以下文章来源于长线是金11 ，作者长线是金11 长线是金11 . 记录本人的投资心得，希望能对大家有所帮助 作者： 长线是金11 来源：雪球 有一位朋友，说价值投资不应局限于各种茅，也应该分析一下寒武纪、摩尔线程的价值。 于是我就以格雷厄姆曾经讲过的故事作了回应——有一个石油商死后上天堂的时候，圣彼得告诉他一个坏消息。 圣彼得说：你的确有资格进天堂，可是你也看到了，分配给石油商居住的地方已经客满了，我实在没有办法把你安插进去。" ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 下面是A股的半导体指数，我们不难发现大起大落的周期性色彩非常明显，低迷久了就会暴涨，一旦涨狠了，往往又会暴跌。也就是说关注并投 资"科技股"，也应该在行业极端不景气、不被人看好的时候介入，而不是行业高度景气、众人痴迷的时候去人云亦云。 那个石油商想了一会之后问圣彼得说："我可不可以跟那些住在那里的人讲一句话？"圣彼得想了想，让他说句话也无妨。那个石油商于是合起他的 双手成杯状，放在嘴边大喊："地狱里发现石油了！" 忽然之间，大门开了，所有的人蜂拥而出向地狱冲去。 ...

Core Viewpoint - The article discusses the evolution and significance of quantitative investment strategies in the Chinese market, highlighting the impact of information asymmetry and the development of quantitative funds over the years [2][4][42]. Group 1: Market Dynamics and Information Asymmetry - In the stock market, information asymmetry leads investors to chase insider information, believing it will provide an edge in trading [4]. - In an efficient market, stock prices react immediately to new information, making predictions difficult [8][9]. - Eugene Fama's efficient market theory suggests that transparent information leads to immediate price adjustments [10]. Group 2: Development of Quantitative Strategies - The financial crisis of 2008 prompted many quantitative talents to return to China, addressing the talent shortage in the domestic market [18]. - The introduction of the CSI 300 index futures in 2010 provided a hedging tool, leading to the emergence of market-neutral strategies [20]. - The 2015 stock market crash highlighted the vulnerabilities of quantitative strategies, resulting in increased regulatory measures and reduced market liquidity [22]. Group 3: Evolution and Challenges of Quantitative Funds - The shift from medium-low frequency to high-frequency trading strategies was a response to the need for higher win rates [24]. - By 2018, the quantitative investment landscape saw significant growth, with the emergence of prominent quantitative fund managers [26]. - The integration of AI into quantitative strategies has enhanced their ability to navigate complex market relationships [28][30]. Group 4: Recent Developments and Future Outlook - The liquidity crisis in early 2024 severely impacted quantitative private equity, with many products experiencing significant drawdowns [32]. - Following the crisis, many quantitative managers rebounded, achieving new highs as market trading volumes increased [36]. - A trend of "fund closure" emerged among top and mid-tier quantitative private equity firms to avoid the "scale curse" and focus on absolute returns for clients [38][40].