Products - Qianshuo Investment has been dedicated to the low-frequency Alpha sector for over 13 years, emphasizing high-quality signals and strict risk control. The main product lines include index enhancement strategies and long-short equity strategies, with a consistent underlying strategy model [11][20]. Research and Risk Control - The research core is led by Huang Hui, who has extensive experience in quantitative research and trading. The company has gradually incorporated more complex models and machine learning techniques into its research as data availability has improved [16][17]. The risk control measures are stringent, with style factors controlled within 0.3 standard deviations and industry deviations within 2% [18][20]. Competitive Advantages - Qianshuo Investment maintains a stable shareholding structure, with Huang Hui holding 76% of the shares. The company has a strong focus on talent development, with a research team composed entirely of graduates from top universities, ensuring high retention rates and expertise [24][25]. Future Development Plans - The company plans to continue focusing on low-frequency Pure Alpha strategies, with significant investments in data and infrastructure to support research needs. In 2025, it will promote a senior researcher to fund manager and hire an experienced PM to enhance its investment capabilities [28][29].

Core Insights - Xu Zhongxiang is a key figure in the international quantitative investment circle, known for his contributions to the RAFI fundamental quantitative strategy and Smart Beta strategies, demonstrating a strong strategic confidence in the Chinese market [1] - The investment philosophy emphasizes a "slow money" approach, advocating for sustainable profit rather than chasing quick returns, which aligns with the long-term growth of companies [2][4] Group 1: Investment Philosophy - Xu advocates for a "slow money" investment philosophy, arguing that true growth often comes from companies that do not experience explosive growth in the short term [4] - The belief is that the pursuit of quick profits is unsustainable, and the focus should be on continuous profitability [4][5] - The investment approach is based on the understanding that high returns without risk are a myth, and investors must choose between high-risk, high-reward or low-risk, low-reward options [5] Group 2: Market Analysis - The analysis of various market data indicates that no investment strategy can consistently outperform the market, and all popular investment methods carry inherent risks [5] - Xu emphasizes the importance of understanding market dynamics and the need for a diversified investment strategy to mitigate risks [7] - The Chinese market is viewed as being in a critical development phase, with regulatory improvements and a shift towards institutionalization and professionalism [10][12] Group 3: Quantitative Investment - The core of quantitative research lies in validating patterns through vast amounts of data, which is more reliable than anecdotal success stories [8][9] - Xu's firm focuses on fundamental quantitative and low-frequency quantitative strategies, which involve long holding periods and deep engagement with companies' growth cycles [9] - The firm leverages extensive data from both domestic and international markets to adapt investment strategies to local conditions [9][11] Group 4: Regulatory Environment - The regulatory environment in China is seen as increasingly sophisticated, with a focus on protecting investors and ensuring market stability [10] - Xu argues that the perception of "weak regulation" in overseas markets is misleading, as it is built on a foundation of market maturity that China is still developing [10][12] - The evolution of the Chinese market is expected to follow a natural progression towards maturity, similar to that of established overseas markets [12]