□本报记者 王雪青 2025年，量化持续成为市场"关键词"。伴随着A股市场震荡上行，单日两万亿元成交额已成常态，量化 产品备案数量同比翻倍，私募江湖风起云涌。平方和投资成立已有十周年，这十年历程，既是行业风雨 的缩影，也是其自身穿越周期的注脚。 回望2015年成立之初，外界对量化投资是否适合中国市场仍存疑问；十年来，平方和投资不仅在策略上 实现了"策略十年、十年长青"，更在业绩方面交出了扎实的成绩单，率先验证了量化方法论在中国市场 的长期有效性。 近日，中国证券报记者专访了平方和投资创始人、总经理吕杰勇。在他位于中关村的办公室，这位亲历 中国量化从萌芽到壮大的资深投资者，分享了他一路走来的成长与感悟。 初心如磐：深耕中国市场 一切的起点源于1999年。这一年，吕杰勇考入北京大学数学科学学院。在这里，他不仅被数学的纯粹与 理性深深吸引，更从知名量化投资者詹姆斯·西蒙斯的实践中获得启发：数学不仅能在公式推导中展现 优势，也可以成为优化金融市场效率的工具。一颗量化投资的种子，就此在他心中扎根。 "我始终觉得，量化投资是科学的价值发现方法论，能让市场更有效率，而且衍生品工具在中国市场肯 定是未来的大方向。"站在公司十 ...

Core Insights - In 2025, quantitative investment has become a key term in the capital market, with a significant increase in trading volume and the number of registered quantitative products doubling year-on-year [1] - Square and Investment celebrates its tenth anniversary, marking a decade of growth and resilience in the quantitative investment sector in China [1][6] - The founder, Lv Jieyong, emphasizes the effectiveness of quantitative methodologies in the Chinese market, showcasing the company's solid performance over the years [1][6] Company Development - Square and Investment was established in 2015 amidst skepticism about the suitability of quantitative investment for the Chinese market, but has since proven its long-term effectiveness [1][6] - The company has maintained a consistent strategy framework while continuously iterating and evolving its investment strategies over the past decade [10][11] - The firm currently manages around 10 billion yuan, benefiting from scale effects and focusing on mid-to-low frequency strategies [12][14] Industry Context - The quantitative investment industry has faced several crises, which have also presented opportunities for growth, as seen in the company's ability to thrive during market downturns [8][9] - The firm has adapted to regulatory changes, emphasizing the importance of solid alpha generation capabilities as arbitrage opportunities diminish [14][15] - The introduction of new regulations in July 2025 is expected to enhance the standardization of quantitative private equity management, aligning with the company's long-term strategy [14] Future Outlook - The company aims to become a leading player in the global quantitative investment landscape, aspiring to be "China's Renaissance" in this field [6][13] - The recent addition of partner Fang Zhuangxi is expected to enhance the firm's research capabilities and drive further innovation in factor and portfolio optimization [13][14] - Square and Investment is committed to maintaining a focus on steady and sustainable growth while leveraging its decade-long experience in the A-share market to navigate future challenges [15]

天风证券8月7日发布研报称，给予万和电气（002543.SZ，最新价：13.03元）买入评级。评级理由主要 包括：1）燃气起家多元发展，人才引进活力迸发；2）热水器行业"存量换新+增量创新"成为主题；3） 万和国内积极进取跑赢行业，同时坚定走厨热出海之路；4）量如期交付并有望承接转移订单；5）锻造 高效优质经营，现金流支撑较高比例分红。风险提示：主要原材料波动风险、宏观经济和政策变化风 险、汇率波动造成的汇兑损失风险、全球化运营风险、测算过程具有主观性风险。 （文章来源：每日经济新闻） ...

Core Insights - The article discusses the competitive landscape of the dairy industry and the consumer preferences that drive purchasing decisions, emphasizing the importance of innovation in creating products that resonate with consumers [1][4]. Market Comparison and Growth Potential - A comparison of the Chinese dairy market with Southeast Asia, Latin America, and France reveals significant growth potential, particularly in the context of consumer upgrading and export opportunities [5][9]. - The definition of dairy products varies significantly across countries due to different dietary habits and historical development [5]. Market Challenges and Trends - The global dairy industry faces challenges, including slow growth rates and changing consumer behaviors post-pandemic, necessitating a comprehensive strategy to enhance product value and identify new opportunities [12][10]. - Innovation must lead to incremental growth; if it only maintains the status quo, the costs may outweigh the benefits [12][13]. Global Growth Principles - The principle of "penetration rate is king" highlights that over 80% of growth for brands comes from acquiring new consumers, making it crucial for product innovations to attract new buyers [13][12]. Demographic Changes and Market Opportunities - Significant demographic shifts, including aging populations and changing family structures, present both challenges and opportunities for the dairy market [14][20]. - Three key consumer groups identified for targeted innovation include: 1. Infants and family consumption, where spending is increasing despite declining birth rates [20]. 2. Young adults with diverse needs, seeking products that cater to their lifestyle and health [21]. 3. Middle-aged and older adults, who prioritize health and social engagement, representing a significant market opportunity [23]. Strategies for Successful Innovation - Effective product positioning and communication are essential to convey product value and resonate with consumer needs [24]. - A comprehensive channel strategy is necessary to ensure product accessibility and a consistent consumer experience across platforms [24]. - Creating a compelling brand story and delivering perceived value beyond the product itself can enhance consumer engagement and willingness to pay [24]. - Pricing strategies must align with perceived value to avoid barriers to trial and maintain brand integrity [24]. Successful Case Studies - Examples from various markets illustrate successful strategies, such as incorporating colostrum in infant formula in Vietnam and emphasizing packaging in Malaysia [25][26]. - Targeted marketing and product development in Indonesia and South Korea demonstrate the importance of understanding consumer demographics and preferences [28][30]. - In China and Taiwan, leveraging technology and clear messaging has proven effective in addressing specific consumer needs [30][34]. Conclusion - The dairy industry must focus on attracting new consumers through innovative products and effective communication strategies to achieve sustainable growth [33][36].